Singapore Gulf Bank clients can convert between fiat and stablecoins directly from their SGB accounts with 24/7 settlement.
The Singapore Gulf Bank (SGB) has launched its stablecoin mint and redeem service, allowing clients to convert between fiat and stablecoins directly from their SGB accounts with 24/7 settlement.
To support the launch, SGB is waiving gas and bank fees for minting and redeeming on the Solana blockchain for a limited period, and clients will receive volume-based rewards at the end of the promotion.
The Solana network was selected for its fast transaction speeds, and the service has also been integrated into SGB Net, the bank’s proprietary clearing network. At launch, the service will support USD Coin (USDC) transactions above US$100,000.
Shawn Chan, CEO of the Singapore Gulf Bank, said: “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.”
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