Singapore Gulf Bank (SGB), backed by Whampoa Group and Mumtalakat, has unveiled a new service allowing clients to mint and redeem stablecoins, including USDC and USDT, directly on the Solana blockchain. This initiative, announced at Solana Breakpoint 2025, marks a significant step as SGB becomes the first regulated bank to eliminate transaction and gas fees for these operations.
The service aims to enhance financial flows across the GCC-Asia corridor, building on the over $7b in transactions SGB has processed since its launch in March. Initially available to corporate clients, the service will support transaction and treasury management needs, with plans to expand to personal banking customers.
Shawn Chan, CEO of SGB, highlighted the importance of this development: “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 that finally makes real-time, cross-border and cross-counterparty transactions viable for corporates.”
Earlier this year, SGB launched SGB Net, a real-time, multi-currency clearing network, and partnered with Fireblocks for secure treasury management and digital asset custody. As a fully licensed digital bank regulated by the Central Bank of Bahrain, SGB continues to innovate in digital asset management and stablecoin settlement services, reinforcing its commitment to providing cutting-edge financial solutions.
