NYDFS Partners With European Banking Authority on $314B Stablecoin Regulation

According to Decrypt, the New York Department of Financial Services (NYDFS) and the European Banking Authority (EBA) entered a cooperation agreement on June 3 to jointly oversee stablecoin regulation. A 22-page memorandum of understanding outlines procedures for regulatory and confidential information exchange related to the stablecoin industry.

Under the agreement, the two authorities will coordinate during emergencies involving serious operational or financial difficulties at regulated entities, share civil or criminal investigation information upon request, and enhance oversight to identify market trends and risks. The memorandum is non-binding.