Circle said its USDC stablecoin is backed by $61.5 billion in reserves, made up of cash and short-term U.S. Treasury holdings, as U.S. lawmakers move closer to new rules for the sector.

The company’s latest disclosure is meant to reassure users and investors that USDC remains fully supported by liquid assets. Stablecoins have faced growing scrutiny from regulators and policymakers, who are pushing for clearer standards on reserve quality, transparency, and redemption rights.

The reserve update comes as Washington weighs legislation that could reshape how dollar-backed digital tokens are issued and supervised. Supporters say stricter rules could strengthen trust in the market, while critics warn that weak oversight could leave consumers exposed if issuers fail to maintain adequate backing.

Circle remains one of the largest players in the stablecoin market, and its financial disclosures are closely watched by traders, exchanges, and regulators. The company’s reserve figure reflects the scale of demand for USDC as the debate over stablecoin oversight intensifies.