WuBlockchain
Singapore Gulf Bank (SGB) has enabled retail customers to convert between U.S. dollars and USDT or USDC through its mobile banking app. The service works in both directions and is available 24 hours a day, Monday through Friday.
Why it matters
Customers can hold USDT, USDC and other fiat currencies in the same bank account, without first transferring funds to a crypto exchange. The setup brings stablecoin conversion into a retail banking app.
Market impact
SGB, launched by Singapore’s Whampoa Group, is one of Asia’s most important crypto-friendly banks. Its retail service gives customers a direct banking channel to convert between dollars and the two named stablecoins.
Source: [Singapore Gulf Bank Launches Stablecoin Conversion Services for Retail Banking Customers](https://www.wublockchain.xyz/news/singapore-gulf-bank-stablecoin-conversion-retail-banking-21265)
Frequently asked questions
-
Which stablecoins can Singapore Gulf Bank customers convert?
Retail customers can convert between U.S. dollars and USDT or USDC through SGB’s mobile banking app.
-
Can customers convert USDT and USDC back into U.S. dollars?
Yes. The conversion service works in both directions between U.S. dollars and either USDT or USDC.
-
Do customers need to transfer funds to a crypto exchange?
No. Customers can use SGB’s mobile banking app and hold USDT, USDC and other fiat currencies in the same bank account.
-
When is Singapore Gulf Bank’s conversion service available?
The service is available 24 hours a day from Monday through Friday.
-
Who launched Singapore Gulf Bank?
Singapore Gulf Bank was launched by Singapore’s Whampoa Group and is described as one of Asia’s most important crypto-friendly banks.
CryptoSlate
WatcherGuru
TheBlock
CoinDesk
Crypto News
CoinTelegraph