Market News
Ripple says 'skinny' Fed master account is attractive despite limitations - REUTERS
Summary
- Ripple is seeking Fed master account for stablecoin reserves
- Crypto company said 'skinny' account idea is attractive
- Wall Street banks fear fintech access could destabilize system
Nov 6 (Reuters) - Crypto giant Ripple supports the idea of a "skinny" Federal Reserve payments account for non-banks, which could still be a game changer while addressing banks' concerns over financial stability and competition risks, a top company executive said.
"I think it's an attractive idea, and I think it should give traditional banks some comfort," Stu Alderoty, the chief legal officer of Ripple, said in an interview with Reuters on Tuesday.
