JPMorgan Chase, the largest bank in the U.S., has filed a new trademark application that may indicate the launch of a digital currency 'JPMD'.
Trademark Application for 'JPMD'
The application revealed JPMorgan’s intention to offer a wide range of digital asset services, including trading, transfers, and payment functions using virtual currencies. These services will encompass digital tokens, payment tokens, and decentralized app tokens.
Potential of the Stablecoin
The launch of a stablecoin like 'JPMD' could significantly enhance the bank’s digital services by making financial transactions faster and cheaper. Stablecoins are typically collateralized by real money, such as the U.S. dollar, making them suitable for everyday transactions.
Previous Blockchain Moves by JPMorgan
For reference, JPMorgan previously launched the JPM Coin, which is used internally for moving funds between institutional clients. This positions JPMorgan to compete with other players in the market like PayPal, which has also launched its own stablecoin, PYUSD.
The submission of the 'JPMD' trademark application indicates that JPMorgan is preparing to launch new digital services that could facilitate financial operations for users and companies.
