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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. Called Jewel USD (JUSD), the first stablecoin to be released in the territory is powered by the Polygon blockchain,
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“Our partnership with Polygon Companies helps power a key part of our long-term stablecoin infrastructure, which brings bank-grade safety, speed, and security to stablecoins,” Jewel Bank’s founder and chairman, Chance Barnett, was cited as saying in the release. Source
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“The big challenge that happens, let’s say there was a run, let’s say there was a bankruptcy or some major issue. The holder of the stablecoin has no contractual claim on the funds in custody. The only one who does, who has any say, and can control the whole thing
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