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”.

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