• May 18, 2024

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Jewel Bank Intends to Issue a Polygon-based Stablecoin

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Jewel Bank, a bank based in Bermuda, has announced it has plans to release the Jewel USD (JUSD), a US dollar-pegged stablecoin on the Polygon network.

The institution will maintain stablecoin collateral at a ratio of at least 1:1 and publish a reserve report on a monthly basis, according to the report.

Jewel Bank founder and chairman Chance Barnett has commented:

“Our partnership with Polygon helps secure a key part of our long-term stablecoin infrastructure that provides bank-grade reliability, speed and security.”

The bank plans to develop solutions for commercial and retail payments in JUSD based on the blockchain platform ecosystem.