Singapore Gulf Bank (SGB) launched a 1:1 USD-to-USDC mint and redeem service on the Solana blockchain in April 2026, targeting institutional clients. The service leverages SGB Net, the bank's proprietary clearing system, to enable real-time settlement and bypass traditional correspondent banks. According to the bank, the move aims to solve delays in cross-border payments by providing round-the-clock conversion between fiat and digital assets.
Instant Settlement for Transactions Above $100,000
Corporate and high-net-worth clients can now convert fiat into USDC directly through their accounts. Notably, transactions exceeding $100,000 qualify for instant processing without intermediary banks. The setup eliminates friction from correspondent banking, which often slows down global fund transfers. Shawn Chan, CEO of Singapore Gulf Bank, noted that clients are facing increasing challenges in moving capital across borders. “Integrating mint and redeem services into banking systems allows real-time asset movement,” he said, adding that clients can manage liquidity more efficiently.
Temporary Fee Waivers and $7 Billion in Volume
To encourage adoption, the bank waived both gas fees on Solana and banking fees for minting and redeeming during a limited promotional period. After the promotion, clients will receive volume-based rewards. The bank reported that it has already processed over $7 billion in transactions, indicating strong demand for faster payment rails.
Why Solana: Speed and Low Cost
SGB selected Solana for its high transaction speed and low operational costs, which align with institutional settlement needs. The service is integrated into SGB Net, enabling seamless transfers between on-chain and off-chain environments while maintaining compliance, custody, and risk management standards.
Future Stablecoins and Retail Access by Q2
Currently, the service supports USDC for large transactions only. However, SGB plans to add USDT, USDe, and USDG in future updates. The bank also indicated a potential expansion to retail users by the end of the second quarter. Earlier in April 2026, SGB joined BNY's correspondent banking network, strengthening its USD clearing capabilities. By combining traditional banking infrastructure with digital asset services, the bank bridges two financial ecosystems.