NYDFS and EBA Agree to Share Information on Stablecoin Sector

The New York Department of Financial Services (NYDFS) and the European Banking Authority (EBA) have reached an agreement to exchange supervisory and confidential information concerning the stablecoin sector, valued at $314 billion. According to NS3.AI, the Memorandum of Understanding (MOU) includes provisions for emergency alerts in cases of significant operational or financial challenges faced by supervised entities. While the agreement is not legally binding, the NYDFS clarified that its scope is restricted to companies under its supervision.