BlackRock has committed not to develop competitive payment stablecoins in its partnership with Circle

According to ChainCatcher's message, a listing report filed by Circle in early April shows that in a new Memorandum of Understanding (New MOU) signed with BlackRock in March 2025, Circle agrees to prioritize the allocation of its reserves for issuing Circle stablecoins and other products to BlackRock. It commits that, unless otherwise required by law, regulation, or operational needs, Circle will keep at least 90% of its USDC fiat reserves (excluding bank deposits) in products managed by BlackRock. Additionally, BlackRock agrees to prioritize and use USDC and all Circle stablecoins in all use cases related to dollar payment stablecoins and commits not to develop and launch competitive payment stablecoins, provided that Circle continues to fulfill its payment obligations regarding reserve management. The new Memorandum of Understanding is valid for four years.