Singapore Targets Stablecoin Yield

Singapore is proposing a stablecoin regime built around at least 100% reserves and no issuer-paid yield on the same day Ethena launches a consumer app advertising 6% dollar savings. Today’s episode examines whether digital money should behave like cash or compete with a savings account.

Also covered: Ethena Pay beginning with 400 early-access users and using Avalanche for settlement, Russia’s regulated cryptocurrency framework taking effect, and Bitcoin trading near $79,100 as Hyperliquid leads the largest assets.

Listener question: Would you prefer a fully reserved stablecoin that pays nothing, or accept additional smart-contract and counterparty risk for a 6% return?

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