According to the source, Federal Reserve records indicate Anchorage Digital Bank has submitted a master account application, as reflected in the Federal Reserve master account directory maintained by Federal Reserve Financial Services. A master account enables direct access to Fedwire and FedACH for U.S. dollar settlement, as defined by Federal Reserve Financial Services. The regulatory bar remains high, as the Federal Reserve Board denied Custodia Bank’s membership application in January 2023 over risk management concerns tied to crypto activities, according to the Federal Reserve Board press release. Traders should monitor the Federal Reserve master account directory for status updates and Office of the Comptroller of the Currency communications on Anchorage’s national trust bank oversight to gauge potential impacts on fiat on and off ramps for crypto desks, according to the Federal Reserve and the OCC. Any change in direct Fed access for a regulated crypto custodian can alter USD settlement efficiency that underpins liquidity on U.S. crypto venues, according to Federal Reserve statements on payment system access and settlement efficiency.