SGB launches 24/7 USDC minting on Solana, waives fees

Singapore Gulf Bank (SGB), the digital wholesale bank backed by Bahrain’s Mumtalakat sovereign wealth fund and Singapore’s Whampoa Group, has launched a 24/7 USDC mint-and-redeem service on the Solana blockchain for institutional and high-net-worth clients. The service is integrated into SGB Net, the bank’s proprietary clearing network, and offers instant settlement for transfers above $100,000.

The offering lets corporate and wealthy individual clients convert fiat currency into USDC and redeem USDC back into fiat directly from their SGB accounts. Funds move between the bank’s off-chain accounts and on-chain wallets within SGB Net, while the bank maintains its custody, compliance and risk-management processes.

SGB is waiving Solana network gas fees and the bank’s minting and redeeming fees for a limited promotional period. The bank described the fee waivers as an industry first and said it will introduce volume-based rewards after the promotional phase ends. No details were provided on the length of the waiver or the structure of the rewards.

At launch, the service supports USDC for transfers greater than $100,000. SGB plans to add support for USDT, ethena (USDe) and global dollar (USDG) in later phases. The bank selected Solana for the initial rollout because of the network’s transaction speed and low costs.

SGB joined BNY’s correspondent banking network in early April 2026 to bolster U.S. dollar clearing capacity and payment resilience. The bank said the correspondent relationship provides a traditional banking foundation ahead of the on-chain minting service.

Shawn Chan, chief executive officer of Singapore Gulf Bank, commented: “By integrating stablecoin mint and redeem directly into the banking environment, we enable real-time movement between fiat and digital assets, improving cash flow, payments and treasury management.” He added the bank intends to support multiple blockchain networks over time and that the Solana incentives are limited.

The bank did not provide projected transaction volumes or adoption targets. SGB noted that institutional custody and risk controls will remain in place as the service expands to additional stablecoins and networks.