Kraken’s Fed Access: Bridging Crypto and Central Banks

In this paper, we discuss:

• Kraken’s access to a Fed master account, marking deeper integration between crypto and central bank systems;
• The emergence of “synthetic CBDCs” through stablecoins backed by central bank reserves;
• A cautious regulatory approach, with strict limits on non-bank access to central bank infrastructure;
• Diverging US and UK frameworks for stablecoin regulation and central bank interaction;
• The potential transformation of payments, increasing competition and integration between banks and fintech.

Download PDF: Kraken – March 2026