Fintechs Are Edging Closer to Banking’s Big Payments Privilege
In a potentially far-reaching shift, the Federal Reserve is weighing whether to redraw the perimeter of the US financial system. A proposal under consideration would grant fintech giants like Circle...
By Emily Mason, Katanga Johnson · Bloomberg Markets
In a potentially far-reaching shift, the Federal Reserve is weighing whether to redraw the perimeter of the US financial system. A proposal under consideration would grant fintech giants like Circle Internet Group Inc. and Stripe Inc. a form of direct access to the central bank’s core payment infrastructure — a privilege historically reserved for banks.