Organizations seeking to establish a presence in emerging technologies such as blockchain are not discouraged by the bearish crypto market and recent industry developments.
The Bermuda-based Jewel Bank announced the launch of its stablecoin, Jewel USD (JUSD), on Monday, December 12. According to the announcement, the bank has the resources to support each distributed stablecoin unit.
The bank has committed to auditing the stablecoin’s reserves and publishing monthly and quarterly reports to the public and appropriate authorities on the results of the exercise.
According to a press release from the bank, the newly launched JUSD will be pegged to the American Dollar (USD) at a 1:1 ratio.
Stablecoins issued by banks and known to be fully pegged to the fiat USD could provide some level of stability to those concerned about the recent high volatility in the cryptocurrency market, particularly in light of the recent collapse of one of the world’s largest exchanges, FTX, and the bankruptcy of other related crypto firms in recent weeks, as well as the persistent bear market.
According to the bank’s announcement, the Polygon network fully supports its stablecoin JUSD, and their partnership will encourage further business dealings.
According to Jewel Bank’s founder and chairman, Chance Barnett, “Our partnership with Polygon Companies helps power a key part of our long-term stablecoin infrastructure, bringing bank-grade safety, speed, and security to stablecoins.”
It is worth noting that the Bermuda-based bank was granted a full license to operate as the country’s first digital bank in June.
In addition, Jewel is the first non-US bank to be licensed to issue stablecoins and provide real-time settlement services to digital asset organizations worldwide.
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