New York and the European Union reach cross-border stablecoin regulation cooperation

Deep Tide TechFlow News, June 3rd, according to Cointelegraph, the European Banking Authority (EBA) and the New York State Department of Financial Services (NYDFS) signed a memorandum of understanding to establish a cross-border stablecoin regulatory cooperation mechanism. Both parties will share key information such as the types of issued stablecoins, total circulation, number of holders, internal and external audit results, and regulatory status of specific products, to improve regulatory efficiency and identify market risks.

The agreement is based on the EU's Markets in Crypto-Assets Regulation (MiCA) framework and provides a framework for coordinating regulatory actions during crises. Currently, the global stablecoin market size has exceeded $319 billion, with dollar-pegged stablecoins like Tether's USDT and Circle's USDC dominating. Market analysis indicates that, influenced by new regulatory policies and rising real-world yields, the stablecoin market has entered an integration phase.