2025 has been a jam-packed year for crypto already , and is increasingly looking like the year of the stablecoin.

Circle, the company behind the USDC stablecoin, has filed for a U.S. initial public offering, becoming the the latest tech firm that is aiming to test the market as tariff uncertainty and worries about the economy’s health weigh on investors.

JPMorgan Chase and Citi are reportedly serving as lead underwriters, and the company is seeking a valuation between $4 billion and $5 billion, Fortune reported.