Overview
- The European Banking Authority and the New York State Department of Financial Services signed a 22-page memorandum of understanding on Tuesday, June 2, 2026, to formalize cooperation on cross-border stablecoin oversight.
- The agreement sets procedures for sharing supervisory and confidential information, exchanging risk assessments and market data, and providing mutual assistance in supervision.
- Under the deal the EBA concluded that NYDFS’s confidentiality and professional secrecy rules meet MiCA standards, which allows protected information to flow between the two authorities.
- The MoU includes a pre-established playbook for crisis response so regulators can flag and coordinate actions quickly in events such as depegs, operational failures, or related civil and criminal probes.
- Although non-binding, the pact could narrow regulatory gaps by aligning NYDFS’s long-standing reserve, redeemability, transparency and rehypothecation expectations with EU MiCA supervision and raise scrutiny on issuers operating across both jurisdictions.