Singapore Gulf Bank (SGB) updated its real-time, multi-currency clearing network, SGB Net, to include stablecoins alongside fiat currencies. The platform will allow institutional clients to trade, mint, convert, hold, and transfer Circle’s USDC and Tether’s USDT across blockchains such as Ethereum, Arbitrum, and Solana.
SGB Net currently processes around $2 billion in monthly fiat transactions. With the update, the network will enter the stablecoin market, valued at approximately $304.9 billion, with USDT representing 60% of the market.
The bank stated that the service includes KYC, KYB, and AML compliance checks, while digital asset custody and transaction security are managed through Fireblocks.
Singapore Gulf Bank works with issuers, partners, and regulators to establish operational and risk management standards. Access to the network for institutional clients will be enabled in the first quarter of 2026.
SGB is backed by Whampoa Group and Mumtalakat and regulated by the Central Bank of Bahrain, with the goal of managing both fiat and stablecoins within a single regulated infrastructure.
Source: https://twitter.com/SGB_app/status/2018260774750413193
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