Singapore Gulf Bank Launches Stablecoin Service

Singapore Gulf Bank has introduced a new stablecoin mint and redeem service for corporate and high-net-worth clients. The product allows users to convert fiat currencies into stablecoins and back directly from their bank accounts.

To support adoption, the bank announced a temporary waiver of gas and banking fees for operations on the Solana network. Clients will also receive rewards based on transaction volume during the promotional period.

The service is integrated into SGB Net, the bank’s internal clearing system. This allows funds to move between blockchain networks and traditional accounts without additional intermediaries.

At launch, the service supports USD Coin transactions starting from 100,000 US dollars. The bank plans to expand the offering by adding Tether, USDe, and Global Dollar in future updates.

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