Gate News message, April 20 — Singapore Gulf Bank (SGB), a Bahrain-licensed digital bank backed by the Whampoa Group and Bahrain’s sovereign wealth fund Mumtalakat, has introduced USDC minting and redemption services on the Solana network for institutional clients. The service enables 24/7 settlement with a minimum transaction size of $100,000 and includes temporary fee waivers on both minting and redemption.
Transactions are processed through SGB’s internal clearing system rather than intermediary banking networks, reducing settlement delays and friction. SGB plans to expand stablecoin offerings to include Tether (USDT), Ethena USDe, and Global Dollar. The bank’s recent participation in BNY Mellon’s correspondent banking network indicates the infrastructure is being scaled to support a broader range of financial instruments.
The offering addresses a key challenge for institutional traders: inefficiencies in transferring large sums between traditional banking and crypto markets. Instant USDC conversion enables institutions to respond quickly to market opportunities, particularly for arbitrage strategies. The move reflects broader industry momentum toward stablecoin adoption. Mastercard has expanded its presence in the sector through acquisitions, while Visa participates in blockchain validation. European banking groups including ING, UniCredit, and BBVA are developing a euro-denominated stablecoin expected to launch in coming years. Pakistan has also eased restrictions, allowing banks to engage with licensed crypto firms.
The global stablecoin market has surpassed $320 billion in capitalization, with dollar-pegged tokens dominant. SGB’s initiative continues its expansion strategy since launching corporate services in late 2024, positioning the bank as a key intermediary integrating blockchain technologies with traditional finance.
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