JPMorgan Information JPMD Trademark for Digital Asset Companies – “The Defiant”

Banking big JPMorgan could also be contemplating launching a stablecoin of its personal, in response to a Sunday trademark submitting.

The financial institution, which can also be a part of a coalition of main banks contemplating launching a stablecoin, filed a trademark software for JPMD, citing a number of dozen potential providers to be provided below this trademark, beginning with “Providing trading, exchange, transfer, and payment services for digital assets.”

However the place it will get attention-grabbing is the second use case it imagines, which incorporates “Issuance of digital assets, namely, virtual currency, digital currency, digital tokens, payment tokens, decentralized application tokens, and blockchain enabled currency.”

It’s not onerous to see {that a} public-facing stablecoin might simply match below that second listing of providers.

The financial institution already has a personal stablecoin, JPM Coin, used for near-immediate transactions between its institutional purchasers.

Banks Embrace Stablecoins

French banking big Société Générale just lately introduced its intention to launch a U.S. dollar-backed stablecoin, USD ConVertible (USDCV), on each the Ethereum and Solana blockchains. It’s partnering with Financial institution of New York Mellon (BNY Mellon) because the reserve custodian.

It might be an EU-focused stablecoin, licensed below the EU’s Markets in Crypto Belongings (MiCA) regulation and never obtainable to U.S. individuals. USDCV is ready to launch in July.

And Financial institution of America’s CEO revealed final month that the financial institution is contemplating launching a completely dollar-backed stablecoin of its personal as soon as rules are in place.

The larger coalition of U.S. banks, together with JPMorgan’s mother or father firm JPMorgan Chase, in addition to Financial institution of America, Citigroup, and Wells Fargo, is exploring a stablecoin “intended to fend off escalating competition from the cryptocurrency industry,” the Wall Avenue Journal reported in Could.