Is JPMorgan preparing to launch another stablecoin following recent regulatory developments?
JPMorgan Chase, the largest US banking institution by total assets under management, recently filed a trademark for what appears to be a cryptocurrency called “JPMD.”
It is likely that the banking behemoth intends to launch its own dollar-backed stablecoin.
Last month, the Wall Street Journal reported that JPMorgan and several other banks were drawing up a plan to issue a joint stablecoin.
Back in 2019, the banking juggernaut introduced the so-called “JPM Coin,” a value token on the Quorum private blockchain developed by JPMorgan. The ultimate “bankcoin” gained substantial traction, handling $1 billion worth of transactions per day as of late 2023.
In 2020, JPMorgan launched its own blockchain called “Onyx.”
Now that stablecoins are finally getting regulatory clarity in the U.S. with the likely passage of the GENIUS Act, JPMogan likely intends to dive deeper into the blooming sector.
In the meantime, longtime JPMorgan CEO Jamie Dimon remains unapologetically anti-Bitcoin, recently critiquing the idea of establishing a strategic reserve with the cryptocurrency.
