Singapore Gulf Bank USDC Mint and Redeem Service on Solana

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Singapore Gulf Bank (SGB) has launched a new stablecoin mint and redeem service in April 2026, allowing institutional clients to convert fiat money into digital dollars and back in real time. 

The move is aimed at making cross-border payments quicker and more efficient, especially for businesses operating in multiple countries.

Singapore Gulf Bank USDC Mint and Redeem Service on Solana

According to the official announcement on the launch date, Singapore Gulf Bank has launched a stablecoin mint and redemption service that allows users to convert US dollars into USDC at a 1:1 ratio. 

The service works 24/7, letting users move funds instantly without delays from traditional banking systems.

For now, it is available to corporate and high-net-worth clients, helping them transfer money faster and more easily. The bank also plans to open this service to retail users by the end of Q2.

Faster Payments and 24/7 Settlement

The biggest change here is speed. Traditional banking systems often take hours or even days to settle international transfers. With this new system, SGB clients can move funds instantly between fiat and stablecoins without relying on multiple intermediaries.

A key highlight of this launch is the zero-fee offer. For a limited time, the bank is removing both gas fees and banking charges for minting and redeeming stablecoins. 

This is especially useful for companies operating across regions like Asia and the Gulf, where cross-border payments are frequent and costly.

On top of that, clients will also get rewards based on how much they trade during this period.

Why Solana Was Chosen?

SGB selected Solana because of its high speed and low transaction costs. The network can process transactions in seconds, which fits well with the bank’s goal of real-time settlement.

By combining blockchain with its internal system, SGB Net, the bank is creating a bridge between traditional finance and digital assets. This allows funds to move smoothly between on-chain and off-chain environments.

Focus on Institutional Adoption

At launch, the service is mainly for corporate and high-net-worth clients, with a minimum transaction size of around $100,000.

The goal is to improve treasury management, liquidity, and global payments for large businesses. However, the bank plans to expand access to individual users in the future as demand grows.

SGB has already processed over $7 billion in transactions, showing strong demand for faster and more efficient financial tools.

The next step will be expansion. More stablecoins like USDT and other digital dollars are expected to be added soon. If adoption continues, services like this could replace slow banking rails with faster, always-on systems.