New Stablecoin Movement from Bermuda Digital Bank
New Stablecoin Movement from Bermuda Digital Bank. Jewel USD stablecoin will be launched on Polygon. Bermuda-based Jewel Bank announced on Monday that it is launching a fully paid-up coin called Jewel USD (JUSD) which has been sourced from the Polygon network.
In a press release, Jewel said that JUSD will maintain a reserve ratio of at least 1:1 to the US dollar, ensuring that the bank will always have funds in its reserves to support each JUSD in the campaign.
The bank said it will conduct regular research on stablecoin security and provide monthly and quarterly reports. Given the recent turmoil surrounding the collapse of the crypto exchange FTX, banked coins, which are often pegged to fiat currencies, could provide market stability for those who fear volatility. cryptocurrency money.
Reviews of major exchanges have been published, such as the recent proof-of-concept report for Crypto.com, to provide some reassurance that individual client assets are well supported. Jewel’s partnership with Polygon means blockchain will be used for JUSD transactions, and the bank will also use Polygon’s ecosystem for future transaction and store-based payment solutions.
“Our partnership with Polygon Companies enables an important part of the long-term stable financial infrastructure, which brings bank-level security, speed and safety to stablecoins,” said Jewel Bank Founder and Chairman, Chance Barnett. and news reports. . In June, Jewel Bank received a full banking license and digital license from the Bermuda Monetary Authority, becoming the first digital bank in the country.