Bermuda-based Jewel Bank said Monday it is issuing a fully backed stablecoin called Jewel USD (JUSD) that can be accessed through the Polygon network.

In a press release, Jewel said JUSD will maintain a reserve ratio with a minimum of 1:1 with the U.S. dollar, ensuring the bank will always have funds in its reserves to support each JUSD in circulation. The bank said it will also conduct regular audits of its stablecoin reserves, and will provide reports on a monthly and quarterly basis.

Jewel’s partnership with Polygon will mean the blockchain will be used for JUSD transactions, and the bank will leverage the Polygon ecosystem for future commercial and retail stablecoin-based payment solutions.

In June, Jewel Bank received its full bank and digital asset business licenses from the Bermuda Monetary Authority, becoming the country’s first digital asset bank.