After the successful launch of the first liquid and stable synthetic euro, Swiss franc and British pound stablecoins on Ethereum and Polygon, Jarvis Network is launching three new stablecoins on Polygon: Canadian dollar, Singapore dollar and Philippines peso.
The Jarvis Network pioneered a capital-efficient and innovative manner to issue and exchange stablecoins on the blockchain. Called jFIATs, Jarvis’ stablecoins are synthetic assets, over-collateralized with USD Coin (USDC) to insure their value. USDC is held in smart contracts, and anyone can check the blockchain to assure that each jFIAT is sufficiently collateralized. jFIATs are designed to be usable, as the mechanism underpinning the protocol solves the most common issues encountered by other stablecoins. In addition, jFIATs keep their peg, are highly liquid and can scale.
Earlier this year, the Jarvis Network launched jEUR, jGBP and jCHF on Ethereum and Polygon. Today, more than $5 million of jEUR, jGBP and jCHF are circulating on Ethereum and Polygon, backed by 6 million USDC.
Recently, the Jarvis Network has expanded its offering with the launch of jCAD, jSGD and jPHP on Polygon. More synthetic assets are due to be launched before the end of the year and on more blockchains with the goal of providing the widest stablecoins choice.
jFIATs can be exchanged on the Jarvis Exchange, a decentralized exchange powered by Chainlink Price feed, and launched by the Jarvis Network. Until today, the exchange has processed $20 million of volume on Ethereum and Polygon. Users can perform zero-slippage on-chain Forex swaps between jFIATs and USDC, at the Chainlink Price feed. For example, users can exchange $1,000 worth of jEUR for $1,000 worth for USDC or jGBP.
The exchange also allows cross-asset swap between Jarvis’ stablecoins and a curated list of non-stable crypto assets such as Wrapped Bitcoin (wBTC), Ether (ETH), Polygon (MATIC), Jarvis (JRT) or Chainlink (LINK). To perform such transactions in the most efficient way and with as little slippage as possible, the exchange combines its on-chain Forex capabilities to swap a jFIAT stablecoin for USDC at the Chainlink Price feed, and then swap USDC for the other asset by sourcing liquidity from other decentralized exchanges on the Blockchain.
Starting from today, users can swap jCAD for any other jFIAT or for USDC without slippage, and for a curated list of non-stable crypto-asset on the Jarvis Exchange on Polygon.
A fiat on and off-ramp
Last summer, Mt Pelerin, a Swiss regulated financial institution, joined forces with Jarvis Network to launch the first fiat on and off-ramp for synthetic assets on Polygon and Ethereum. On Mt Pelerin’s mobile app Bridge Wallet, available in 171 countries, users can purchase jFIATs directly with fiat currencies by bank transfer — soon by card soon — and receive them directly 1-to-1 on an Ethereum or Polygon address. They can also withdraw them back in more than 20 fiat currencies on their bank account at any time.
Since the launch in July, more than $1 million of jFIATs have been bought and sold through Mt Pelerin.
Mt Pelerin already supports this service for Jarvis’ jEUR, jGBP and jCHF, and will be adding jCAD and jSGD to its offering in the coming days.
About Jarvis Network
Jarvis Network is a set of protocols and applications on Ethereum Virtual Machine- (EVM)-compatible chains to bridge legacy and decentralized finance (DeFi). Its mission is to build an infrastructure layer 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, pioneers an innovative and capital-efficient manner to issue and exchange synthetic fiat currencies called jFIATs, thanks to a fully on-chain Forex market. jFIATs are stablecoins designed to be usable: They keep their peg, are highly liquid and are scalable.