Singapore Gulf Bank offers stablecoins and Fiat

Singapore Gulf Bank (SGB), a fully licensed bank backed by Whampoa Group and Bahrain based Mumtalakat, launches a GCC and Asian industry first bank-operated network that brings USD and stablecoins together in one regulated platform enabling near real-time settlement and simpler treasury workflows. This represents an evolution of SGB Net, its proprietary real-time clearing network.

The upgrade offers a number of benefits for institutional users, including real-time settlements between fiat and stablecoins across borders, simplified treasury management across multiple currencies and blockchains, and institutional-grade safety supported by rigorous KYC, KYB, and AML controls. Digital asset custody and transaction security are underpinned by SGB’s partnership with Fireblocks.

SGB Net currently processes in excess USD 2 billion in monthly fiat transaction volume, and is growing at an average month-on-month rate of 92.64%. The new upgrade extends the network’s real-time, multi-currency clearing capabilities into the stablecoin domain, creating a unified, regulated environment for managing both fiat and digital assets.

The stablecoin layer will allow clients to conveniently mint, convert, hold, and trade leading stablecoins, including USDC and USDT, on major blockchains such as Solana, Ethereum and Arbitrum across the SGB Net participants. The aim it to eliminate operational fragmentation and significantly simplifies payments, treasury management, and cross-border liquidity operations for institutional users.

“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.”

SGB is working with issuers, ecosystem partners and regulators to establish appropriate guardrails and risk management frameworks. Access is scheduled to begin in Q1 2026.

In April 2025, Singapore Gulf Bank (SGB) based in Bahrain, launched its personal banking services enabling instant movement between crypto and fiat via top licensed exchanges with instant off and on ramping.