Overview
- SGB introduced a service that lets clients convert funds in their bank accounts to stablecoins and back with near-instant settlement at any time.
- The capability is built into SGB Net, the bank’s clearing system, so money can move between bank ledgers and blockchains without using correspondent banks.
- During a launch promotion, SGB waives bank and network fees on Solana, a fast, low-cost blockchain, and offers volume-based rewards at the end of the period.
- Access starts with USD Coin transactions above $100,000 for corporate and high-net-worth clients, with Tether, Ethena’s USDe, and Global Dollar planned next.
- SGB presents the service as compliant and institution-grade, citing regulation by the Central Bank of Bahrain and backing from Whampoa Group and Bahrain’s Mumtalakat.