Singapore Gulf Bank (SGB) has unveiled a stablecoin mint and redeem service tailored for institutional and high-net-worth clients, offering 24/7 instant settlement for converting fiat currency to digital assets. The service initially supports USDC for transactions exceeding $100,000, and includes a limited-time waiver of gas and bank fees on the Solana blockchain.
Service Features and Innovation
Backed by Bahrain’s sovereign wealth fund Mumtalakat and Singapore’s Whampoa Group, SGB is a digital wholesale bank. The new service is natively integrated into SGB Net, the bank’s proprietary clearing network, enabling seamless movement of funds between on-chain and off-chain environments while adhering to institutional standards for compliance, custody, and risk management.
“As clients expand globally, the challenge of moving and settling capital across borders has become a key constraint on growth,” said Shawn Chan, CEO of Singapore Gulf Bank. “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.”
In a move described as a banking industry first, SGB is waiving both gas fees on Solana and all associated bank fees for a limited period. Clients will also receive volume-based rewards at the conclusion of the promotional phase. Solana was prioritized due to its speed and cost efficiency.
Strategic Partnership and Expansion Plans
The launch follows SGB’s recent strategic initiative: joining BNY’s correspondent banking network in early April 2026. This partnership enhanced SGB’s U.S. dollar clearing capacity and payment resilience, providing a traditional banking foundation before launching digital asset minting. SGB positions itself as a bridge between legacy global finance and the borderless digital economy.
At launch, the service supports USDC. SGB indicated that support for additional assets such as USDT, Ethena (USDe), and Global Dollar (USDG) will follow. The bank also plans to support multiple blockchain networks beyond Solana.
Market Significance
SGB’s move represents a decisive step toward institutional on-chain cash. By embedding stablecoin functionality directly into a regulated banking environment, the bank offers a compliant and secure gateway for traditional capital to enter the digital asset space. This could accelerate the adoption of stablecoins for cross-border payments and treasury management among corporations and high-net-worth individuals.