Circle Internet Financial, the company behind the USDC stablecoin, has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission, according to people familiar with the matter. The move comes as Washington steps up efforts to write clearer rules for stablecoins, a fast-growing corner of the digital-asset market.

USDC is one of the most widely used dollar-pegged cryptocurrencies, and Circle has long been seen as a key player in the sector’s push for broader acceptance in mainstream finance. A confidential filing does not disclose financial details to the public, but it allows a company to advance the listing process before revealing a full prospectus.

The timing reflects rising pressure on regulators and lawmakers to define how stablecoins should be supervised, including reserve standards and consumer protections. Supporters of the industry argue that clear rules could help speed adoption, while critics warn that weak oversight could expose users to risk.

If Circle proceeds to list, it would become one of the highest-profile crypto firms to test investor appetite in a market still shaped by volatility, compliance concerns, and closer scrutiny from U.S. authorities.