New York and European financial regulators have agreed to coordinate oversight of cross-border stablecoin issuers. The agreement was reached under the EU’s Markets in Crypto-Assets Regulation (MiCA) framework and provides for the exchange of supervisory information between the two authorities.
The European Banking Authority (EBA) and the New York State Department of Financial Services (NYDFS) have signed a memorandum of understanding (MoU). The agreement establishes cooperation mechanisms for overseeing the issuance and circulation of stablecoins in both the European Union and New York State, while also defining procedures for coordination during crisis situations. Particular attention will be given to issuers subject to the EBA’s direct supervision under MiCA.
Under the agreement, the regulators will exchange information across several areas, including:
- licensing decisions and changes to the regulatory status of market participants;
- stablecoin issuance and circulation volumes;
- the number of token holders;
- the composition and management of reserve assets;
- internal and external audit findings;
- liquidity, solvency, and stress-testing metrics;
- supervisory measures, enforcement actions, sanctions, and investigations into potential violations.
The MoU also provides for quarterly information sharing on issuers’ reserve structures, shareholder ownership, and stablecoin trading volumes across trading venues.
The agreement allows both regulators to participate in joint inspections and supervisory reviews of firms operating in both jurisdictions. In cases involving significant violations that could affect stablecoin holders or financial markets in the other jurisdiction, the authorities have committed to promptly notify one another and coordinate their response.
EBA Chair François-Louis Michaud described the agreement as an important milestone in strengthening transatlantic cooperation on stablecoin oversight. Acting NYDFS Superintendent Kaitlin Asrow said international cooperation remains a key component of effective digital asset regulation and consumer protection.
The memorandum was made possible by Article 126 of MiCA, which authorizes the EBA to enter into information-sharing arrangements with supervisory authorities in third countries. Before signing the agreement, the European regulator assessed NYDFS’s confidentiality and professional secrecy framework and determined that it meets standards equivalent to those required under MiCA. According to the agreement, the memorandum takes effect upon signature by both parties and will remain in force indefinitely.
Most provisions of MiCA became applicable across the European Union on December 30, 2024. To facilitate the industry’s transition to the new regulatory framework, the European Securities and Markets Authority (ESMA) introduced a transitional period that will expire on July 1, 2026. Separately, the European Commission plans to assess by August 31, 2026, whether MiCA’s current provisions remain aligned with the evolving realities of the crypto-asset market.
