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Singapore Gulf Bank said it will offer retail customers two-way conversions between the U.S. dollar and the stablecoins USDT and USDC through its mobile banking app, according to Wu Blockchain.
Customers can convert dollars into USDT or USDC, or exchange them back into dollars, without moving funds to a crypto exchange, Wu Blockchain reported. The bank also allows users to hold USDT, USDC and other fiat currencies in a single bank account. The conversion service is available 24 hours a day from Monday through Friday. SGB is a digital bank licensed by the Central Bank of Bahrain and has previously entered into a strategic partnership with Payward, Kraken’s parent company.