A Bermuda-based digital bank has announced a collaborative altcoin project for its new stablecoin.
Bermuda-based bank is working with this altcoin project
Jewel, a digital bank in Bermuda, is preparing to launch its first stablecoins. Reports indicate that stablecoin Jewel USD will be pegged to the US dollar. The bank will work with Polygon for its new stablecoin.
Jewel is a bank located in Bermuda. Bermuda is a British overseas territory located in the North Atlantic Ocean. The area is named after where the Bermuda Triangle gets its name.
Stablecoins are cryptocurrencies designed to be pegged into a more stable reserve. These reserves can be gold, fiat such as US dollars or cryptocurrencies. According to Jewel, JUSD will be in one-to-one pairs with the USD, ensuring there is enough US dollars to support every single JUSD in circulation. The bank also promised to publish a monthly report on the reserve it holds for users.
Over the years, interest in new stablecoins has grown from Tether, USDC and Binance USD to Dai, Pax Dollar and True USD. All of these cryptocurrencies offer a fixed price token in various mechanisms. Terra, for example, used an algorithmic stablecoin mechanism. Tether, on the other hand, supports the USDT price with its dollar reserve, which it holds at 1:1. Jewel Bank will be one of the latest players in this market.
Jewel, Bermuda’s first cryptocurrency bank
In the middle of the year, Jewel was licensed to operate as a bank and crypto business in Bermuda. Thus, it became the first cryptocurrency bank in the country. Going beyond that, the firm wants to leverage the Polygon network to launch a stablecoin as well as future projects that will be relevant to users. Chance Barnett, founder and chairman of the bank, explained that the stablecoin project and partnership with Polygon will provide long-term development, security, speed and security in JUSD.
The panic created by the recent collapse in the crypto world has led to the search for many alternative systems. Alongside stablecoins, CBDCs are also on the rise, especially for central banks around the world.
cryptocoin.comAs you follow, the Digital Currency Institute released its Third annual payments report on December 8th. Sponsored by Binance and various Payment solution platforms, sponsor companies also contributed to parts of the report.
According to the report, the CBDC is slowly “gaining momentum.” He also predicts that over two-thirds of central banks will own cryptocurrencies in the next decade. Also, 12% of central bank respondents said they never expected to issue a CBDC. When asked about their targets, more than a quarter of central banks spoke of maintaining their role in providing money. However, more than 10% mentioned financial inclusion.
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