{
  "id": 665523,
  "title": "America doesn’t need a second-class payments system",
  "url": "https://urgent.news/2026/08/12/america-doesnt-need-a-second-class-payments-system",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-12T13:00:00.000Z",
  "source": {
    "name": "CoinDesk",
    "slug": "coindesk",
    "url": "https://www.coindesk.com/opinion/2026/08/12/america-doesn-t-need-a-second-class-payments-system"
  },
  "original_language": "en",
  "account": "Stablecoins, digital currency systems pegged to stable assets, have seen a significant surge in usage over the past year, growing by nearly 25% in volume. This growth has led to discussions about the need for a more robust payments system that can accommodate these new technologies. Last year, U.S. lawmakers and President Trump introduced the GENIUS Act, which aims to regulate the future of the dollar in a way that allows it to move safely around the world through U.S. institutions. Anchorage Digital, a company home to America’s first federally chartered digital asset bank and the first federal stablecoin issuer, has been at the forefront of this change. However, despite their contributions, nationally-chartered banks like Anchorage Digital are still being excluded from accessing the Federal Reserve’s payment rails, which poses unnecessary risk and inefficiency. Anchorage Digital Bank was recently debanked by a partner bank, causing disruptions to its operations. The Federal Reserve and Congress are now taking steps to address this issue, with the Federal Reserve drafting a new rule to widen access to its payment rails and Congress considering legislation to do the same. Anchorage Digital has called for a wider federal regulatory perimeter to strengthen America’s financial system, arguing that a federally regulated bank should have the same access to Fed payment rails as any other member bank. They believe that the current system, which requires partner banks for certain funds, adds unnecessary risk and inefficiency. They also stress that the Federal Reserve's proposed \"skinny\" payment account does not adequately solve the problem, as it caps reserves, pays no interest, provides no intraday credit, and bars access to Fedwire Securities and FedACH. Anchorage Digital advocates for a fully reserved custodial bank like theirs to receive the same Fed services as every other member bank, which they believe would ultimately benefit innovation and keep the dollar dominant.",
  "summary": "If an institution qualifies to participate in America’s banking system, it should have a clear path to America’s payment system, argues Anchorage Digital's Rachel Anderika.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}