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U.S. Congress discusses the Federal Reserve's "streamlined main account" and evaluates whether crypto and fintech companies can directly connect to the central bank's payment system.
The U.S. House Financial Services Committee held a hearing on Wednesday to discuss the evolving roles of banks and fintech companies. One key focus was the Federal Reserve’s consideration of a “streamlined master account” proposal, which would allow certain crypto banks and fintech companies limited direct access to the Federal Reserve’s payment system. A Federal Reserve master account enables financial institutions to use the Fed’s payment network directly and have the most direct access to the U.S. dollar system. Institutions without such an account typically need to rely on correspondent banks that possess master accounts to offer related services.
The so-called “streamlined accounts” are more limited in function and are intended to provide new financial institutions with restricted access. At the hearing, Republican Congressman Dan Meuser stated that access to the Federal Reserve’s payment system is no small matter and that the core question is which institutions should be allowed direct access to these critical payment rails. Traditional institutions such as community banks are concerned that crypto and fintech companies are not subject to the same strict regulatory standards and that direct access may bring security and soundness risks. The crypto industry, on the other hand, generally supports the proposal, arguing that direct access to the Fed’s payment system should have been opened long ago as it would reduce reliance on intermediary banks and foster innovation.
In May this year, Trump also signed an executive order directing the Federal Reserve to assess policies for opening central bank payment rails to fintech companies, including crypto firms. Previously, in March, the Kansas City Fed approved a “limited purpose account” for Payward, the parent company of an exchange, sparking market debate over how much crypto and fintech companies should be allowed direct access to Federal Reserve services. At the hearing, a representative from Anchorage Digital stated that if the U.S. wants to maintain its position as a global financial center, it needs to allow for innovative federal and state regulatory frameworks.
The U.S. House Financial Services Committee held a hearing on Wednesday to discuss the evolving roles of banks and fintech companies. One key focus was the Federal Reserve’s consideration of a “streamlined master account” proposal, which would allow certain crypto banks and fintech companies limited direct access to the Federal Reserve’s payment system. A Federal Reserve master account enables financial institutions to use the Fed’s payment network directly and have the most direct access to the U.S. dollar system. Institutions without such an account typically need to rely on correspondent banks that possess master accounts to offer related services.
The so-called “streamlined accounts” are more limited in function and are intended to provide new financial institutions with restricted access. At the hearing, Republican Congressman Dan Meuser stated that access to the Federal Reserve’s payment system is no small matter and that the core question is which institutions should be allowed direct access to these critical payment rails. Traditional institutions such as community banks are concerned that crypto and fintech companies are not subject to the same strict regulatory standards and that direct access may bring security and soundness risks. The crypto industry, on the other hand, generally supports the proposal, arguing that direct access to the Fed’s payment system should have been opened long ago as it would reduce reliance on intermediary banks and foster innovation.
In May this year, Trump also signed an executive order directing the Federal Reserve to assess policies for opening central bank payment rails to fintech companies, including crypto firms. Previously, in March, the Kansas City Fed approved a “limited purpose account” for Payward, the parent company of an exchange, sparking market debate over how much crypto and fintech companies should be allowed direct access to Federal Reserve services. At the hearing, a representative from Anchorage Digital stated that if the U.S. wants to maintain its position as a global financial center, it needs to allow for innovative federal and state regulatory frameworks.
Overnight Highlights for June 25
On-chain yield company Ground completes $3.6 million Pre-seed round, led by Bain Capital Crypto and ParaFi
According to Odaily, on-chain yield infrastructure startup Ground has announced the completion of a $3.6 million pre-seed funding round. The round was co-led by Bain Capital Crypto and ParaFi, with participation from Nascent, Robot Ventures, Chapter One, and Consonant Ventures.
It is reported that Ground primarily provides APIs for fintech companies and asset management institutions, enabling them to integrate on-chain yield products into their existing applications without having to build their own blockchain integrations. Its target customers include fintech platforms, digital banks, wealth management institutions, exchanges, and asset management companies for building yield, savings, and investment products.
According to Odaily, on-chain yield infrastructure startup Ground has announced the completion of a $3.6 million pre-seed funding round. The round was co-led by Bain Capital Crypto and ParaFi, with participation from Nascent, Robot Ventures, Chapter One, and Consonant Ventures.
It is reported that Ground primarily provides APIs for fintech companies and asset management institutions, enabling them to integrate on-chain yield products into their existing applications without having to build their own blockchain integrations. Its target customers include fintech platforms, digital banks, wealth management institutions, exchanges, and asset management companies for building yield, savings, and investment products.
Blockchain data infrastructure company Cambrian completes $6 million seed round, led by Franklin Templeton and Polychain
According to Odaily, blockchain data infrastructure startup Cambrian has completed a $6 million seed round of funding, co-led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, Paper Ventures, and Nomad Capital, among others.
Odaily previously reported that Cambrian had also secured a $5.9 million pre-seed round led by a16z Crypto Startup Accelerator, bringing its total funding to $11.9 million.
Founded in 2024, Cambrian currently offers APIs for institutions and AI Agents, covering real-time and historical on-chain data such as returns, risks, lending rates, trading activity, liquidity positions, and market sentiment, helping users allocate capital on-chain. The company plans to expand its current APIs into a verifiable blockchain data oracle network to serve institutional financial clients, AI Agent builders, and protocols that require reliable data to control capital flows. Unlike traditional oracles that primarily provide price data, Cambrian aims to aggregate lending protocol data, DEX liquidity, social sentiment, developer activity, and historical market data.
According to Cambrian, its platform has processed millions of API calls and currently indexes around $4.5 billion in TVL across four major lending protocols, tracks 1,789 vaults under 895 curators, and monitors over 320,000 DEX liquidity pools on Base and Solana. The company also plans to expand support for trading data, adding Hyperliquid and more comprehensive perpetual contract data.
According to Odaily, blockchain data infrastructure startup Cambrian has completed a $6 million seed round of funding, co-led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, Paper Ventures, and Nomad Capital, among others.
Odaily previously reported that Cambrian had also secured a $5.9 million pre-seed round led by a16z Crypto Startup Accelerator, bringing its total funding to $11.9 million.
Founded in 2024, Cambrian currently offers APIs for institutions and AI Agents, covering real-time and historical on-chain data such as returns, risks, lending rates, trading activity, liquidity positions, and market sentiment, helping users allocate capital on-chain. The company plans to expand its current APIs into a verifiable blockchain data oracle network to serve institutional financial clients, AI Agent builders, and protocols that require reliable data to control capital flows. Unlike traditional oracles that primarily provide price data, Cambrian aims to aggregate lending protocol data, DEX liquidity, social sentiment, developer activity, and historical market data.
According to Cambrian, its platform has processed millions of API calls and currently indexes around $4.5 billion in TVL across four major lending protocols, tracks 1,789 vaults under 895 curators, and monitors over 320,000 DEX liquidity pools on Base and Solana. The company also plans to expand support for trading data, adding Hyperliquid and more comprehensive perpetual contract data.
AI-driven debt boom hits record high as US high-grade bond issuance soars to $175 billion in June
Nasdaq closes down 0.4%, chip stocks continue to pull back
The probability that the Federal Reserve will keep interest rates unchanged in July is 65.8%, while the probability of a rate hike in September has increased.
According to ChainCatcher, as reported by Golden Ten Data, CME "Fed Watch" shows that the probability of the Federal Reserve keeping interest rates unchanged in July is 65.8%, and the probability of a cumulative increase of 25 basis points is 34.2%. By September, the probability of keeping interest rates unchanged drops to 33.6%, while the probability of a cumulative increase of 25 basis points rises to 49.7%, and the probability of a cumulative increase of 50 basis points is 16.7%.
According to ChainCatcher, as reported by Golden Ten Data, CME "Fed Watch" shows that the probability of the Federal Reserve keeping interest rates unchanged in July is 65.8%, and the probability of a cumulative increase of 25 basis points is 34.2%. By September, the probability of keeping interest rates unchanged drops to 33.6%, while the probability of a cumulative increase of 25 basis points rises to 49.7%, and the probability of a cumulative increase of 50 basis points is 16.7%.