{"id":42237,"date":"2022-12-15T18:44:47","date_gmt":"2022-12-15T22:44:47","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=42237"},"modified":"2022-12-15T18:44:50","modified_gmt":"2022-12-15T22:44:50","slug":"jewel-bermuda-based-bank-to-launch-stablecoins-on-polygon","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/jewel-bermuda-based-bank-to-launch-stablecoins-on-polygon\/","title":{"rendered":"Jewel, Bermuda-based bank, to launch stablecoins on Polygon"},"content":{"rendered":"\n
Jewel Bank in Bermuda, has formed a partnership with the technology firm Polygon<\/a> to launch a stablecoin backed by U.S. dollars.<\/h5>\n\n\n\n
\"Jewel,
Jewel, Bermuda-based bank, to launch stablecoins on Polygon<\/figcaption><\/figure>\n\n\n\n

According to Jewel Bank founder and chairman Chance Barnett, institutions in Bermuda will soon be able to trade real-time settlements using a stablecoin pegged exactly to the US dollar.<\/p>\n\n\n\n

The first stablecoin to be made available in the region<\/a> is called Jewel USD (JUSD), and it runs on the Polygon blockchain, allowing transactions between wallets accessible to institutional clients. <\/p>\n\n\n\n

The bank intends to utilize the Polygon ecosystem in the future for commercial and retail stablecoin-based payment solutions, including exchanges between institutions, businesses, and individuals as well as transactions between institutions and businesses.<\/p>\n\n\n\n

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\u201cThe need for a USD real-time settlement network outside of the U.S. is significant for both fintechs and digital asset firms, so we\u2019re filling a large gap in the market,” said Barnett. \u201cThe U.S. has solutions like Signature Signet for real-time settlement, and now Jewel Bank is providing a Bermuda-based non-U.S. solution for the industry, and the response by clients in signing up prior to launch has been significant.\u201d<\/p>\n<\/blockquote>\n\n\n\n

25 stablecoins, including a fake euro token, a Japanese stablecoin linked to the yen, and a South African stablecoin fixed<\/a> to the rand 1:1, are now traded on the Polygon network.<\/p>\n\n\n\n

The bank stated that even though a precise launch date has not been determined, it should occur soon. According to Jewel, bank-level audits and regulatory control of the stablecoin's operations and reserves\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> would be conducted, with updates provided on a monthly and quarterly basis.<\/p>\n\n\n\n

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\u201cThe stablecoin is directly issued by the bank, not a lesser regulated entity that doesn\u2019t directly hold USD fiat deposits\/reserves the way a bank can. This reduces risks for stablecoin holders,\u201d commented Barnett, also stating: \u201cJUSD transactions will only be possible between permissioned clients\/wallets, eliminating the ability for bad actors to use these assets for any unsanctioned activity. Jewel may seek to open up its stablecoin to non-clients in the future.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Bermuda has been encouraging the business of digital assets <\/a>in an effort to maintain its relevance as a financial jurisdiction. The territory announced a collaboration with stablecoin platform Stablehouse in 2020 to launch a pilot program for a digital “stimulus” token that would target both locals and business owners.<\/p>\n\n\n\n

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\u201cWith a plan to develop into an international center for digital assets business, in 2018, Bermuda created regulatory clarity and a legal framework for both digital assets and banking. […] Meanwhile, the U.S. and other leading economies and their regulatory bodies have yet to provide similar clarity and holistic frameworks for digital assets and digital asset businesses,\u201d claimed Barnett. <\/p>\n<\/blockquote>\n\n\n\n

As of June 2022, the Bermuda Monetary Authority had awarded 14 licenses to cryptocurrency companies, four of which were issued in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jewel Bank in Bermuda, has formed a partnership with the technology firm Polygon to launch a stablecoin backed by U.S. dollars. According to Jewel Bank founder and chairman Chance Barnett, institutions in Bermuda will soon be able to trade real-time settlements using a stablecoin pegged exactly to the US dollar. The first stablecoin to be […]<\/p>\n","protected":false},"author":43,"featured_media":42239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10407,395,926],"class_list":["post-42237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bermuda","tag-polygon","tag-stablecoins"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/12\/20221215_233236_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/42237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=42237"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/42237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/42239"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=42237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=42237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=42237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}