In a brisk display of modern banking that verges on theatrical, Singapore Gulf Bank has unveiled a stablecoin mint and redeem service. It promises to let corporate and high-net-worth clients convert fiat into digital assets with 24/7 instant settlement, as if time itself were a negotiable instrument.
Key Takeaways:
- Round-the-clock stablecoin minting on SGB Net to ensure instant settlement for transactions exceeding $100,000.
- To spur adoption, SGB is waiving Solana gas and bank fees for a limited period-a first in the annals of industry bravado.
- Following the April 2026 partnership with BNY, SGB will extend support to USDT, USDe and USDG stablecoins.
Fee Waivers
Singapore Gulf Bank (SGB), the digital wholesale bank backed by Bahrain’s sovereign wealth fund Mumtalakat and Singapore’s Whampoa Group, announces the introduction of its stablecoin mint and redeem service with the calm confidence of a parish meeting.
The new offering allows corporate and high-net-worth clients to convert between fiat currency and stablecoins directly through their SGB accounts. By bypassing the dreary rituals of correspondent banking, the service promises instant, 24/7 settlement and a certain alleviation of cross-border capital frictions that have long vexed merchants and magistrates alike.
In a move that could only be described as a banking industry first, SGB is waiving both gas and bank fees for minting and redeeming on the Solana blockchain for a limited period. The bank also announced that clients will receive volume-based rewards at the conclusion of the promotional phase.
According to a media statement, while the bank intends to support multiple blockchain networks, Solana was prioritized for these incentives because of its speed and cost efficiency.
“As clients expand globally, the challenge of moving and settling capital across borders has become a key constraint on growth,” said Shawn Chan, CEO of Singapore Gulf Bank. “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.”
The service is natively integrated into SGB Net, the bank’s proprietary clearing network. This infrastructure allows funds to move seamlessly between on-chain and off-chain environments while adhering to institutional standards for compliance, custody and risk management.
At launch, the service supports USDC for transactions exceeding $100,000. SGB indicated that support for additional assets, such as USDT, USDe and USDG, is expected to follow.
The launch follows SGB’s most recent strategic initiative: joining BNY’s correspondent banking network in early April 2026. The partnership with BNY, formerly Bank of New York Mellon, was designed to enhance SGB’s U.S. dollar clearing capacity and payment resilience. By securing this traditional banking foundation before launching its digital asset minting service, SGB has positioned itself as a bridge between legacy global finance and the burgeoning “borderless” digital economy.
“We are building the bank for a borderless world,” Chan added, “where businesses and individuals trade across jurisdictions as if the maps were merely decorative.”
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2026-04-17 14:59