According to Eleanor Terrett, Governor Chris Waller announced at the Federal Reserve Payments Innovation Conference that the Fed is proposing a limited-access master account, termed a skinny master account, to provide all legally eligible institutions direct access to the Fed’s payments rails without relying on partner banks; source: Eleanor Terrett, X, Oct 21, 2025. According to Eleanor Terrett, the skinny master account would not include services available to full master accounts such as borrowing from the Fed, and it would not change existing legal eligibility rules; source: Eleanor Terrett, X, Oct 21, 2025. According to Eleanor Terrett, the framework would allow the Fed to green-light innovative banks including fintechs, stablecoin issuers, and other payments companies for this limited-access account; source: Eleanor Terrett, X, Oct 21, 2025. According to Eleanor Terrett, firms specifically highlighted as beneficiaries include Custodia Bank and Kraken, with potential expedited access for Ripple (XRP) and Anchorage, all of which have sought master accounts or applied this year; source: Eleanor Terrett, X, Oct 21, 2025.