Singapore's Bay Bank upgrades its clearing network to support stablecoin settlement services

Singapore Gulf Bank (SGB) has announced an upgrade to its multi-currency real-time clearing network SGB Net, adding stablecoin settlement capabilities. Institutional clients will be able to trade, mint, convert, hold, and transfer stablecoins, including Circle's USDC and Tether's USDT, within a single regulatory infrastructure, with these stablecoins operating 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 positions SGB as the default bank for managing fiat and multiple stablecoins within a single regulatory infrastructure. The bank currently processes approximately $2 billion in fiat transaction volume each month.

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