EBA and NYDFS Sign Stablecoin Supervision MoU as Market Hits $319B

According to official statements, the European Banking Authority (EBA) and New York State Department of Financial Services (NYDFS) signed a memorandum of understanding on Tuesday to coordinate supervision of stablecoin activities across the EU and New York State, creating a framework for exchanging supervisory information and coordinating crisis response.

The agreement comes as the stablecoin market reached $319 billion in total capitalization, up $77.4 billion over the past year, driven partly by the 2025 GENIUS Act, which set reserve and disclosure standards for dollar-backed issuers.