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Singapore Gulf Bank has launched a stablecoin service that allows direct conversion between USD and USDC on the Solana network. The offering is designed for institutional participants at launch, providing continuous settlement and waiving fees for a limited period.
According to a post shared by Wu Blockchain on X, the platform enables 24/7 settlement on Solana while maintaining a fixed 1:1 USD–USDC conversion rate. The service operates on the Solana network, which is characterized by fast transaction processing and low fees, enabling clients to complete transactions at any time, including weekends and holidays.
The bank’s initial rollout includes a fee waiver, lowering entry barriers for early users. The service is positioned as a direct fiat-to-crypto rail for institutional treasury and trading operations, where large entities typically require efficient settlement mechanisms.
The service is currently limited to selected clients. Gulf Bank plans to extend access to retail users by the end of Q2, indicating a phased onboarding approach that begins with institutions and moves toward broader customer coverage in the near term.
Using Solana may appeal to users seeking faster settlement due to its high throughput. The bank’s phased expansion suggests it will monitor performance and user activity during the institutional phase before refining and scaling the service for retail customers.
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