Stablecoin Boom Sparks Fed Payment Access Debate for Regulated Crypto Banks

Anchorage Digital is pushing for federally regulated crypto banks to have direct access to Federal Reserve payment infrastructure. The company argues that institutions already inside the banking system should not be forced into indirect and potentially riskier access.

The debate over Fed payment access has intensified with the growth of stablecoins, which rose from $250 billion in July 2023 to over $310 billion now. Anchorage Digital's Head of Global Operations Rachel Anderika argues that stablecoins are increasingly likely to sit behind everyday payment activity without changing the consumer experience.

Anderika points out that despite being OCC-supervised and federally chartered, Anchorage Digital Bank lacks direct Federal Reserve payment rail access and faces risk from reliance on partner banks. She cites the loss of a banking partner in 2023 as evidence of this vulnerability.