Tech · The Defiant
Singapore Gulf Bank Publishes In-Bank Settlement for USDC on Solana
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Singapore Gulf Bank (SGB) announced on Friday that it has launched a stablecoin mint and redeem service, allowing its corporate and high-net-worth clients to convert directly between fiat and stablecoins from within their SGB accounts.
Key facts
- The in-bank stablecoin settlement service, which SGB first announced in February, at launch supports USDC on Solana for transactions above $100,000
- As The Defiant reported, stablecoins stopped being "crypto products" in 2025 and started acting like infrastructure, with enterprise adoption accelerating across payments, treasury, and settlement
- The launch follows SGB's recent admission to the Circle Alliance Program, Circle's global network of USDC-focused partners
- Per SGB’s announcement, the bank plans to add support for other stablecoins, including USDT, USDe and USDG, across multiple chains in the future
Summary
The in-bank stablecoin settlement service, which SGB first announced in February, at launch supports USDC on Solana for transactions above $100,000. Per SGB’s announcement, the bank plans to add support for other stablecoins, including USDT, USDe and USDG, across multiple chains in the future. To mark the launch, SGB is waiving gas and bank fees for minting and redeeming on the Solana blockchain for a limited period, with volume-based rewards to follow.