Key Takeaways:
- SGB launched 24/7 stablecoin minting on SGB Net to enable instant settlement for transactions over $100,000.
- To drive adoption, SGB is waiving Solana gas and bank fees for a limited period in a first for the industry.
- Following its April 2026 BNY partnership, SGB will next add support for 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, announced the launch of its stablecoin mint and redeem service.
The new offering allows corporate and high-net-worth clients to convert between fiat currency and stablecoins directly through their SGB accounts. By bypassing traditional correspondent banking flows, the service enables instant, 24/7 settlement, addressing long-standing inefficiencies in cross-border capital movement.
In a move 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, ethena (USDe) and global dollar (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 known as 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 operate across jurisdictions.”
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