Farewell to the 'Correspondent Bank' Era? Five Crypto Institutions Get the Key to Direct Access to the Fed's Payment System
The U.S. Office of the Comptroller of the Currency (OCC) has conditionally approved five digital asset firms—Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets—to become federally chartered national trust banks. This marks a significant shift, integrating crypto businesses directly into the federal banking regulatory framework and reducing their historical reliance on intermediary banks.
These institutions, now operating under federal oversight, gain regulatory uniformity and nationwide operational rights but are prohibited from taking FDIC-insured deposits or issuing loans. A key advantage is eligibility to apply for direct access to the Federal Reserve’s payment systems (like Fedwire), which could lower transaction costs by 30–50%, enhance settlement efficiency, and mitigate "debanking" risks.
This move, enabled by the 2025 GENIUS Act under the Trump administration, reflects a strategic pivot toward recognizing stablecoins as extensions of the dollar system and reinforces requirements for 100% reserve backing and asset segregation. However, traditional banking groups (like BPI) oppose the decision, citing regulatory arbitrage and systemic risks. Final access to Fed accounts remains subject to approval, representing the next phase of industry-regulator negotiation.
Odaily星球日报12/18 03:50
