EBA and NYDFS sign MoU to enhance cooperation in stablecoin supervision

The European Banking Authority (EBA) has signed a Memorandum of Understanding (MoU) with the New York State Department of Financial Services (NYDFS) under the Markets in Crypto-Assets Regulation (MiCA). The agreement aims to enhance cooperation in supervising entities involved in cross-border stablecoin activities.

The MoU establishes principles and procedures for information exchange and coordination of supervisory activities related to stablecoins issued in both New York State and the European Union. It includes entities directly supervised by the EBA under MiCA and provides a framework for mutual assistance in ongoing supervision and crisis situations.

This cooperation framework reflects the increasing international scope of stablecoin markets and promotes effective, consistent supervision across jurisdictions.

EBA Chair François-Louis Michaud stated: “This agreement marks an important milestone in strengthening transatlantic cooperation on stablecoin supervision and ensuring cross-border activities meet high standards. It demonstrates our commitment to building a strong, effective, and globally coordinated supervisory framework for crypto-assets.”

Acting Superintendent Kaitlin Asrow emphasized: “Effective financial regulation depends on strong relationships between regulators, and this principle is vital in the digital asset space. This MoU reflects the Department’s commitment to cross-border supervision and collaboration to protect consumers, regulated entities, and markets.”

Under MiCA, the EBA is responsible for supervising issuers of significant asset-referenced tokens (ARTs) and electronic money tokens (EMTs). Article 126 of MiCA allows the EBA to conclude information exchange agreements with third-country authorities. The confidentiality of shared information is subject to an assessment confirming the third country’s confidentiality framework is equivalent to MiCA’s standards. The EBA has deemed the NYDFS regime as equivalent.