The accounts will support ACH transfers, wire transfers, and stablecoin transfers under one product, according to reporting by The Block. The move formalizes an arrangement Infinite had already disclosed in a disclosure on its about page, which states that banking services are provided through Erebor Bank, N.A., an FDIC member, with deposits eligible for coverage up to $250,000 per depositor.

Infinite was founded in 2024 by Nikhil Srinivasan, a former Coinbase and Sardine executive, alongside co-founder and CTO Raj Lad, who also came from Sardine. The company's chief compliance officer, Krisan Nichani, rounds out the senior leadership team, a role that sits at the center of Infinite's compliance-forward product thesis. The company graduated from Y Combinator's Winter 2025 cohort and positions itself as infrastructure for businesses that need to move money across borders at scale. Its current roster of target clients includes creator platforms, global payroll providers, import and export firms, neobanks, and online marketplaces. The company claims same-day payment capability to more than 170 countries.

Srinivasan has been direct about where he sees the competitive edge in this market settling. "If stablecoins are instant or near instant, then your limiting factor now becomes compliance," he wrote on his personal website. That framing shapes the product logic: the value Infinite is selling is not speed, which stablecoin infrastructure broadly offers, but the regulatory scaffolding that lets institutional clients actually use those rails without compliance risk.

Erebor's Unusual Origin Story

Erebor Bank is not a conventional banking partner. Founded by Palmer Luckey, the co-founder of Oculus VR and CEO of defense company Anduril Industries, the bank received a conditional national bank charter from the Office of the Comptroller of the Currency in October 2025. That approval was the first de novo bank charter granted under OCC Comptroller Jonathan Gould, and it came just four months after Erebor filed its application, making it the fastest such approval in recent US banking history. Day-to-day operations are led by co-CEOs Owen Rapaport and Jacob Hirshman; Luckey serves as founder and board member.

FDIC conditional approval followed in December 2025, and the bank began operations on February 8, 2026, backed by $635 million in initial capital.

Erebor's investors include Peter Thiel's Founders Fund, Andreessen Horowitz, Lux Capital, 8VC, and Elad Gil. The bank raised $350 million at a $4.35 billion valuation following its FDIC approval. It operates without physical branches and explicitly targets companies in sectors that traditional banks have largely avoided: crypto, artificial intelligence, defense, and advanced manufacturing. The OCC has required Erebor to maintain a 12% Tier 1 leverage ratio for its first three years, a conservative capital cushion reflecting its novel risk profile.

In early April 2026, Erebor also announced an integration with the Sui blockchain, enabling on-chain stablecoin deposits, withdrawals, and crypto-backed credit for participants in that ecosystem.

Why the FDIC Wrapper Matters More Than the Rails

The stablecoin payments market that Infinite is operating in has grown sharply. B2B stablecoin payment volume rose 87% in 2025 to $83.1 billion, according to data from Allium. Business-to-business transfers have become the single largest stablecoin use case, with more than $76 billion in direct B2B flows out of $122 billion in total real-economy stablecoin payments tracked by Modern Treasury. Total stablecoin transaction volume across all categories, a broader measure that captures financial trading and decentralized finance activity well beyond direct business payments, reached $33 trillion in 2025, up 72% year over year.

For businesses in South Asia and Africa, the significance of this announcement is less about the stablecoin functionality itself and more about what the bank account wrapper enables. India received an estimated $135 billion in remittances in 2025, the largest inflow of any country globally, and ranks first in global crypto adoption according to TRM Labs. Pakistan, ranked third globally for crypto adoption, launched a VARA regulatory sandbox focused specifically on stablecoin payments and crypto remittance systems in February 2026.

Bangladesh, which ranks 14th globally for crypto adoption according to TRM Labs, and neobanks in the UAE and Saudi Arabia serving South Asian diaspora workers represent additional corridors where an API-first stablecoin processor with a licensed US banking partner could find clients without needing its own local banking licenses in each market.

Africa presents a comparable picture. Stablecoin ownership among crypto-active users on the continent sits at 79%, according to data from Further Africa and MEXC, with stablecoins making up 43% of all Sub-Saharan African crypto transactions. The continent moved more than $200 billion in on-chain value between July 2024 and June 2025. Nigeria accounts for 40% of Africa's stablecoin inflows; Kenya ranks fifth globally for transactional stablecoin use. The regulatory environment across both markets has shifted materially in the past year. Nigeria's Securities and Exchange Commission formally recognized digital assets in April 2025, and the Central Bank of Nigeria relaxed restrictions on banks partnering with licensed digital asset providers. Kenya passed the Virtual Asset Service Providers Act in October 2025 and abolished its 3% digital asset tax. Kenya's M-Pesa network, serving approximately 34 million users, represents a natural off-ramp integration target for stablecoin-based remittance services operating in that market.

The average cost of sending $200 to Sub-Saharan Africa through traditional channels was 8.78% in early 2025, compared to an average of 0.5% to 1% for stablecoin transfers. That cost difference makes the underlying infrastructure a practical concern rather than a theoretical one.

For developers and fintechs across South Asia and Africa, the FDIC-insured bank account wrapper Infinite is offering through Erebor opens access to corporate clients and licensed payment service providers who cannot work with unbanked crypto intermediaries. That is the market Infinite is positioning itself to serve, and it is where the compliance infrastructure it has assembled will face its most direct test.