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Recently, the attitude of the Federal Reserve Board of Governors in the United States has undergone a significant shift. At the recently concluded inaugural Payment Innovation Conference, Fed Governor Christopher Waller made an important statement announcing that stablecoins will be integrated into the U.S. payment system. This statement introduced a new concept: "streamlined master account".
The core of this concept is to allow stablecoin issuers and innovative financial enterprises to directly access the Fed system without relying on intermediary banks. This transformation will bring numerous advantages to businesses, including the ability to transact and settle directly with the Fed, reducing operational costs, and enhancing the security of funds and settlement efficiency.
Waller explained the reasons for the Fed's change in attitude, stating the need to "reflect the reality of the crypto industry." In fact, stablecoins have become an indispensable part of the payment system, and regulators can no longer turn a blind eye to this. This shift also reflects the determination of the United States to not fall behind in the global digital payment competition.
This policy adjustment may bring opportunities for multiple stakeholders. Ripple has long applied for a Fed master account and banking license, and may become one of the first beneficiaries. At the same time, stablecoin giants like Tether and Circle will also have the opportunity to directly connect to the payment system, further enhancing their legitimacy. In addition, traditional financial institutions are beginning to view blockchain as the next generation payment infrastructure.
The head of cryptocurrency operations at Visa described this as a "powerful move," while Tom Lee of financial analysis firm Fundstrat stated that this means Wall Street has officially begun to embrace blockchain technology.
The Fed's shift marks the official recognition of the long-term value of digital assets, transitioning from initial hostility to acceptance and cooperation, which is undoubtedly an important milestone in the history of cryptocurrency development. It not only opens the door for stablecoins to enter the traditional financial system but also paves the way for the future development of the entire cryptocurrency industry.