Singapore Gulf Bank (SGB) has officially launched a new stablecoin service that lets corporate and high-net-worth clients convert fiat currency into USD Coin (USDC) and back again, directly through their bank accounts.
The service, which went live on Friday, runs on the Solana blockchain. It enables instant, 24/7 settlements without relying on slower traditional banking channels.
For clients moving money across borders, the new service cuts a major delay. Instead of waiting several days for international wire transfers, they can now mint, or create, and redeem, or convert, USDC in real time.
During the introductory period, SGB is waiving both gas fees and bank processing fees for Solana transactions. After that, clients will receive volume-based rewards, which could make large digital asset transfers more cost-effective.
How the service works for the clients
The service is simple for existing SGB clients to use.
They can access the mint and redeem option through SGB Net, the bank’s own payment and clearing system. From there, they can turn eligible fiat money into USDC or change USDC back into fiat. All transfers are settled on the Solana blockchain.
At launch, the service is available for USDC transactions of at least $100,000. This matches the bank’s focus on larger and institutional clients. SGB also said it plans to add more stablecoins soon, including Tether (USDT), Ethena’s USDe, and Global Dollar (USDG).
SGB chose Solana for its first fee-waiver program because the network is fast and low cost. Transfers on Solana usually settle within seconds and cost very little. That fits the bank’s goal of making cross-border money movement quicker and more efficient.
SGB said it plans to support more blockchain networks over time, but Solana is a practical starting point for these client incentives.
“Solana has been selected for incentives due to its speed and cost efficiency which complement SGB’s broader product ecosystem,” the bank said.
The link with SGB Net also helps money move more smoothly between regular bank accounts and blockchain wallets.
Clients do not need to use separate crypto exchange accounts or deal with complicated DeFi platforms. Instead, everything happens inside the bank’s regulated system, with compliance, custody, and risk controls already in place.
Singapore Gulf Bank targets faster cross-border settlement
Shawn Chan, CEO of Singapore Gulf Bank, explained the vision behind the launch. He said, “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.”
Chan said the service allows real-time movement between fiat and digital assets, which can improve cash flow, payments, and treasury management.
He added that the bank is being built for a borderless world, where businesses and individuals work across different countries and regions. The bank is also presenting the service as a regulated access point for digital asset infrastructure.
In its statement, SGB said clients can use the new system while staying within institutional standards for compliance, custody, and risk management. The bank’s website also states that it is licensed and regulated as a conventional wholesale bank by the Central Bank of Bahrain.
The launch shows how banks are starting to use stablecoins for real business needs, not just crypto trading.
Instead of relying on slower international banking channels, eligible clients can now move between fiat money and digital dollars inside a regulated banking system at any time.
Global banks expand stablecoin payment efforts
Banks in different parts of the world are also moving toward stablecoin payments. A group of European banks, including ING and BNP Paribas, is working on a euro-backed stablecoin.
At the same time, several Swiss banks are testing a digital franc. Their goal is to make payments faster, available all day and night, and easier across borders. Singapore Gulf Bank is trying to do something similar with its USDC service.
Circle’s USDC is the world’s second-largest stablecoin by circulation. In its quarterly results, Circle said USDC supply rose 72 percent year over year to $75.3 billion by the end of last year.
CEO Jeremy Allaire also said USDC transaction volume increased by “several billion dollars” after the U.S.-Iran war began, as more people turned to portable digital dollars during geopolitical tension.
CoinMarketCap data shows the stablecoin market is now worth about $325 billion. By April 1, USDT accounted for roughly $184 billion of that total, while USDC stood at around $78 billion.