JPMorgan Chase has filed a brand new trademark utility within the US for “JPMD” — signaling a possible growth of its blockchain and crypto providers and amplifying hypothesis of a stablecoin providing.
JPMorgan’s application to the US Patent and Trademark Workplace on Sunday outlines a variety of crypto-related providers, together with digital asset buying and selling, alternate, switch, clearing and fee processing.
The broad record of providers might counsel that JPMorgan is exploring finishing up extra of its monetary providers on blockchain rails, together with a stablecoin providing.
JPMorgan might have a stablecoin within the pipeline
Whereas the time period “stablecoin” wasn’t talked about, a Might 22 report from The Wall Avenue Journal stated that JPMorgan and different massive banks, together with Financial institution of America and Wells Fargo, are contemplating launching a joint stablecoin.
Many trade pundits are speculating whether or not the report and trademark submitting are linked.
The WSJ report mentioned the banks would compete straight with crypto-native stablecoin issuers and think about stablecoins as a strategic instrument to hurry up routine and cross-border funds.
JPMorgan is already lively within the blockchain house
Whereas JPMorgan’s CEO Jamie Dimon has repeatedly criticized Bitcoin (BTC), he has lengthy held that blockchain can provide invaluable makes use of for monetary establishments.
For instance, JPMorgan’s Kinexy’s platform (previously Onyx) has already processed greater than $1.5 trillion in blockchain-based interbank funds with JPM Coin — a personal stablecoin pegged 1:1 to both the US greenback, the British pound or the euro.
Key stablecoin invoice in US is progressing
The JPMD utility comes because the US Senate chose to advance the Guiding and Establishing Nationwide Innovation for US Stablecoins, or GENIUS Act, in a 68-30 vote final week.
A majority of senators, together with a number of Democrats, voted to invoke cloture for the invoice, setting it up for debate and a full ground vote earlier than doubtlessly sending it to the Home of Representatives for additional consideration.
If handed by each chambers, the stablecoin invoice would head to President Donald Trump’s desk for official approval.
Associated: Coinbase slammed for backing US Army parade
The stablecoin market cap presently sits at $251.7 billion, led by Tether (USDT) and Circle’s USDC (USDC) at $156.3 billion and $61.3 billion, respectively, DefiLlama data exhibits.
Journal: Older investors are risking everything for a crypto-funded retirement
