Singapore-based DBS Bank Launches Stablecoin Issuance and Redemption Service

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On April 17, Singapore Gulf Bank (SGB) today announced the launch of a stablecoin issuance and redemption service. Corporate and high-net-worth clients can now directly swap fiat currency for stablecoins (and vice versa) via their SGB accounts, enabling 24/7 real-time settlement without relying on traditional correspondent banking workflows. To back the launch, SGB has taken an unprecedented step in the banking sector: waiving gas fees and bank charges for users minting or redeeming Solana-based tokens during a limited promotional period. At the close of the promo period, clients will earn rewards tied to their total transaction volume. SGB CEO Tan Shao-En noted: “Challenges with cross-border fund transfers and capital placement have emerged as key barriers to customer growth. By integrating stablecoin issuance and redemption directly into our banking system, we’ve enabled real-time fiat-to-digital asset conversions. We’re building a bank for a borderless world.” The service is integrated into SGB’s proprietary settlement network, SGB Net, enabling seamless on-chain and off-chain fund transfers. Initially, the service supports USDC transactions of $100,000 or more; future support will include USDT, USDe (Ethena), and Global Dollar (USDG).

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