Singapore Gulf Bank Launches USDC Mint on Solana as Network Crosses $1 Trillion

The Solana network has been seeing steady growth in usage this year, but a new move from Singapore Gulf Bank adds a different layer to that trend. As stablecoin adoption expands, parts of traditional banking are beginning to connect more directly with blockchain systems. The shift is still early, but it’s happening alongside a noticeable rise in Solana network activity.

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Bank-Backed USD–USDC Conversion Goes Live as Solana Usage Surges

Singapore Gulf Bank has introduced a USDC mint and redeem service that allows clients to convert between fiat and stablecoins at a 1:1 ratio. The service runs continuously and is integrated within the bank’s own system. It allows funds to move without relying on external intermediaries.

At launch, the offering is limited to corporate and high-net-worth clients, with a minimum transaction size of $100,000. The bank said the goal is to improve cross-border payments and treasury management by reducing settlement delays. For a limited period, it is also waiving fees for minting and redeeming on Solana. Shawn Chan, CEO of Singapore Gulf Bank, said,

“By integrating stablecoin mint and redeem directly into the banking environment, we enable real-time movement between fiat and digital assets, improving cash flow, payments, and treasury management. We are building the bank for a borderless world, where businesses and individuals operate across jurisdictions.”

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Network Activity Continues to Rise Along With Adoption

The choice of Solana reflects its positioning as a high-speed, low-cost network suited for real-time settlement. The timing is notable. Solana’s total economic activity reached $1.1 trillion in Q1 2026, its first time crossing that mark, according to Artemis data. That’s up from roughly $600 billion in Q3 2025 and about $850 billion in Q4.

The increase in activity has been gradual and not sudden. It has come even as price movement has stayed relatively muted. Meanwhile, the price of Solana surged by nearly 4% over the past 24 hours. SOL went from trading at a low of $84.20 to a high of $90.38. At press time, the asset was trading at $88.14.

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