Some of the information that New York and the European Union’s watchdogs will share includes the issued stablecoins, total volume in circulation and the number of holders.
The European Banking Authority and the New York State Department of Financial Services (NYDFS) have signed a memorandum of understanding to police cross-border stablecoin activities.
The EBA said on Tuesday that the deal is part of its duties under the Markets in Crypto-Assets (MiCA) Regulation and sets out principles and procedures for exchanging information and coordinating stablecoin supervisory activities, market trends, and risks between New York and the European Union.
NYDFS said the deal would “enhance the supervision of entities engaged in stablecoin activities, identify market trends and risks, and promote the integrity of the stablecoin market.”
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