On 2 June 2026, the European Banking Authority (EBA) and the New York State Department of Financial Services (NYDFS) signed a Memorandum of Understanding (MoU) to enhance cooperation in the supervision of international stablecoin activities. The agreement aims to facilitate information exchange and coordination between the two regulators, reflecting the growing need for cross-border oversight of digital assets that operate across jurisdictions.
The MoU establishes a framework for the EBA and NYDFS to share supervisory information, coordinate inspections, and collaborate on enforcement actions related to stablecoin issuers and service providers. This is intended to address challenges posed by stablecoins that are issued or used in multiple markets, potentially reducing regulatory gaps and duplication of efforts. The agreement covers areas such as licensing, ongoing supervision, and crisis management.
For the EBA, this partnership strengthens its ability to monitor stablecoin activities that involve entities in the European Union and the United States, particularly those that may fall under the EU's Markets in Crypto-Assets (MiCA) regulation. For NYDFS, which has been a pioneer in regulating virtual currencies through its BitLicense framework, the MoU provides a channel to align oversight with EU standards.
The signing comes as stablecoins face increased scrutiny from regulators worldwide following the collapse of TerraUSD in 2022 and the subsequent push for comprehensive crypto regulation. The EBA has been tasked under MiCA with direct supervision of significant stablecoins, while NYDFS oversees several major stablecoin issuers, including Paxos and Gemini.
Stakeholder impact
Stablecoin issuers operating in both the EU and New York will face more coordinated oversight, potentially increasing compliance costs but also reducing uncertainty from conflicting regulatory requirements. EU-based stablecoin projects seeking to access the US market may benefit from clearer pathways to compliance. Consumers and investors could gain from more effective supervision, reducing risks of fraud or insolvency. National competent authorities in EU member states may see improved information flows from US regulators, aiding their own supervisory work.
Institutional follow-up
The MoU is effective immediately upon signing. The EBA and NYDFS will establish regular contact points and may develop joint training programs. The agreement does not create binding legal obligations but serves as a basis for voluntary cooperation. Further bilateral agreements with other US state or federal regulators are possible as the EU's crypto framework matures.
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