JPMorgan Chase applies for "JPMD" trademark, may launch dollar-denominated stablecoin

According to the website of the United States Patent and Trademark Office (USPTO), JPMorgan Chase recently applied to register a trademark named "JPMD". According to public information, the business scope covered by the "JPMD" trademark includes blockchain-based cryptocurrency wallets, stablecoin payments, virtual asset clearing services, token custody and financial technology consulting, etc., aiming to create a one-stop crypto asset infrastructure platform. If the stablecoin "J.P. Morgan Dollar" is officially launched, it will further open up the interface between JPMorgan Chase's own blockchain network (Onyx) and the public chain ecosystem.

Previously, JPMorgan Chase CEO Jamie Dimon publicly criticized Bitcoin on many occasions, calling it a "Ponzi scheme with no intrinsic value", but the bank has been active in crypto financial infrastructure in recent years. Previously, JPMorgan Chase has allowed some high-net-worth clients to invest in Bitcoin and accept cryptocurrency ETFs as loan collateral assets.

Analysts pointed out that as major financial institutions around the world are exploring the integration of stablecoins and blockchain clearing systems, JPMorgan Chase's application for the "JPMD" trademark may be part of its ability to provide on-chain dollar settlement capabilities to corporate clients, aiming to improve cross-border transaction efficiency and reduce friction costs in the traditional financial system.

Currently, JPMorgan Chase has supported some corporate clients to conduct payment experiments in US dollars and euros on the blockchain through the Onyx platform. If the "JPMD" stablecoin is implemented, it may directly compete with existing mainstream stablecoins in the market such as USDT and USDC.