Singapore Gulf Bank Launches Stablecoin Minting and Redemption Service

Odaily News Singapore Gulf Bank (SGB) announced today the launch of a stablecoin issuance and redemption service. Corporate and high-net-worth clients can now directly exchange between fiat currency and stablecoins through their SGB accounts, enabling 24/7 instant settlement without relying on traditional correspondent banking processes. To support the launch, SGB is pioneering in the banking industry by waiving gas fees and bank charges for users minting and redeeming tokens on Solana for a limited time. At the end of the promotional period, clients will also receive corresponding rewards based on their transaction volume.

SGB CEO Chen Shaoen stated: "The challenges of cross-border capital transfers and placement have become a key factor constraining client growth. By directly integrating stablecoin issuance/redemption into the banking system, we have achieved real-time conversion between fiat currency and digital assets. We are building a bank for a borderless world."

The service has been integrated into SGB's proprietary clearing network, SGB Net, supporting seamless fund flow between on-chain and off-chain environments.

Initially, the service supports USDC transactions over $100,000, with subsequent support planned for USDT, USDe (Ethena), and Global Dollar (USDG).