BlackRock and Circle cooperation agreement exposed: no self issuance of stablecoins for the next 4 years According to Circle's listing report, in a new memorandum of understanding (MOU) signed in March 2025, Circle and BlackRock agreed that BlackRock would serve as their preferred partner for stablecoin reserves and promised not to issue competitive US dollar payment stablecoins. Both parties agree that Circle will hand over at least 90% of its US dollar custodial reserves (excluding bank deposits) to BlackRock for management, and BlackRock will not develop or release its own stablecoins. The agreement is valid for four years.