Bermuda represents one of the first jurisdictions in the world to aspire to become a hub for the crypto industry. In 2018, Bermuda created regulatory clarity and a legal framework for digital assets and banking.
The official launch in the coming months
Bermuda’s first stablecoin, backed by the US dollar, is already ready. Called JUSD, it is the result of a collaboration between Jewel Bank and the Polygon blockchain. The JUSD stablecoin will allow real-time settlements for institutional investors present in the territory of the archipelago. It will be issued by the bank and not by an unregulated entity. This reduces the risks for holders.
Jewel Bank has indicated that the official launch of the stablecoin is expected to take place over the next few months.
“The need for a real-time USD settlement network outside of the United States is significant for fintechs and digital asset companies. So we are filling a big gap in the market. The United States has solutions like Signature Signet for real-time settlement. Now Jewel Bank provides a Bermuda-based non-US solution for the sector”. So said Chance Barnett, Founder and Chairman of Jewel Bank.
He added that the number of customers who have signed up for access to this stablecoin is significant.
Polygon facilitates transactions between available wallets for institutional clients. On the network, it is already possible to trade 25 stablecoins, which could justify the choice of this blockchain. Jewel plans to use the Polygon ecosystem for commercial and retail payment solutions based on stablecoins. In particular, there will be transactions between institutions and companies and payments between individuals.
It should be noted that transactions in JUSD will only be possible between authorized clients and wallets. This eliminates the possibility for bad actors to use these assets for any unauthorized activity.
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