Gate News message, April 20 — Singapore Gulf Bank (SGB), a Bahrain-licensed digital bank backed by the Whampoa Group and Bahrain’s sovereign wealth fund Mumtalakat, has introduced USDC minting and redemption services on the Solana network for institutional clients. The service enables 24/7 settlement with a minimum transaction size of $100,000 and includes temporary fee waivers on both minting and redemption.
Transactions are processed through SGB’s internal clearing system rather than intermediary banking networks, reducing settlement delays and friction. SGB plans to expand stablecoin offerings to include Tether (USDT), Ethena USDe, and Global Dollar. The bank’s recent participation in BNY Mellon’s correspondent banking network indicates the infrastructure is being scaled to support a broader range of financial instruments.
The offering addresses a key challenge for institutional traders: inefficiencies in transferring large sums between traditional banking and crypto markets. Instant USDC conversion enables institutions to respond quickly to market opportunities, particularly for arbitrage strategies. The move reflects broader industry momentum toward stablecoin adoption. Mastercard has expanded its presence in the sector through acquisitions, while Visa participates in blockchain validation. European banking groups including ING, UniCredit, and BBVA are developing a euro-denominated stablecoin expected to launch in coming years. Pakistan has also eased restrictions, allowing banks to engage with licensed crypto firms.
The global stablecoin market has surpassed $320 billion in capitalization, with dollar-pegged tokens dominant. SGB’s initiative continues its expansion strategy since launching corporate services in late 2024, positioning the bank as a key intermediary integrating blockchain technologies with traditional finance.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Solana Holds $87 Support as ETF Inflows Top $22M
Key Insights
Solana ETF inflows reached $22.14 million this week, signaling sustained institutional accumulation and reinforcing short-term support above the 50-day EMA level.
Futures open interest climbed to $5.53 billion, highlighting increased retail participation and growing
CryptoNewsLand28m ago
Solana CPO Vibhu Buys $10K XRP to Demonstrate wXRP Potential as Liquidity Hits $1M in 24 Hours
Solana's Chief Product Officer bought $10,000 in XRP to showcase wXRP's utility, driving $1 million in liquidity within 24 hours. This highlights growing interoperability in DeFi and signals a shift in liquidity flows as ecosystems merge.
GateNews2h ago
Major SOL Short Seller Opens $18M Leveraged Long Position in Brent Oil on Hyperliquid
Gate News message, the largest on-chain SOL short position holder has opened a long position in oil. Over the past 10 hours, the trader deposited 9 million USDC into Hyperliquid and opened a 3x leveraged long position on 200,687 BRENTOIL, valued at $18.08 million. The trader continues to maintain a
GateNews7h ago
Solana Now Supports WXRP, Enabling XRP Holders to Access Solana DeFi
Solana introduced WXRP, a bridged token equal to XRP, on April 18. Issued by Hex Trust and supported by LayerZero, WXRP allows XRP holders to engage in Solana's DeFi ecosystem while retaining their original assets. It is backed 1:1 by XRP and can be redeemed anytime.
GateNews10h ago
Solana Price Stalls Near $80 as ETF Outflows Weigh
Solana trades around $80, facing bearish sentiment due to ETF outflows and declining retail participation. Technical indicators show mixed signals, with resistance at $87 and $98, while support at $77 remains critical for stability.
CryptoFrontNews04-18 22:37
Solana Adoption Surges to 167M While Usage and Price Diverge
Key Insights
Solana reached 167 million holders, signaling strong adoption growth even as active addresses declined, showing a widening gap between ownership and usage trends.
Institutional interest increased as DeFi Development Corp accumulated over 2.22 million SOL, reinforcing long-term c
CryptoNewsLand04-18 09:10
