Singapore Gulf Bank (SGB) announced the launch of its stablecoin mint and redeem service. Corporate and high-net-worth clients can now convert between fiat and stablecoins directly from their SGB accounts, enabling instant, 24/7 settlement without relying on traditional correspondent banking flows.
To support the launch, in a banking industry first, SGB will waive gas and bank fees for minting and redeeming on the Solana blockchain for a limited period. Clients will also receive volume-based rewards at the end of the promotion.
“As clients expand globally, the challenge of moving and settling capital across borders has become a key constraint on growth. 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,” said Shawn Chan, CEO of Singapore Gulf Bank.
The bank will support multiple blockchain networks. Solana has been selected for incentives due to its speed and cost efficiency which complement SGB’s broader product ecosystem. Stablecoin minting and redemption are integrated into SGB Net, the bank’s proprietary clearing network, allowing funds to move seamlessly between on-chain and off-chain environments.
By offering these services within a regulated banking framework, SGB enables clients to access digital asset infrastructure while maintaining institutional standards for compliance, custody and risk management.
At launch, the service supports USD Coin (USDC) transactions above USD 100,000. Additional stablecoins, including Tether (USDT), USDe (Ethena) and Global Dollar (USDG), are expected to follow.