Core Insights - The Federal Reserve is proposing a new type of "limited access master account" that allows all legally qualified institutions to gain direct access to the Federal Reserve's payment system without relying on intermediary banks [1] - This new account will not have all the functionalities of a full master account, such as the ability to borrow from the Federal Reserve, but any legally eligible institution will be able to apply [1] - The proposal aims to open pathways for innovative banks, including fintech companies, stablecoin issuers, and payment firms, to directly access the Federal Reserve's payment network [1]