JPMorgan Files Trademark for Crypto Services, Speculation of Stablecoin Offering Grows

JPMorgan Chase has filed a new trademark application in the US for “JPMD,” indicating a potential expansion of its blockchain and crypto services. The application, submitted to the US Patent and Trademark Office, outlines a wide range of crypto-related services, including digital asset trading, exchange, transfer, clearing, and payment processing. This move has amplified speculation about a potential stablecoin offering from the bank.

The broad list of services in the trademark application suggests that JPMorgan is exploring the possibility of conducting more of its financial services on blockchain rails. This includes the potential launch of a stablecoin, although the term “stablecoin” was not explicitly mentioned in the application. However, a previous report stated that JPMorgan and other large banks, including Bank of America and Wells Fargo, are considering launching a joint stablecoin. Many industry experts are speculating whether this report and the trademark filing are connected.

JPMorgan is already active in the blockchain space, with its CEO Jamie Dimon having long held that blockchain can offer valuable uses for financial institutions. For instance, 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.

The JPMD application comes at a time when the US Senate is advancing the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act. This bill, which passed with a 68-30 vote, is set up for debate and a full floor vote before potentially being sent to the House of Representatives for further consideration. If passed by both chambers, the stablecoin bill would head to the President’s desk for official approval.

JPMorgan’s move into the digital asset space is part of a broader trend among major financial institutions exploring the potential of stablecoins. The bank’s acceptance of spot Bitcoin exchange-traded funds as loan collateral and its inclusion of digital asset holdings in client net worth calculations further demonstrate its evolving stance on cryptocurrencies. This strategic shift suggests that JPMorgan is poised to offer a range of crypto services, potentially including a joint stablecoin, as it integrates digital assets into its core lending and payment operations.

The trademark filing and the multibank talks indicate that large financial institutions are poised to control issuance and settlement while applying existing compliance standards from traditional finance. This move is seen as an innovative step, though some view it as an attempt to remain relevant in the rapidly changing financial landscape. The filing underscores the growing integration of digital assets into mainstream financial services, marking a notable shift in the industry.