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Ripple Treasury Evernorth CEO Asheesh Birla said a policy shift in Washington around stablecoins and “skinny master accounts” could change how digital dollars move through the U.S. payment system. He suggested Ripple’s RLUSD could be positioned as a settlement asset if the proposal advances.
In a post on X, Birla said the Federal Reserve master account sits at the top of the U.S. payment infrastructure because it enables direct dollar settlement at the central bank. He noted that today access is generally limited to banks, meaning payment apps and fintech firms typically route transactions through banking partners.
Under the proposed “skinny” master account model, certain federally chartered stablecoin issuers would receive limited direct access to Fed payment rails. Birla said these accounts would be narrower than traditional master accounts and would not include full banking privileges.
The proposal would allow eligible payment stablecoin issuers to settle dollars more directly through systems such as FedNow and Fedwire. Supporters argue this could reduce reliance on sponsor banks and shorten settlement chains between stablecoin networks and bank accounts.
Birla also said the accounts are expected to come with restrictions. They would not earn interest, allow overdrafts, or provide access to emergency lending through the Fed’s discount window.
For stablecoin issuers, direct access to central bank settlement could reduce operational risk tied to commercial bank reserves. It could also make redemption and movement between stablecoins and bank accounts faster.
The policy discussion is developing alongside the GENIUS Act, which created a federal framework for payment stablecoins. The law requires permitted issuers to hold one-to-one reserves in high-quality liquid assets and comply with anti-money laundering rules.
Birla said Ripple’s RLUSD could fit the direction of the policy debate because it is issued through Ripple’s New York-regulated trust structure. He said the profile is close to what a skinny master account proposal may contemplate.
RLUSD has expanded rapidly since launching in December 2024, with its market capitalization moving toward $1.6 billion. The stablecoin has also been integrated across trading, settlement, and tokenization use cases.
Ripple has been positioning RLUSD for institutional settlement, trading, and tokenized asset markets. The stablecoin is available on OKX across more than 280 spot trading pairs and can be used in selected trading and collateral workflows.
RLUSD is also being used in tokenization and settlement settings. It has been integrated with Securitize for BlackRock’s BUIDL tokenized fund, allowing investors to exchange fund shares for RLUSD on-chain.
Birla said that even if RLUSD qualifies for future Fed access, dollar settlement would still occur at the Federal Reserve. In that framework, he said XRP could function as a movement rail for dollar value inside the broader payment stack.
In this view, RLUSD would represent the dollar stablecoin, while XRP could support transfer activity across blockchain rails, particularly where fast movement and liquidity are needed.
Ripple has also taken steps to align its operations with regulatory expectations. The company received conditional approval for a national trust bank charter and has applied for access to Federal Reserve accounts through affiliated entities. Birla described these efforts as part of a broader strategy to position its infrastructure within regulated financial systems.
Separately, Mastercard, Ripple, WebBank, and Gemini have been working on a pilot to settle Gemini Credit Card flows in RLUSD on the XRP Ledger. Mastercard executives have described stablecoins as another settlement currency within global payment networks.
The possible Fed account model could also affect closed wallet providers such as PayPal. If stablecoin issuers gain direct access to Fed settlement, open digital dollar networks could compete more directly with app-based payment systems that rely on internal balances and banking intermediaries.
Birla said the policy path remains unfinished. Stablecoin issuers would still need to meet federal chartering, reserve, compliance, and supervisory requirements before gaining any direct Fed account access.
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