Circle, the company behind the USDC stablecoin, has filed confidentially for an initial public offering in the United States, according to Reuters. The move comes as policymakers in Washington increase scrutiny of stablecoin reserves, disclosure standards, and the broader risks tied to digital-dollar products.

The filing does not include key details such as the size of the offering or a target valuation. A confidential submission lets a company work with regulators behind closed doors before disclosing its plans publicly, which is a common step for firms preparing to list shares on U.S. exchanges.

Circle’s IPO plans arrive at a time when stablecoins are under closer review by lawmakers and federal agencies. Supporters argue the tokens can make payments faster and more efficient, while critics warn that weak oversight could expose users to reserve shortfalls, market instability, or misleading claims about safety.

USDC is one of the largest stablecoins in circulation and is widely used in crypto trading and digital payments. Circle’s decision to pursue a listing underscores how crypto firms are increasingly seeking mainstream market access even as regulators press for clearer rules and stronger safeguards.