Kraken has become the first cryptocurrency firm to secure a Federal Reserve master account, following approval from the Federal Reserve Bank of Kansas City. This milestone allows Kraken's Wyoming-chartered banking arm direct access to the Fed's core payment systems, a significant regulatory achievement since obtaining a Special Purpose Depository Institution charter in 2020. The development has sparked speculation about Ripple's potential to gain similar access. Ripple applied for a national trust bank charter and a Federal Reserve master account in July 2025, receiving conditional approval from the Office of the Comptroller of the Currency in December. Analysts suggest that if Ripple secures Fed access, it could enhance XRP's role as a bridge asset in cross-border transactions, though the impact on XRP's utility remains uncertain.