Cointelegraph by Brayden Lindrea
JPMorgan Chase has filed a new trademark application in the US for “JPMD” — signaling a potential expansion of its blockchain and crypto services and amplifying speculation of a stablecoin offering.
JPMorgan’s application to the US Patent and Trademark Office on Sunday outlines a wide range of crypto-related services, including digital asset trading, exchange, transfer, clearing and payment processing.
The broad list of services could suggest that JPMorgan is exploring carrying out more of its financial services on blockchain rails, including a stablecoin offering.
JPMorgan could have a stablecoin in the pipeline
While the term “stablecoin” wasn’t mentioned, a May 22 report from The Wall Street Journal stated that JPMorgan and other large banks, including Bank of America and Wells Fargo, are considering launching a joint stablecoin.
Many industry pundits are speculating whether the report and trademark filing are linked.
The WSJ report said the banks would compete directly with crypto-native stablecoin issuers and view stablecoins as a strategic tool to speed up routine and cross-border payments.
JPMorgan is already active in the blockchain space
While JPMorgan’s CEO Jamie Dimon has repeatedly criticized Bitcoin (BTC), he has long held that blockchain can offer valuable uses for financial institutions.
For example, JPMorgan’s Kinexy’s platform (formerly Onyx) has already processed more than $1.5 trillion in blockchain-based interbank payments with JPM Coin — a private stablecoin pegged 1:1 to either the US dollar, the British pound or the euro.
Key stablecoin bill in US is progressing
The JPMD application comes as the US Senate chose to advance the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, in a 68-30 vote last week.
A majority of senators, including several Democrats, voted to invoke cloture for the bill, setting it up for debate and a full floor vote before potentially sending it to the House of Representatives for further consideration.
If passed by both chambers, the stablecoin bill would head to President Donald Trump’s desk for official approval.
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The stablecoin market cap currently sits at $251.7 billion, led by Tether (USDT) and Circle’s USDC (USDC) at $156.3 billion and $61.3 billion, respectively, DefiLlama data shows.
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