SGB Launches Instant Stablecoin Settlement Service
- Singapore Gulf Bank (SGB) introduced a stablecoin mint and redeem service for transactions over $100,000.
- The service offers instant, stablecoin settlement via SGB Net, bypassing traditional banking flows.
- SGB is waiving Solana gas and bank fees temporarily to promote adoption.
- Initially supports USDC, with plans to add USDT, USDe, and USDG stablecoins following an April partnership with BNY.
- The initiative is backed by Bahrain’s Mumtalakat and Singapore’s Whampoa Group.
This new service by SGB allows corporate clients to convert fiat currency to digital assets directly through their accounts, enhancing cash flow and treasury management by enabling real-time movement between fiat and digital currencies.
By integrating stablecoin minting into its banking environment, SGB addresses cross-border capital movement inefficiencies while offering fee waivers to drive early adoption. (Source)
