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Erebor Bank has received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a federally chartered bank, marking a major step for a crypto- and tech-focused lender backed by Palmer Luckey, Joe Lonsdale, and Peter Thiel.
The decision comes just four months after Erebor submitted its application and follows the rollout of the GENIUS Act, which introduced clearer rules for stablecoin issuance.
With $275 million in capital, Erebor plans to run digital-first operations from Columbus, Ohio, and New York, offering lending, custody, and payments services over digital-asset rails. The OCC’s preliminary approval allows the bank to raise deposits, hire staff, and build infrastructure while undergoing cybersecurity, capital, and anti-money-laundering audits. Full operation will also require FDIC approval, which typically takes nine to ten months.
Erebor’s network of backers is heavily connected to Silicon Valley and conservative political circles. Palmer Luckey, founder of Anduril, and Joe Lonsdale, co-founder of Palantir, along with investor Peter Thiel, have all supported Republican campaigns. While the bank’s leadership maintains operational independence, critics have questioned whether these connections facilitated a faster regulatory process. Supporters argue that Erebor’s strong compliance framework and deep capital reserves justify the swift approval.
The charter positions Erebor to compete in the regulated stablecoin market, which has grown nearly 18% in 2025 to around $312 billion. Under the GENIUS Act, banks issuing stablecoins must maintain full reserves and publish monthly disclosures, potentially paving the way for greater institutional adoption. Erebor could rival Anchorage Digital Bank in stablecoin issuance and custody, with plans to lend against crypto and AI infrastructure, expanding liquidity for market participants.
While some, including Senator Elizabeth Warren, have raised concerns about concentration of risk and regulatory favoritism, officials view the approval as a step toward integrating digital assets into the U.S. banking system under strict oversight.