Circle Internet Financial, the company behind the USDC stablecoin, has confidentially filed for a US initial public offering, according to a regulatory filing reported by Reuters. The move comes as interest in stablecoins continues to rise across crypto markets and traditional finance.

The filing places Circle among the latest crypto firms seeking public-market access at a time when regulators and lawmakers are paying closer attention to stablecoin reserves, transparency, and consumer risk. USDC is one of the largest dollar-backed tokens in circulation and remains a key part of digital asset trading and payments.

Stablecoins have become increasingly central to the broader crypto economy because they are designed to maintain a steady value, usually tied to the US dollar. That growth has also brought greater scrutiny, with policymakers weighing how these products should be supervised and what safeguards should apply to issuers.

Circle has not disclosed the size or timing of the proposed offering. A confidential filing allows a company to keep key financial details private during the early stages of the IPO process, with more information expected if and when it proceeds to a public listing.