Aug. 20, 2021 — Decentralized finance project Jarvis Network and Swiss crypto company Mt Pelerin reinforced their partnership by launching the first direct fiat on- and off-ramp for synthetic euro, British pound and Swiss franc stablecoins on scaling solution Polygon. The new stablecoins, called jEUR, jGBP and jCHF, launch today and can be exchanged with their fiat counterparts on Mt Pelerin’s app Bridge Wallet on the Polygon network.

After having successfully launched a fiat gateway for Jarvis Network’s synthetic assets on Ethereum, Jarvis Network and Mt Pelerin are excited to introduce today the digital versions of the euro, British pound and Swiss franc on the Polygon network. By supporting the popular sidechain, anyone can buy and sell synthetic fiat currencies (also known as stablecoins) for their equivalence in the traditional finance world directly on Polygon to enjoy its fast and cheap transactions.

The jEUR, jGBP and jCHF (collectively jFiats) stablecoins are synthetic fiat currencies that track the price of the euro, British pound and Swiss franc against the United States dollar via a peg mechanism with USD Coin (USDC), one of the biggest and most trusted USD stablecoins. 

These stablecoins are issued and can be exchanged on Synthereum, the on-chain forex protocol developed by Jarvis Network and deployed on both Ethereum and Polygon. Anyone can borrow them by depositing USDC in the protocol and receiving 75% of the deposit’s value in jFiats. They can also be bought from and sold to liquidity providers who allow anyone to convert jFiats between them or for USDC without any slippage by using Chainlink’s price feeds. 

Thanks to this design, jFiats are directly redeemable at their face value for the tokenized U.S. dollar, which helps them to maintain their peg and confer value. Eventually, since jFiats can be exchanged for USDC without slippage, they directly benefit from USDC’s vast liquidity and deep integration within the ecosystem. 

For example, a user can sell about 85 jEUR for 100 USDC, minus the trading fees. They can then exchange the USDC for Wrapped Bitcoin (wBTC) or Ether (ETH) on Uniswap. These trades can be done seamlessly and in one transaction on Jarvis Network’s exchange platform.

As jFiats carry a low risk, they are over-collateralized with USDC and a network of incentivized liquidators ensures that the assets remain over-collateralized. With a fully decentralized and open issuance process, the USDC reserve of jFiats can be audited by anyone in real time, which makes them more transparent than stablecoins backed by off-chain reserves. 

To make those new stablecoins easily available, Mt Pelerin offers to buy and sell them directly with fiat currencies on its mobile app Bridge Wallet from today. Available in 171 countries, the app allows users to purchase jEUR, jGBP and jCHF by bank transfer (and by card soon) and receive them on an Ethereum address. The company charges a small fee above a certain volume. Users can also withdraw them in 25 fiat currencies on their bank account at any time. 

To celebrate the launch of the Polygon fiat gateway, there will be no fee until $2 million worth of transactions have been performed in total. Users can therefore buy jFiats with supported fiat currencies at a one-to-one ratio. 

About Jarvis Network

Jarvis Network is a set of protocols on Ethereum that bridges legacy and DeFi. Its mission is to build an infrastructure layer for DeFi that can be leveraged by anyone to develop use cases facilitating the adoption of DeFi, and to build applications to onboard the next billions of users. Its first protocol, Synthereum, allows the borrowing and trading of synthetic fiat currencies, enabling a fully on-chain forex market. The protocols are governed by Jarvis Reward Token (JRT) holders.

Contact: Pascal Tallarida,

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About Mt Pelerin

Mt Pelerin is a regulated Swiss fintech company that provides products and services bridging the crypto world with traditional finance. It was bootstrapped by its own community through equity crowdfunding that raised more than $2 million in 2018, the first one to offer a tokenized share with full voting and dividend rights to the public. Since then, Mt Pelerin has become one of the leading actors in asset tokenization with its Bridge Protocol platform and provides unique cryptocurrency services through its mobile app Bridge Wallet. It is currently working on the creation of a tokenized full reserve financial institution in Switzerland.

Contact: Yann Gerardi,

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