BlockBeats report: On April 17, Singapore Gulf Bank (SGB) announced the launch of its stablecoin issuance and redemption services. Businesses and high-net-worth clients can now directly exchange between fiat currency and stablecoins via their SGB accounts, enabling 24/7 instant settlement without relying on traditional correspondent banking processes. To support the launch, SGB is making history in open banking by waiving gas fees and bank transaction fees for token minting and redemption on Solana for a limited time. Upon conclusion of the promotion, customers will also receive rewards based on their transaction volume.
Chen Shaoen, CEO of SGB, said: “The challenges of cross-border fund transfers and capital allocation have become key constraints on customer growth. By directly integrating stablecoin issuance and redemption into the banking system, we enable real-time conversion between fiat currency and digital assets. We are building a bank for a borderless world.”
This service is integrated into SGB’s proprietary clearing network, SGB Net, enabling seamless movement of funds between on-chain and off-chain environments.
Initially, transactions of over $100,000 in USDC will be supported, with support for USDT, USDe (Ethena), and Global Dollar (USDG) to follow.