Singapore Gulf Bank Launches USDC Mint Service With 24/7 USD Conversion on Solana

TLDR:

• Singapore Gulf Bank enables 1:1 USD to USDC conversion with round-the-clock settlement on the Solana network
• The service removes fees for a limited time, allowing institutions to test seamless crypto-fiat transactions
• Wu Blockchain reported that the platform supports instant minting and redemption without time restrictions
• The bank plans to extend access to retail users by the end of Q2 after the initial institutional rollout phase

Singapore Gulf Bank has introduced a new stablecoin service that enables direct conversion between USD and USDC on Solana.

The offering provides continuous settlement and removes fees for a limited period, targeting institutional participants at launch.

Institutional Access to 24/7 Stablecoin Conversion

Singapore Gulf Bank has rolled out a mint and redeem service for USDC, allowing direct conversion between USD and USDC. The service supports a one-to-one exchange ratio and operates without fees during the initial phase.

A post shared by Wu Blockchain on X reported the launch and confirmed key features of the service. The tweet noted that the platform enables 24/7 settlement on Solana while maintaining a fixed USD–USDC conversion rate.

The service operates on the Solana network, which is known for fast transaction speeds and low fees. As a result, clients can complete transactions at any time, including weekends and holidays. This continuous availability supports institutions that require round-the-clock liquidity.

In addition, the fee waiver lowers entry barriers for early users. Institutions can test the service without incurring extra costs. This approach may support early adoption while giving the bank time to scale operations.

The focus on institutional users reflects current demand patterns in digital asset markets. Large entities often require efficient fiat-to-crypto rails for treasury and trading operations. Therefore, the service is positioned to meet those operational needs.

Expansion Plans Toward Retail Users

Singapore Gulf Bank has stated that the service will extend to individual users by the end of the second quarter. This planned rollout suggests a phased approach to onboarding. The bank appears to be testing the infrastructure with institutional flows before opening wider access.

The tweet referenced the official announcement, which confirms that retail availability remains part of the near-term roadmap. As a result, individual users may soon gain direct access to minting and redeeming USDC through the platform.

Moreover, the use of Solana may appeal to users seeking faster settlement compared to other networks. The blockchain’s design supports high throughput, which aligns with payment and conversion use cases. This setup could support broader participation once retail access begins.

At the same time, the bank’s move reflects growing interest in stablecoin services tied to traditional finance. Institutions and individuals continue to look for reliable on-ramps and off-ramps. Therefore, offerings that combine fiat access with blockchain settlement are gaining attention.

The current rollout remains limited to selected clients. However, the upcoming expansion indicates a wider strategy. By gradually opening access, the bank can monitor performance and user activity while refining the service.

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