JPMorgan Chase (NYSE: JPM), the largest bank in the United States, has ignited widespread speculation in the financial and cryptocurrency sectors with its recent trademark filing for “JPMD.”
Submitted to the U.S. Patent and Trademark Office (USPTO) on June 15, 2025, the filing outlines a broad range of blockchain-based services, including digital asset trading, exchange, transfer, and payment processing.
While the term “stablecoin” is not explicitly mentioned, industry experts and social media discussions suggest that JPMD could represent a new stablecoin or a tokenized dollar payment system, potentially enhancing cross-border transactions and institutional finance.
This move underscores JPMorgan’s deepening commitment to blockchain technology and positions the bank as a leader in the evolving digital asset landscape.
According to a CNBC report, JPMorgan has confirmed plans to launch JPMD as a “deposit token” on Coinbase’s Base blockchain, built on Ethereum.
Unlike traditional stablecoins like Tether’s USDT or Circle’s USDC, which are publicly available and pegged 1:1 to fiat currencies, JPMD is described as a permissioned token exclusively for JPMorgan’s institutional clients.
Each token will represent a commercial bank deposit, offering round-the-clock settlement and the ability to pay interest to holders.
Naveen Mallela, global co-head of JPMorgan’s blockchain unit, Kinexys, emphasized that JPMD provides “better fungibility with existing deposit products” while maintaining a close connection to traditional banking systems.
This distinction from typical stablecoins highlights JPMorgan’s intent to blend blockchain efficiency with the stability of regulated banking infrastructure.
The trademark filing, detailed in a Fortune report, has fueled speculation that JPMD—potentially standing for “JPMorgan Dollar”—could compete with crypto-native stablecoin issuers.
The application covers services such as digital currency issuance, electronic fund transfers, securities brokerage, and blockchain-based transaction reconciliation.
This aligns with the functionalities of stablecoins, which are designed to maintain stable value, often pegged to the U.S. dollar, making them ideal for daily transactions and cross-border payments.
Social media platforms like social media have buzzed with optimism, with users suggesting that JPMD signals a bullish shift for traditional finance (TradFi) embracing blockchain.
Posts on social media have speculated that the “D” in JPMD mirrors naming conventions like Circle’s USDC, reinforcing the stablecoin hypothesis.
JPMorgan’s foray into digital assets is not new.
Since 2019, the bank has operated JPM Coin, a permissioned token for institutional settlements, processing over $1.5 trillion in transactions to date, with daily volumes exceeding $2 billion on its Kinexys platform (formerly Onyx).
The success of JPM Coin demonstrates JPMorgan’s expertise in leveraging blockchain for efficient, secure financial operations.
However, JPMD appears to aim for broader applications, potentially extending beyond institutional use to compete with major stablecoins in a market valued at $262 billion, according to CoinGecko.
The timing of the filing is significant, coinciding with the U.S. Senate’s vote on the GENIUS Act, which aims to regulate stablecoins by requiring full backing by U.S. dollars or Treasuries and regular audits.
This regulatory clarity could pave the way for institutional players like JPMorgan to launch compliant digital currencies.
The move also reflects a broader trend of traditional financial institutions and tech giants exploring stablecoins.
Reports indicate that JPMorgan has engaged in discussions with Bank of America, Citigroup, and Wells Fargo about a joint stablecoin, while companies like Meta, Apple, and Google are investigating stablecoin integrations for payments.
Despite CEO Jamie Dimon’s historical skepticism toward cryptocurrencies—once calling Bitcoin “worthless”—JPMorgan’s actions signal a pragmatic shift.
The bank now allows clients to purchase Bitcoin ETFs and use crypto assets as loan collateral, reflecting growing client demand for digital asset exposure.
JPMD’s potential launch could redefine institutional confidence in digital assets, offering faster, cheaper transactions while maintaining regulatory compliance.
However, critics caution that increased bank involvement may stifle innovation by smaller crypto-native firms.
As JPMorgan navigates this evolving landscape, the financial world watches closely to see if JPMD will reshape tokenized payments and solidify the bank’s leadership in blockchain innovation.