Singapore Gulf Bank (SGB) has introduced what it calls the region’s first bank-operated network to offer US dollar and stablecoin settlement within one regulated platform, signaling a new phase in the convergence of traditional finance and blockchain-based payment rails.
Announced Monday in Manama, Bahrain, the upgrade extends the bank’s proprietary SGB Net clearing system into the digital asset arena, enabling near real-time settlement in both fiat and select stablecoins such as USDC and USDT. The service supports transactions across major blockchains, including Solana, Ethereum, and Arbitrum, effectively merging the bank’s conventional clearing capabilities with on-chain liquidity infrastructure.
The expansion comes as SGB Net’s adoption continues to grow rapidly. The platform currently handles more than $2 billion in monthly fiat volume, with the bank reporting an average 92% month-on-month growth rate. Integrating fiat and digital assets into a single regulated workflow aims to streamline operations for institutions managing cross-border payments, treasury flows, and digital asset exposure.
SGB’s Chief Executive Officer, Shawn Chan, said the initiative reflects a broader ambition to simplify how institutions interact with both traditional money and blockchain-based value. “Our ambition is to become the one bank for all of finance,” Chan said, noting that stablecoins have become critical to digital asset liquidity but remain cumbersome for many businesses to manage. “This upgrade positions SGB as the default bank for handling fiat and multiple stablecoins within one regulated infrastructure.”
The move aligns with a growing global trend: regulated financial institutions are increasingly attempting to bridge traditional banking rails with blockchain settlement layers. Stablecoins, in particular, have positioned themselves as efficient tools for cross-border liquidity management, yet widespread institutional adoption has been limited by compliance demands, custody risks, and fragmented operational setups.
To address these obstacles, SGB says the enhanced platform incorporates institutional-grade compliance controls, including full KYC, KYB, and AML monitoring. The bank also leverages its partnership with digital asset custodian Fireblocks, announced in November 2025, to bolster transaction security and safeguard customer holdings. SGB said it continues to work closely with issuers, ecosystem partners, and regulators to establish risk frameworks for the expanded network.
The upgraded version of SGB Net is expected to open to clients in the first quarter of 2026, marking the next milestone in the bank’s roadmap.
It is worth noting that SGB launched corporate banking services in late 2024 and debuted the original SGB Net clearing platform in May 2025.
