On June 15, 2025, JPMorgan Chase filed a trademark application for “JPMD” with the United States Patent and Trademark Office (USPTO). The trademark covers a wide range of crypto – asset – related services, including trading, exchange, transfer, and payment services for digital currencies, as well as digital currency issuance, electronic payment processing, and crypto – asset custody solutions.
Although JPMorgan has not officially commented on what “JPMD” will represent, industry analysts suggest that the trademark could indicate a tokenized dollar, or a stablecoin pegged to the U.S. dollar. This is because the functions described in the trademark application are similar to those of a dollar – backed stablecoin. JPMorgan already has experience in the stablecoin space. Since 2019, it has been operating JPM Coin, a dollar – backed digital token used primarily for instantaneous payments between institutional clients. The filing of the “JPMD” trademark may mean that the bank is now looking to expand beyond its internal blockchain infrastructure and offer a product with broader reach, possibly aimed at retail users or a wider set of institutional clients.
The move comes at a time when major U.S. banks, including Bank of America, Citigroup, and Wells Fargo, are reportedly exploring collaborative digital currency projects. These banks view dollar – backed tokens as a strategic tool for providing instant liquidity and hedging market volatility, and they want to compete directly with crypto – native issuers. In addition, the regulatory landscape for stablecoins and digital assets is evolving, and recent legislative developments, such as the pending Genius Act, could play a crucial role in shaping the environment in which such a token could operate.
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