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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
While the industry faces turmoil, "Nvidia-backed" Nscale presses ahead for NYSE listing! New IPO prospectus reveals 1,344% surge in revenue but a quarterly net loss of $1.69 billion
Nscale, a "New Cloud" provider backed by Nvidia, submitted its latest filing for an initial public offering (IPO) in the United States on Thursday.
AI capital expenditures peak as global stock market profits"shift gears"! Goldman Sachs outlines three major themes for 2027
Goldman Sachs Portfolio Strategy Research Department pointed out that as the artificial intelligence investment boom peaks, global stock market earnings growth is expected to decline by more than half in 2027. However, recent valuation declines have created attractive entry points for long-duration technology growth stocks.
Nvidia (NVDA.US) CEO resigns, causing U.S. stocks to fall; Dow Jones drops 189 points
The resignation of Nvidia CEO Jensen Huang has triggered management turmoil, coupled with espionage rumors, leading to a broad decline in the New York stock market on the 12th. The Dow Jones Industrial Average closed down 189.40 points, with the S&P 500 and the Nasdaq Composite also posting losses, and small and mid-cap stocks experiencing the largest declines. Although the long-term outlook for AI remains unchanged, individual corporate governance risks are significantly weighing on the sentiment of the technology sector, driving funds to shift toward competitors and non-tech blue-chip stocks.
US Senate Finance Committee Chair subpoenas Jensen Huang and Lutnick to testify on Nvidia controversy
Crypto prices
More
