Circle Internet Financial, the company behind the USDC stablecoin, has filed paperwork with the U.S. Securities and Exchange Commission for a planned initial public offering. The filing sets up a potential market debut that could raise as much as $5 billion, according to Reuters.

The move marks a major step for one of the best-known names in the digital-asset sector as it seeks broader access to public capital markets. Circle issues USDC, a dollar-backed stablecoin widely used in crypto trading and payments.

The registration statement is an early-stage filing, so the final size, pricing, and timing of the offering could still change. If completed, the IPO would add another closely watched test of investor appetite for crypto-linked firms in the public markets.