Singapore Gulf Bank (SGB) has introduced stablecoin minting and redemption services for corporate and high-net-worth clients. According to Foresight News, these clients can now directly exchange fiat currency and stablecoins through their SGB accounts, enabling instant settlement around the clock. Initially, the service supports USDC transactions exceeding $100,000 and will later include USDT, USDe, and USDG.

To facilitate the launch, SGB is temporarily waiving gas fees and bank charges for token minting and redemption on the Solana blockchain. Additionally, clients can earn rewards based on transaction volume. SGB CEO Chen Shaoen stated that the initiative aims to achieve real-time conversion between fiat and digital assets, enhancing cash flow and fund management.