$PI The second-largest US exchange, Huyao Exchange, has gained access to the Federal Reserve's settlement system. This means Kraken has become the first cryptocurrency exchange in the US to hold a federal banking license, allowing it to connect directly to the Federal Reserve's payment system without relying on intermediary banks such as Signature Bank or Silvergate Bank.

This development has several major implications for exchanges and the industry:

· Independence and Compliance: Holding an independent banking license (SPI) enables direct opening of a master account with the Federal Reserve, significantly enhancing legal legitimacy and eliminating concerns about fiat channels being affected by the failure of intermediary banks like Signature Bank.
· Safer Funds: Users' fiat funds can be deposited directly into the Federal Reserve or insured banks, reducing the risk of fund freezes or losses due to the bankruptcy of intermediaries.
· Increased Efficiency: Eliminates the need for third-party banks as intermediaries, resulting in faster USD deposits and withdrawals with lower costs.
· Industry Milestone: This marks the first time the mainstream financial system has opened core infrastructure to crypto companies, boosting confidence in traditional capital entering the crypto market.
Digital exchanges gaining settlement functions equivalent to traditional banks is a groundbreaking start for the global financial system. pi will soon be launched on this exchange, and in the near future, the pi public chain will also gain increasing currency settlement capabilities from sovereign nations. The prospects are immeasurable—stay tuned!!