Infinite launches banking services with Thiel-backed Erebor Bank, combining ACH, wires, and stablecoin transfers while potentially offering FDIC-insured fiat accounts

Infinite's own disclosure — "financial technology company, not an FDIC-insured bank" — is the same pass-through BaaS language that stranded Synapse depositors when the fintech failed (not the bank). Coverage kicks in if Erebor fails, not if Infinite does. Erebor itself is the first de novo national charter since Chokepoint 2.0 and among the first federally approved banks cleared to hold stablecoins on its balance sheet — Custodia spent two years in court fighting for exactly this authority. They added Sui rails April 2; the bank is shipping chain integrations faster than most L1 foundations ship partnerships.

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