Jewel, a digital asset bank based in Bermuda, this week announced Jewel USD (JUSD), a US dollar-backed (1:1 ratio) stablecoin that will operate within British island territory upon release. did. The project, which has yet to be launched, is aimed at institutional investors whose licensed digital banks seek to provide real-time payment solutions to regional institutions. The stablecoin will be released at an unconfirmed date with a wallet tailored for institutional investors at a later date, but there are plans to expand the service to cater to commercial and retail niches.
Polygon Blockchain Powers Jewelbank’s Upcoming “Fully Backed” Stablecoins
The stablecoin ecosystem leverages Polygon Chain to facilitate transactions at launch. Chance Burnett, chairman of Jewel, confirmed Polygon remains the ecosystem of choice with a future scope encompassing institutions, businesses and individual users. In another piece of news, TrueUSD launched its offshore Chinese Yuan stablecoin-backed stablecoin product (TCNH) on Thursday at his Tron’s. public blockchain. The TrueUSD team expects to be at the forefront of digital currency infrastructure, citing the growing demand for digital currencies in Asian financial markets, particularly Hong Kong, as an upset factor, adding that it expects to be at the forefront of digital currency infrastructure.
“Our partnership with Polygon helps power a key part of the long-term stablecoin infrastructure that brings bank-grade safety, speed and security to stablecoins.” A Jewel executive said in a statement.
For more information on Polygon, see our Polygon investment guide.
Justin Sun Makes TRON Ruse While Quitting FUD
FUD around centralized entities has been a hallmark of the last few days, and even more so on Binance, the world’s largest cryptocurrency exchange. The Cayman Islands-registered digital asset trading platform set a record for his largest daily withdrawal earlier this week. Up to 40,353 Bitcoins and 278,017 ETH were withdrawn on Tuesday. 13. It didn’t help that other crypto execs were chasing Binance, but it’s no surprise over the company’s recent “Proof of Reserve” report. Kraken CEO Jesse Powell Asked Report effectiveness are fighting Remember, the Kraken co-founder doesn’t consider audit firm Mothers to be a “traditional reserve certifier.”
shuffle the cards
Concerns about Binance’s solvency since earlier this week and news that the Justice Department is pondering whether to oppose the cryptocurrency exchange for violations have caused some parts of the market to panic. Following news of Justin Sun’s fund transfer, negative sentiment only deepened and intensified FUD. The co-founder of TRON is moving the stablecoin, and just as a big money move is to be expected, it raised observer eyes in the same way.Started with Justin Sun withdraw It issued 33.91 million BUSD, transferred it to Paxos, the only BUSD issuer, and exchanged another 15.43 million USDT to USDC. On the same day, he transferred 100 million USDC from Circle, payment on binance.
Exchange CEO Changpeng Zhao later confirmed that the deal included an effort to bring Binance-native BUSD to the Tron network, although details were unclear. Sun said he withdrew $100 million (this time he was BUSD) just three hours after his USDC deposit. He then transferred his BUSD tokens to Paxos.he Carried out A similar trade took place on Wednesday, moving another 100 million BUSD from Binance to Paxos Treasury. Zhao found FUD.”thoroughly annoying,” communicates the same through her active Twitter account. Either way, it will take time to regain trust, especially in a centralized entity after the FTX collapse. I felt the enthusiasm that the peg was about to be lifted due to the exchange rate deviating from the exchange rate.
USDT issuer responds to WSJ report revealing plans to phase out secured loans
Still in the sector, USDT issuer Tether informed users on Dec. 13 that it would be suspending secured loans from next year. The company said this was a move to boost credibility and credibility, wrecking its tarnished reputation, and promised to gradually stop leveraging the money in its portfolio for profit. Pledge – Profitable Trading In Cryptocurrency – Tether is now doing its bit to combat the FUD prevalent in the industry given the fact that it has been a victim in the past. addressed certain speculations and dismissed the notion that Tether, its reserves, or risk management were in question. The stablecoin issuer has said in the past that its secured loans work similarly to private banks, but with the added benefit of being backed by 100% or more. The statement comes after the Wall Street Journal published an article alleging that these loans were risky and that Tether may not have sufficient assets to cover a possible redemption. is.
