Singapore-based DBS Bank Launches Stablecoin Issuance and Redemption Service

BlockBeats News, April 17th, Singapore Gulf Bank (SGB) announced today the launch of a stablecoin issuance and redemption service. Corporate and high-net-worth clients can now directly exchange between fiat currency and stablecoins through their SGB accounts, enabling real-time settlement 24/7 without relying on traditional correspondent banking processes. To support the launch, SGB took the unprecedented step in the banking industry of waiving the gas fees and bank charges incurred by users for minting and redeeming tokens on Solana within a limited time period. At the end of the promotional period, customers will also receive corresponding rewards based on their transaction volume.

SGB CEO Tan Shao-En stated: "The challenge of cross-border fund transfers and capital placement has become a key factor limiting customer growth. By directly integrating stablecoin issuance/redemption into the banking system, we have achieved real-time conversion between fiat and digital assets. We are building a bank for a borderless world."

This service has been integrated into SGB's proprietary settlement network, SGB Net, supporting seamless on-chain and off-chain fund movement.

Initially, the launch will support transactions of USDC equal to or greater than $100,000, with future support for USDT, USDe (Ethena), and Global Dollar (USDG).