The New York State Department of Financial Services (NYDFS) and the European Banking Authority (EBA) have signed a memorandum of understanding for joint oversight of the stablecoin market.
The agreement aims to strengthen cross-border cooperation under MiCA. The regulators have agreed to exchange confidential information about issuers whose activities impact markets in both jurisdictions.
According to the document, the agencies will share data on:
- licensing and registration denials;
- issuance volumes and number of asset holders;
- reserve composition and liquidity management;
- stress test results and audit findings;
- investigations and imposed sanctions.
Some information, including reports on reserve composition and company ownership structure, will be shared quarterly without a special request.
The memorandum also provides for mutual assistance during on-site inspections and coordination in crisis situations or ICT system failures.
“The agreement marks an important milestone in strengthening transatlantic cooperation. It reflects our commitment to creating a globally coordinated supervisory framework for crypto-assets,” said EBA Chair François-Louis Michaud.
Acting NYDFS Superintendent Caitlin Asrow added that international collaboration is necessary to protect consumers and promote responsible innovation.
The EBA emphasized that before signing the document, the professional secrecy regime in NYDFS was recognized as equivalent to EU standards. The agreement exclusively pertains to stablecoin operations and does not affect other business areas of supervised entities.
In May, JPMorgan CEO Jamie Dimon criticized the US crypto market structure bill amid a debate over stablecoin rewards.