Singapore Gulf Bank has adopted BNY's 24/7 USD Book Transfers service, letting eligible clients settle qualifying dollar payments on weekends and U.S. public holidays. The move narrows the always-on edge of stablecoins.
Singapore Gulf Bank adopted BNY's 24/7 USD Book Transfers service, giving eligible corporate and retail clients a way to settle qualifying dollar payments outside standard U.S. banking hours. That includes weekends and U.S. public holidays.
The service can be used for account funding, corporate payables and time-sensitive cross-border treasury transactions. Singapore Gulf Bank said it is among the first financial institutions globally to adopt the system.
Dollar settlement moves past the banking clock
Transfers can settle at any time between eligible accounts held directly with BNY or through correspondent banks enrolled in the network. For companies working across several time zones, waiting for U.S. banking hours can create liquidity and settlement delays.
BNY said continuous settlement gives institutions "greater agility in managing liquidity", according to Bana Akkad Azhari, EMEA head of global payments and trade at BNY. For Singapore Gulf Bank, the integration also expands its correspondent banking network across the Gulf, Asia and other markets.
What it means for stablecoins
One of the strongest arguments for dollar-backed stablecoins such as USDC and USDT has been their ability to move globally at any hour, while conventional banking infrastructure often pauses overnight or on weekends.
BNY's system, however, does not replicate permissionless blockchain settlement. Transfers stay limited to eligible institutions and accounts within its participating banking network.
Still, 24/7 settlement narrows part of the operational gap. As banks modernize payment infrastructure, stablecoins may increasingly compete on programmability, global accessibility and onchain integration rather than round-the-clock availability alone.
Source: Bitcoin News
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