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10/21/2025

Fed Considers Launching 'Skinny Payment Accounts' to Open the Door for Fintech and Crypto

The U.S. Federal Reserve is weighing the introduction of a new type of payment account — dubbed "skinny payment accounts" — designed to give fintech and crypto companies easier access to the central payment system, marking a new step toward integrating financial technology with the traditional financial system. Fed Governor Christopher J. Waller said at the Payment Innovation Conference on Tuesday that these "payment accounts" would allow

Fed Considers Launching 'Skinny Payment Accounts' to Open the Door for Fintech and Crypto

The U.S. Federal Reserve is weighing the introduction of a new type of payment account — dubbed "skinny payment accounts" — designed to give fintech and crypto companies easier access to the central payment system, marking a new step toward integrating financial technology with the traditional financial system.

Speaking at the Payment Innovation Conference on Tuesday, Fed Governor Christopher J. Waller said these "payment accounts" would allow legitimate non-bank institutions to access Fed payment services directly, without going through an intermediary bank. "We can and should do more to support those who are actively innovating in the payments space," Waller said, adding that the Fed is studying an appropriate operational framework to manage risk.

According to Waller, "skinny accounts" would give fintech and crypto companies direct access to the Fed's payment network while still safeguarding the broader system. Though the idea remains in the research phase, many experts see it as a positive signal for the crypto industry after years of difficulty opening bank accounts.

Between 2021 and 2023, dozens of tech and crypto companies in the U.S. were denied banking services in what became known as "Operation Chokepoint 2.0" — alleged to be a government effort to strangle the crypto industry. The Fed reopening a path to the payment system is seen as an acknowledgment that crypto does not pose a threat to financial stability, according to Caitlin Long, CEO of Custodia Bank.

The Fed is also actively researching emerging technologies such as tokenization, smart contracts, and artificial intelligence (AI) for use in its payment infrastructure. "We are conducting hands-on research into tokenization, smart contracts, and the intersection of AI and payments," Waller added.

Analysts suggest that if implemented, the "skinny payment account" model could become a genuine bridge between traditional finance (TradFi) and decentralized finance (DeFi), opening a new chapter for the fintech and crypto ecosystem in the United States.