Singapore Gulf Bank has launched a service that allows clients to convert fiat money into stablecoins like USDC and USDT directly on the Solana blockchain with no transaction or gas fees for now.
Announced at Solana Breakpoint 2025 in Abu Dhabi, the move highlights rising institutional confidence in stablecoins for everyday financial operations.
Singapore Gulf Bank (SGB), regulated by the Central Bank of Bahrain and backed by Whampoa Group and the Mumtalakat sovereign wealth fund, said this new step helps bridge traditional banking and blockchain technology for real-world financial use.
This first phase of the service is designed for corporate clients, especially for treasury management and cross-border business payments, before it expands to personal banking services.
Clients who have verified accounts with SGB can now deposit fiat currencies, such as USD or SGD, and instantly receive USDC or USDT on Solana.
This approach removes traditional banking delays by allowing clients to interact with blockchain settlement directly, without relying on multiple intermediaries.
SGB chose Solana for its fast speed and low costs, making it suitable for high-volume, real-time financial flows. Using Solana, the bank aims to cut those costs to under 0.3% and settle in seconds, making cross-border transfers easier for businesses across Asia and the GCC region.
Since entering the market, Singapore Gulf Bank has already processed more than $7 billion in transactions.
The bank says this demand shows growing interest from enterprises looking for seamless links between digital assets and traditional banking.
To strengthen security, SGB has partnered with Fireblocks to provide institutional-grade digital asset custody. This setup uses advanced cryptography and secure wallet infrastructure to protect client funds while meeting regulatory standards.
With zero-fee stablecoin minting, secure custody, and instant settlement tools, Singapore Gulf Bank is positioning itself as a bridge between traditional finance and decentralized finance.
The move reflects a broader shift as banks adapt to 24/7 global markets and rising demand for faster, cheaper financial services.
It lets verified clients convert fiat like USD or SGD into USDC or USDT on Solana instantly, with no transaction or gas fees for now.
The service is currently available to corporate clients for treasury and cross-border payments, with plans to expand to personal banking later.
Yes. SGB is regulated by Bahrain’s central bank and uses institutional-grade custody with Fireblocks to ensure security and compliance.
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