Old Glory Bank to List on Nasdaq via $250M SPAC; Targets Native Stablecoin Issuance
Old Glory Bank announces a $250M SPAC merger with Digital Asset Acquisition Corp (DAAQ) to launch the first chartered bank-issued stablecoin, OGBUSD.
The Deal: Chartered Banking Meets Crypto Rails
Old Glory Bank, a chartered lender positioning itself against the debanking of crypto entities, confirmed a definitive merger agreement with Digital Asset Acquisition Corp (NASDAQ: DAAQ). The transaction values the bank at a $250 million pre-money valuation and is expected to list on Nasdaq under the ticker $OGB by early Q2 2026.
DAAQ shares held steady at $10.18 following the announcement.
The deal provides Old Glory with $176 million held in DAAQ’s trust account, plus an targeted $50 million PIPE (Private Investment in Public Equity) to fuel capital requirements. Unlike fintech wrappers that rely on partner banks, Old Glory holds its own charter. This distinction allows it to internalize compliance and custody, theoretically insulating its crypto clients from third-party risk.
The Product: OGBUSD and The ‘Freedom Offramp’
The merger’s technical centerpiece is the integration of a proprietary stablecoin, OGBUSD, directly into the bank’s core stack. Scheduled for early 2026, the token will run on Ethereum (ERC-20) and is designed to be 1:1 backed by fiat reserves held at the bank itself.
We intend for Old Glory Bank to be the first chartered bank to fully integrate crypto into daily banking… [giving] customers the ability to easily move money on and off chain.
Michael Staw, Chief Innovation Officer at Old Glory Bank.
This “Freedom Offramp” effectively creates a closed loop: customers can mint/burn stablecoins and access FDIC-insured fiat accounts without leaving the interface. It creates a structural moat. While competitors like Coinbase rely on external banking partners (who may face regulatory pressure), Old Glory controls both the ledger and the license.
Institutional Context
This move is a direct counter-play to the “Operation Choke Point 2.0” narrative that dominated the previous administration. By securing public capital and a federal charter, Old Glory is building infrastructure resistant to political debanking pressure. The bank reported deposit growth of 2,000% since April 2023, hitting $245 million by year-end 2025, driven largely by customers seeking “cancel-proof” financial services.
The merger is subject to DAAQ shareholder approval and standard regulatory clearances.
