PARIS, June 2, 2026 — The European Banking Authority (EBA) and the New York State Department of Financial Services (NYDFS) have signed a Memorandum of Understanding (MoU) establishing a framework for cooperation, information exchange, and supervisory coordination related to cross-border stablecoin activities.
The agreement, announced by the EBA on June 2, is intended to strengthen oversight of entities engaged in stablecoin-related activities operating across the European Union and New York State.
Cross-border stablecoin supervision
Under the MoU, the EBA and NYDFS will facilitate information sharing and coordinate supervisory activities concerning stablecoin-related activities within their respective jurisdictions.
The framework applies to stablecoin-related activities and is designed to support supervision of entities whose operations may affect stablecoin holders, market participants, or financial markets in either jurisdiction.
According to the agreement, the authorities will cooperate on matters including reserve assets, liquidity management, governance arrangements, stress testing, outsourcing, business model changes, information and communication technology (ICT) systems, supervisory measures, sanctions, investigations, and recovery or resolution planning.
The MoU also establishes recurring exchanges of information regarding reserve composition, holders of qualifying holdings, group structures, and stablecoin trading activity.
Crisis coordination and information sharing
The agreement provides mechanisms for cooperation during emergency situations involving supervised entities.
These include significant operational disruptions, financial difficulties, or major ICT-related security incidents that could affect stablecoin issuers or broader financial markets in either jurisdiction.
The framework also establishes procedures for supervisory assistance, investigations, on-site inspections, and the exchange of information relevant to ongoing oversight activities.
MiCA supervisory responsibilities
Under the European Union’s Markets in Crypto-Assets Regulation (MiCA), the EBA has direct supervisory responsibility for issuers of significant asset-referenced tokens (ARTs) and electronic money tokens (EMTs).
Article 126 of MiCA permits the EBA to conclude administrative agreements with supervisory authorities in third countries for the exchange of information related to supervisory responsibilities.
The EBA stated that it assessed the confidentiality and professional secrecy framework applicable to the NYDFS and determined it to be equivalent to the standards required under MiCA, allowing for the exchange of confidential supervisory information within the scope of the agreement.
EBA Chair François-Louis Michaud said the agreement marks “an important milestone” in strengthening transatlantic cooperation on stablecoin supervision and supporting globally coordinated oversight of cross-border activities.
Acting NYDFS Superintendent Kaitlin Asrow said the agreement reflects the department’s commitment to cross-border supervision and regulatory cooperation in the digital asset sector.
Why it matters
The agreement establishes a formal supervisory framework between the EBA and the New York State Department of Financial Services at a time when stablecoin activity is increasingly cross-border in nature.
The arrangement provides mechanisms for regulatory cooperation, information sharing, investigations, supervisory coordination, and coordination during emergency situations involving stablecoin issuers operating across multiple jurisdictions.
The MoU also highlights the growing regulatory focus on stablecoins as a distinct segment of the digital asset market and reflects broader efforts by authorities to develop coordinated international oversight frameworks as the sector continues to expand.
