Jewel USD (JUSD), a fully backed stablecoin that can be used on the Polygon network, will be released by Bermuda-based Jewel Bank on Monday. JUSD will keep its reserve ratio with the US dollar at least at 1:1. The bank also stated that it would regularly assess its reserves and issue monthly and quarterly updates.
Due to Jewel's cooperation with Polygon, future retail and commercial stablecoin payment solutions will utilize the Polygon ecosystem and the blockchain for JUSD transactions. The blockchain will be used for JUSD transactions thanks to Jewel's relationship with Polygon, and the bank will make use of the Polygon ecosystem for upcoming commercial and retail stablecoin-based payment solutions.
Chance Barnett, the founder and chairman of Jewel Bank, was quoted in the press release saying:
“Our partnership with Polygon Companies helps power a key part of our long-term stablecoin infrastructure, which brings bank-grade safety, speed, and security to stablecoins.”
The Bermuda Monetary Authority granted Jewel Bank full banking and digital asset licenses in June, making it the first digital asset bank in the country.