UPDATE: Stablecoins top $310B as ICBA lawsuit challenges OCC crypto trust charters
CIE News ·
The aggregate stablecoin market cap reached over $310 billion as the ICBA filed a lawsuit on October 2 challenging OCC national trust charters used by stablecoin custodians.
The aggregate stablecoin market capitalization surpassed $310 billion leading into October 5, adding over $1.0 billion in liquidity since the start of the month. As previously reported, the Independent Community Bankers of America (ICBA) filed a complaint against the Office of the Comptroller of the Currency (OCC) and Comptroller Jonathan Gould, with the filing officially submitted on October 2, 2026, in the U.S. District Court in Washington, D.C.
The ICBA's legal challenge targets the OCC's national trust bank rule and Interpretive Letter 1176, which offer chartering pathways for digital asset trust entities and stablecoin custodians. CryptoSlate reported that the ICBA complaint seeks to vacate the rule, arguing the regulator exceeded its authority under the National Bank Act by granting limited-purpose charters to non-depository fintech and digital asset companies. Thirteen of the 21 approved or conditionally approved trust banks involve cryptocurrency firms, including Paxos, BitGo, and Protego.
The regulatory dispute comes as Tether (USDT) maintains a circulating supply of $184.0 billion while facing congressional scrutiny, alongside an infrastructure partnership with Utexo to support transactions on the Bitcoin network. DefiLlama data indicates that USDT and USDC, which holds a supply of $74.1 billion, account for over 82% of active stablecoins.