Jewel Bank aimed to launch a new stablecoin “JUSD” on the Polygon network for institutions.
In near future, all Institutions which are based in Bermuda will be able to trade with the help of a new stablecoin “JUSD”. JUSD stablecoin will be launched by Jewel Bank on the Polygon network. The new stablecoin will remain pegged to a $1 value always in 1:1.
In an interview with Cointelegraph, Chance Barnett, founder of jewel Bank, said that JUSD will be the first stablecoin in the territory of Bermuda, where institutions will get innovative ways to deal with the cash flows.
Barnett explained that JUSD access will be available via a unique digital wallet, which will be provided to institutions. It will also allow the institutions to transfer funds to each other, without any tension of third-party needs but redemptions will require the need of Jewel Bank.
He also said that Bank aimed to bring the JUSD use case to the retail & commercial levels in the future. Initially, it will be available to only institutions.
Jewel Bank founder further said;
“The need for a USD real-time settlement network outside of the U.S. is significant for both fintech and digital asset firms, so we’re filling a large gap in the market.”
Barnett noted that US-based institutions & businesses can easily transfer their funds in real time via Signature Signet but the same kind of things are not available in Bermuda, so JUSD aimed to bring a better payment system as an alternative to the US.
To fight against the bad actors or misuse of JUSD stablecoin, Bank will take full control of the launch & control of JUSD supported wallets. So in this way bank will allow approved institutions to use it.
This is only planning and the final date of the launch of JUSD has not been set yet. To this date, there are 25 stablecoins on the Polygon network including the euro token, a Yen-pegged Japanese stablecoin.