Singapore Gulf Bank launches USDC minting, favors Solana

Singapore Gulf Bank launched a mint-and-redemption service on April 17 that lets corporate and high-net-worth clients convert fiat dollars into USD stablecoins. USDC is available at launch and transfers on the Solana network are fee-free for transactions above a $100,000 minimum. The bank stated conversions are immediate and available 24/7.

The offering supports Ethereum, Solana, Base, Arbitrum and Avalanche. SGB named USDC as available at launch and announced that Tether’s USDT, Etherena’s USDe and USDG will be added at a later date. Customers can mint and redeem stablecoins directly through the bank’s platform.

Shawn Chan, SGB’s chief executive, described the integration as: “By integrating stablecoin mint and redemption directly into the banking environment, we enable real-time movement between fiat and digital assets, improving cash flow, payments, and treasury management. We are building the bank for a borderless world, where businesses and individuals operate across jurisdictions.”

Eligible customers can mint and redeem USDC immediately above the $100,000 threshold. Transactions on Solana that meet the threshold will not incur bank or network fees, SGB added. The bank also announced a promotional rewards program calculated on the dollar value of stablecoins transacted during a promotional period; details will be published later.

SGB reported processing more than $2 billion in fiat transactions each month. Earlier in April, the bank joined the correspondent banking network of the Bank of New York to consolidate U.S. dollar clearing and support its dollar operations.

SGB cited market figures showing about $8.12 billion of USDC native to Solana and nearly $70 billion of USDC held across the five named chains. Industry data for the first quarter of 2026 indicates Solana led decentralized exchange spot trading volume and that USDC accounted for a majority share of stablecoin usage on the network. The bank noted that retail users below the high-net-worth cutoff remain active in other market segments.

The service targets institutional and ultra-wealthy clients and sets a $100,000 minimum for minting and redemption through the bank platform.