JPMorgan Registers “JPMD” Trademark to Support Cryptocurrency Business, Stablecoin Initiative Emerges
As the Stablecoin Legislation “GENIUS Act” Moves Towards Substantive Review, JP Morgan Files “JPMD” Trademark Application
Just as the stablecoin legislation “GENIUS Act” is set to advance to substantive review, JP Morgan has submitted a trademark application for “JPMD” to the United States Patent and Trademark Office, covering various crypto asset-related businesses. Speculation arises regarding the potential issuance of its own stablecoin.
“JPMD” Trademark Application Covers Crypto Asset Business
On June 16, Eastern Time, JP Morgan submitted the “JPMD” trademark application to the United States Patent and Trademark Office (USPTO), offering services related to the trading, exchange, transfer, and payment of digital assets, which include:
- Virtual Currency
- Digital Currency
- Digital Tokens
- Payment Tokens
- Decentralized Application Tokens
- Blockchain Enabled Currency
Although the documentation does not explicitly mention “stablecoin,” external analysts believe this may be a step towards JP Morgan launching its own stablecoin.
“JPMD” Supports DeFi Infrastructure
Furthermore, JP Morgan plans to establish “JPMD” as a platform to support blockchain financial infrastructure, intending to integrate Distributed Ledger Technology (DLT) for trading, clearing, securities settlement, and brokerage services of digital assets, further advancing its positioning in the DeFi sector.
Financial Institutions Compete for Stablecoin Market as “GENIUS Act” Accelerates
On June 11, Bank of America CEO Brian Moynihan publicly stated that the bank is working with industry stakeholders to develop a dollar-pegged stablecoin, further confirming multiple rumors circulating in the market over recent months. It is understood that several major financial institutions, including JP Morgan and Bank of America, are considering collaborating to issue a stablecoin. Currently, the “JPMD” trademark application is believed to be closely related to these rumors of a stablecoin issuance.
The timing of the “JPMD” application coincides with the promotion of the stablecoin legislation “GENIUS Act,” which has now officially entered substantive review and may be submitted to the House of Representatives before August, potentially allowing President Trump to sign the legislation.
Kinexy Has Processed $1.5 Trillion in Transaction Volume, Stablecoin Market Is Competitive
JP Morgan launched the Kinexy blockchain payment platform a few years ago and issued its own stablecoin, JPM Coin, to settle its banking transaction business. To date, it has processed a total transaction volume exceeding $1.5 trillion. JPM Coin is designed to be pegged 1:1 to fiat currencies and currently corresponds to the US dollar, British pound, and euro, primarily used for trading and settlement services between large institutions.
According to data from CoinGecko, the global stablecoin market has reached a market capitalization of $261.4 billion. Should JP Morgan successfully partner with other banks to launch a stablecoin, it would directly enter this highly competitive and lucrative market.
(Clear Regulatory Support! Bank of America Reveals It Is Developing Its Own Dollar Stablecoin: We Must Be Prepared)
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