JPMorgan Files Trademark for ‘JPMD’, Hinting at Crypto Service Expansion

JPMorgan Chase has filed a trademark for “JPMD,” indicating a possible expansion into crypto services, including speculation about a stablecoin offering. Their application details various digital asset services. Moreover, the US Senate is advancing a stablecoin bill, which may have implications for JPMorgan’s future plans in the space.

JPMorgan Chase has taken a notable step in the blockchain and crypto space by filing for a trademark for “JPMD” in the United States. This move could hint at the bank’s ambition to expand its digital asset services, raising speculation about the potential for a new stablecoin offering. The application, submitted to the US Patent and Trademark Office on Sunday, details various crypto-related services that encompass trading, clearing, and payment processing.

The variety of services listed in the trademark application suggests that JPMorgan is keen on delving deeper into financial operations via blockchain technology. While the specific term “stablecoin” is absent from the application, a recent Wall Street Journal report has ignited conversations around JPMorgan’s potential coordination with other banking giants like Bank of America and Wells Fargo to launch a joint stablecoin initiative.

Some industry experts are connecting the dots between the trademark filing and the aforementioned report. According to the WSJ, these banks aim to compete against existing crypto-native stablecoin issuers, leveraging stablecoins as a means to facilitate quicker cross-border transactions and streamline everyday payments.

Interestingly, JPMorgan’s CEO Jamie Dimon has been quite vocal against Bitcoin, stating its shortcomings. However, he has often acknowledged the merits of blockchain technology, which has led to significant advancements at JPMorgan. Notably, the bank’s Kinexy platform has successfully processed over $1.5 trillion of interbank payments through JPM Coin, its own privately issued stablecoin that is pegged to traditional currencies like the US dollar, euro, and British pound.

The timing of the JPMD application coincides with legislative progress in the cryptocurrency realm. The US Senate recently voted 68-30 to move forward with the Guiding and Establishing National Innovation for US Stablecoins, better known as the GENIUS Act. This legislative push, which saw bipartisan support, paves the way for further discussions in the Senate, followed by a potential vote in the House of Representatives.

If both chambers successfully pass this bill, it could soon be placed before President Donald Trump for final approval. The implications of this legislation, alongside recent trademark filings, may shape the future of the stablecoin market, which currently boasts a total market cap of $251.7 billion, predominantly held by Tether (USDT) and Circle’s USDC, according to recent data from DefiLlama. Meanwhile, there’s growing concern regarding the implications of cryptocurrency oversights, as evidenced by backlash against Coinbase for its connection to military events and operations.