Singapore Gulf Bank Introduces On-Chain Banking on Solana

Singapore Gulf Bank has introduced a new banking service on the Solana blockchain, catering to institutional clients. This service allows users to mint and redeem USDC (a stablecoin pegged to the US dollar) directly from USD at a 1:1 ratio.

The system enables instant and secure 24/7 settlement from bank accounts to stablecoins. Currently, there are temporary zero fees on transactions, gas, and minting, making it an attractive option for businesses and high-net-worth clients.

According to the announcement, the service is designed to support faster cross-border payments and treasury operations. While initially aimed at institutional clients, the bank plans to expand access to retail users in the future.