Singapore Sets Stablecoin Rules as 21 Banks Plan a Dollar Token and Ethena Launches Pay

Singapore, global banks, Ethena and Wyoming each moved stablecoins closer to regulated payment use.

Singapore Proposes Stablecoin Rules for Foreign Issuers and Interest Payments

Singapore's Monetary Authority has proposed amendments that would place its stablecoin framework in law and cover overseas issuers, interest payments and issuer wind-down plans. The proposal would extend the country’s rulebook beyond a narrow domestic-issuer model while setting conditions for stablecoins that serve Singapore users.

The consultation points to a clear division between a payment asset and an interest-bearing product. It also gives issuers and payment firms a framework for handling failure or exit, which matters when a token sits inside a wallet, settlement flow or merchant checkout.

For businesses that accept crypto payments as a merchant, predictable rules help determine which assets can move from a trading venue into daily settlement. Singapore has not finalised the changes, but the proposal gives stablecoin issuers a concrete compliance path to assess.

Twenty-One Financial Institutions Commit to a Dollar Stablecoin Company With a 2027 Target

Twenty-one financial institutions, including Bank of America, Citi, Goldman Sachs, UBS, Deutsche Bank and Wells Fargo, have committed to establish a company that will support a stablecoin solution. The group plans to form the company in the second half of 2026, subject to closing conditions, and targets a market launch in the first half of 2027.

The venture plans to begin with a U.S. dollar stablecoin, then consider other G7 currencies with a focus on the euro. Its members span North America, Europe, East Asia, the Middle East and Africa. The announcement says the project intends to comply with the GENIUS Act and MiCA where those rules apply.

The project does not put a new payment token in users’ wallets today. It does place commercial banks, asset managers and payment relationships behind a shared public-blockchain settlement plan. That can expand the pool of firms able to build crypto payment gateways and treasury flows around regulated digital cash.

Ethena Launches a USDe Payment App in About 50 Countries and Uses Avalanche for Settlement

Ethena Pay has launched on iOS in about 50 countries, giving users one mobile account to hold USDe, transfer funds and make purchases. Ethena built the app on Avalanche, which handles movement, transfers, payments and settlement behind the account experience.

Ethena says the product shifts USDe from a trading and onchain asset toward an account that users can use to save, send and spend. The company lists Android access, U.S. and EU support, multi-currency accounts and savings vaults on its near-term roadmap.

Consumer payment products need a familiar interface as much as they need a token. Ethena Pay tests that model by putting transfers and spending beside a stablecoin balance, rather than asking users to assemble several services. Users comparing payment options can find other crypto cards and crypto wallets on Cryptwerk.

Wyoming Adds Chainlink Proof of Reserve to FRNT and Publishes Reserve Data Onchain

The Wyoming Stable Token Commission has adopted Chainlink Proof of Reserve for Frontier Stable Token, or FRNT. The system checks the token’s reserves and supply through The Network Firm under AICPA standards, then makes verified reserve data available onchain in near real time.

FRNT is Wyoming’s state-issued stable token. The Commission had already established reserve attestations and cross-chain infrastructure; the new implementation adds a direct onchain view that can support token holders, counterparties and developers assessing backing data.

Reserve transparency does not replace a regulated issuer, redemption policy or operational controls. It gives payment users and businesses another way to inspect the asset supporting a transaction. That is a practical safeguard for firms using stablecoins in settlement alongside USDC and other digital-dollar payment options.