BlackRock and Circle cooperation agreement exposed: it will not be allowed to issue its own stablecoins in the next four years
According to online reports, Circle's listing report documents show that Circle and BlackRock agreed in a new memorandum of understanding (New MOU) signed in March 2025 that BlackRock will serve as a preferred partner for its stablecoin reserves and promise not to issue competitive dollars to pay stablecoin. The two parties agreed that Circle will manage at least 90% of its U.S. dollar custody reserves (excluding bank deposits), and BlackRock will not develop or release its own stablecoins. The agreement is valid for four years.
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