JPMorgan Files Trademark for Virtual Currency Services Amid Crypto Push

JPMorgan has filed a trademark application for the mark “JPMD,” which covers a range of services related to virtual currency, digital tokens, and blockchain-enabled money. The filing, which was reported on June 16, includes electronic fund transfers, real-time token trading, custody services, and secure online financial transactions. The application identifies JPMorgan Chase Bank, N.A., as the owner and lists the bank’s Columbus, Ohio, address.

This move follows reports from May 23 that JPMorgan, along with Bank of America, Citigroup, and Wells Fargo, are discussing a joint stablecoin initiative. Frax Finance founder Sam Kazemian confirmed these talks, indicating that discussions have progressed beyond initial speculation. The banks aim to compete directly with crypto-native issuers and view dollar-backed tokens as a strategic tool for providing instant liquidity and hedging market volatility. By working together, the largest US banks would control issuance and settlement while adhering to the compliance standards they follow in traditional finance.

Additionally, the trademark application comes after JPMorgan’s decision to accept spot Bitcoin exchange-traded funds as collateral for loans. Reports from June 4 indicated that the program will begin with BlackRock’s iShares Bitcoin Trust (IBIT) and expand to include trading and wealth-management clients. The bank will also consider digital asset holdings when calculating a client’s net worth, treating them alongside equities, vehicles, and fine art during credit reviews. These actions signal a broader acceptance of crypto at the nation’s largest bank, although no consumer-facing token has been announced yet. The trademark language mirrors the functions of a dollar-backed stablecoin.

This development occurs amidst growing interest in stablecoins from traditional financial entities. The move by JPMorgan, along with the multibank talks and the new collateral program, demonstrates that large financial institutions are increasingly integrating digital assets into their core lending and payment operations. The filing for “JPMD” and the acceptance of Bitcoin ETFs as collateral indicate JPMorgan’s strategic pivot towards embracing digital assets, reflecting a broader trend in the financial industry towards adopting blockchain technology and cryptocurrencies.