Singapore Gulf Bank rolls out direct USD–USDC conversion for institutional clients

Singapore Gulf Bank (SGB) has introduced a minting and redemption service that lets corporate clients and high-net-worth individuals convert U.S. dollars to USD Coin (USDC) — and back — directly from their bank accounts. SGB said the offering is designed for real-time, continuous settlement, reducing dependence on correspondent banking networks that can delay international transfers. The service runs on the bank's proprietary clearing infrastructure, SGB Net, which connects traditional banking rails with blockchain networks to streamline movement between fiat and digital assets. As part of the launch, SGB will temporarily waive gas fees and banking charges for transactions executed on the Solana blockchain. The bank is also offering volume-based incentives during the promotional period. At launch, the service supports USDC transactions of $100,000 or more. SGB said it plans to expand support to additional stablecoins, including USDT, USDe, and USDG. SGB, founded by Singapore's Whampoa Group, framed the initiative as a way to provide institutional customers access to digital assets within a regulated banking environment, supported by compliance and security controls. The move comes as banks globally test stablecoin and blockchain-based settlement to improve payment speed and efficiency. JPMorgan Chase operates a blockchain-enabled payments network and launched JPM Coin for institutional dollar transfers and liquidity management. BNP Paribas has participated in projects exploring tokenized deposits and digital-euro-style settlement systems. In Europe, a consortium of 10 banks — including ING, UniCredit, and BNP Paribas — formed a company last year as part of a stablecoin initiative and plans to launch a euro-backed stablecoin in the second half of 2026. French Finance Minister Roland Lescure said, "That is what we need, and that is what we want. I also strongly encourage banks to further explore the launch of tokenized deposits."