Journalist and crypto commentator Paul Barron argues Ripple (CRYPTO: XRP) is next in line for Federal Reserve master account access after Kraken secured approval, but critics point out Kraken applied in 2020 while Ripple applied in 2025, suggesting years-long wait.
The Kraken Precedent
Kraken Financial received approval from the Federal Reserve Bank of Kansas City for a limited-purpose account granting direct access to Fedwire, the core payment infrastructure used by thousands of U.S. banks.
The approval makes Kraken the first crypto company in U.S. history to secure Fed master account access.
Kraken first applied in 2020, spending more than five years in the queue as regulators under the Biden administration stalled crypto banking access.
The approval comes with guardrails: Kraken won’t earn interest on reserves and won’t have access to emergency lending facilities.
The account operates on an initial one-year term with services rolling out in phases.
The approval is designed as a pilot for the Fed’s proposed “skinny master account” framework, which governor Chris Waller seeks to finalize by year-end.
The ‘Ripple Is Next’ Argument
Barron argued that Ripple’s National Trust Bank charter, granted conditional approval in December 2025, was the setup.
“Direct Fed access is the final piece for RLUSD to settle at bank-scale,” Barron wrote. “The ‘CLARITY Act’ momentum is forcing the Fed’s hand.”
Ripple received conditional approval from the Office of the Comptroller of the Currency for the charter in December.
In July 2025, the company applied for a national trust bank charter and a Federal Reserve master account.
CEO Brad Garlinghouse called it a “massive step forward” for (CRYPTO: RLUSD), setting the highest standard for stablecoin compliance with both federal OCC and state NYDFS oversight.
The Reality Check
Critics quickly pushed back on the timeline. “Kraken applied in 2020. Ripple applied last year. I can only imagine it will be years until Ripple gets the Fed master account,” wrote Alexander Wilkerson.
Another critic noted that momentum around the CLARITY Act helps, but “the Fed doesn’t move because of narrative pressure. It moves based on systemic risk, supervisory standards, and political alignment.”
The timing gap is significant. If Kraken took five years from application to approval (2020-2025), Ripple’s 2025 application could mean approval doesn’t arrive until 2030 under similar timelines.
If the skinny master account model works, it could open the door for firms like Circle (NYSE:CRCL) and Ripple waiting in line for similar access. However, the five-year precedent suggests patience rather than imminent approval.
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