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On June 2, 2026, the New York State Department of Financial Services (DFS) signed a memorandum of understanding (MOU) with the European Banking Authority (EBA) to facilitate cross-border collaboration on stablecoin supervision. The agreement enables the exchange of supervisory and confidential information between the two regulators to enhance oversight of entities engaged in stablecoin activities. The MOU aims to strengthen transatlantic cooperation on stablecoin supervision, identify market trends and risks, and promote the integrity of the stablecoin market. The agreement applies specifically to stablecoin-related activities of supervised entities and does not extend to other activities these entities may undertake. Acting Superintendent Kaitlin Asrow said the MOU reflects the Department's commitment to cross-border supervision and collaboration to protect consumers and markets while enabling responsible innovation. EBA Chair François-Louis Michaud added that the agreement marks an important milestone in ensuring cross-border activities are conducted to the highest standards and reflects a commitment to building a globally coordinated supervisory framework for crypto-assets. The DFS has been a globally recognised stablecoin regulator since 2018, supervising stablecoin issuance in New York. Regulated entities approved to issue stablecoins in New York are subject to the Department's stablecoin supervisory framework, which includes strong reserve requirements, confidence in redeemability, transparency requirements, and a prohibition on rehypothecation. This MOU strengthens the Department's ability to coordinate with international regulators on emerging risks and supervisory practices in the rapidly evolving stablecoin market.