What is correct format for USB stick?

I have 512GB USB stick that I use to store music files for use in my RPi4B/Allo DigiOne Signature. I use Volumio for streaming the content. Currently I have a problem that some of the files do not show up in Volumio. Sometimes I also have problem with the Album not showing up although the music file is playing. I wonder if there is a problem with how I formatted the stick (exFAT)? How should it ideally be formatted? My music files can have long file names and the file path could be very long.
After correctly formatting the stick do I need to enter any code in the RPi OS?