Crypto and fintech firms now rely on partner banks for access and compliance infrastructure like anti-money laundering monitoring. The “skinny account” proposal would let stablecoin issuers like Circle Internet Group Inc. and payment firms like Stripe Inc. bypass that intermediation. “The provision of payment accounts by the Fed is very likely to be implemented despite any comments to the contrary,” Better Markets CEO Dennis Kelleher wrote. The new payment account shouldn’t be used as a stepping stone to a master account, which should require a separate application, the banking trade group said. Offering payment account holders access to FedACH would be subject to the development of controls to prevent overdraft, Circle wrote in its letter.

Source: The Edge Markets February 09, 2026 22:16 UTC