What to Know
- Singapore Gulf Bank now lets clients mint and redeem USDC and USDT directly on Solana.
- For a limited time, SGB is waiving all transaction and network fees, targeting faster and cheaper cross-border payments.
- The launch follows Singapore topping 2025 global crypto rankings, with RWA tokenization jumping 63%.
Singapore Gulf Bank (SGB) recently announced the launch of a new service that allows clients to mint and redeem stablecoins directly on the Solana blockchain. The announcement was made at Solana Breakpoint 2025 in Abu Dhabi, where SGB said the service is aimed at helping businesses move money faster and more efficiently across borders. For a limited launch period, the bank will waive all transaction and network fees for clients using Solana.
Traditional Banking and Blockchain
The new offering allows SGB’s corporate clients to convert fiat currencies into major stablecoins, including USDC and USDT on Solana, and redeem those tokens back into fiat through the bank. By handling minting and redemption directly on-chain, the service removes several steps that are common in traditional payment and settlement processes. SGB said the product is designed to support corporate treasury operations and cross-border business flows, where speed and cost are critical. The bank plans to extend the service to its personal banking customers at a later stage.
“The adoption of stablecoins by regulated banks reflects their growing real-world utility,” said Shawn Chan, chief executive officer of Singapore Gulf Bank. “By leveraging Solana’s speed and cost advantages, we are providing our clients across the GCC and Asian markets with a bank-grade compliant stablecoin solution that makes real-time, cross-border transactions viable for corporates.”
Demand for Regulated Stablecoin
SGB’s move comes as stablecoins gain traction among financial institutions, particularly for cross-border payments and liquidity management. Since entering the market, the bank has processed more than $7 billion in transactions, highlighting strong demand for services that combine digital assets with traditional banking across Asia and the Gulf Cooperation Council (GCC) region.
Other banks and financial firms have also been expanding their stablecoin-related offerings, exploring areas such as custody, settlement, and issuance. In May 2025, the bank launched SGB Net, a real-time, multi-currency clearing system designed to enable instant settlement between financial institutions. The platform aims to reduce settlement times and improve liquidity management across both fiat and digital asset channels.
SGB has also partnered with digital asset infrastructure provider Fireblocks to support secure custody and treasury operations. Through this partnership, the bank offers institutional-grade custody for cryptocurrencies and stablecoins, backed by advanced security systems and controlled wallet management.
Singapore’s Growing Lead
This news comes just a day after Singapore was named the best country for crypto in the world in 2025, thanks to a big increase in real-world RWA tokenization activity. Recent reports show that RWA tokenization in Singapore rose by 63%. Singapore also came in first place on the Bybit Crypto Adoption Index, taking the lead from the United States, which had been in first place before.
Analysts in the industry have called Singapore’s crypto ecosystem a “institutional-grade investment destination” because of its balanced approach to regulation, the growing use of tokenized assets, and the growing involvement of regulated banks and financial institutions. The stablecoin minting and redemption service from Singapore Gulf Bank is a good example of this larger trend.
Final Thoughts
Singapore Gulf Bank is putting itself at the junction of traditional finance and blockchain-based systems by offering real-time clearing, secure custody, and on-chain minting and redemption of stablecoins.
The announcement comes at a time when Singapore is becoming more and more of a global center for digital assets. Recent rankings put the country at the top for crypto adoption and tokenization activity, thus making SGB’s decision a prime one.
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