European Banking Authority signs stablecoin supervision cooperation agreement with New York State Department of Financial Services under MiCA

The European Banking Authority has signed a Memorandum of Understanding with the New York State Department of Financial Services under the Markets in Crypto-Assets Regulation to strengthen supervision of cross-border stablecoin activities. The arrangement covers stablecoins issued in the European Union and New York State, including entities directly supervised by the EBA under MiCA. Under MiCA, the EBA has direct supervisory responsibility for issuers of significant asset-referenced tokens and electronic money tokens. The framework sets principles and procedures for information exchange and supervisory coordination, including mutual assistance in ongoing supervision and in crisis or emergency situations. It covers information on authorisations, reserve assets, governance, liquidity, stress testing, outsourcing, business model changes, sanctions and recovery, redemption or resolution planning, and provides for quarterly exchanges of specified data where available. It also allows participation in investigations and on-site inspections, requires notification of material infringements and major ICT-related security incidents, and enables the sharing of confidential information because the EBA has assessed the NYDFS confidentiality and professional secrecy regime as equivalent to MiCA standards.