JPMorgan, the largest bank in the United States, has reportedly submitted a new trademark application under the name “JPMD” to the U.S. Patent and Trademark Office (USPTO). This move has sparked speculation that the company is preparing for a major expansion into blockchain-based digital financial services, including a potential stablecoin launch.

According to the filing submitted on Sunday (June 15, 2025), JPMorgan outlined its plans to develop a range of services related to digital assets. These services include cryptocurrency trading, asset exchange, fund transfers, clearing, and payment processing — all powered by blockchain technology.

The trademark application also states that “JPMD” will serve as the brand name for a variety of services connected to digital assets and blockchain technology.

“Providing services for trading, exchanging, transferring, and making payments involving digital assets, including virtual currencies, digital currencies, digital tokens, payment tokens, decentralized application tokens, and blockchain-based currencies,” JPMorgan stated in the filing.

Although the term “stablecoin” is not explicitly mentioned in the document, a report from The Wall Street Journal on May 22 revealed that JPMorgan is exploring a potential collaboration with other major U.S. banks — such as Bank of America and Wells Fargo — to collectively launch a stablecoin.

This step is seen as part of JPMorgan’s strategy to directly compete with stablecoin issuers from the native crypto sector and to offer an alternative for cross-border transactions that are often slow and costly.

JPMorgan’s Footprint in Blockchain

Despite JPMorgan CEO Jamie Dimon’s well-known criticisms of Bitcoin, he has consistently acknowledged the significant utility of blockchain technology for financial institutions.

This is evident in the launch of its blockchain platform Kinexy (formerly Onyx), which has processed interbank transactions totaling more than US$1.5 trillion through the use of JPM Coin — a private stablecoin pegged 1:1 to the U.S. dollar, British pound, or euro.

Interestingly, this trademark application comes at the same time as notable progress in the regulation of stablecoins in the U.S. Last week, the U.S. Senate voted 68 to 30 in favor of advancing deliberation on the Guiding and Establishing National Innovation for US Stablecoins Act, or the GENIUS Act.

If passed by the House of Representatives and signed by President Donald Trump, this bill would establish a formal legal framework for the regulation of stablecoins in the country. Such a move could mark a milestone in encouraging broader adoption of stablecoins within the traditional financial ecosystem.

Data from CoinMarketCap shows that the current market capitalization of stablecoins stands at US$256 billion, with the two largest players being Tether (USDT) at US$155 billion and USD Coin (USDC) at US$61.6 billion.