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.