Gate News message, April 17 — Singapore Gulf Bank (SGB) has launched a new stablecoin conversion service targeting corporate and high-net-worth clients, enabling instant fiat-to-stablecoin transactions at zero fees on the Solana network. The service supports multiple blockchains including Ethereum, Base, Arbitrum, and Avalanche, with a minimum transaction threshold of $100,000.
USDC is positioned as the primary stablecoin, with clients using USDC on Solana receiving zero-fee benefits and additional incentives. SGB CEO Shawn Chan stated the service improves treasury operations and payment flexibility for businesses operating across jurisdictions. Other stablecoins including USDT and USDe will be added later. The instant minting and redemption feature allows large-scale investors and companies to improve liquidity management.
The launch reflects growing institutional demand for faster and cheaper digital payment infrastructure. SGB processes over $2 billion in monthly fiat transactions, and the bank recently joined the correspondent network of Bank of New York, enabling smoother dollar clearing operations. Industry observers note the zero-fee structure on Solana could drive higher transaction volumes toward the network in the near term.
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