Singapore Gulf Bank (SGB) has launched a stablecoin minting and redemption service, allowing corporate and high-net-worth clients to convert between fiat currency and stablecoins directly from their bank accounts.

In a release on Friday, Bahrain-based SGB said the service enables continuous, real-time settlement without relying on traditional correspondent banking systems. As part of the launch, SGB will temporarily waive gas and banking fees for transactions conducted on the Solana blockchain, with additional volume-based incentives offered during the promotional period.

According to the bank, the service is integrated into its proprietary clearing network, SGB Net, allowing funds to move between blockchain-based and traditional financial systems.

Initially, the offering supports transactions in USD Coin (USDC) above $100,000, with plans to expand to other stablecoins, including Tether (USDT), USDe, and Global Dollar (USDG).

SGB, established by Singapore-based Whampoa Group, stated that the service operates within a regulated banking framework, aiming to provide clients access to digital asset infrastructure while maintaining compliance and risk management standards.

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