The bank says it plans to add other stablecoins across multiple blockchains to the service.<\/p>\n
Singapore Gulf Bank (SGB) announced on Friday that it has launched a stablecoin mint and redeem service<\/a>, allowing its corporate and high-net-worth clients to convert directly between fiat and stablecoins from within their SGB accounts.<\/p>\n The in-bank stablecoin settlement service, which SGB first announced<\/a> in February, at launch supports USDC on Solana for transactions above $100,000. <\/p>\n The launch follows SGB’s recent admission to the Circle Alliance Program<\/a>, Circle’s global network of USDC-focused partners.<\/p>\n Per SGB\u2019s announcement, the bank plans to add support for other stablecoins, including USDT, USDe and USDG, across multiple chains in the future.<\/p>\n To mark the launch, SGB is waiving gas and bank fees for minting and redeeming on the Solana blockchain for a limited period, with volume-based rewards to follow. Stablecoin minting and redemption are integrated into SGB Net, the bank’s proprietary clearing network, allowing funds to move between on-chain and off-chain environments within a regulated framework. <\/p>\n CEO Shawn Chan framed the launch as a response to real client pain points: cross-border capital movement has become a key constraint on growth, and embedding stablecoins into banking removes that friction:<\/p>\n \u201cBy 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\u201d<\/p><\/blockquote>\n As Business Times reported<\/a>, SGB is a fully licensed digital wholesale bank based in Bahrain, founded by Singapore-based private investment firm Whampoa Group and backed by Bahrain’s sovereign wealth fund, Mumtalakat. <\/p>\n The launch arrives as stablecoins cement their role in institutional finance. As The Defiant reported<\/a>, stablecoins stopped being “crypto products” in 2025 and started acting like infrastructure, with enterprise adoption accelerating across payments, treasury, and settlement. <\/p>\n