Palmer Luckey on stablecoins: “All banks will be forced to adopt this to be competitive” “I had been looking at starting a bank for a while,” Anduril and Oculus co-founder Palmer Luckey says. “Primarily for my own personal user because there weren’t really banks out there that really understood my businesses and the things that I was doing. Silicon Valley Bank was doing a reasonable job but then they went out of business, took everyone’s money with them, and had to have the government bail everybody out. That was the thing that got me very serious about it.” The other factor for starting his new bank Erebor was what new technology would enable. Palmer explains: “Using US-dollar-backed cryptocurrencies to have 365/24/7 settlement of payments — which is something a lot of businesses need and very few get — [. . .] pretty quickly, everyone is going to realize that they need to support these things. Seeing this administration’s support for using specifically dollar-backed-stablecoins . . . I think probably most banks are going to get drug into this. The difference is that we’re trying to do it from the start . . . In the next few years, probably all banks are going to be forced to adopt this to be competitive.” $176 billion in stablecoins have been issued on Ethereum mainnet, roughly 56% of the global supply. If you exclude Tron, Ethereum’s dominance jumps to 77%. Ethereum is quietly becoming the world’s settlement layer. Source: @tbpn (Feb 2026)