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On April 17, 2026, Singapore Gulf Bank (SGB) announced live instant USD to $USDC conversion from fiat accounts across Ethereum ($ETH), Solana ($SOL), BASE, Arbitrum ($ARB), and Avalanche ($AVAX) blockchains, targeting businesses for crypto payments.
Solana was chosen for the initial incentives due to its high speed and low costs, which align with SGB’s broader product ecosystem. Stablecoin minting and the redeem service are integrated into SGB Net, enabling seamless movement of funds between on-chain and off-chain systems.
SGB Launches Stablecoin Mint and Redeem Service
Singapore Gulf Bank (SGB), a Bahrain-regulated digital wholesale bank, has launched its stablecoin minting and redemption service, enabling institutional and corporate clients to seamlessly convert between fiat USD and $USDC directly from their SGB accounts.
The service supports instant 1:1 conversions across multiple blockchains, including $ETH, $SOL, Base, $ARB, and $AVAX. On Solana, clients benefit from zero gas, banking, and minting fees during the promotional launch period, making it particularly efficient for high-volume treasury operations and crypto payments.
The Bank’s Clearing Network Powers Fee-Free Settlements
The bank’s proprietary SGB Net, a real-time, multi-currency clearing network, powers the new stablecoin mint and redeem service by enabling seamless, fee-free settlements between fiat and digital assets. For instance, when clients deposit fiat USD and request $USDC minting or redemption, SGB Net coordinates the internal transfer and on-chain execution instantly.
At launch, the service supports USD Coin ($USDC) transactions above USD 100,000, with additional stablecoins, including Tether ($USDT), $USDe (Ethena), and Global Dollar ($USDG), to be added later. This eliminates traditional intermediaries, SWIFT delays, and banking cut-off times for seamless hybrid operations.
This architecture connects fiat ledgers to stablecoin protocols efficiently, supporting high-volume treasury and cross-border flows. With over USD 2 billion in monthly transaction volume already processed, SGB Net delivers proven scale and reliability. Therefore, institutional clients benefit from lower operational friction, greater capital efficiency, and full regulatory compliance within a single unified platform.
Broader Impact on Institutional Crypto Adoption
SGB’s launch marks a significant step in bridging traditional banking with blockchain rails, directly addressing long-standing frictions in cross-border payments and treasury management for globally expanding businesses. By offering regulated, instant fiat-to-stablecoin conversion, the bank is setting a new standard for institutional on- and off-ramps that combine banking compliance with blockchain efficiency.
Looking ahead, SGB plans to expand the service across multiple blockchains beyond Solana and introduce additional stablecoins, including $USDT, $USDe (Ethena), and Global Dollar ($USDG), in the coming months. The bank could extend the stablecoin mint and redeem service to retail and personal banking clients by the end of Q2 2026.
Meanwhile, this move strengthens Solana’s position in institutional DeFi and signals growing confidence in regulated stablecoin infrastructure, potentially encouraging other traditional banks to accelerate similar offerings throughout 2026 and beyond.
Therefore, these developments could further reinforce Solana’s role in institutional flows and advance the integration of regulated stablecoin infrastructure into global treasury and cross-border payment operations between GCC and Asian markets.
Related: Ripple Taps Singapore’s MAS BLOOM Sandbox To Test RLUSD Stablecoin