- JPMorgan’s JPMD filing lists crypto payments and custody as future blockchain services.
- The bank already uses JPM Coin for settlements and may expand it with a public option.
- Stablecoin rules and Senate laws may shape how JPMorgan moves ahead with JPMD services.
JPMorgan Chase has filed a new trademark in the United States under the name “JPMD,” signalling an expansion into crypto-related services. The application, submitted to the U.S. Patent and Trademark Office on Sunday, outlines digital trading, custody, settlement, and tokenized payment offerings. Though the filing does not mention a stablecoin, the range of services suggests the bank may be preparing for one.
Broad Offering Points to Blockchain Integration
The “JPMD” filing encompasses digital asset exchange, clearing, trading, payment processing, brokerage, and financial custody services utilizing blockchain infrastructure. These services align with ongoing developments in the sector, especially as large U.S. firms move to test or integrate stablecoins into their systems. Recent activity by Meta, Apple, and Google shows tech giants are equally exploring blockchain-based money systems.
Besides tech firms, financial institutions like Fidelity are also entering the stablecoin space through private testing phases. Meanwhile, JPMorgan, alongside Bank of America, Citigroup, and Wells Fargo, are exploring the development of a joint stablecoin. This fuels speculation that “JPMD” could serve as the bank’s vehicle for this broader initiative.
Moreover, this strategic timing coincides with renewed interest in dollar-backed stablecoins, both as competitive tools and efficiency enhancers for cross-border settlements.
JPM Coin History Supports Future Move
JPMorgan’s blockchain involvement is not new. The bank has already processed over $1.5 trillion in interbank settlements using JPM Coin. This private stablecoin operates through Kinexys, the former Onyx blockchain unit, supporting dollar, euro, and pound-pegged tokens. However, the JPM Coin is limited to institutional use, suggesting JPMD might target public-facing functions.
The GENIUS Act, set for Senate vote on June 17, may also impact JPMorgan’s plans. The act mandates audits, requires backing from dollars or Treasuries, and exempts stablecoins from being classified as securities. If passed, it would move to the House for reconciliation with the STABLE Act.
Related: Crypto Markets Watch the Fed Decision and Stablecoin Surge
Will JPMD Introduce a Public Stablecoin?
JPMorgan has not confirmed if JPMD involves a stablecoin. Yet, market watchers note the filing’s language mirrors dollar-backed asset frameworks. Additionally, the bank now allows spot Bitcoin ETF collateralization—starting with BlackRock’s IBIT—further opening crypto to high-net-worth clients.
Therefore, JPMorgan would likely need to scrutinize digital assets, such as stocks and property, during credit assessments. This could have implications for the policy. The main question lingering is, could this be the turning point in the evolution of crypto at JPMorgan, with Wall Street and Capitol Hill finally harmonizing on clearer digital rules?
