The New York Department of Financial Services (NYDFS) and the European Banking Authority (EBA) have signed a memorandum of understanding to coordinate the supervision of the global stablecoin market. Under this 22-page agreement, the entities commit to exchanging confidential information and streamlining responses to potential financial or operational crises in the crypto sector.
This transatlantic alliance responds to the growth of a market valued at $314 billion and seeks to mitigate risks such as asset depegging, a phenomenon that already affected USDC in 2023. Although the agreement is not legally binding, it represents a crucial step toward unifying regulatory criteria between the United States and the European Union, reinforcing the integrity of international financial markets.
With this pact, regulators are moving toward coordinated global oversight to protect consumers. The next step will be the implementation of rapid communication channels in the event of operational emergencies.
Source: https://goo.su/PvtqAsÂ
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