The Federal Reserve is considering opening up the payment system to non-bank institutions, sparking industry controversy

BlockBeats News, February 10th, according to Decrypt, the Federal Reserve is exploring whether to provide limited payment account access to non-bank financial institutions, sparking intense debate between fintech firms and traditional banks.

The Electronic Transactions Association and other organizations support the proposal, believing it will promote competition and innovation in the payment sector; while the Bank Policy Institute and other institutions warn that this move could increase financial instability, especially in supporting stablecoin issuance and similar cryptocurrency-related businesses that function like deposits but lack deposit insurance. This decision will have a significant impact on the boundaries of banks, fintech firms, and cryptocurrency companies in the U.S. payment ecosystem.