SGB Launches USDC Mint Service on Solana Network

• SGB enables instant USDC minting and redemption on Solana, improving cross-border payments with real-time settlement.

• Service targets institutions, removing intermediaries and supporting 24/7 liquidity and treasury management.

• Expansion plans include more stablecoins and retail access, linking traditional banking with digital asset systems.

Singapore Gulf Bank launched a 1:1 USD to USDC mint and redeem service in April 2026, targeting institutional clients. The service operates through SGB Net and uses the Solana blockchain for real-time settlement. The move aims to address cross-border payment delays by enabling instant, round-the-clock conversion between fiat and digital assets.

Instant Settlement Targets Cross-Border Delays

The new service allows corporate and high-net-worth clients to convert fiat into USDC directly through their accounts. Notably, transactions above $100,000 qualify for instant processing without relying on correspondent banks. This setup removes intermediaries, which often slow down global fund transfers.

However, the system operates continuously, enabling 24/7 settlement across jurisdictions. According to the bank, this improves treasury management and payment efficiency for global businesses. Shawn Chan, CEO of Singapore Gulf Bank, said clients face increasing challenges in moving capital across borders.

He explained that integrating mint and redeem services into banking systems allows real-time asset movement. As a result, clients can manage liquidity more efficiently. This capability links directly to the bank’s infrastructure, setting up the next layer of functionality.

Fee Waivers and Solana Integration

To support adoption, the bank waived both gas and banking fees for a limited period. This applies specifically to minting and redeeming activities on the Solana network. Additionally, clients will receive volume-based rewards after the promotional phase ends.

The bank selected Solana due to its high transaction speed and lower operational costs. These features align with the need for rapid settlement in institutional finance. Meanwhile, the service integrates into SGB Net, the bank’s proprietary clearing system.

This integration enables seamless transfers between on-chain and off-chain environments. At the same time, the system maintains compliance, custody, and risk management standards. These features support institutional-grade operations, which leads to the next phase of expansion.

Expansion Plans and Prior Banking Ties

At launch, the service supports USDC for large transactions only. However, Singapore Gulf Bank plans to add USDT, USDe, and USDG in future updates. The bank also indicated potential expansion to retail users by the end of the second quarter.

Earlier in April 2026, the bank joined BNY’s correspondent banking network. This step strengthened its U.S. dollar clearing capabilities and payment infrastructure. By combining traditional banking access with digital asset services, the bank connects both financial systems.

The bank reported processing over $7 billion in transactions so far. This shows ongoing demand for faster and more efficient payment solutions across regions.