JPMorgan Chase has filed a new trademark application for 'JPMD' in the US, igniting speculation about a possible stablecoin launch. The application covers several crypto-related services.
What Does the New Trademark Application Mean
The application was filed with the US Patent and Trademark Office on June 15 and includes services related to cryptocurrencies such as digital asset trading, transfer, exchange, payment processing, and clearing.
Possible Stablecoin Launch with Other Banks
This filing follows a May 22 report by the Wall Street Journal, which stated that JPMorgan along with other major banks is considering a joint stablecoin launch. The banks see stablecoins as a strategic tool to enhance existing payment systems and speed up cross-border settlements. While the term 'stablecoin' was not specifically mentioned in JPMorgan's recent filing, observers have drawn a link between the WSJ report and the application, fueling speculation about a possible stablecoin launch.
Previous Achievements of JPMorgan in the Blockchain Space
JPMorgan is already active in the blockchain space. While CEO Jamie Dimon has publicly criticized Bitcoin, he has recognized the value of blockchain technology for financial institutions. The bank operates an interbank payments platform called Kinexy, which has processed over $1.5 trillion since its launch over four years ago. Additionally, JPMorgan has its own stablecoin, JPM Coin, which is pegged to the US dollar, British pound, or euro.
JPMorgan's trademark application for 'JPMD' and the tightening regulations around stablecoins create a wave of speculation about a potential launch in the market.
