Jewel USD (JUSD), a fully backed <a href="https://www.cryptoknowmics.com/news/makerdao-is-voting-to-raise-stablecoin-dais-dividend">stablecoin</a> accessible over the <a href="https://www.cryptoknowmics.com/news/o-g-music-app-winamp-now-supports-polygon-music-nft-and-ethereum">Polygon</a> network, is being <a href="https://twitter.com/JewelBermuda/status/1602379734679265281" target="_blank" rel="nofollow noopener">released</a> by Bermuda-based Jewel Bank on Monday.

https://twitter.com/JewelBermuda/status/1602379734679265281
<h2>Digital Bank Jewel to Issue Fully-Backed Stablecoin</h2>
According to a news release from Jewel, JUSD will constantly have enough money in its reserves to sustain each JUSD in operation by maintaining a reserve ratio with the <a href="https://www.cryptoknowmics.com/news/eco-to-convert-user-account-balances-from-us-dollars-into-usdc">U.S. dollar</a> at least 1:1. In addition, the bank stated it would regularly check its stablecoin reserves and update them on a monthly and quarterly basis.

Due to the recent upheaval surrounding the collapse of cryptocurrency exchange <a href="https://www.cryptoknowmics.com/news/ftx-founder-sam-bankman-fried-detained-bahamas">FTX</a>, bank-issued stablecoins, often tethered to a fiat currency, might provide some market liquidity for individuals concerned about the fluctuation of <a href="https://www.cryptoknowmics.com/news/brazilian-law-now-permits-use-of-cryptocurrencies-as-payments">cryptocurrencies</a>. To give some assurance that clients' holdings are completely backed one by one, audits of significant exchanges, such as the most recent proof of reserves report for <a href="https://www.cryptoknowmics.com/news/crypto-com-land-the-first-frontier-land-sale-details">Crypto.com</a>, have been made public.
<h2>Jewel’s Collaboration With Polygon</h2>
As a result of Jewel's collaboration with Polygon, JUSD operations will happen on the <a href="https://www.cryptoknowmics.com/news/seven-ways-blockchain-technology-can-be-used-in-online-games">blockchain</a>, and the financial institution will use the Polygon ecosystem to formulate new commercial and residential stablecoin-based payment processing.

Chance Barnett, the founder and chairman of Jewel Bank, was quoted in the press release as stating the relationship with Polygon Companies helps drive a significant portion of their long-term stablecoin network, which offers financial institution safety, efficiency, and privacy to stablecoins.

Bermuda Digital Bank Jewel Issues ‘Fully-Backed’ Stablecoin

Jewel USD (JUSD), a fully backed stablecoin accessible over the Polygon network, is being released by Bermuda-based Jewel Bank on Monday.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Bermuda Digital Bank Jewel Issues ‘Fully-Backed’ Stablecoin

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