# Payment System Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Payment System", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Banks push back as Kraken gains access to Federal Reserve Payment system

A U.S. banking industry group, the Bank Policy Institute (BPI), has criticized the Federal Reserve’s decision to grant Kraken Financial a limited-purpose master account, warning it could introduce risks to the payment system and set a precedent for crypto-focused institutions. The approval, granted by the Federal Reserve Bank of Kansas City, allows Kraken—a Wyoming Special Purpose Depository Institution (SPDI)—restricted access to the Fed’s infrastructure. BPI expressed concern that the move occurred before the Federal Reserve finalized its broader policy framework, raising issues of transparency and regulatory consistency. The dispute highlights ongoing tensions between traditional banks and crypto firms over access to financial infrastructure and regulatory oversight.

ambcrypto03/04 17:54

Banks push back as Kraken gains access to Federal Reserve Payment system

ambcrypto03/04 17:54

Kraken wins Federal Reserve Master Account in industry first

Kraken Financial, the banking subsidiary of the Kraken cryptocurrency exchange, has secured a limited-purpose Federal Reserve master account from the Federal Reserve Bank of Kansas City. This makes it the first crypto-native firm to gain direct access to the U.S. central bank's core payment infrastructure. The account, approved for an initial one-year term, allows Kraken to process fiat currency deposits and withdrawals for digital-asset trading without relying on intermediary banks. The approval is subject to restrictions and enhanced scrutiny, as Kraken is classified as a Tier 3 entity under the Fed's framework. This decision marks a significant, though cautious, step by the Federal Reserve, contrasting with its previous denial of a similar application from Custodia Bank in 2023.

ambcrypto03/04 15:13

Kraken wins Federal Reserve Master Account in industry first

ambcrypto03/04 15:13

Digital Banks No Longer Rely on Banking for Profit; The Real Goldmines Are Stablecoins and Identity Verification

Digital banks are no longer competing on user scale but on revenue per customer, as seen in Revolut's diversified income streams versus Nubank's reliance on credit. The real value lies in stablecoins and identity authentication. Stablecoins, especially those backed by reserves, generate profit from interest on assets like treasury bonds—a revenue stream captured by issuers, not front-end platforms. This has pushed firms like Stripe and Circle to build proprietary settlement networks (e.g., Tempo, Arc) to control profitability, privacy, and transaction efficiency. Stablecoins disrupt traditional payment systems by enabling direct, low-cost transfers, forcing digital banks to integrate stablecoin channels or become obsolete. Simultaneously, identity authentication is evolving into a portable, cross-platform system. Initiatives like the EU Digital Identity Wallet and crypto projects (Worldcoin, Gitcoin Passport, Polygon ID) aim to create reusable digital identities, reducing redundant KYC processes. This shifts digital banks from controlling identity to becoming service providers within a trusted identity framework. Future digital banks will succeed by focusing on one of three models: 1. **Interest-driven**: Profit from user deposits via stablecoin interest and staking. 2. **Payment flow-driven**: Generate revenue from high transaction volumes as the default transfer channel. 3. **Infrastructure-driven**: Control stablecoin issuance, reserves, and settlement for the highest profitability. The market will split between consumer-facing apps (low switching costs) and infrastructure players (high stickiness, core to value flow).

marsbit12/15 10:05

Digital Banks No Longer Rely on Banking for Profit; The Real Goldmines Are Stablecoins and Identity Verification

marsbit12/15 10:05

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