Erebor, a fully digital bank backed by defense company Anduril and data giant Palantir, with support from billionaire Peter Thiel, has received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national bank charter. The OCC granted this de novo charter after a rigorous review, applying the same standards as for all bank applications.
Comptroller Jonathan V. Gould emphasized, "Erebor is the first de novo bank to receive a preliminary conditional approval since I arrived at the OCC. I am committed to a dynamic and diverse federal banking system, and our decision today is a first but important step in living up to that commitment." He added that permissible digital asset activities, including holding stablecoins as reserves and using virtual currencies for gas fees, are supported if conducted safely.
Erebor, founded by Palmer Luckey, aims to be a full-service, insured national bank targeting ultra-high-net-worth clients and businesses in the innovation economy, such as cryptocurrency, AI, and advanced technology. The bank will hold some reserves in stablecoins and enable on-chain transactions, though crypto holdings are limited to utility purposes like gas fees. The approval is conditional, and Erebor must meet all pre-opening requirements, with the OCC able to rescind it if issues arise; the bank has already applied for deposit insurance in summer 2025 to expedite final approval.
This development comes amid a favorable political climate, with regulatory momentum including President Donald Trump signing a stablecoin bill into law and Congress weighing additional crypto legislation. Erebor is positioned to fill the gap left by the collapse of Silicon Valley Bank in 2023, and other crypto firms like Coinbase, Circle (issuer of USDC), and Ripple Labs are seeking similar approvals. However, banking trade groups have opposed such charters, citing policy concerns, though advocates like Custodia Bank's Caitlin Long argue the issue may end up in court.
