New York State Department of Financial Services and European Banking Authority Sign MOU to Enable Cross-Border Collaboration on Stablecoin Activity

The New York State Department of Financial Services has signed an agreement with the European Banking Authority to work together on stablecoin activities. This collaboration will help both organizations share information and best practices regarding stablecoins, which are digital currencies designed to maintain a stable value. Insurance agents should stay informed about this development as it may impact how stablecoins are regulated and used in the insurance industry.