BlackRock and Circle Cooperation Agreement Exposed: No Independent Issuance of Stablecoins for the Next 4 Years

According to PANews, Circle's IPO report documents show that in a new memorandum of understanding signed with BlackRock in March 2025, BlackRock will be the preferred partner for its stablecoin reserves.

Both parties agreed that Circle would entrust at least 90% of its US dollar custodial reserves to BlackRock, and BlackRock promised not to issue competing US dollar payment stablecoins. The agreement is valid for four years.