Singapore's DBS Bank has upgraded its clearing network to support settlement services for stablecoins, enhancing the efficiency and security of digital currency transactions.

ChainCatcher News: Singapore’s Gulf Bank (SGB) announces the upgrade of 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. These stablecoins operate on blockchains such as Ethereum and Solana.

SGB CEO Shawn Chan stated: “Stablecoins have become working capital in the digital asset economy, but managing them remains overly complex. This upgrade makes SGB the default bank for managing fiat and multiple stablecoins within a single regulatory infrastructure.” The bank currently processes approximately $2 billion in fiat transactions per month.

The service includes compliance checks such as KYC, KYB, and AML, with digital asset custody and trading security provided through a partnership with Fireblocks. According to data from DefiLlama, the current total stablecoin market size is approximately $304.9 billion. The network is expected to open to customers in Q1 2026. Singapore’s Gulf Bank is supported by Whampoa Group and Mumtalakat and is regulated by the Central Bank of Bahrain.