Singapore·Bhutan banks fully join Solana ecosystem…Announce on-chain financial services [Breakpoint 2025]

Singapore and Bhutan's major banks have said they will implement financial services such as stablecoin payments and on-chain asset issuance on Solana (SOL), accelerating the entry of traditional finance.

On the 11th (local time) at 'Breakpoint 2025' held at Abu Dhabi Etihad Arena, Justin Peyton, Chief Growth Officer (CGO) of Singapore Gulf Bank, took the stage to officially introduce Solana-based payment and deposit/withdrawal functions.

He said, "We are enabling stablecoins created on-chain to be safely stored, remitted, and exchanged within a regulated banking environment," and explained, "Users can transfer and exchange USDC·USDT to the Solana network from the bank app with just a few clicks."

Singapore Gulf Bank emphasized that it will "directly support the Solana community" through measures such as waived gas fees and transaction fees, automatic Solana wallet integration, and support for both personal and corporate accounts. Peyton, the CGO, said, "70% of our customers are involved in digital asset trading, so demand for Solana-based infrastructure is already sufficient," and added, "The bank will become 'one bank for all finance' connecting traditional finance and on-chain."

Bhutan also declared expansion into the Solana ecosystem at the national level. Yudong Zheng, Chief Executive Officer (CEO) of DK Bank Group, who spoke at the podium, introduced that "Bhutan is already one of the countries with the world's largest bitcoin mining power, and the government's service digital ID is also operated on the blockchain." He went on, "We will now issue the country's first sovereign-backed gold token on Solana."

DK Bank will issue a gold-backed token named 'Ter-Mei Trager' on Solana on December 17 to coincide with Bhutan's national day. The token will be pegged to 1 token = 1 ounce (oz) of gold, and will plan to support physical redemption for holdings of at least 20g. He emphasized, "We will present a tangible asset tokenization model accessible to not only Bhutanese citizens but anyone worldwide," calling it "part of the national strategy to connect Bhutan's traditional assets to digital finance."

Yudong Zheng, CEO, said, "The reason we chose Solana is the reliability and processing speed needed to operate public assets safely on-chain," and added, "We will expand partnerships with global web3 companies and bank partners using Bhutan's resources, policies, and financial institutions." He added, "Starting with the first sovereign gold token, we will actively build a national-level digital asset ecosystem."