Beyond Banks: What Trump’s Executive Order Means for Stablecoins’ Access to Fed’s Master Accounts

In this paper, we discuss:

• How President Trump’s Executive Order could reshape stablecoin and fintech access to the Federal Reserve’s payment infrastructure;
• Why direct access to Fed master accounts would strengthen stablecoins’ role in mainstream financial markets;
• How fintechs and stablecoin issuers are increasingly challenging the traditional bank-centric financial system;
• Why expanding access to core payment infrastructure could boost competition, innovation, and settlement efficiency;
• How regulators are balancing financial innovation with the need to preserve stability, trust, and appropriate safeguards.

Download PDF: Stablecoins Fed Access – June 2026