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Singapore Gulf Bank (SGB) has launched a USDC minting and redemption service on the Solana network, enabling institutional and high-net-worth clients to settle digital and fiat assets instantly through a 24/7 offering. The service is designed to reduce dependence on conventional banking hours.
SGB, an entity backed by Bahrain’s sovereign wealth fund, said the Solana network will serve as the primary infrastructure for the service. The bank cited Solana’s high speed and low operating costs as key factors for attracting institutional capital flows.
The integration supports transactions exceeding $100,000, with settlements conducted directly from bank accounts. SGB also announced a temporary waiver of network fees (gas fees) for the service.
The launch comes as major payment networks expand stablecoin capabilities to improve cross-border payments. The article noted that Mastercard and Visa are also accelerating their integration with stablecoins.
SGB said it has processed more than $7 billion in transactions and plans to expand the service to additional assets, including USDT and USDe.
The bank also plans to open access to retail users by the end of the second quarter of 2026.
The initiative is positioned as part of a broader shift toward Layer-1 networks in modernizing global banking clearing systems, with the aim of enabling faster settlement for both digital and fiat assets.
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