Singapore Gulf Bank (SGB), a digital wholesale bank backed by Bahrain's sovereign wealth fund Mumtalakat and Singapore's Whampoa Group, has officially launched its stablecoin mint and redeem service, enabling institutional and high-net-worth clients to convert between fiat currencies and stablecoins directly through their SGB accounts with 24/7 instant settlement.
Service Details: Minimum $100,000, USDC Support
The service is natively integrated into SGB Net, the bank's proprietary clearing network, allowing funds to move seamlessly between on-chain and off-chain environments while adhering to institutional standards for compliance, custody, and risk management. At launch, the service supports USDC for transactions exceeding $100,000. SGB indicated that support for additional assets, such as USDT, Ethena (USDe), and Global Dollar (USDG), is expected to follow.
Limited-Time Fee Waivers: Industry First
In a move described as a banking industry first, SGB is waiving both Solana blockchain gas fees and its own minting/redeeming fees for a limited period. After the promotional phase, clients will receive volume-based rewards. “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.”
Strategic Partnership: Connecting with BNY Network
The launch follows SGB’s recent strategic initiative: joining BNY’s correspondent banking network in early April 2026. This partnership with BNY, formerly known as Bank of New York Mellon, was designed to enhance SGB’s U.S. dollar clearing capacity and payment resilience. By securing this traditional banking foundation before launching its digital asset minting service, SGB has positioned itself as a bridge between legacy global finance and the burgeoning borderless digital economy. “We are building the bank for a borderless world,” Chan added, “where businesses and individuals operate across jurisdictions.”
Industry observers note that the stablecoin market is accelerating institutional adoption. As a regulated digital wholesale bank, SGB's compliant approach and fee-waiver strategy could attract a wide range of clients seeking efficient cross-border capital flows, further driving real-world stablecoin usage.