It was revealed this Friday that Singapore Gulf Bank (SGB) has launched a USDC minting and redemption service on the Solana network. This initiative, announced by the entity backed by Bahrain’s sovereign wealth fund, allows institutional and high-net-worth clients to settle digital and fiat assets instantaneously through a 24/7 service, eliminating reliance on conventional banking hours.
The use of Solana as the primary infrastructure is due to its high speed and low operating costs, which are critical factors for attracting institutional capital flows. The integration enables transactions exceeding $100,000 USD directly from bank accounts, featuring a temporary waiver of network fees (gas fees). This move occurs within a context of global expansion, where giants like Mastercard and Visa are also accelerating their integration with stablecoins to optimize cross-border payments.
With a track record of processing over $7 billion in transactions, SGB plans to expand this service to other assets such as USDT and USDe, in addition to opening access to retail users by the end of the second quarter of 2026. This step consolidates the role of Layer-1 networks in modernizing global banking clearing systems.
Source:https://goo.su/IzAR2o
Disclaimer: Crypto Economy Flash News is prepared from official and verified public sources by our editorial team. Its purpose is to provide quick information on relevant facts within the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We recommend always verifying the official channels of each project before making related decisions.
