BlackRock pledges not to develop competing payments stablecoin in partnership with Circle

Mars Finance News: According to the listing report documents submitted by Circle in early April, Circle and BlackRock signed a new Memorandum of Understanding (New MOU) in March 2025, stipulating that Circle will prioritize entrusting its reserves for issuing Circle stablecoins and other products to BlackRock. It promises that, unless otherwise specified by legal, regulatory, or operational requirements, Circle will place at least 90% of its US-managed USDC fiat reserves (excluding bank deposits) in products managed by BlackRock. Additionally, BlackRock agrees to prioritize and preferentially use USDC and all Circle stablecoins in all use cases related to US dollar payment stablecoins, and commits not to develop and launch competitive payment stablecoins, provided that Circle continues to fulfill its payment obligations for reserve management. The new Memorandum of Understanding is valid for four years.