Scan to download
BTC $77,205.33 +4.84%
ETH $2,429.35 +5.82%
BNB $642.03 +3.96%
XRP $1.48 +6.07%
SOL $89.81 +6.57%
TRX $0.3248 -0.72%
DOGE $0.1008 +5.44%
ADA $0.2653 +6.62%
BCH $457.54 +4.86%
LINK $9.77 +6.65%
HYPE $44.82 +0.49%
AAVE $116.59 +11.09%
SUI $1.03 +7.73%
XLM $0.1733 +8.46%
ZEC $352.40 +3.93%
BTC $77,205.33 +4.84%
ETH $2,429.35 +5.82%
BNB $642.03 +3.96%
XRP $1.48 +6.07%
SOL $89.81 +6.57%
TRX $0.3248 -0.72%
DOGE $0.1008 +5.44%
ADA $0.2653 +6.62%
BCH $457.54 +4.86%
LINK $9.77 +6.65%
HYPE $44.82 +0.49%
AAVE $116.59 +11.09%
SUI $1.03 +7.73%
XLM $0.1733 +8.46%
ZEC $352.40 +3.93%

approval

Analysis: Kraken's approval for a Federal Reserve master account is a historic breakthrough for the cryptocurrency industry and may trigger a wave of applications from crypto institutions

Crypto journalist Eleanor Terrett posted on social media that Kraken, the second-largest crypto exchange in the U.S., has just accomplished something no other crypto company has done before—obtaining key access qualifications from the Federal Reserve.Kraken's banking division, Kraken Financial, has received approval from the Kansas City Fed to open a master account with the Federal Reserve. This marks the first time a native crypto company has gained (albeit with limited permissions) direct access to the Federal Reserve's payment system.This approval comes five and a half years after Kraken submitted its application to the Kansas City Fed in October 2020. The account allows Kraken to directly access the Federal Reserve's payment system, but does not include the right to use the Fed's lending tools. The company can hold reserves and settle with central bank funds, but cannot issue loans, use the discount window, or operate as a traditional commercial bank.According to sources, Kraken's approval is seen as a pilot project to test this new model. This decision is historically significant for the crypto industry, which has long been excluded from the traditional banking system, and indicates a shift in the Federal Reserve's stance. This move could trigger a wave of applications from other crypto companies seeking master accounts with the Federal Reserve. Custodia Bank, Anchorage, and Ripple's U.S. banking partner have all applied for master accounts.

Stripe's stablecoin infrastructure company Bridge has received conditional approval from the U.S. OCC

According to CoinDesk, Bridge, a stablecoin infrastructure company under Stripe, announced on Tuesday that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank.This means that Bridge's national trust bank will be able to issue stablecoins, custody digital assets, and manage reserve assets under federal direct supervision. This marks a key step in Stripe's blockchain payment strategy since its acquisition of Bridge for $1.1 billion in 2024.Bridge stated that this approval establishes its capability to build digital dollar products for businesses, fintech companies, crypto institutions, and traditional financial institutions within the federal framework. Bridge claims that its system complies with the regulatory standards set by the GENIUS Act passed last year. Although the OCC, the Federal Reserve, and the FDIC have not yet finalized the specific implementation regulations for the act, the related processes are underway. Bridge is one of the growing number of companies seeking to build stablecoin products within the federal regulatory framework.In December last year, Circle, Ripple, Paxos, Fidelity Digital Assets, and BitGo all received similar conditional approvals from the OCC; Erebor Bank also received a conditional national bank charter in October last year. Bridge submitted its application in October last year, and OCC records show it was approved last week.Currently, Bridge provides stablecoin issuance technical support for products such as Phantom's CASH and MetaMask's mUSD through Stripe's Open Issuance platform. The OCC has not yet announced a timeline for final approval.
app_icon
ChainCatcher Building the Web3 world with innovations.