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Federal Reserve Governor Christopher J. Waller said the Fed will engage more with new payment tools, explicitly citing stablecoins and tokenized assets. In opening remarks at the Payments Innovation Conference, he named technologies reshaping payments and previewed a “payment account” concept for eligible firms to access Fed rails with tighter limits. “The Federal Reserve intends to be an active part of that revolution,” Waller said. (Christopher J. Waller, Governor).
Waller outlined how stablecoins and tokenized assets are becoming part of mainstream infrastructure. He also described proposal for streamlined “skinny” master accounts—no interest, caps on balances, and no overdrafts—to let innovators move faster while controlling risk. The idea targets firms that rely on third-party banks for Fed services but don’t need full master accounts.
The speech fits Waller’s broader stance that private firms should lead payments innovation and that digital dollars from the state are not essential. Earlier this year, he praised stablecoins for adding competition and speed, while urging clear rules. The emphasis now on tokenized assets signals growing comfort with on-chain settlement models—so long as safeguards protect the Fed’s balance sheet and the wider system.
In Washington, Waller framed the moment as a shift in tone: “The defi industry is not viewed with suspicion or scorn… you are welcomed to the conversation on the future of payments.” He linked research to practical upgrades, saying Fed teams are studying tokenization and smart contracts for potential use in its own systems. Whether the “payment account” becomes policy may hinge on industry feedback and risk reviews.
