By Parth Prabhudesai
Today
- AI
- Cross Border Payments
- Digital Banking
Singapore Gulf Bank (SGB) has introduced a stablecoin minting and redemption service, enabling corporate and high-net-worth clients to seamlessly convert between fiat currency and digital assets directly from their bank accounts. The move is aimed at simplifying cross-border payments and improving liquidity management through real-time, 24/7 settlement.
The service eliminates reliance on traditional correspondent banking systems, allowing faster and more efficient capital movement. As part of the launch, SGB announced that it will waive gas and banking fees for minting and redeeming stablecoins on the Solana network for a limited period. Clients will also benefit from volume-based rewards during the promotional phase.
Shawn Chan, Chief Executive Officer of Singapore Gulf Bank, said: “As clients expand globally, the challenge of moving and settling capital across borders has become a key constraint on growth. By integrating stablecoin mint and redeem directly into the banking environment, we enable real-time movement between fiat and digital assets, improving cash flow, payments, and treasury management.”
The service is integrated into SGB Net, the bank’s proprietary clearing network, allowing smooth interaction between on-chain and off-chain financial systems. While the bank plans to support multiple blockchain networks, Solana has been selected for initial incentives due to its speed and cost efficiency.
At launch, the offering supports transactions in USD Coin for amounts exceeding USD 100,000. SGB also confirmed plans to expand support to other stablecoins, including Tether, USDe, and Global Dollar.
By delivering these capabilities within a regulated banking framework, SGB aims to provide institutional-grade access to digital assets while ensuring compliance, custody, and risk management standards.