Singapore Gulf Bank Launches USDC Mint and Redeem Service on Solana
The bank said the offering enables 1:1 U.S. dollar-to-USDC conversion on Solana with 24/7 settlement, initially for institutional clients and later for individuals.
Summary
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Terms & Concepts
USDC: A U.S. dollar-pegged stablecoin designed to maintain a 1:1 value with the dollar.
Solana: A blockchain network built for fast transaction processing and lower fees.
Mint and redeem: The process of creating stablecoins with fiat deposits and converting them back into fiat at a fixed ratio.