Anchorage Digital Bank Makes Historic Push for Federal Reserve Master Account Access

Crypto's institutional gateway just leveled up—Anchorage Digital Bank formally submitted its application for a Federal Reserve master account, putting it one step closer to direct integration with the U.S. banking system.

Why This Matters

Securing a master account would allow Anchorage to bypass traditional banking intermediaries—cutting settlement times, reducing counterparty risk, and offering clients near-instant access to central bank liquidity. No more waiting three days for a wire to clear while some legacy bank charges fees for the privilege.

The Regulatory Hurdle

This isn’t just paperwork—it’s a precedent-setting move that could open the floodgates for other crypto-native institutions seeking direct Fed access. Of course, the application now enters the Fed’s deliberation chamber, where bureaucracy moves at the speed of… well, bureaucracy.

Finance’s New Frontier

If approved, Anchorage wouldn’t just be another bank—it’d be a crypto-powered node plugged directly into the heart of the traditional financial system. Talk about bridging two worlds. Meanwhile, traditional banks are still trying to figure out how to spell 'blockchain.'

Bottom line: The old guard might not like it, but the future of finance isn’t asking for permission—it’s applying for access.

What is a Fed master account?

A master account is the operational foundation that allows banks to settle transactions directly with the central bank and hold balances with the Federal Reserve. Depository institutions use these accounts to hold reserves and access the Fed’s payment services, including settlement of wire transfers, check clearing, and other interbank transactions.

Without such access, banks must use third-party intermediaries to route payments. If Anchorage Digital acquired the account, it could become the first and only crypto bank that could hold assets outside digital currencies, just like traditional financial institutions. 

Anchorage became one of the first federally chartered digital-asset banks when the OCC conditionally approved its national trust bank charter in January 2021. However, a little over a year later, the OCC issued a consent order citing failures in its compliance program on anti-money laundering (AML) standards. 

However, in August of this year, the OCC terminated that order, stating that Anchorage’s compliance now meets regulatory expectations. 

“We received, and have now resolved, feedback from regulators as we set the standard for federally-chartered custody of digital assets,” McCauley wrote in a blog post. “With our consent order lifted, we’ve proven definitively that crypto and federal oversight are not mutually exclusive, and can in fact be stronger working in tandem.”

Public companies and crypto firms seek bank licenses

Anchorage is not the only digital asset company seeking a pathway to federal banking systems. Several companies’ applications for Fed master accounts were documented, including those from WisdomTree Digital Trust, Standard Custody & Trust Company, and Commercium Financial, between June and July.

Stablecoin RLUSD issuer Ripple submitted an application for a US national bank charter on July 2, while companies like Paxos and Circle have made moves toward federal charters or trust-bank status, as previously reported by Cryptopolitan. 

For the first time since the Federal Reserve adopted its 2022 guidelines for master account access, a Reserve Bank has rejected a Tier 1 institution’s request, according to the Fed’s latest master account and services database update, shared by the bank regulation blog X account.

Tier 1 applicants, federally insured depository institutions, have always seen near-universal approvals, but one request has now been formally denied. Out of 92 Tier 1 applications logged, 76 have been approved, 10 remain pending, five were withdrawn, and one has been rejected.

Tier 3 institutions, which include firms such as crypto banks and trust companies, have only one approval against three rejections and 20 pending cases.

According to the database, this is the first time a Reserve Bank has rejected a request from a Tier 1 institution since the Fed adopted the 2022 guidelines and started publishing the outcomes

My (amateurish) visualization of the data: pic.twitter.com/aLtOXg17Sq

— Bank Reg Blog (@bank_reg) September 19, 2025

Meanwhile, the US Treasury Department has taken a step forward in formal stablecoins rulemaking. On Friday, the department launched an advance notice of proposed rulemaking tied to the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act). 

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