The nation’s largest financial institution has utilized for a trademark associated to digital forex with the USA Patent and Trademark Workplace (USPTO). The transfer has led some to take a position the appliance for “JPMD” displays the financial institution’s rising curiosity in stablecoins—a kind of cryptocurrency that’s designed to keep up a price in keeping with the U.S. greenback.
The software was filed by JPMorganChase on June 15, in keeping with the USPTO’s web site. The applying listed “JPMD” as an excellent or service that would offer “buying and selling, alternate, switch and cost providers for digital property,” amongst different classes associated to cryptocurrencies and blockchain know-how.
Whereas the financial institution has not confirmed its intent to launch a brand new cryptocurrency, some X customers imagine that “JPMD” is a reference to an upcoming stablecoin providing. “Stablecoin by JPMorgan is incoming,” one person wrote in a publish on X. “$JPMD is the ticker.”
One other X person wrote, “ The world’s largest financial institution embracing stablecoin is your signal to remain extremely bullish.”
The social media posts didn’t supply any further proof concerning the financial institution’s plans, and JPMorganChase didn’t instantly reply to a request for remark from Fortune.
The hypothesis comes amid renewed curiosity in stablecoins as President Donald Trump embraces the trade. Quite a few firms have been exploring methods to implement stablecoins, which are sometimes used to settle cross-border transactions and to guard fiat-currencies from inflation, into their cost infrastructure.
In March, asset supervisor Constancy introduced that it was “actively testing” a stablecoin however had no plans to launch the product right now.
Final month, the Wall Avenue Journal reported that JPMorganChase was concerned in conversations with Financial institution of America, Citigroup, Wells Fargo and different business banks about doubtlessly issuing a joint stablecoin, citing folks acquainted with the matter.
Corporations outdoors of the world of finance are contemplating stablecoins, too. In Might, Fortune reported that Mark Zuckerberg’s Meta was in talks with crypto companies to combine stablecoins to handle payouts. Earlier this month, Fortune reported that along with Meta, Apple, X, AirBnB and Google had been all exploring using stablecoins.
Whether or not “JPMD” is a stablecoin or another sort of cryptocurrency, it isn’t the financial institution’s first foray into the digital property area. JPMorgan launched JPM Coin, a cryptocurrency used for the financial institution’s wholesale funds enterprise, in 2019. The corporate introduced in 2023 that JPM Coin was dealing with $1 billion of transactions every day.
Till just lately, JPMorganChase CEO Jamie Dimon has been a staunch critic of the crypto trade. In 2021, Dimon known as Bitcoin, the preferred cryptocurrency, “nugatory.” In 2023, he informed Congress that the one true use case for crypto is for “criminals, drug traffickers…cash laundering, tax avoidance.”
Nonetheless, because the regulatory surroundings within the U.S. warms to the thought of digital property, Dimon has modified his tune. Final month, Dimon introduced that JPMorganChase would permit purchasers to purchase Bitcoin however wouldn’t custody it.
This story was initially featured on Fortune.com
