Circle said the reserves backing its USDC stablecoin have climbed to a record $62 billion, reflecting stronger demand for the token as the company presses for clearer U.S. rules on stablecoins. The firm said most of the backing is now held in short-term U.S. Treasury securities.

According to the company, about 80% of USDC reserves are invested in short-dated Treasuries, a structure Circle says supports liquidity and transparency. The disclosure comes as lawmakers and regulators continue debating final legislation that would set a national framework for stablecoins.

The milestone highlights how quickly regulated digital dollar products have expanded in recent years. Circle has argued that clearer oversight would help institutional adoption and reduce uncertainty for issuers operating in the fast-moving crypto market.

USDC is one of the largest dollar-backed stablecoins and is widely used for trading, payments, and transfers across crypto platforms. Circle’s latest figures suggest confidence in the token remains strong even as the sector waits for firmer legal ground in the United States.