Jewel Bank Becomes First To Launch USD – backed Stablecoin In Bermuda

December 16, 2022


Jewel Bank, the Bermuda-based full-service bank that serves digital asset companies globally has launched the first USD – backed Stablecoin on the Polygon blockchain. This Stablecoin is named Jewel USD (JUSD) and is the first Stablecoin to be launched in the territory which enables transactions between wallets for institutional clients.

As a result of this initiative, Jewel bank institutions would now be able to trade real-time settlements using Jewel USD with a 1:1 peg to United States Dollar. As stated by Jewel Bank founder and Chairman Chance Barnett, the bank plans to use the Polygon ecosystem for facilitating commercial and retail Stablecoin-based payment in the territory. This includes transactions between institutions, businesses and individuals.

Barnett says, “The need for USD pegged real–time settlement network outside the USA is important for both Fintech and Digital Asset firms as this would bridge a large payment gap in the market.” Alongside, the Jewel authorities indicate that the stablecoin’s operations and its reserves will be subjected to regulatory oversights and bank–level audits either on a monthly or quarterly basis.

Furthermore, the Stablecoin will be directly issued by the bank, not any unregulated entity which will reduce the risk for Stablecoin holders. To maintain its relevance as a financial jurisdiction by supporting digital asset operations the territory also announced a partnership with the Stablecoin platform,” Stablehouse” in the year 2020 and rolled out a pilot program for digital “stimulus” tokens.

The reports suggest that Twenty –five Stablecoin are currently being traded on the Polygon blockchain. A few of the popular tokens are Synthetic Euro Tokens, South African Stablecoin, and Yen-pegged Japanese Stablecoin.

Exclusively hand curated news, written precisely in short by our editors for a 60 seconds read! We understand that reading multiple news from various resources could be monotonous, time consuming and less interesting. At Dcryptonews, you will experience a new style of reading news with smart keyword, ease of language that is easy to read for a quick news grasp.