JP Morgan Files Trademark for Blockchain Offering JPMD
Financial giant JP Morgan Chase has filed a trademark application for a blockchain-based project called JPMD with the U.S. Patent and Trademark Office (USPTO).
Key Details
- The filing was submitted on June 15 and covers “trading, exchange, transfer and payment services for digital assets” on blockchains. The application is pending approval.
- Like its existing JPM Coin, the new JPMD system focuses on services such as reconciling and clearing financial transactions, digital currency transmission, and potentially acting as a bridge between on-chain and off-chain environments.
- JP Morgan has not explicitly used the term “stablecoin” or stated its intention to issue a dollar-pegged digital asset. The name “JPMD” hints strongly at the use of the U.S. dollar, possibly coinciding with the upcoming “Genius Act.”
Despite the careful wording, industry analysts are stoking speculation that JPMD represents a potential stablecoin project. While a JP Morgan spokesperson declined comment, the filing only adds to ongoing rumors surrounding the development of a stablecoin by the bank.
The timing is significant, occurring alongside legislative efforts to establish regulatory guardrails for stablecoins. Recent filings by firms like BitGo and World Liberty further indicate industry interest in capitalizing on expected regulatory clarity.
JP Morgan’s Blockchain Experience
JP Morgan has been an active explorer and adopter of blockchain technology for years. It established its blockchain unit, Onyx (renamed Kinexys), in 2020, processing tens of billions of dollars worth of transactions daily.
Many in the crypto community acknowledge Wall Street’s lagging interest in actual coins and tokens but recognize a strong underlying desire to adopt the underlying technology to potentially gain competitive advantages.
