Bridging the Atlantic on Stablecoins: The EBA-NYDFS Supervisory Cooperation MoU and Its Implications for Regulated Firms

EU RegCORE Client Alert | EU Digital Single Market, financial services and crypto-assets

On 2 June 2026, the European Banking Authority (EBA) publicly announcedSee here.Show Footnote the signing of a Memorandum of Understanding (MoU)See here.Show Footnote with the New York State Department of Financial Services (NYDFS) on cooperation, exchange of information and coordination in respect of stablecoin activities. The MoU was executed by the NYDFS on 27 April 2026 and by the EBA on 13 May 2026—the latter being the date on which the MoU entered into force—with the EBA's Chair, François-Louis Michaud, and the NYDFS's Acting Superintendent, Kaitlin Asrow, as respective signatories.

Commenting on the MoU, EBA Chair François-Louis Michaud stated: "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. It reflects our commitment to building a strong, effective, and globally coordinated supervisory framework for crypto-assets." Acting Superintendent Kaitlin Asrow added: "Effective financial regulation has always depended on strong relationships between regulators, and that principle holds firm in the digital asset space. This MoU reflects the Department's deep commitment to cross-border supervision and collaboration in order to protect consumers, regulated entities, and markets." The MoU is concluded under Article 126 of the Markets in Crypto-Assets Regulation (MiCAR), which empowers the EBA to conclude administrative agreements on the exchange of information with third-country supervisory authorities in order to discharge its supervisory responsibilities under Article 117 of MiCAR over issuers of significant asset-referenced tokens (ARTs) and significant electronic money tokens (EMTs). The conclusion of the MoU follows the EBA's assessment that the NYDFS's confidentiality and professional secrecy regimes are equivalent to those set out in MiCAR.

This Client Alert analyses the MoU's key provisions and implications for regulated firms operating across the EU and New York, with particular focus on the practical consequences for issuers of significant stablecoins, crypto-asset service providers (CASPs) and other entities engaged in stablecoin-related activities.

The key elements of the EBA-NYDFS MOU are as follows:

• What. The EBA and the NYDFS have concluded a formal MoU establishing a structured framework for supervisory cooperation, information exchange and coordination—including in emergency situations—in respect of entities and persons engaged in stablecoin activities that may affect stablecoin holders, market participants, or the broader financial markets in either or both jurisdictions. The MoU provides for both ad hoc and recurrent (quarterly) information exchanges, cross-border on-site inspections and investigations, infringement notifications and emergency cooperation. An extensive onward sharing framework permits the transmission of confidential information to designated national competent authorities (NCAs) across the European Economic Area (EEA) and to key US federal banking regulators.
• When. The MoU was signed by the NYDFS on 27 April 2026 and by the EBA on 13 May 2026, entering into effect on the latter date as the latest of the two signature dates, and was publicly announced on 2 June 2026. It operates for an unlimited period and may be terminated by either authority on 30 calendar days' written notice. Confidentiality obligations survive termination. The authorities intend to periodically review the MoU's functioning and effectiveness, including in the event of changes to regulatory status or supervisory scope.
• Who. The MoU applies to "supervised entities or persons," which is defined broadly to cover (i) issuers of stablecoins or other entities or persons engaged in stablecoin-related activities within the supervisory remit of both the EBA and the NYDFS, and (ii) issuers or other entities engaged in stablecoin-related activities within the remit of only one authority, provided that the relevant stablecoins are simultaneously issued in both jurisdictions. This dual-limb definition captures not only stablecoin issuers but also custodians, trading platforms, wallet providers and other market participants engaged in stablecoin-related activities subject to oversight by either or both authorities.