Singapore Gulf Bank (SGB) has launched a pioneering stablecoin issuance and exchange service for institutional clients, enabling real-time 24/7 conversion between fiat currency and digital assets. Announced in March 2025 and operational by April 2026, the service initially supports minting and redeeming USDC on the Solana blockchain with a 1:1 ratio to the US dollar, targeting corporate clients with a minimum transaction threshold of $100,000.
The platform's core innovation is its 24-hour real-time settlement capability, which leverages distributed ledger technology to finalize transactions instantly, bypassing the delays inherent in traditional banking systems for domestic, cross-border, and weekend transfers. For a limited time, the bank is waiving all gas and banking fees for these conversions.
The service is a strategic move into the institutional digital asset market, developed following consultations with Singapore's Monetary Authority (MAS). It incorporates enhanced KYC procedures, real-time transaction monitoring, and regular reserve attestations to comply with the city-state's progressive regulatory framework. SGB has processed over $7 billion in transactions, indicating strong initial demand.
The bank plans a phased expansion of its offerings, with subsequent phases set to include additional major stablecoins such as USDT, USDe, and USDG. While currently exclusive to institutional and high-net-worth clients, SGB intends to open access to retail users by the end of the second quarter of 2026. The choice of Solana was driven by its high transaction speed and low costs, which align with the bank's goal of instantaneous settlement.
