JPMorgan files ‘JPMD’ trademark for crypto payment services

JPMorgan Chase has filed a new trademark application in the US for “JPMD” — signaling a potential expansion of its blockchain and crypto services and amplifying speculation of a stablecoin offering.

JPMorgan’sapplicationto the US Patent and Trademark Office on Sunday outlines a wide range of crypto-related services, including digital asset trading, exchange, transfer, clearing and payment processing.

The broad list of services could suggest that JPMorgan is exploring carrying out more of its financial services on blockchain rails, including a stablecoin offering.

JPMorgan could have a stablecoin in the pipeline

While the term “stablecoin” wasn’t mentioned, a May 22 report from The Wall Street Journalstatedthat JPMorgan and other large banks, including Bank of America and Wells Fargo, are consideringlaunching a joint stablecoin.

Many industry pundits are speculating whether the report and trademark filing are linked.

The WSJ report said the banks would compete directly with crypto-native stablecoin issuers and view stablecoins as a strategic tool to speed up routine and cross-border payments.

JPMorgan is already active in the blockchain space

While JPMorgan’s CEO Jamie Dimon hasrepeatedly criticized BitcoinBTC$107,180BitcoinChange (24h)1.28%Market Cap$2.12TVolume (24h)$31.98BView More, he has long held that blockchain can offer valuable uses for financial institutions.

For example, JPMorgan’s Kinexy’s platform (formerly Onyx) has alreadyprocessedmore than $1.5 trillion in blockchain-based interbank payments with JPM Coin — a private stablecoin pegged 1:1 to either the US dollar, the British pound or the euro.

Key stablecoin bill in US is progressing

The JPMD application comes as theUS Senate chose to advancethe Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, in a 68-30 vote last week.

A majority of senators, including several Democrats, voted to invoke cloture for the bill, setting it up for debate and a full floor vote before potentially sending it to the House of Representatives for further consideration.

If passed by both chambers, the stablecoin bill would head to President Donald Trump’s desk for official approval.

Related:Coinbase slammed for backing US Army parade

Thestablecoin marketcap currently sits at $251.7 billion, led by TetherUSDT$1.00Tether USDtChange (24h)0.02%Market Cap$139.36BVolume (24h)$64.59BView Moreand Circle’s USDCUSDC$0.9997USDCChange (24h)0.00%Market Cap$52.17BVolume (24h)$7.12BView Moreat $156.3 billion and $61.3 billion, respectively, DefiLlamadatashows.

Magazine:Older investors are risking everything for a crypto-funded retirement

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