Singapore Gulf Bank (SGB), a regulated digital bank under the Central Bank of Bahrain and backed by Whampoa Group and the Mumtalakat sovereign wealth fund, has launched a groundbreaking service enabling verified corporate clients to mint stablecoins with zero fees. The service, announced at Solana Breakpoint 2025 in Abu Dhabi, allows businesses to instantly convert fiat currencies like USD or SGD into USDC or USDT directly on the Solana blockchain.
The initiative is specifically targeted at corporate treasury management and cross-border payments, aiming to eliminate traditional banking delays and intermediaries. By bypassing these intermediaries, the bank facilitates instant minting and real-time settlement, streamlining financial operations for businesses. SGB has already processed over $7 billion in transactions since its market entry, indicating significant demand.
Solana was chosen as the underlying blockchain due to its high speed and low transaction costs, which the bank aims to keep under 0.3%. This makes the network suitable for high-volume, real-time financial flows, particularly for businesses operating in Asia and the GCC region.
To ensure security and regulatory compliance, SGB has partnered with Fireblocks, a leader in institutional-grade digital asset custody. The partnership leverages advanced cryptography and secure wallet infrastructure to protect client funds. While the service is initially available only to corporate clients, the bank plans to expand it to personal banking customers in the future.
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