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Singapore Gulf Bank has introduced a crypto service that lets eligible clients convert fiat currency and USDC directly through bank accounts. The bank says the service supports real-time settlement and removes the need for correspondent banking networks in cross-border transfers. It announced the rollout on Friday as stablecoin use in banking continues to expand.
The service targets corporate clients and high-net-worth individuals. At launch, corporate clients can process USD Coin transactions starting at $100,000.
SGB says clients can convert USD to USDC and back through their accounts. The bank built the service for continuous settlement. In turn, payments can move faster with fewer delays.
SGB also plans to add USDT, USDe, and USDG to the service. For now, the bank will waive gas fees and banking charges on Solana transactions. It will also offer volume-based incentives during the promotional period.
The service runs on SGB Net, the bank’s proprietary clearing infrastructure. SGB says the system links traditional banking rails with blockchain networks. That setup lets institutional users transfer funds between conventional currencies and stablecoins with less friction.
SGB was founded by the Whampoa Group in Singapore. The bank says it designed the service for use inside a regulated banking environment. It also says institutional customers need compliance and security safeguards when accessing digital assets.
At the same time, stablecoin development has gathered pace across financial markets. Authorities and banks in several countries are testing practical uses for blockchain-based settlement. Many of those efforts focus on faster transaction processing.
Those trials reflect a wider push to make cross-border payments more direct. They also show how banks are exploring new rails for moving money. As a result, stablecoins and tokenized deposits now sit closer to mainstream banking projects.
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JPMorgan Chase already runs a blockchain-based payment network. Its JPM Coin allows institutional customers to move dollars between accounts for immediate settlement and liquidity management. The project is widely seen as an early banking use of blockchain infrastructure.
Elsewhere, BNP Paribas has joined projects that test tokenized deposits and digital euro-style settlement systems. Those projects seek faster cross-border payments for corporate clients. They also show how large banks are studying tokenized money.
Last year, 10 European banks, including ING, UniCredit, and BNP Paribas, formed a company tied to a stablecoin initiative. The group plans to launch a euro-backed stablecoin in the second half of 2026. French Finance Minister Roland Lescure called for banks to keep exploring tokenized deposits.
Singapore Gulf Bank has launched a direct fiat-to-USDC service for corporate clients and high-net-worth individuals, aiming to speed cross-border payments through real-time settlement. With Solana fee waivers, SGB Net integration, and plans to add more stablecoins, the rollout reflects growing institutional interest in regulated digital asset services.
