{"id":527985,"date":"2022-12-15T23:45:00","date_gmt":"2022-12-15T20:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/jewel-bank-polygon-to-launch-bermudas-first-usd-backed-stablecoin\/"},"modified":"2022-12-15T23:45:00","modified_gmt":"2022-12-15T20:45:00","slug":"jewel-bank-polygon-to-launch-bermudas-first-usd-backed-stablecoin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/jewel-bank-polygon-to-launch-bermudas-first-usd-backed-stablecoin\/","title":{"rendered":"# Jewel Bank, Polygon to launch Bermuda&#8217;s first USD-backed stablecoin"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a0e4c4273c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a0e4c4273c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/jewel-bank-polygon-to-launch-bermudas-first-usd-backed-stablecoin\/#%E2%80%9D_Jewel_Bank_Polygon_to_launch_Bermudas_first_USD-backed_stablecoin_%E2%80%9C\" >&#8221; Jewel Bank, Polygon to launch Bermuda&#8217;s first USD-backed stablecoin &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Jewel_Bank_Polygon_to_launch_Bermudas_first_USD-backed_stablecoin_%E2%80%9C\"><\/span>&#8221; Jewel Bank, Polygon to launch Bermuda&#8217;s first USD-backed stablecoin &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvODk3NjRmMTgtYWIyYy00ZmZlLWFjYTItMThlZjhhNDgzNzkwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>Institutions in Bermuda will soon be able to trade real-time settlements using a stablecoin with a 1:1 peg to the United States dollar, Jewel Bank founder and chairman Chance Barnett told Cointelegraph.\u00a0<\/p>\n<p>Called Jewel USD (JUSD), the first stablecoin to be released in the territory is powered by the Polygon blockchain, enabling transactions between wallets available to institutional clients. In the future, the bank plans to use the Polygon ecosystem for commercial and retail stablecoin-based payment solutions, including transactions between institutions and businesses and payments between individuals. <\/p>\n<p>\u201cThe need for a USD real-time settlement network outside of the U.S. is significant for both fintechs and digital asset firms, so we\u2019re filling a large gap in the market,&#8221; said Barnett. \u201cThe 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.\u201d<\/p>\n<p>Twenty-five stablecoins are currently traded on the Polygon blockchain, including a synthetic euro token, a Yen-pegged Japanese stablecoin and a South African stablecoin pegged 1:1 with the South African rand.<\/p>\n<p><strong><em>Related:\u00a013% of Americans have now held crypto: JPMorgan research<\/em><\/strong><\/p>\n<p>Although an official launch date has not been set, the bank said it should h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en within the next few months. According to Jewel, the stablecoin\u2018s operations and its reserves will be subject to bank-level audits and regulatory oversight, with updates on a monthly and quarterly basis. <\/p>\n<p>\u201cThe stablecoin is directly issued by the bank, not a lesser regulated entity that doesn\u2019t directly hold USD fiat deposits\/reserves the way a bank can. This reduces risks for stablecoin holders,\u201d commented Barnett, also stating:<\/p>\n<blockquote><p>\u201cJUSD transactions will only be possible between permissioned clients\/wallets, eliminating the ability for bad actors to use these assets for any unsanctioned activity. Jewel may seek to open up its stablecoin to non-clients in the future.\u201d<\/p><\/blockquote>\n<p>Bermuda has been working to keep its relevance as a financial jurisdiction by supporting digital assets business. In 2020, the territory\u00a0announced a partnership with stablecoin platform Stablehouse to roll out a pilot program for a digital \u201cstimulus\u201d token, targeting both residents and merchants within the islands.<\/p>\n<p>\u201cWith a plan to develop into an international center for digital assets business, in 2018, Bermuda created regulatory clarity and a legal framework for both digital assets and banking. [&#8230;] Meanwhile, the U.S. and other leading economies and their regulatory bodies have yet to provide similar clarity and holistic frameworks for digital assets and digital asset businesses,\u201d claimed Barnett.\u00a0<\/p>\n<p>The Bermuda Monetary Authority has granted 14 licenses for crypto firms to operate on the British island territory as of June 2022, with four of those issued in 2022,\u00a0Cointelegraph reported.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/jewel-bank-polygon-to-launch-bermuda-s-first-usd-backed-stablecoin\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Jewel Bank, Polygon to launch Bermuda&#8217;s first USD-backed stablecoin &#8220; Institutions in Bermuda will soon be able to trade real-time settlements using a stablecoin with a 1:1 peg to the United States dollar, Jewel Bank founder and chairman Chance Barnett told Cointelegraph.\u00a0 Called Jewel USD (JUSD), the first stablecoin to be released in the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":527986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/89764f18-ab2c-4ffe-aca2-18ef8a483790.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,113408,75493,88001,117],"class_list":["post-527985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-polygon","tag-stablecoin","tag-bermuda","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/527985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=527985"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/527985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/527986"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=527985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=527985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=527985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}