Three Crypto-Native Firms Have Applied for Federal Reserve Master Accounts

On June 30, it was reported that three crypto-native companies—WisdomTree Digital Trust, Standard Custody & Trust Company, and Commercium Financial—have applied for Federal Reserve master accounts. This move signals renewed optimism in the market regarding the possibility that the Fed may relax its stance on allowing digital asset firms to access its payment channels. Notably, WisdomTree and Standard Custody are New York State-chartered trust companies regulated by the New York State Department of Financial Services (NYDFS). Under current federal definitions, it remains unclear whether they qualify to open master accounts, as doing so requires either deposit-taking authority or insurance from the Federal Deposit Insurance Corporation (FDIC).