Global Banks Unite for Stablecoin; Singapore Proposes Strict Rules; Ethena Introduces Neobank

A consortium of 21 major banks, including Bank of America, Citi, Goldman Sachs, Deutsche Bank, and UBS, has agreed to launch a joint USD-pegged stablecoin, targeting a first-half 2027 debut. Singapore's Monetary Authority proposed a dedicated stablecoin licensing framework requiring full reserve backing and specified redemption timelines. Ethena introduced EthenaPay, a neobank offering 5% cashback on card purchases and 6% interest on dollar savings.