Odaily News Circle's listing report document shows that in the new memorandum of understanding (New MOU) signed by Circle and BlackRock in March 2025, BlackRock agreed to be the preferred partner for its stablecoin reserves and promised not to issue competitive US dollar payment stablecoins. The two parties agreed that Circle would hand over at least 90% of its US dollar custody reserves (excluding bank deposits) to BlackRock for management, and BlackRock would not develop or issue its own stablecoin. The agreement is valid for four years.