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Bermuda digital bank launches USD stablecoin

Chance Barnett, co-founder and chairman of Jewel Bank (File photograph)

Jewel, Bermuda’s new digital bank for global digital asset institutions, has partnered with blockchain development ecosystem, Polygon, to issue its Jewel USD stablecoin, Asset Servicing Times has reported.

The bank is the first to be licensed to issue stablecoins by the Bermuda Monetary Authority, and will be the first to offer a bank-grade, bank-issued and fully-reserved USD stablecoin on Polygon and in the Web3 space.

The industry publication credits the bank with saying this makes it a safer, more transparent and appealing option for investors.

The statement added that the safety will be maintained through monthly and quarterly updates on the JUSD reserves, with a minimum reserve ratio of 1:1 with the USD.

Polygon currently facilitates the trades of 25 stablecoins, and will offer Jewel Bank its layer-2 Ethereum-based scaling solutions to provide real-time settlement.

The bank plans to expand its stablecoin-based payments to include institutional, business and individual payments through Polygon’s system in the future.

Chance Barnett, co-founder and chairman of Jewel Bank, commented: “Our partnership helps power a key part of our long-term stablecoin infrastructure, which brings bank-grade safety, speed and security to stablecoins.

“We are looking forward to working closely with Polygon Companies as we hope to lead the evolution of payments and settlement on the new stablecoin payment rails.”

Sandeep Naiwal, co-founder of Polygon, said: “We're delighted to work with Jewel Bank to bring new use cases to the Polygon ecosystem that are valuable to both retail and institutional investors alike.”

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Published December 13, 2022 at 7:46 am (Updated December 13, 2022 at 7:46 am)

Bermuda digital bank launches USD stablecoin

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