"A master account' at the Fed is the top of the payments plumbing. It provides direct access to settle dollars at the source. Today, only banks have it. Every payment app routes through a bank to touch it."
"The March 30 Federal Reserve staff note examined how payment stablecoins could reduce frictions in cross-border transfers. It described a model where funds are converted into stablecoins."
Evernorth's CEO Asheesh Birla discussed the potential for XRP to play a significant role in U.S. payment infrastructure. He highlighted the possibility of certain stablecoin issuers gaining limited access to Federal Reserve accounts, which could reshape settlement processes. Birla emphasized that a master account at the Fed is crucial for direct dollar settlement. Regulatory proposals from the Federal Reserve, OCC, and FDIC are also influencing the landscape, with a focus on how stablecoins can facilitate cross-border transactions and reduce friction in payments.
Read at news.bitcoin.com
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