The Jewel bank of Bermuda has taken the initiative to launch the stablecoin.
There has been some positive development from the crypto space in Bermuda as its first digital bank, Jewel Bank, announced its intentions to release a stablecoin on the Polygon blockchain. With the stablecoin pegged to the U.S. dollar, the bank would maintain a 1:1 reserve ratio with the USD and would be fully liable for regular audits and regulatory norms periodically.
The founder and chairman of Jewel Bank, Chance Barnett, said, “The need for a USD real-time settlement network outside of the U.S. is significant for both fintechs and digital asset firms, so we’re filling a large gap in the market,”. He further added, “The U.S. has solutions like Signature Signet for real-time settlement, and now Jewel Bank is providing a Bermuda-based non-U.S. solution for the industry, and the response by clients in signing up prior to launch has been significant.” The launch is expected in a few months, with the stablecoin being one of many traded on the Polygon blockchain.
Bermuda has been trying relentlessly to be a hub of crypto operations, granting licenses to many crypto firms and providing a transparent regulatory framework to the companies to operate in Bermuda. Barnett has also addressed the stablecoin’s security issues, confirming that they would take all measures to ensure secure transactions.