Jewel taps Tokeny to launch stablecoin-as-a-service solution on Polygon

Rick Steves

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.

Jewel has partnered with digital asset compliance infrastructure provider Tokeny to power real time settlement for digital asset institutions via its own bank issued USD stablecoin on the Polygon.

The Bermuda-based digital asset banking platform has previously applied for a combined full-service bank and digital-asset license in Bermuda and seeks to offer a full range of digital asset services to institutional clients including payments, banking, custody and lending.

Tokeny will assist Jewel with the issuance, transfer, and management of fiat-backed stablecoins on the Polygon Network. Its API-based solution allows Jewel to issue ERC-3643 permissioned tokens.

Stablecoins are the plat du jour within the crypto ecosystem following the collapse of the TerraUSD (UST) stablecoin due to the flawed algorithm of the Terra protocol. The wider industry, including Billionaire investor Bill Ackman, is calling for self-regulation to prevent similar dramas from taking place in the future.

Earlier this year, BitMEX announced the crypto exchange partnered with Tokeny in order to prepare the launch of its own native token, BMEX.

Launched in 2017, Tokeny provides its corporate clients with modular and user-friendly end-to-end solutions to issue, manage and transfer tokenized securities on public blockchain. Its T-REX protocol integrates compliance obligations into the digital asset smart contract, to create tokens compliant by design.

Tokeny, which is backed by Euronext, has provided its technical expertise in tokenisation to major crypto players and financial institutions alike, with more than $30 billion in tokenised assets through its solutions.

Compliant stablecoin issuance and management

Chancellor Barnett, Founder and Chairman of Jewel, commented: “Our proposed banking license will allow us to service global firms from Bermuda as we issue fiat-backed stablecoins, first with USD and then a growing number of other proposed single fiat currency stablecoins globally. Through our partnership with Tokeny, we’re able to ensure compliant stablecoin issuance and management in a scalable and easy-to-integrate manner. As a result, we can devote most of our time and resources to further developing our business opportunities. We are already in discussions with exchanges, bank and non-bank financial institutions, and governments, and there is a considerable amount of interest in our offerings.”

Luc Falempin, Chief Executive Officer at Tokeny, said: “We are pleased to provide our partner Jewel with a tailored technology solution, so they can focus on their core businesses without having to worry about technology. Together, we can transform the global payment system and accelerate the growth of the digital asset ecosystem.”

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.

Jewel’s stablecoin, Jewel USD (JUSD) looks to eliminate the need for reconciliation and enable instant payments and transfers to members of its settlement network, “Jewel Settle”.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<