Payment accounts at the Fed are an important step toward modernizing the U.S. payment system—and we want to see them actually work. That's why @coinbase filed comment letters with the @federalreserve this week.
Our message is simple: expand access, but build a framework that's viable in practice. Three fixes matter most.
- First, these accounts should earn interest on at least a threshold portion of balances.
- Second, any overnight balance limit should be tailored to an institution's demonstrated payments needs.
- Third, oversight should match the actual risk.
Get these details right, and payment accounts can lower costs, strengthen competition, and keep the U.S. at the frontier of global payments.
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