Singapore Gulf Bank launches a zero-fee mint and redeem stablecoin service on Solana for corporates.
Singapore Gulf Bank (SGB), a fully licensed digital bank backed by Whampoa Group and Bahrain’s Mumtalakat, unveiled a new stablecoin mint and redeem service on the Solana blockchain, with a zero-fee launch programme to drive initial adoption.
Announced at Solana Breakpoint 2025 in Abu Dhabi, the service allows clients to mint and redeem stablecoins such as USDC and USDT directly on Solana. It builds on more than US$7 billion in transactions processed by SGB since its launch in March and is designed to support cross-border flows across the GCC–Asia financial corridor.
To encourage usage, SGB will temporarily remove transaction and gas fees for clients minting and redeeming stablecoins on Solana. The service will first be available to corporate customers for transaction and treasury management, with plans to extend access to personal banking clients in the future.
“The adoption of stablecoins by regulated banks reflects their growing real-world utility,” said Shawn Chan, Chief Executive Officer of SGB. “By leveraging Solana’s speed and cost advantages, we are providing our clients across the GCC and Asian markets with a bank-grade compliant stablecoin solution that finally makes real-time, cross-border and cross-counterparty transactions viable for corporates.”
The initiative adds to SGB’s existing digital infrastructure, including SGB Net, its proprietary real-time multi-currency clearing network, and a partnership with Fireblocks to provide secure treasury management and digital asset custody. SGB positions the new rails as a further step in integrating stablecoin settlement into regulated banking workflows for businesses and, eventually, individual customers worldwide.
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