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Kraken gains access to the U.S. Federal Reserve System
Kraken’s recent regulatory success has sparked debate within the crypto community, with many wondering whether Ripple could become the next company to achieve the same milestone.
Although there is no official confirmation yet, gaining access to the Federal Reserve’s core payment infrastructure would be a significant step for Ripple.
Kraken’s Federal Reserve access draws attention to Ripple
Yesterday, BeInCrypto reported that Kraken’s banking division in Wyoming gained access to the Federal Reserve’s main payment systems. Notably, Kraken became the first crypto company to obtain a full master account with the Federal Reserve.
Kraken achieved this status after receiving a Special Purpose Depository Institution (SPDI) license in Wyoming in September 2020. The company applied for a master account with the Federal Reserve Bank of Kansas City the following month, and approval only arrived yesterday.
Following this development, attention is gradually shifting toward Ripple. Journalist and popular blogger Paul Barron recently suggested in a post on X (formerly Twitter) that Ripple could be the next company to gain similar access. Other analysts share this view.
In July 2025, Ripple applied for a federal banking license and a Federal Reserve master account. In December, as reported by BeInCrypto, Ripple received approval from the Office of the Comptroller of the Currency (OCC), though with certain conditions.
Barron emphasized that the obtained banking license was merely a “prologue.” According to him, direct access to the Federal Reserve could become the “final piece” that enables $RLUSD to scale to the banking level.
“The momentum behind the CLARITY Act is forcing the Federal Reserve to act. Look at what’s happening among Washington insiders — the sentiment is shifting rapidly. The ‘crypto vs. banks’ battle is over. But the real fight is just beginning,” he said.
Another analyst, X Finance Bull, noted that the timeline may change, but the outcome for market participants will likely remain the same.
Kraken has already integrated Ripple’s stablecoin $RLUSD into its payment platform — and that is not a coincidence. Infrastructure is being built here.
Why did Kraken gain access earlier than Ripple? The explanation is simple: Kraken applied years earlier. It received a Wyoming banking license in 2020, obtained a routing number in 2022, and has been waiting for Federal Reserve approval ever since. Ripple, meanwhile, submitted its application only in July 2025 through Standard Custody. The national trust bank received OCC approval in December, — X Finance Bull explained on X.
What a Federal Reserve account for Ripple could mean for $XRP
Ripple has not yet received full OCC approval. Moreover, Kraken’s success does not guarantee that the Federal Reserve will make a similar decision regarding Ripple.
Even if the application is approved, the process could take years — just as it did for Kraken. If approved, Ripple would become part of the U.S. banking payment infrastructure.
For $XRP, such a step could gradually strengthen its role as an intermediary asset within Ripple’s payment network, although the scale of real changes remains uncertain.
Ripple’s infrastructure uses the $XRP Ledger network for cross-border transfers, where the $XRP token acts as a short-term bridge between two fiat currencies.
A Federal Reserve master account could accelerate U.S. dollar settlements, allowing Ripple to process transfers faster and making the company’s payment solutions more attractive to institutional clients.
However, it is important to note that the Federal Reserve’s payment infrastructure and the $XRP Ledger network operate independently. $XRP itself will not be used directly through FedWire or FedNow, meaning the potential efficiency gains relate mainly to improved fiat on- and off-ramps around $XRP rather than changes to the token itself.
How much this will increase the utility of $XRP will depend on multiple factors, not solely on obtaining a Federal Reserve master account.
If approved, the master account would represent a significant milestone for Ripple as a company, but the impact on $XRP itself would likely remain indirect.
See also: "A major collaboration between Coinbase and Ripple (XRP) has been announced!"
