The US Federal Reserve is currently requesting public input on a proposal to offer “payment accounts”, often dubbed “skinny master accounts”, to fintech and crypto firms. This move would allow eligible non-bank institutions to access the central bank’s rails directly, bypassing the need for traditional intermediary banks.
Historically, crypto firms like Circle or Coinbase have had to rely on traditional commercial banks to hold their deposits and facilitate transfers. This dependency introduces counterparty risk and friction. The new “payment accounts” would allow these firms to clear and settle transactions directly with the Fed, theoretically lowering risk and speeding up settlement times.
Governor Waller explained that this tailoring reflects “rapid developments” in the payments industry and could lead to a better review process for eligible institutions. However, the proposal has its detractors. Governor Michael Barr has raised concerns regarding money laundering and terrorist financing, arguing that granting access to institutions not directly supervised by the Fed could pose risks.
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