BlackRock and Circle cooperation agreement exposed: no self-issuance of stablecoins for the next four years

Circle's listing filing shows that in a new memorandum of understanding (New MOU) signed in March 2025, Circle and BlackRock agreed that BlackRock would serve as a preferred partner for their stablecoin reserves and committed not to issue competing dollar-based payment stablecoins.
The two sides agreed that Circle would place at least 90 per cent of its dollar custody reserves, excluding bank deposits, under BlackRock's management, and that BlackRock would not develop or issue its own stablecoins. The agreement is valid for a period of four years.