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- Singapore Gulf Bank launches direct stablecoin mint and redeem service for clients.
- The bank removes gas and banking fees on Solana for a limited period.
- The platform enables instant cross-border settlement within a regulated system.
Bahrain, 17 April 2026: Singapore Gulf Bank (SGB) has launched a new stablecoin mint and redeem service for corporate and high-net-worth clients. The service allows users to convert fiat currency into digital stablecoins directly from their bank accounts.
Furthermore, it provides the ability to revert the process in the other direction, that is, from stablecoins into fiat. This mechanism eliminates the necessity of having correspondent banking relationships. Clients are able to conduct instant settlements around-the-clock. The objective of the bank is to enhance efficiency when performing foreign exchange and treasury functions.
It operates in conjunction with the already existing internal platform of the financial organization. This can be reached via SGB Net, which is the proprietary clearing solution of the bank. It facilitates the transition between traditional payment systems and blockchain tokens.
The introduction of the service is prompted by the increasing customer demands. Companies conducting cross-border activities experience various challenges. In particular, such companies require more rapid and flexible solutions for settling cross-border settlements.
SGB Incentive Program Drives Early Adoption
To promote the early use of this product, SGB is offering a one-time incentive program to clients. The bank will not charge any gas fee and banking fee on all the transactions carried out using the Solana network. It is a first-in-the-banking-sector approach. Also, there will be incentives offered depending on the volume of transactions done by the users.
It is aimed at promoting the use of the services. SGB chose Solana network because it allows transactions with very high speeds and low transaction cost. It complements the aims of SGB as the bank is efficient and scalable with quick processing of transactions done by the client. In the coming future, SGB will support other blockchain networks.
Regulated Framework Ensures Secure Digital Asset Services
The service works under the rules and regulations that govern the functioning of banks. This helps maintain compliance with all financial regulations and also guarantees security and risk management of the assets owned by its customers.
When it first started, the platform allowed transactions in the form of USD Coin with the smallest amount being one hundred thousand US dollars. Further, it intends to integrate other stable coins such as Tether, USDe, and Global Dollar.
This will offer its customers additional choices in terms of liquidity and settlements. The strategic intent behind launching this service is to position the bank right at the forefront of digital innovation. This is done through the combination of blockchain technology with that of conventional banking systems.
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