JP Morgan also actively moves towards stablecoins… Trademark application ahead of US Genius Act

The largest bank in the United States, JP Morgan Chase, appears to be expanding its stablecoin business in earnest. Interpretations suggest that the bank is preparing in advance to secure market share as the U.S. Senate's stablecoin regulatory bill 'GENIUS' approaches its final vote.

According to major foreign media on the 17th, JP Morgan filed a trademark application for the name 'JPMD' with the U.S. Patent and Trademark Office on the 15th (local time). While the word "stablecoin" was not explicitly mentioned in the application, it included a description of services for trading, exchanging, transferring, and settling blockchain-based assets. Particularly with mentions of cross-border payments and settlements, the view that it is essentially a stablecoin-related service is prevalent. There are also analyses that the last alphabet 'D' in JPMD could mean dollar.



JP Morgan already operates the institutional stablecoin 'JPM Coin' based on its own private blockchain 'Onyx'. The structure involves issuing JPM Coin in the same amount when US dollars or euros are deposited in a specific JP Morgan account, which is then used for inter-institutional transfers and settlements. The industry speculates that this JPMD could potentially expand to a universal stablecoin encompassing individual users beyond institutions.

Particularly, with the Senate's final vote on the GENIUS bill approaching on the 17th (local time), analyses suggest that JP Morgan has proactively responded to the market. According to Wall Street, as discussions on stablecoin legislation in the U.S. Congress gain momentum, major U.S. banks including JP Morgan, Bank of America, Citigroup, and Wells Fargo are reportedly also pursuing joint stablecoin issuance.

Reporter Kim Jung-woo