U.S. Regulators Approve Preliminary Charter for Stablecoin-Ready Erebor Bank
Erebor Bank has secured conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a federally chartered bank, a significant milestone for the crypto-focused institution. Backed by prominent figures like Palmer Luckey, Joe Lonsdale, and Peter Thiel, the bank aims to leverage digital-asset rails for lending, custody, and payments services.
The approval follows the introduction of the GENIUS Act, which provides clearer guidelines for stablecoin issuance. With $275 million in capital, Erebor plans to operate digitally from Columbus, Ohio, and New York, pending further audits and FDIC approval.
Critics have raised questions about the bank's ties to Silicon Valley and conservative political circles, though supporters emphasize its robust compliance framework and DEEP capital reserves as justification for the swift regulatory green light.
