The Federal Reserve is considering a proposal to grant 'skinny master accounts' to Ripple and Circle, potentially allowing them limited access to Fed payment services. Announced by Governor Christopher J. Waller on October 21, 2025, the initiative aims to foster payment innovation while maintaining financial stability. This proposal could enable these firms to hold reserves for stablecoins, contingent on meeting eligibility criteria under the Federal Reserve Act. If approved, the move could enhance crypto-backed transactions and payment systems, though it still requires regulatory clearance. The development is being closely monitored by traders, particularly regarding its impact on stablecoin operations and broader market access.