"Singapore Gulf Bank's new stablecoin mint and redeem service allows corporate and high-net-worth clients to convert fiat currency to digital assets directly through their SGB accounts, enabling instant, 24/7 settlement."
"In a first for the banking industry, SGB is waiving both gas and bank fees for minting and redeeming on the Solana blockchain for a limited time, aiming to drive adoption."
"The integration of stablecoin mint and redeem services directly into the banking environment addresses long-standing inefficiencies in cross-border capital movement, facilitating real-time transactions."
Singapore Gulf Bank has introduced a stablecoin mint and redeem service for institutional and high-net-worth clients, allowing 24/7 instant settlement for transactions over $100,000. The service bypasses traditional banking flows, addressing inefficiencies in cross-border capital movement. To encourage adoption, SGB is waiving Solana gas and bank fees temporarily. The bank plans to support multiple blockchain networks, prioritizing Solana for its speed and cost efficiency. Clients will also receive volume-based rewards after the promotional period ends.
Read at news.bitcoin.com
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