SGB Rolls Out Solana-Based USDC Mint and Redemption Service
Singapore Gulf Bank (SGB) has introduced a 1:1 USD-to-USDC minting and redemption service on Solana, aiming to speed up cross-border payments with real-time settlement. Launched in April 2026, the offering is designed for institutional users and runs via SGB Net, the bank's proprietary clearing platform.
The service lets corporates and high-net-worth clients convert fiat to USDC and back directly from their bank accounts. SGB said transactions above $100,000 are eligible for instant processing, reducing reliance on correspondent banks and other intermediaries that can slow international transfers. With round-the-clock operation, the bank expects customers to gain tighter control of liquidity and improve treasury efficiency across jurisdictions.
CEO Shawn Chan said moving capital across borders has become more challenging for clients. He said embedding mint-and-redeem functionality into bank rails enables real-time asset movement and more efficient liquidity management.
To encourage early adoption, SGB is waiving both blockchain gas costs and banking fees for a limited period for minting and redemption on Solana. After the promotion ends, clients will be offered volume-based rewards. The bank cited Solana's high throughput and lower operating costs as key reasons for the integration.
SGB said the Solana service is fully integrated into SGB Net, allowing transfers between on-chain and off-chain environments while maintaining compliance, custody, and risk-management controls suited to institutional operations.
At launch, support is limited to USDC and large transactions. SGB plans to add USDT, USDe, and USDG in future releases, and said it may extend access to retail users by the end of the second quarter.
Earlier in April 2026, SGB joined BNY's correspondent banking network, strengthening its U.S. dollar clearing and payments infrastructure. The bank said it has processed more than $7 billion in transactions to date, pointing to continued demand for faster and more efficient cross-border settlement.
