The Federal Reserve has opened a discussion on a new entry point for payment firms. On October 21, Governor Christopher Waller described a potential “payment account” that would grant basic access to Fed payment services while limiting features that belong to full master accounts. The concept lands at a moment when market structure matters more than slogans. A narrow door into Fedwire and ACH could change who can move dollars directly, and it could shape how stablecoin issuers and tokenized funds settle f ...