The bank says it plans to add other stablecoins across multiple blockchains to the service.
Singapore Gulf Bank (SGB) announced on Friday that it has launched a stablecoin mint and redeem service, allowing its corporate and high-net-worth clients to convert directly between fiat and stablecoins from within their SGB accounts.
The in-bank stablecoin settlement service, which SGB first announced in February, at launch supports USDC on Solana for transactions above $100,000.
The launch follows SGB’s recent admission to the Circle Alliance Program, Circle’s global network of USDC-focused partners.
Per SGB’s announcement, the bank plans to add support for other stablecoins, including USDT, USDe and USDG, across multiple chains in the future.
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.
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:
“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. We are building the bank for a borderless world, where businesses and individuals operate across jurisdictions”
As Business Times reported, 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.
The launch arrives as stablecoins cement their role in institutional finance. As The Defiant reported, stablecoins stopped being “crypto products” in 2025 and started acting like infrastructure, with enterprise adoption accelerating across payments, treasury, and settlement.
Last fall, Coinbase and Citigroup teamed up to help Citi’s institutional clients use stablecoins to move money faster without abandoning traditional banking systems, pairing Coinbase’s digital asset infrastructure with Citi’s payments network spanning 94 markets.
Earlier this month, Circle launched Circle Payments Network (CPN) Managed Payments, a stablecoin settlement solution designed to let TradFi firms use stablecoin rails for fiat transactions, abstracting complexity for the firms.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.