Circle Internet Financial, the company behind the USDC stablecoin, has confidentially submitted paperwork for an initial public offering in the United States, according to a regulatory filing reported by Reuters. The move comes as lawmakers and regulators step up scrutiny of stablecoins, a fast-growing corner of crypto that is increasingly drawing attention from Wall Street and policymakers.

USDC is one of the largest dollar-backed digital tokens in circulation and is widely used in trading, payments, and transfers across crypto markets. Circle’s decision to pursue a public listing signals that the company is preparing for a more regulated environment, even as the broader industry continues to push for clearer rules.

The filing was made confidentially, meaning details such as the proposed share count, valuation, and timing have not yet been disclosed publicly. Companies often use this process to test investor appetite and refine their offering plans before releasing a full prospectus.

Circle’s IPO plans add to a broader wave of crypto firms seeking legitimacy through public markets, while regulators weigh how to oversee stablecoins without increasing risks for consumers and the financial system. The company’s next steps will likely depend on both market conditions and the direction of U.S. policy.