New York and EU’s finance watchdogs team up to police stablecoins
Summary
The European Banking Authority and New York’s Department of Financial Services signed an MOU to coordinate supervision of cross-border stablecoin activity. The agreement, tied to MiCA duties, sets rules for sharing information on stablecoin issuance, circulation, holders, audits, product status, market trends, and risks, while also allowing cooperation during crises. It covers only stablecoin-related activities of supervised entities. The move comes as stablecoin use expands in the US and EU, with the market now above $319 billion. US dollar stablecoins dominate, led by Tether’s USDT and Circle’s USDC, amid new regulatory frameworks in both regions.
