Ripple: Banking the Stablecoin: Ripple has applied for a national bank charter from the OCC and is pursuing a Federal Reserve master account through its subsidiary, Standard Custody & Trust. This would give Ripple direct access to central banking infrastructure, specifically, the ability to custody customer funds and issue its planned stablecoin, RLUSD, without relying on third-party banks.

The banking license would put Ripple in a small group of crypto-native firms operating under federal regulation. It would also allow them to settle transactions outside of standard banking hours and tap into Fed payment systems directly. That’s a big step for a company that has mostly lived in the shadows of cross-border payments until now.

Erebor: Another Attempt at a “Tech Friendly” Bank: A group of tech investors, including Palmer Luckey, Peter Thiel, and Joe Lonsdale, are backing a new bank called Erebor. It is applying for a national charter and intends to serve companies in sectors like crypto, artificial intelligence, and defense that have struggled to maintain banking relationships since the collapse of institutions like Silicon Valley Bank and Signature. The bank plans to operate primarily online with offices in Ohio and New York. Its leadership includes individuals with prior experience at firms such as Circle and Palantir. Erebor is reportedly looking to hold stablecoins on its balance sheet and position itself to work directly with companies often flagged as high risk by traditional banks.
There are few public details about its regulatory status or product offerings. For now, it is one of several efforts to build a new banking model around industries that no longer fit cleanly into the existing financial system. Whether Erebor is approved or ends up facing the same regulatory gridlock as past attempts remains to be seen. It joins a broader wave of institutional moves to integrate crypto with traditional finance by obtaining charters, direct access to payment systems, and custody permissions.

Robinhood: Tokenized Stocks and a Quiet Shift Toward Banking: Robinhood has started offering tokenized versions of U.S. stocks and ETFs on the Arbitrum blockchain, initially available to users in the European Union. These tokens represent traditional financial assets like Tesla and Apple, along with shares in private companies such as SpaceX and OpenAI, although OpenAI has publicly distanced itself from the effort. The company plans to migrate these assets onto its own chain in the future. This move follows earlier expansions into crypto wallets and token swaps, showing a clear shift toward integrating onchain infrastructure with traditional financial products.
As Robinhood continues to build out its own blockchain and explore asset issuance, it is beginning to resemble something closer to a bank. While it does not hold a charter or offer custody in the traditional sense, it is assembling pieces of the stack that mirror core banking functions including payments, asset custody, and settlement. The company has not made public moves toward a license, but the direction is notable. It fits into the broader pattern of retail platforms absorbing banking roles through crypto rails rather than legacy infrastructure.

We are publishing a report on equities on Robinhood later today. Keep an eye out for that.