It will be whatever format the drive originally shipped with or you formatted it to on your computer.
iPadOS supports read/write to FAT, exFAT and Apple formats (HFS, APFS, etc). It also supports NTFS but just in read-only mode.
Most flash drives come pre-formatted as either FAT or exFAT. Caveat, iPadOS has been known to randomly corrupt FAT/exFAT formatted drives so make sure you have backups.