The bank said its institutional clients will be able to manage fiat currencies and stablecoins in one place.
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.
“Our ambition is to become the one bank for all of finance,” said Shawn Chan, chief executive officer of SGB.
“Stablecoins have become the working capital of the digital asset economy, yet managing them remains unnecessarily complex. This upgrade to SGB Net positions SGB as the default bank for managing fiat and multiple stablecoins within a single, regulated infrastructure.”
The bank said the service includes compliance checks such as KYC, KYB and AML. Digital asset custody and transaction security are provided through a partnership with Fireblocks.
The total stablecoin market currently stands at about $304.9 billion, according to DefiLlama, just underneath its all-time high. USDT accounts for roughly 60% of the market with a market cap of over $185 billion.
Singapore Gulf Bank said it is working with issuers, partners and regulators on risk management and operational standards. Access to the network is expected to roll out to clients sometime in Q1 2026.
Singapore Gulf Bank is backed by Whampoa Group and Mumtalakat and is regulated by the Central Bank of Bahrain.
