Singapore Gulf Bank Launches Stablecoin Minting Service, Offering Zero Fees on Solana

Gate News message, April 17 — Singapore Gulf Bank (SGB) launched a stablecoin minting and redemption service on April 17, targeting corporate and high-net-worth clients. The service enables seamless conversion between fiat dollars and USD stablecoins including Circle's USDC, Tether's USDT, Etherena's USDe, USDG, and others. The bank, which processes over $2 billion in fiat transactions monthly, set a minimum transaction threshold of $100,000.

The service is currently available on Ethereum, Solana, Base, Arbitrum, and Avalanche networks. Notably, SGB designated Solana as entirely fee-free for customers, citing the network's speed and cost-efficiency. USDC transactions are already live, with other stablecoins expected to follow. Customers trading USDC above $100,000 on Solana will receive zero network and bank fees, plus additional rewards calculated based on transaction volume during the promotion period. SGB CEO Shawn Chan stated the service enables "real-time movement between fiat and digital assets, improving cash flow, payments, and treasury management" for a "borderless world."

The announcement is expected to boost activity on the Solana network and USDC adoption. According to the press release, approximately $8.12 billion in USDC is currently circulating on Solana, while the broader stablecoin market stands at $321 billion across all networks. SGB recently joined the correspondent banking network of Bank of New York to consolidate its U.S. dollar clearing capabilities.