Singapore Gulf Bank announces regulated fiat-stablecoin interoperability service

Singapore Gulf Bank has announced a new service that lets institutions mint, trade and convert stablecoins to fiat within a single regulated platform.

According to a press release shared with crypto.news, the new service will allow SGB clients to mint, convert, hold, and trade stablecoins like USDC (USDC) and USDT (USDT) across major blockchain networks like Solana, Ethereum, and Arbitrum on SGB Net.

“Our ambition is to become the one bank for all of finance,” SGB’s Chief Executive Officer Shawn Chan said in an accompanying statement, adding that stablecoin management solutions remain “unnecessarily complex.”

SGB Net is a proprietary real-time, multi-currency clearing network that the bank launched earlier this year, specifically for digital asset firms. According to the bank, it currently processes over $2 billion in monthly fiat transaction volume.

The platform will come with built-in safeguards, including full compliance with Know Your Customer, Know Your Business, and anti-money laundering rules.

The bank has partnered with crypto infrastructure provider Fireblocks to handle custody of funds.

Singapore Gulf Bank and Fireblocks partnered in November. At the time, the bank said the partnership would help it automate treasury operations and mitigate operational risks.

SGB is currently working with its ecosystem partners and regulators to implement appropriate guardrails and expects to begin providing access to the service by Q1 2026.

Based on ongoing market trends, it is evident that there has been an increase in demand for regulated access to stablecoins, specifically dollar-backed stablecoins, which remain the dominant vehicle for digital liquidity and global settlements.

Last month, USDT issuer Tether launched USA₮, a federally regulated U.S. stablecoin that is compliant with the newly enacted GENIUS Act. 

Elsewhere, in the UAE, Universal Digital Intl Limited has launched the country’s first central bank–approved stablecoin dubbed USDU, which is fully backed by U.S. dollars.