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.

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.

Circle Internet Group Inc. filed publicly for a long-awaited initial public offering, with the stablecoin provider showing steadily increasing revenue.The company, led by Jeremy Allaire, reported net income of $156 million on revenue of $1.