Singapore Gulf Bank said it is launching a fee‑free service that mints and redeems USDC stablecoins 24/7, settling transactions on the Solana blockchain.
The offering gives banks, hedge funds, and other institutional investors a way to move cash into digital dollars instantly, improving liquidity and reducing settlement risk — a capability that could accelerate broader adoption of stablecoins in traditional finance.
Clients initiate a transfer from their corporate bank account, and the bank creates or burns USDC on demand. The process runs around the clock and, the bank said, carries no fees for institutional users at launch[4]. The 24/7 settlement claim, the bank said, is confirmed by its press release on MSN[2]. The stablecoin used is USDC, the dollar‑pegged token issued by Circle and Coinbase[3].
All minting and redemption actions are recorded on the Solana blockchain, the bank said, because of its high throughput and low transaction costs. Solana’s architecture enables near‑instant finality, allowing funds to be available to the client within seconds of the request.
CoinTelegraph said the lender is Bahrain‑based[1], while MSN, Yahoo Finance, Blockonomi, and other outlets said Singapore Gulf Bank is a Singapore‑based institution[2][3][4]. The higher‑trust tier sources said the Singapore location is correct, so the service is reported as operating out of Singapore.
Analysts said fee‑free, on‑demand stablecoin conversion could draw more institutional volume to the Solana ecosystem, pressuring competing blockchains to lower fees and improve speed. It also gives banks a direct bridge to the crypto market without relying on third‑party exchanges, potentially reshaping how large‑scale fiat is digitized.
“Institutions can convert fiat to USDC at any hour without fees.”
The launch signals a growing convergence between traditional banking and blockchain technology, as banks seek to offer clients instant, low‑cost access to digital dollars. By eliminating fees and operating 24/7, Singapore Gulf Bank may set a new standard for institutional stablecoin services, encouraging competitors to adopt similar models and potentially expanding the overall market for tokenized fiat.
