Singapore Gulf Bank (SGB) has introduced a new stablecoin mint and redeem service, allowing its corporate and high-net-worth clients to seamlessly convert fiat currency into stablecoins directly from their SGB accounts.
This innovative service offers instant, 24×7 settlement, eliminating the need for traditional correspondent banking systems and providing a more efficient solution for digital transactions.
To support the launch, in a banking industry first, SGB will waive gas and bank fees for minting and redeeming on the Solana blockchain for a limited period. Clients will also receive volume-based rewards at the end of the promotion.
Shawn Chan CEO – Singapore Gulf Bank
“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. We are building the bank for a borderless world, where businesses and individuals operate across jurisdictions.”
The bank will support multiple blockchain networks. Solana has been selected for incentives due to its speed and cost efficiency, which complement SGB’s broader product ecosystem. Stablecoin minting and redemption are integrated into SGB Net, the bank’s proprietary clearing network, allowing funds to move seamlessly between on-chain and off-chain environments.
By offering these services within a regulated banking framework, SGB enables clients to access digital asset infrastructure while maintaining institutional standards for compliance, custody, and risk management.
At launch, the service supports USD Coin (USDC) transactions above $100,000. Additional stablecoins, including Tether (USDT), USDe (Ethena), and Global Dollar (USDG), to follow, as per the company statement.
