Freedom to Choose

At Old Glory Bank, we see the evolution of banking – the incorporation of cryptocurrency, stablecoins, and self-custodial wallets – as the culmination of everything we have been working for: your Privacy, Security, and Liberty in banking. 

Your freedom to choose between traditional banking and legacy currency, and digital currency is part of that autonomy. Many of you have been eager for this merger of old and new, and it's finally here. 

Others of you have no interest in crypto and digital currency, and that's ok, too. We will continue to offer both, so that your liberty is protected. We stand with you.

Devices showing OGB's Crypto Dashboard
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We believe Old Glory Bank will be the first bank to easily link your crypto, stablecoins, and self-custodial wallet into a single dashboard, combined with your OGB Accounts. Once linked, you can easily “on-ramp” and “off-ramp” US Dollars (fiat) with popular crypto coins, creating a seamless experience to spend fiat and crypto every day.

OGB Customers will be able to use our new stablecoin, OGBUSD, for payments and remittances around the world. Recipients can hold it, spend it, exchange it for U.S. dollars at Old Glory Bank, or convert it on any exchange supporting ERC-20 standard tokens.

OGBUSD will be backed by US Dollars, 1 to 1, so you will always know the value and buying power.

Cryptocurrency 101: Terms to Know

Crypto fans and experts, you can skip to the next section.

If you are just learning about crypto, you might find this glossary helpful.

Cryptocurrency

A type of digital money. Unlike dollars, it doesn’t exist in physical form and isn’t controlled by a government or bank. Instead, it’s powered by blockchain technology.

Popular cryptocurrencies include:

  • Bitcoin (BTC) – the first and most well-known
  • Ethereum (ETH) – used for smart contracts and NFTs
  • Solana, Cardano, Dogecoin – other coins with different purposes

You can use crypto to buy things, invest, or even support creators online.

Stablecoin

A type of digital currency that is pegged to the value of a stable asset, such as a fiat currency like the U.S. dollar. Its purpose is to combine the benefits of cryptocurrency, like fast, borderless transactions, with the price stability of traditional money. 

Old Glory Bank plans to mint our own stablecoin, OGBUSD, with the release of our crypto features in early 2026.

Fiat

Government-issued currency that is not backed by a physical commodity, like gold or silver, but rather by the government's declaration that it has value. Examples include the U.S. dollar (USD) or euro (EUR). 

When used in digital finance, fiat currency typically refers to traditional money that can be transferred electronically, such as through bank apps, payment platforms, or converted into stablecoins. 

Key

A crypto key is a fundamental part of how cryptocurrencies and blockchain technology work. It's a piece of cryptographic information used to secure, access, and control digital assets. 

A private key is a string of letters and numbers used to sign transactions and prove ownership of a crypto wallet. It must be kept secure and never shared - sharing your private key is like handing your actual physical wallet to a crook and inviting them to clean out your cash. 

A public key is derived from your private key using cryptographic algorithms. It can be shared with others safely, often to allow you to receive cryptocurrency. 

Think of your public key as your email address (you can share it) and your private key as your email password and PIN (you must keep it secret). 

Gas

In cryptocurrency, gas refers to the fee required to perform a transaction or execute a smart contract on a blockchain network. The gas fee is the amount of cryptocurrency you must pay to process your transaction. The amount of gas required depends on the complexity of the transactions, the congestion of the network, and the price of the gas itself. 

Blockchain

A digital ledger – a record of transactions – that is:

  • Decentralized: No single person or company controls it
  • Transparent: Everyone can see the history of transactions (but not your identity)
  • Secure: Once something is written, it can’t be changed

Blockchain works by keeping the record of transactions across a decentralized and encrypted network of computers, so the data is secure, verified, and permanent. 

On-ramp and off-ramp

In the context of cryptocurrency, on-ramps and off-ramps refer to the services and platforms that allow users to move between traditional currencies ("fiat" such as US dollars) and digital assets (like Bitcoin or Ethereum). 

An on-ramp is a service that lets you buy cryptocurrency using fiat currency. It's your entry point into the crypto world. An off-ramp is a service that lets you convert cryptocurrency back into fiat currency. 

DeFi

Short for Decentralized Finance, DeFi refers to a movement within the cryptocurrency space that aims to recreate and improve traditional financial systems – like lending, borrowing, trading, and investing – using blockchain technology and smart contracts, without relying on centralized institutions. 

Key features: 

  • No intermediaries: Transactions are peer-to-peer, governed by code instead of companies or governments.
  • Smart Contracts: Automated agreements that execute when predefined conditions are met, such as a transaction or event.
  • Open Access: Anyone with a crypto wallet can participate without credit checks or paperwork.
  • Transparency: All transactions are recorded on public blockchains. Your identity is private, but your transaction is recorded and verified.

Self-Custodial Wallet

Also known as a non-custodial wallet, this is a type of cryptocurrency wallet that gives users full control over their private keys and digital assets stored on a blockchain network. 

Unlike custodial wallets, such as those offered by and controlled by crypto exchanges, no third party holds your keys. This means that only you can access and manage your funds. Self-custodial wallets typically do not require you to share your personal data, so your privacy is protected. With direct blockchain access, you can interact directly with decentralized applications and platforms ("DeFi"). 

Cryptocurrency vs. CBDC

It is critical to understand the distinction between cryptocurrency and CBDC. It can be easy to confuse the two.

While both operate digitally, the key distinction lies in who controls them and what that means for personal financial autonomy. 

On January 23, 2025, President Trump issued an executive order entitled “Strengthening American Leadership in Digital Financial Technology.” In this order, he set out “five high-level policy objectives: 

  1. Protecting the lawful use of blockchain networks, participation in mining and validation, and self-custody of digital assets without unlawful censorship; 
  2. Promoting dollar-backed stablecoins; 
  3. Ensuring fair and open access to banking services; 
  4. Providing “regulatory clarity” for digital assets based on “well-defined jurisdictional regulatory boundaries,” and 
  5. Prohibiting Central Bank Digital Currencies (“CBDC”).

So, what’s the difference?  

CBDCs vs. Cryptocurrencies: Who Controls Your Money? 

CBDCs are government-backed digital currencies issued by central banks, while cryptocurrencies operate on decentralized networks. Supporters of CBDCs argue they improve efficiency and security, while critics warn they could lead to increased government control over individual financial freedom. On the other hand, cryptocurrencies offer a free-market alternative, though they come with their own risks and volatility. 

Ultimately, the decision of whether to embrace or reject either system should be left to the individual investor – not dictated by the state. 

Old Glory Bank has always taken the position that CBDCs are not likely to be implemented in the United States of America as the Federal Reserve cannot designate digital currency as "legal tender" under Section 31 U.S.C. 5103. Digital Dollars would be outside what Congress intended when it enacted this statute, especially considering the history of this statute back to 1884. Fortunately, the current chairman of the Federal Reserve also shares our view and already acknowledged on March 20, 2021, that the Federal Reserve could not issue digital currency without Congress enacting legislation. In this regard, we do not believe that a Republican House or the Senate will support this legislation. Of course, this position was even before President Trump’s express Executive Order prohibiting CBDC which further makes it apparent that a CBDC is neither likely nor possible in the United States. 

FAQs about Old Glory Bank's Next Generation of Banking

Find answers to Old Glory Bank's specific plans and how we are building our unified dashboard.

Definitely not! We believe in giving our customers the freedom of choice. With Old Glory Bank, you will have the freedom of choice between using traditional bank accounts, crypto, or both.

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The OGB USD stablecoin is backed dollar-for-dollar (i.e., no fractional shares). A dollar-backed stablecoin cannot lose value, except to the extent inflation impacts all US currency. OGBUSD is like "cash."  A dollar-backed stablecoin makes it easy to remit payments, but we do recognize it is not a hedge against inflation. The purpose of OGBUSD is to make payments anywhere in the world and fly over the top of the Federal Reserve and the SWIFT platform. But a stablecoin is not an investment asset and is not a hedge against inflation.