NYDFS and EBA Sign Stablecoin Supervision Agreement for Data Sharing

NYDFS and EBA publish stablecoin MOU entered into effect 13 May 2026

The NYDFS (New York State Department of Financial Services) and the European Banking Authority (EBA) publicly announced a stablecoin supervision memorandum of understanding on 02 June 2026. NYDFS Acting Superintendent Kaitlin Asrow signed the agreement on 27 April 2026 and EBA Chair François-Louis Michaud signed it on 13 May 2026 — the date on which it entered into effect under Article 16. The agreement is structured under Article 126 of the EU's Markets in Crypto-Assets Regulation (MiCA), which authorises the EBA to conclude supervisory cooperation agreements with third-country regulatory authorities.

"This agreement marks an important milestone in strengthening transatlantic cooperation on stablecoin supervision and ensuring that cross-border activities are conducted to the highest standards.", 02 June 2026. — François-Louis Michaud, Chair, European Banking Authority

MOU requires quarterly data exchanges and prompt crisis notifications, but is not legally binding

Under the agreement, NYDFS and the EBA commit to sharing supervisory and confidential information on stablecoin-related activities. The MOU specifies quarterly exchanges of information without prior request and requires each authority to notify the other promptly when a supervised entity faces serious operational or financial difficulties. The scope is limited to stablecoin activities only and does not extend to other business lines of the covered entities.

The agreement is not legally binding. Under Article 9, it constitutes a statement of intent to consult, share information, and coordinate supervisory tasks — a standard structure for international regulatory memoranda of understanding. Acting Superintendent Asrow described international coordination as essential for the digital asset space, according to NYDFS.

NYDFS BitLicense history and EBA MiCA authority form the basis for cooperation

The NYDFS has regulated stablecoin issuance since 2018 under its BitLicense regime. Its standards require tokens to be fully backed by reserves and redeemable within one business day. The EBA gained direct supervisory authority over issuers of significant asset-referenced tokens (ARTs) and electronic money tokens (EMTs) when MiCA stablecoin provisions took effect in 2024. The EBA oversees issuers whose tokens exceed thresholds for widespread use or systemic importance across EU markets. As a condition for the MOU, the EBA assessed NYDFS's confidentiality and professional secrecy framework as equivalent to MiCA standards — a prerequisite for sharing supervisory information with third-country regulators under EU law.

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