The U.S. Federal Reserve has proposed a 'skinny master account' to provide limited payment access to cryptocurrency firms such as Ripple and Circle. Announced by Fed Governor Christopher J. Waller on October 21, 2025, the initiative aims to enhance the efficiency of stablecoins like RLUSD and USDC. This proposal could potentially lower costs and reduce dependency on correspondent banks, while also addressing risks related to Countering the Financing of Terrorism. The introduction of this limited payment access is expected to benefit liquidity and the broader crypto markets by streamlining processes. This move is seen as a step towards supporting innovation in cross-border payments, potentially fostering a more efficient and secure financial ecosystem.