Key facts
- NY Dept. of Financial Services and European Banking Authority signed an MOU.
- The agreement focuses on policing cross-border stablecoin activities.
- Regulators will share data on issued stablecoins, volume, and holders.
- The deal aligns with the EU's Markets in Crypto-Assets (MiCA) Regulation.
The European Banking Authority (EBA) and the New York State Department of Financial Services (NYDFS) have entered into a memorandum of understanding to enhance the supervision of stablecoin activities. This collaboration will involve the exchange of information regarding issued stablecoins, their total volume in circulation, and the number of holders. The EBA stated that this agreement is part of its responsibilities under the Markets in Crypto-Assets (MiCA) Regulation and establishes procedures for sharing information and coordinating supervisory activities, market trends, and risks between New York and the European Union. The NYDFS indicated that the deal will bolster the oversight of entities involved in stablecoin operations, help identify market trends and risks, and support the integrity of the stablecoin market.