Singapore Gulf Bank upgrades clearing network to support stablecoin settlement services

According to ChainCatcher, Singapore Gulf Bank (SGB) has announced an upgrade to its multi-currency real-time clearing network, SGB Net, adding stablecoin settlement functionality. Institutional clients will be able to trade, mint, convert, hold, and transfer stablecoins—including Circle’s USDC and Tether’s USDT—within a single regulated infrastructure. These stablecoins operate on blockchains such as Ethereum and Solana.

SGB CEO Shawn Chan stated: Stablecoins have become the working capital of the digital asset economy, but managing them remains overly complex. This upgrade makes SGB the default bank for managing fiat and multiple stablecoins within a single regulated infrastructure. The bank currently processes approximately $2 billion in fiat transactions each month.

The service includes compliance checks such as KYC, KYB, and AML, while digital asset custody and trading security are provided in partnership with Fireblocks. According to DefiLlama data, the current total market size of stablecoins is about $304.9 billion. The network is expected to open to clients in the first quarter of 2026. Singapore Gulf Bank is backed by Whampoa Group and Mumtalakat, and is regulated by the Central Bank of Bahrain.