Jewel, Bermuda’s first digital asset financial institution, has launched the stablecoin JUSD on Polygon Community. The corporate will launch a quarterly report on its reserves.
On Monday, Jewel introduced in a Twitter put up that it’ll launch a polygon-based stablecoin known as Jewel USD (JUSD). Keep a reserve ratio of at the least 1:1 with the USD. Because of this for each US greenback in circulation, the banks backing it’s going to have precisely $1 in reserves.
Moreover, the financial institution commits to month-to-month and quarterly reporting on the standing of its stablecoin reserves and common audits of these reserves.
Jewel will even use the Polygon ecosystem to energy future stablecoin-based cost options for companies and customers.
“Our relationship with Polygon Enterprises helps energy a big a part of our long-standing stablecoin infrastructure, which gives velocity, banking security, and safety to our stablecoins.”
Probability Burnett, Founder and Chairman of Jewel Financial institution
Jewelbank turned the primary digital asset financial institution in Bermuda in June after acquiring a full banking and crypto asset enterprise license from the Bermuda Financial Authority. The financial institution will assist Bermuda go digital whereas offering native retail banking options.