PANews reported on October 15th that, according to the Financial Times, US regulators have given preliminary, conditional approval to the establishment application of Erebor, a new bank founded by Palmer Luckey and Joe Lonsdale. The bank targets "innovation economy" companies and investors involved in crypto, AI, defense, and manufacturing. Erebor, backed by $275 million in capital, plans to focus on digital services, filling the market gap left by the collapse of SVB. Stablecoins will be a key focus. The co-founders previously donated to Trump's 2024 re-election campaign but claim they received no special approval. Erebor, headquartered in Columbus, Ohio, with a New York office, is expected to officially open in the coming months. Stablecoins will be a key component of the bank's operations. Co-CEOs are Jacob Hirshman and Owen Rapaport. Luckey and Lonsdale will not be involved in day-to-day operations.