Japan’s SBI Holdings is investing $100 million in Erebor Bank, the nationally chartered US bank co-founded by Anduril’s Palmer Luckey. SBI’s announcement describes Erebor as a digital bank for AI, defense and energy companies. The bank’s own charter application tells a different story. Filed with the OCC in June 2025, it states Erebor’s goal is to be “the most regulated entity conducting and facilitating stablecoin transactions.”
Erebor opened in February 2026 after receiving its national bank charter and FDIC deposit insurance. Its charter application lists four product lines: credit, deposits, stablecoin services and payments. The bank holds crypto on its balance sheet to pay blockchain gas fees and for wrapped stablecoin operations, accepts crypto as loan collateral, and runs an in-house core banking system with blockchain settlement around the clock including weekends. It does not offer custody. Target clients include crypto firms, broker dealers, futures commission merchants and foreign companies needing dollar access through correspondent banking.
SBI is a natural partner for that last category. The group provides JPYSC, Japan’s first trust-type yen stablecoin, and distributes USDC and RLUSD in Japan. It also holds stakes in Ripple and Circle. Erebor’s application explicitly targets international companies and foreign correspondent relationships, making SBI group entities potential clients for dollar rails and stablecoin on and off ramps. SBI said it will explore “broad collaboration” with Erebor. That business is barely underway with September figures showing just $36 million of deposits from foreign banks.
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