Crypto Custodian Aims for Historic Step Into Federal Reserve System

Fintech

22 September 2025
|
01:30

Anchorage Digital is making a bold bid to move deeper into the U.S. financial system by seeking direct access to the Federal Reserve’s payment rails.

The company, best known as the first crypto-native bank with a federal charter, filed its application for a Fed Master Account at the end of August.

Such an account would allow Anchorage to settle transactions directly with the central bank — the same privilege enjoyed by America’s largest commercial lenders. Wire transfers, check clearing, and ACH payments could all run through the Fed without intermediaries, potentially transforming Anchorage from a specialist custodian into a full-service financial bridge between crypto and traditional banking.

The timing of the application is notable. In Washington, lawmakers are advancing the GENIUS Act, a stablecoin bill that would harden oversight of digital asset firms. For Anchorage, winning Fed approval would not only strengthen its position under that new framework but also set a precedent for other crypto institutions trying to break into the banking mainstream.

Anchorage’s path hasn’t been smooth. After securing its national trust bank charter from the OCC in 2021, it faced regulatory pushback over anti-money laundering shortcomings. A consent order was imposed the following year, only lifted in August after the firm demonstrated major compliance upgrades. Chief executive Nathan McCauley framed the resolution as proof that digital asset banks can operate to the same standards as traditional ones under federal supervision.

Other firms are circling the same goal. Ripple, Circle, Paxos, WisdomTree, and Standard Custody have all pursued federal banking licenses or direct settlement accounts. But the odds remain long: under the Fed’s current three-tier system, crypto-related applicants sit in the lowest category, making approvals rare.

Still, Anchorage’s move shows how aggressively digital asset firms are pushing to be treated as peers to Wall Street banks. If the Fed gives the green light, it would mark a historic opening for crypto institutions inside the core of America’s financial infrastructure.

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Author

Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.