Digital asset bank Jewel Bank will issue fully collateralized USD stablecoin JUSD

ChainCatcher news, Jewel Bank, headquartered in Bermuda's digital asset banking sector, plans to issue a fully collateralized USD stablecoin, Jewel USD (JUSD), based on the Polygon network. It will maintain a reserve ratio of at least 1:1 with the US dollar, ensuring that there are always sufficient funds in its reserves to support each JUSD in circulation. Jewel Bank stated that it will also conduct regular audits of its stablecoin reserves and provide monthly and quarterly reports.

In June, Jewel Bank received a full banking and digital asset business license from the Bermuda Monetary Authority, becoming the country's first digital asset bank. (CoinDesk)