Singapore Gulf Bank adds stablecoin mint and redeem for 24/7 settlement

The Bahrain-based lender lets institutional clients convert fiat currency to US dollar-pegged stablecoins directly from their accounts.

Singapore Gulf Bank (SGB) has introduced a service that lets institutional clients mint and redeem stablecoins directly from their bank accounts, using the Solana layer-1 blockchain network to enable round-the-clock settlement between fiat and digital assets.

The service will initially support Circle USDC (USDC) transactions above $100,000 and includes temporary fee waivers for minting and redemption on the Solana network, according to SGB’s announcement.

Additional assets such as Tether’s USDT (USDT), Ethena’s USDe (USDe) and Global Dollar (USDG) are expected to follow, the company said.

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