JPMorgan Files For “JPMD” Trademark, Fueling Stablecoin Speculation
JPMorgan Chase has filed a new trademark application in the US for “JPMD,” igniting speculation that the bank might soon launch a stablecoin.
The application was filed with the US Patent and Trademark Office on June 15, and mentions crypto-related services including digital asset trading, transfer, exchange, payment processing and clearing.
Is JPMorgan Working On Stablecoin Launch With Other Banks?
JPMorgan’s filing follows a May 22 report by the Wall Street Journal (WSJ) that said JPMorgan and other banking giants are considering a joint stablecoin launch.
The WSJ report added that the banks view stablecoins as a strategic tool to enhance existing payment rails and speed up cross-border settlements. These banks would also compete directly with existing, crypto-native issuers, the report said.
While “stablecoin” was not specifically mentioned in JPMorgan’s recent filing, industry observers have already drawn a link between the WSJ report and the filing, igniting speculation that JPMorgan could soon launch a stablecoin.
The potential stablecoin launch comes as the US Senate advanced the GENIUS Stablecoin Act in a 68-30 vote. Now, it faces the last Senate vote later today. If approved, it will head to the House.
Not JPMorgan’s First Venture In The Blockchain Space
JPMorgan is already active in the blockchain space. While the bank’s CEO Jamie Dimon has publicly bashed Bitcoin (BTC) on numerous occasions, he has championed the crypto’s underlying blockchain technology as a valuable tool for financial institutions.
JPMorgan already has an active blockchain-based interbank payments platform called Kinexy, which has processed more than $1.5 trillion in payments since it launched over 4 years ago. Average daily transaction volumes for the platform also stand at more than $2 billion.
The bank also has a private stablecoin called JPM Coin, which is pegged 1:1 to either the US Dollar, British pound or euro.
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