Singapore Gulf Bank (SGB) has launched a stablecoin mint and redeem service for institutional and high-net-worth clients, allowing users to convert fiat currency and stablecoins directly through their SGB accounts. The bank said the service enables 24/7 instant settlement, aiming to remove long-standing friction in cross-border capital movement.
The offering is integrated into SGB Net, the bank’s proprietary clearing network, which is designed to move funds between on-chain and off-chain environments while meeting institutional requirements for compliance, custody, and risk management. By embedding stablecoin issuance and redemption inside a banking framework, SGB is positioning the product as a tool for improving cash flow, payments, and liquidity management for globally active clients.
USDC first, with more assets to follow
At launch, the service supports USDC for transactions above $100,000. SGB said additional support for USDT, USDe, and USDG is expected in the next phase, broadening the set of digital dollar instruments available to clients.
To encourage adoption, the bank is temporarily waiving both Solana gas fees and bank fees for minting and redeeming stablecoins on the Solana blockchain. SGB described the move as a first for the banking industry and added that clients will receive volume-based rewards at the end of the promotional period. While the bank plans to support more blockchains over time, it said Solana was prioritized for incentives because of its speed and cost efficiency.
Bridging traditional banking and digital assets
The launch comes shortly after SGB joined BNY’s correspondent banking network in April 2026, a step intended to strengthen its U.S. dollar clearing capabilities and payment resilience. With that traditional banking layer in place, SGB is now presenting itself as a bridge between established global finance and the emerging borderless digital economy.
CEO Shawn Chan said cross-border capital movement and settlement have become major constraints for companies expanding internationally. In his view, integrating stablecoin mint and redeem functions directly into the banking environment can enable real-time movement between fiat and digital assets and improve treasury efficiency for clients operating across jurisdictions.