A market worth 319 billion, the regulatory memorandum is signed at just the right time—information sharing is what can help close the arbitrage gaps, and the EBA’s move is steady.

CryptoWorld News reports that the financial regulators of New York State and the European Union have signed a memorandum of understanding to jointly supervise cross-border stablecoin activities. Under the Markets in Crypto-Assets (MiCA) regulations in the market, the European Banking Authority (EBA) said that this agreement will facilitate information exchange and coordination of stablecoin regulatory activities. The agreement is intended to strengthen oversight of entities participating in stablecoin activities, identify market trends and risks, and promote the integrity of the stablecoin market. The global stablecoin market has now grown to more than $319 billion.