Jewel Bank and Polygon will introduce the first USD-backed stablecoin in Bermuda

The JUSD stablecoin will facilitate settlements in real-time for institutional investors in the jurisdiction.

Founder and chairman of Jewel Bank, Chance Barnett, recently informed Cointelegraph that his company is developing a stablecoin that will be pegged one-to-one to the US dollar and made available for trading in real-time by Bermuda’s financial institutions.

The first stablecoin in the region is called Jewel USD (JUSD), and it runs on the Polygon blockchain to facilitate trades between wallets accessible to institutional customers. Bank transactions between organizations and corporations, as well as individual payments, will soon be possible via the Polygon ecosystem thanks to stablecoins.

“The demand for a USD real-time settlement network outside the U.S. is critical for both fintechs and digital asset enterprises, so we’re addressing a huge market need,” Barnett said. Jewel Bank, situated in Bermuda, is offering a non-U.S. option for the sector, joining the likes of Signature Signet in facilitating real-time settlement in the United States.

There are now twenty-five different stablecoins being traded on the Polygon blockchain. These range from a synthetic euro token to a Japanese stablecoin pegged to the Yen to a South African stablecoin linked 1:1 with the South African rand.

The bank has indicated that the rollout will occur within the next months, but no firm timetable has been specified. Jewel claims that regulatory control and audits at the bank level will be applied to the stablecoin’s operations and reserves on a weekly and quarterly basis.

“JUSD transactions will only be permitted between clients/wallets with authorization, removing the opportunity of bad actors to exploit these assets for unauthorized purposes. Jewel may decide in the future to provide its stablecoin to non-clients.”

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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