NYDFS and EBA sign MOU to cooperate on stablecoin regulation

The New York State Department of Financial Services (NYDFS) and the European Banking Authority (EBA) have signed a Memorandum of Understanding (MOU) to collaborate on the regulation and supervision of stablecoins, Decrypt reported. The 22-page agreement includes procedures for exchanging regulatory and confidential information related to the stablecoin industry. The NYDFS stated that the pact is designed to strengthen supervisory capabilities, identify market trends and risks, and enhance market integrity. Both parties also agreed to promptly share relevant information and coordinate responses if a regulated entity experiences significant operational or financial problems. They may also exchange information related to civil and criminal investigations upon request.