Singapore Gulf Bank Adds Stablecoin Settlement for Institutional Clients

Singapore Gulf Bank (SGB) said it has upgraded its multi-currency, real-time clearing network, SGB Net, to support stablecoins alongside fiat currencies, allowing institutional clients to manage both within a single banking platform.

Under the new setup, clients will be able to trade, mint, convert, hold and transfer stablecoins including Circle’s USDC and Tether’s USDT across blockchains such as Ethereum, Arbitrum and Solana. According to a spokesperson for the bank, the service is only available to SGB’s corporate clients.

The upgrade extends Singapore Gulf Bank’s clearing system into the stablecoin market, according to a press release viewed by The Defiant. SGB Net currently processes about $2 billion in monthly fiat transaction volumes, the bank said.

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