BlackRock and Circle’s cooperation agreement revealed: No stablecoins can be issued on their own in the next four years

Circle's IPO filing shows that in March 2025, Circle signed a new Memorandum of Understanding (New MOU) with BlackRock, agreeing that BlackRock will be the preferred partner for its stablecoin reserves and promising not to issue competitive USD payment stablecoins. Both parties agree that Circle will entrust at least 90% of its USD custody reserves (excluding bank deposits) to BlackRock for management, and BlackRock will not develop or release its own stablecoin. The agreement is valid for four years.