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>>SGB launches complimentary Solana stablecoin minting and redemption services for customers.

SGB launches complimentary Solana stablecoin minting and redemption services for customers.

crypthub

4 days ago

Launch and Service Overview

Singapore Gulf Bank unveiled a fee‑free pilot that lets corporate clients mint and redeem USDC and USDT directly on Solana. The service, announced at Solana Breakpoint 2025 in Abu Dhabi, converts fiat to stablecoins and back without transaction or gas fees. Initially it targets treasury and cross‑border flows, with personal banking planned for a later phase.

Technology and Benefits

Clients can create or destroy stablecoins on‑chain, bypassing intermediaries and using Solana’s high throughput and low cost. This enables real‑time, high‑volume transfers that are faster and cheaper than traditional banking. CEO Shawn Chan highlighted that the solution provides a compliant, bank‑grade stablecoin offering for GCC and Asian corporates.

Regulatory Context and Market Impact

SGB, which has processed over $7 billion since launch, paired with Fireblocks for institutional‑grade custody and operates under Singapore’s Payment Services Act. Internal trials show the Solana corridor cuts fees to under 0.3% with seconds‑level settlement. The stablecoin market now exceeds $300 billion, reflecting rapid growth and broader adoption across regulated banks.