Circle says the reserves backing USDC have climbed past $60 billion, marking a new milestone for the dollar-pegged stablecoin as demand from institutions remains strong. The company’s chief executive said the growth reflects continued use of USDC in payments, trading, and treasury operations.

The update comes as Circle and other digital-asset firms press U.S. lawmakers and regulators for clearer rules on stablecoins. Industry leaders have argued that a defined legal framework could support wider adoption while reducing uncertainty for companies and users.

Stablecoins are designed to hold a steady value by being backed by cash or cash-like assets. USDC is one of the largest in the market and has become a key tool for moving funds quickly across crypto platforms and, increasingly, for business transactions.

The company’s disclosure highlights both the scale of demand and the policy pressure surrounding the sector. As Washington weighs new legislation, Circle is positioning USDC as a regulated, institution-friendly option in a market still shaped by concerns over transparency, oversight, and financial stability.