Oct 25, 2025
Federal Reserve Governor Christopher Waller suggested this week that the central bank could create a “skinny master account” for cryptocurrency companies. According to Yahoo Finance, this limited version of the Fed’s master account system would grant crypto firms access to U.S. payment rails while restricting their exposure to certain risks the Fed wants to avoid.
Firms like Custodia have spent years attempting to gain access to a full Fed master account, which provides direct access to the central bank’s payment infrastructure and eliminates the need for an intermediary bank. Waller’s proposal for more limited access could particularly benefit stablecoin issuers and, by extension, the broader crypto sector.
Under the proposal presented during Waller’s opening remarks at the Fed’s Payments Innovation Conference, companies would access Fed payment rails but not “the full suite of Federal Reserve financial services.” Waller stated, “To control the size of the accounts and associated impacts on the Fed’s balance sheet, the Reserve Banks would not pay interest on balances in a payment account, and balance caps may be imposed.”
He further explained that these accounts “would not have daylight overdraft privileges — if the balance hits zero, payments will be rejected. They would not be eligible for discount window borrowing or have access to all Federal Reserve payment services for which the Reserve Banks cannot control the risk of daylight overdrafts.”
Linda Jeng, CEO of Digital Self Labs and a lecturer at Georgetown University, compared Waller’s proposal to narrow banks, which function as banks but do not loan funds. In an opinion piece for CoinDesk, she wrote: “Payment stablecoin issuers already operate as a form of narrow bank — holding fully-backed reserves and facilitating payments rather than lending. Yet the GENIUS Act does not grant them direct access to Fed payment rails, the one step that would integrate these stablecoin issuers into the U.S. monetary system.”
Jeng noted this approach would have the added benefit of ensuring stablecoin issuers are backed by the Fed itself, providing the Fed with more tools to manage potential systemic risks.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
REPORT DESCRIPTION
RESEARCH METHODOLOGY AND THE AI PLATFORM
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
KEY FINDINGS
MARKET TRENDS This Chapter is Available Only for the Professional EditionPRO
3. MARKET OVERVIEW
Understanding the Current State of The Market and its Prospects
MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
CONSUMPTION BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
MARKET FORECAST TO 2035
4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION
Finding New Products to Diversify Your Business
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
BEST-SELLING PRODUCTS
MOST CONSUMED PRODUCTS
MOST TRADED PRODUCTS
MOST PROFITABLE PRODUCTS FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
TOP COUNTRIES TO SOURCE YOUR PRODUCT
TOP PRODUCING COUNTRIES
TOP EXPORTING COUNTRIES
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Export
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
TOP CONSUMING MARKETS
UNSATURATED MARKETS
TOP IMPORTING MARKETS
MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
PRODUCTION BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
8. IMPORTS
The Largest Import Supplying Countries
IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
9. EXPORTS
The Largest Destinations for Exports
EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition
PRO
United States
China
Japan
Germany
United Kingdom
France
Brazil
Italy
Russian Federation
India
Canada
Australia
Republic of Korea
Spain
Mexico
Indonesia
Netherlands
Turkey
Saudi Arabia
Switzerland
Sweden
Nigeria
Poland
Belgium
Argentina
Norway
Austria
Thailand
United Arab Emirates
Colombia
Denmark
South Africa
Malaysia
Israel
Singapore
Egypt
Philippines
Finland
Chile
Ireland
Pakistan
Greece
Portugal
Kazakhstan
Algeria
Czech Republic
Qatar
Peru
Romania
Vietnam
LIST OF TABLES
Key Findings In 2024
Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
Per Capita Consumption, by Country, 2022–2024
Production, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Imports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Imports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Import Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Exports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Exports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Export Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
LIST OF FIGURES
Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
Consumption, by Country, 2024
Market Volume Forecast to 2035
Market Value Forecast to 2035
Market Size and Growth, By Product
Average Per Capita Consumption, By Product
Exports and Growth, By Product
Export Prices and Growth, By Product
Production Volume and Growth
Exports and Growth
Export Prices and Growth
Market Size and Growth
Per Capita Consumption
Imports and Growth
Import Prices
Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
Production, by Country, 2024
Production, In Physical Terms, by Country: Historical Data (2012–2024) and Forecast (2025–2035)
Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
Imports, In Physical Terms, By Country, 2024
Imports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Imports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Import Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
Exports, In Physical Terms, By Country, 2024
Exports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Exports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
Export Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)