Singapore Gulf Bank Launches USDC Minting Service

Singapore Gulf Bank, a Bahrain-based digital wholesale bank, has launched a new service enabling institutional clients to mint and redeem stablecoins directly from their accounts, marking a key step in integrating blockchain technology into traditional banking.

The service, announced recently, allows corporate and high-net-worth clients to convert U.S. dollars to USD Coin (USDC) and vice versa on the Solana blockchain network. Transactions must exceed $100,000, with round-the-clock settlement that bypasses the delays of conventional banking hours and correspondent networks. Funds move seamlessly between on-chain digital assets and off-chain fiat balances through the bank's proprietary clearing system, SGB Net, ensuring compliance with regulatory standards for custody and risk management.

To encourage adoption, the bank is waiving gas and banking fees for minting and redeeming USDC on Solana for a limited period, followed by volume-based rewards. Shawn Chan, CEO of Singapore Gulf Bank, described the initiative as addressing critical challenges in global finance. "Cross-border capital movement has become a key constraint on growth, and embedding stablecoins into banking removes...