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Singapore Gulf Bank announced that it would provide retail customers with exchange services for USD and USDT、USDC.
【Singapore Gulf Bank launches stablecoin exchange services for retail customers】
Singapore Gulf Bank (SGB) announced that retail customers can use the mobile banking app to USD and USDT、USDC without transferring funds to a cryptocurrency exchange. Customers can hold USDT、USDC and other fiat currencies in the same bank account. The service supports exchanges for 24 hours from Monday to Friday. Singapore Gulf Bank was initiated by Singapore Whampoa Group.
Singapore Gulf Bank announced that retail customers can use the mobile banking app to exchange USD and USDT、USDC in both directions.
Customers do not need to transfer funds to a cryptocurrency exchange.
Customers can hold USDT、USDC and other fiat currencies in the same bank account.
The service supports exchanges for 24 hours from Monday to Friday.
Singapore Gulf Bank was initiated by Singapore Whampoa Group.
The following is analysis, separate from reported facts. Verify important claims independently.
The service allows retail customers to exchange USD、USDT and USDC directly in the bank's mobile app and hold these assets in the same bank account.
Users do not need to transfer funds to a cryptocurrency exchange first; the process for exchanging and holding the relevant assets is more centralized within the bank account.
USDT and USDC are stablecoins, typically designed to maintain a value close to USD in value. The focus of the service here is that the bank provides an exchange gateway between stablecoins and USD.
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An asset that seeks to track a reference value and is subject to risks including depegging, reserves, and redemption.
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