Circle Internet Financial has confidentially submitted paperwork to the U.S. Securities and Exchange Commission for a planned initial public offering, according to sources cited by Reuters. The move comes as U.S. policymakers weigh fresh rules for dollar-backed stablecoins, a fast-growing corner of the digital asset market.

Circle is the company behind USDC, one of the largest stablecoins in circulation. These tokens are designed to maintain a one-to-one value with the U.S. dollar and are widely used for trading, payments, and transfers across crypto markets.

The filing places Circle among the latest crypto firms seeking access to public markets even as regulators increase their focus on reserves, disclosure, and consumer protections. Lawmakers in Washington have been debating how stablecoin issuers should be supervised and what safeguards should be required.

A public listing could give Circle a larger profile and more capital, but it would also expose the company to greater scrutiny from investors and regulators. The timing underscores how the industry is trying to expand while the policy debate around digital dollar products remains unsettled.