A bank charter opened the door. A master account would hand over the keys. Anchorage Digital Bank has now formally applied for a Federal Reserve master account, according to the Fed’s newly updated public database – putting one of crypto’s most regulated players a step closer to the core of U.S. payments.
The Ask: Direct Access to the Fed’s Pipes
A Fed master account lets a depository institution hold balances at the Federal Reserve and settle payments directly (wires, check clearing, and other interbank services). Without it, even a federally chartered trust bank has to route through intermediaries. Anchorage already has the OCC national trust bank charter (2021); the master account is the missing piece that would plug its operations into the same back-end used by traditional banks.
Why This Is Different (and Why It Matters)
Plenty of crypto-adjacent firms want in – Anchorage is the only digital-asset company with an OCC national trust bank charter. If it secured a master account, Anchorage “could become the first and only crypto bank” with the ability to hold assets outside digital currencies in a way that mirrors traditional institutions – because it could maintain balances at the Fed and settle directly.
From Consent Order to Green Light
After its 2021 charter, Anchorage hit a compliance speed bump: the OCC issued a consent order over AML program gaps.
In August 2025, the OCC terminated that order, saying Anchorage’s compliance now meets expectations. CEO Nathan McCauley wrote that lifting the order shows “crypto and federal oversight are not mutually exclusive and can in fact be stronger working in tandem.”
Who Else Is Knocking?
Anchorage isn’t alone in seeking a path into the federal plumbing.
Recent filings cited in the database include WisdomTree Digital Trust, Standard Custody & Trust Company, and Commercium Financial (June–July).
Separately, Ripple, issuer of the RLUSD stablecoin, applied for a U.S. national bank charter on July 2, while Paxos and Circle have also moved toward federal charters or trust-bank status.
The New Scoreboard: First Ever Tier-1 Rejection
The Fed adopted new master account access guidelines in 2022 and began publishing outcomes.
In the latest update, the Reserve Bank rejected a Tier-1 applicant (a federally insured depository institution) for the first time since those guidelines took effect.
The public tallies now show: Tier 1 – 76 approved, 10 pending, 5 withdrawn, 1 rejected; Tier 3 (which includes crypto banks and trust companies) – 1 approved, 3 rejected, 20 pending.
Translation: even for traditional banks, this gate is tightening. For crypto-linked applicants, scrutiny is the default.
Policy Weather: Stablecoin Rules Spin Up
While access decisions sit with the Reserve Banks, the policy backdrop is shifting.The U.S. Treasury just opened an advance notice of proposed rulemaking tied to the GENIUS Act (the new national stablecoin law), kicking off another round of federal input on how digital-asset money should live inside the banking perimeter.
The Moment of Truth for Crypto Banking
Anchorage’s application is a stress test for how far crypto can integrate into the banking system’s core.
With its OCC consent order resolved and a federal charter already in hand, the firm now wants the same direct access to Fed rails that every major depository relies on.
The decision carries weight far beyond Anchorage.
If approved, it sets a precedent for how digital-asset institutions plug into U.S. payment plumbing.
If denied or delayed, it reinforces the distance still separating crypto custody from the heart of banking.
Either way, the battleground has shifted.
