The Fed

The RRP facility's near-collapse on May 21, 2026 removes the cushion that kept short-term funding markets orderly during QT, and tokenized cash products are the first instruments in the line of fire.

A limited master account proposal filed May 20 shifts settlement risk from private banks to the Federal Reserve, and that changes the math on every institutional tokenization build in progress.

Trump's May 19 executive order on fintech payment rail access is the clearest policy signal yet that the structural chokepoint blocking tokenized asset settlement is being dismantled.