Singapore Gulf Bank announced on Thursday the launch of a stablecoin mint and redeem service for corporate and high-net-worth clients, allowing them to convert between fiat currency and stablecoins directly from their bank accounts.
The lender said the service would enable clients to move between traditional money and digital assets on a 24/7 basis without relying on correspondent banking networks, which are often slower and limited by market hours.
At launch, the service will support USD Coin transactions above $100,000, with support for other stablecoins, including Tether, Ethena’s USDe, and Global Dollar, planned at a later stage.
Chief Executive Shawn Chan said the offering was aimed at clients operating across multiple jurisdictions who face delays in moving capital internationally. He said integrating stablecoin minting and redemption into the banking environment could help improve payments, treasury operations, and cash-flow management.
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.
Solana Incentives Lead Rollout
The bank said it would initially waive gas and bank fees for minting and redeeming transactions on the Solana blockchain for a limited period of time, describing the move as a first for the banking industry. Clients will also receive volume-based rewards during the promotional period.
Singapore Gulf Bank said it planned to support multiple blockchain networks, but selected Solana for the incentive program due to its transaction speed and lower costs.
The mint and redeem service is integrated into SGB Net, the bank’s proprietary clearing network, which the lender said would allow funds to move between on-chain and off-chain environments more seamlessly.
From Banking Infrastructure to Stablecoin Rails
The launch is the latest step in Singapore Gulf Bank’s broader push into digital assets, as the lender works to position itself at the intersection of regulated banking and always-on crypto settlement. Rather than treating stablecoins as a standalone product, the bank has been steadily building the infrastructure around them.
In November 2025, SGB said it had partnered with Fireblocks to strengthen digital-asset custody and treasury capabilities, laying part of the foundation for a wider institutional offering.
In February 2026, the bank outlined plans for SGB Net to bring fiat and stablecoins together within a regulated platform, including near real-time cross-border fiat payments and stablecoin mint-and-redeem functionality on Solana.
That was followed in March by a partnership with institutional prime broker LTP, aimed at linking regulated fiat banking rails with digital-asset infrastructure and enabling smoother fund flows across both systems.
Taken together, the moves suggest SGB has been gradually building toward a model that blends traditional banking services with on-chain settlement for institutional clients.
