TLDR:
- SGB enables corporates to mint and redeem USDC and USDT directly on Solana.
- Zero transaction and gas fees temporarily support early adoption by corporate clients.
- Integration with SGB Net allows seamless cross-border treasury and transaction management.
- Collaboration with Fireblocks ensures secure custody and fast compliant stablecoin transactions.
Singapore Gulf Bank (SGB) has integrated a stablecoin issuance and redemption service on the Solana blockchain, focusing on corporate clients.
The bank introduced a zero-fee program during the launch period to encourage adoption and simplify access to stablecoin transactions.
The service enables clients to mint and redeem major stablecoins such as USDC and USDT directly on Solana.
Since its launch in March, SGB has processed over US$7 billion in transactions, positioning the bank as a key player in cross-border digital finance between the GCC and Asia.
Corporate Access to Stablecoin Services
SGB’s new service initially targets corporate clients for treasury management and transaction purposes.
By leveraging Solana’s high-speed network and low transaction costs, businesses can perform stablecoin operations efficiently.
Shawn Chan, Chief Executive Officer of SGB, said, “The adoption of stablecoins by regulated banks reflects their growing real-world utility. 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.”
To encourage uptake, SGB temporarily waives all transaction and gas fees. Chan added, “This service makes real-time, cross-border, and cross-counterparty transactions viable for corporates, without the friction of additional fees.”
Integration With SGB’s Digital Infrastructure
The stablecoin service integrates with SGB Net, the bank’s proprietary multi-currency real-time clearing network.
This ensures corporate clients can manage treasury and cross-border transactions directly within regulated banking workflows.
SGB also collaborates with Fireblocks to provide secure custody and treasury management solutions. As Chan highlighted, “Partnering with Fireblocks ensures our clients’ digital assets are safeguarded while allowing fast and compliant transactions.”
The bank plans to extend access to personal banking customers in the future. SGB reinforced the launch, stating, “Our stablecoin service on Solana enables corporates to mint and redeem USDC and USDT without fees, improving cross-border operations.”
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Source: https://blockonomi.com/singapore-gulf-bank-integrates-stablecoin-issuance-and-redemption-on-solana/