JPMorgan has filed a trademark for ‘JPMD,’ covering a wide range of crypto services from payments to exchanges, signaling a desire to enter the blockchain ecosystem on a large scale.
The filing comes as several U.S. banks are reportedly preparing an interbank stablecoin to compete with Tether and Circle, offering a regulated, more reliable, and institutional product.
With its Kinexy network and JPM Coin stablecoin, JPMorgan already has a solid infrastructure; combined with the progress of the GENIUS Act, it could trigger a stablecoin war as early as 2025.
Just a filing… or the start of a banking war on the blockchain
JPMorgan has filed a new trademark: JPMD. Three seemingly innocuous letters that could mark a turning point in the crypto strategies of Wall Street giants. According to the official filing with the USPTO, this name would cover a wide range of services: digital asset trading, exchanges, payments, settlements, transfers, clearing services, and more.
In other words, JPMorgan is not just looking to explore blockchain; it aims to operate it on a large scale.
Rumors of a ‘made in banks’ stablecoin are intensifying
The term ‘stablecoin’ is not mentioned in the official document. But the timing is intriguing. A few days earlier, the Wall Street Journal revealed that several major banks, including JPMorgan, Bank of America, and Wells Fargo, were jointly preparing to launch an interbank stablecoin.
The goal? To outmaneuver native crypto players like Tether or Circle, by introducing a new standard of payment that is faster, more stable, and, most importantly, fully compliant with regulators.
In other words, ensuring that even stablecoins of tomorrow come from banks.
JPMorgan is no rookie in the blockchain realm
If Jamie Dimon has never hidden his disdain for Bitcoin, he has consistently bet big on blockchain technology. Its Kinexy network (formerly Onyx) has already processed over $1.5 trillion in interbank payments via JPM Coin, a private stablecoin backed by the dollar, euro, and pound.
JPM Coin is currently limited to institutional use. But the filing of the JPMD trademark could signal an expansion towards a broader, even consumer-oriented product.
A clearer regulatory framework emerging in the United States
Another strong signal: the GENIUS Act, a federal bill to regulate stablecoins, has just been approved by the U.S. Senate with 68 votes to 30. It will soon be debated in the House of Representatives, before potentially being signed by Donald Trump.
Circle, issuer of USDC, has also recently approved its listing on the stock exchange in the United States, with an impressive performance.
A clear legal framework, banks ready to jump in, existing infrastructure… Everything is in place for 2025 to be the year of the stablecoin offensive led by banks.
Tether and Circle in the crosshairs
Today, the stablecoin market is worth $251.7 billion, dominated by Tether (USDT) with $156.3 billion and Circle (USDC) with $61.3 billion. If JPMorgan and its allies act quickly, they could threaten this balance.
Unlike crypto players, banks have the regulator’s trust, access to bank accounts, and a massive user base. Enough to shake the entire DeFi ecosystem.
