US regulators have granted preliminary and conditional approval to Erebor Bank, a new national bank designed to serve cryptocurrency companies, technology startups, and other innovation-driven sectors.
The Office of the Comptroller of the Currency (OCC) approved Erebor’s national bank charter roughly four months after the bank submitted its application in June 2025.
The OCC’s decision positions Erebor to join the US federal banking system, which includes more than 1,000 national banks, federal savings associations, and federal branches of foreign banks.
Headquartered in Columbus, Ohio, with an office in New York, Erebor plans to operate primarily digitally and focus on sectors including cryptocurrency, artificial intelligence, defense, and manufacturing, with a notable emphasis on stablecoin-related services.
The bank raised $275 million in capital from prominent tech investors such as Founders Fund and Haun Ventures.
“Erebor is the first de novo bank to receive a preliminary conditional approval since I arrived at the OCC,” said Comptroller of the Currency Jonathan Gould.
“Our decision today demonstrates that permissible digital asset activities, like any other legally permissible banking activity, have a place in the federal banking system if conducted in a safe and sound manner.”
The approval comes as the Trump administration’s policies prioritize tech and cryptocurrency firms. Officials, including OCC Comptroller Jonathan Gould, appointed during that period, have streamlined bank charter reviews.