The New York State Department of Financial Services and the European Banking Authority signed a memorandum of understanding on Tuesday establishing the first formal supervisory information-sharing channel between the regulator that licenses the largest US dollar stablecoin issuers and the EU authority that supervises significant MiCA stablecoin issuers, the agencies said in coordinated announcements.
The 22-page agreement, signed by EBA Chair François-Louis Michaud on May 13 and NYDFS Acting Superintendent Kaitlin Asrow on April 27, commits the authorities to a quarterly exchange of reserve-of-assets data, qualifying-holding disclosures, group structures and per-jurisdiction stablecoin trading volumes without prior request, according to the text of the MoU. It also requires 45 days' notice before on-site inspections in the other's jurisdiction, with 30-day non-objection windows under normal circumstances and three working days in emergencies. The scope covers the largest issuers in dollar-denominated stablecoins.
"Effective financial regulation depends on strong relationships between regulators, and international collaboration is essential for the digital asset space," Asrow said in a statement issued by NYDFS. "This MoU reflects the Department's deep commitment to cross-border supervision and collaboration in order to protect consumers and markets and enable responsible innovation.”
