- JPMorgan files trademark for JPMD, a blockchain-based digital asset service.
- JPMD sparks stablecoin speculation amid growing digital asset use.
- GENIUS Act could pave way for regulated institutional stablecoins.
JPMorgan Chase has filed a trademark application for “JPMD”, a Web3-focused digital asset service, prompting speculation on whether the financial giant is planning a new stablecoin. The trademark, submitted to the US Patent and Trademark office on 15 June, outlines services related to blockchain-based payments, trading, exchange, and token transfers.
Although the filing avoids any direct mention of a stablecoin or fiat-pegged asset, the scope of services described has led to many to interpret JPMD as a potential stablecoin project. The letter “D” in the JPMD name has fuelled speculation that it stands for “dollar”, suggesting a connection to dollar-backed assets.
JPMorgan already operates within the blockchain space through Kinexys, previously known as Onyx, which has processed over US$2 billion (AU$3.06 billion) in daily transaction volumes. The platform uses JPM Coin – a private stablecoin pegged to major fiat currencies.
Related: Jamie Dimon Reverses Course: JPMorgan Will Let Clients Buy Bitcoin—Just Don’t Ask Them to Hold It
Digital Asset Integration Accelerates
The JPMD filing follows reports from May that JPMorgan, Bank of America, Wells Fargo, and Citigroup, are considering launching a joint stablecoin to rival those issued by crypto-native platforms and to provide instant liquidity and market stability.
JPMorgan’s expanding crypto strategy also includes recent decisions to accept spot Bitcoin exchange-traded funds (ETFs) as collateral for loans and to include digital assets when calculating clients’ net worth in credit assessments.
The trademark was filed as US lawmakers continue to advance the GENIUS Act, a bill designed to regulate stablecoins. The legislation passed a Senate vote and is expected to move through Congress in the coming months.
If enacted, the bill could significantly broaden the legal and commercial foundation for stablecoins, potentially benefiting banks and financial institutions exploring digital asset services.
Related: Purpose Launches Canada’s First XRP ETF, Trading Begins 18 June on TSX
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