I came across this news, if large companies gain access to organizations like the Fed, then hopes for crypto are immense.

👀Kraken waited five and a half years for approval for a master account in the Federal Reserve System. They finally got it.

In early March 2026, the Kansas City Fed granted the exchange direct access to Fedwire, which is a system for instantaneous interbank transfers through which trillions of dollars flow daily. Previously, Kraken relied on intermediary banks like Signature and Silvergate, and when they collapsed in 2023, the entire industry was left without functioning dollar channels.

Now the problem is resolved. Kraken can conduct settlements themselves, without having to rely on private banks with their working hours and sanction risks. For large clients moving millions, this is a fundamentally different speed and reliability.

🚀What did the master account provide?

Direct access to the Fed's payment system, bypassing intermediaries.

The ability for institutions to deposit and withdraw dollars without delays.

Raising status before the IPO, Kraken is valued at $200 billion, and now it's not just an exchange, but almost a bank.

🥀Access to what was not provided

The discount window (emergency lending) is off the table. Interest on reserves isn't accruing either. And there are no daily overdrafts. Basically, they let you in the house, but you can't go into the bedroom.

This is called a skinny account. Formally, you're inside the system, but in reality, you're sitting on the bench. Full banking perks are not in sight.

💵Political context

Interestingly, the rules for such accounts have yet to be established. The Fed published a draft in December 2025, closed the comment period in February 2026, and Kraken already has a master account. They first let it slide, then they'll write the rules.

This has sparked a storm of outrage from the banking lobby. The three largest associations (BPI, the American Bankers Association, Independent Community Bankers) have sharply criticized the decisions being made without transparency and risk assessment. Columbia Law School even called the process opaque.

A telling story: in 2023, a similar request from Custodia Bank was shot down immediately. Back then, the rules were interpreted as strictly as possible; now they are being interpreted as leniently as possible. The political weather has simply changed.

🤭What awaits us next?

Anchorage Digital has already filed for approval. If granted, the chain reaction will follow. But it's important to understand: the door was opened not by regulatory logic, but by political will. And political will is a fickle thing.

For Kraken, this is a significant step before their IPO. Against the backdrop of Coinbase and Gemini, which are already public, they needed something to stand out. A master account at the Fed is precisely what differentiates a regular exchange from institutional infrastructure.