On 2 June 2026, the European Banking Authority (EBA) and the New York State Department of Financial Services (NYDFS) signed a Memorandum of Understanding (MoU) to coordinate supervision of cross-border stablecoin activities. The MoU is in effect as of signing. It is non-legally binding and covers only stablecoin-related activities of entities supervised in both the EU and New York State.
The EBA derives authority to conclude international supervisory agreements from Regulation (EU) No 1093/2010 (the EBA Regulation). MiCA, Regulation (EU) 2023/1114, designates the EBA as competent authority for supervision of asset-referenced token issuers (MiCA Chapter 3) and e-money token issuers (MiCA Chapter 4), establishing the subject matter of the MoU. The NYDFS exercises authority under New York Financial Services Law and the 2022 Guidance on USD-backed stablecoin issuances.
Stablecoin issuers and CASPs with dual MiCA and NYDFS licences face joint inspections and coordinated supervisory reviews. Both regulators will exchange supervisory data quarterly. In a crisis involving potential harm to stablecoin holders or financial markets, both authorities have committed to prompt mutual notification and coordinated response. Entities disclosing to one regulator should expect that information to reach the other.
The MoU scope excludes other business lines of covered entities. The instrument creates no legally binding obligations on either authority. Enforcement action remains within each regulator's domestic jurisdiction.
Licentium advises stablecoin issuers, CASPs, and financial institutions on cross-border licensing and supervisory compliance in the EU and US. Our partner network covers MiCA and NYDFS licensing requirements. Contact us with questions on dual licensing exposure or supervisory coordination obligations. Work we undertake includes MiCA authorisation, NYDFS virtual currency licensing, cross-border regulatory advisory, stablecoin issuance structuring, and CASP compliance.
Source: EBA, Memorandum of Understanding with NYDFS on Stablecoin Supervision, 2 June 2026