JPMorgan files trademark application for JPMD, citing multiple blockchain use cases

JPMorgan Chase & Co., the largest U.S. bank by assets and market capitalization, has filed a trademark application for what appears to be a new blockchain-based asset called JPMD, raising speculation that the move may be tied to a future stablecoin offering.

The application was accepted by the U.S. Patent and Trademark Office but has not yet been assigned to an examiner, according to a filing dated Sunday.

The trademark application describes a system for digital asset trading, exchange, transfer, and payment services. It also includes potential use cases in blockchain-based asset issuance, brokerage, and electronic fund transfers.

Although the term “stablecoin” does not appear in the filing, it outlines a wide scope of “goods/services” that touch nearly every corner of the digital asset ecosystem, from clearing to data transmission. Notably, the application references debt settlement and brokerage functions “using distributed ledger technology,” suggesting a possible role for the trademark in the real-world asset sector.

This would not be JPMorgan’s first foray into the crypto industry. It was one of the first to deeply explore blockchain technology, through its permissioned fork of Ethereum, called Kinexys (formerly Onyx), and its related JPM Coin.

Now called the Kinexys Digital Payments, the JPM Coin functioned as a highly tailored stablecoin pegged 1:1 to either the U.S. dollar, the UK pound, or the euro. Kinexys was designed to improve inter- and intrabank transfers and cross-border transactions and has reportedly processed over $1.5 trillion in cumulative transactions.

It reportedly averages around $2 billion in transactions daily as of April, according to Ledger Insights. 

JPMorgan was also an early mover in the tokenization space, particularly with its Tokenized Collateral Network, launched in 2022. The platform allows users to post tokenized assets, including money market funds, as collateral and transfer ownership nearly instantaneously. 

The bank’s blockchain explorations are particularly notable given JPMorgan CEO Jamie Dimon’s infamous criticisms of crypto, particularly Bitcoin. That said, Dimon noted that JPMorgan is “probably one of the bigger users of blockchain” last September. 

Many banks, including Bank of America, are reportedly exploring stablecoins now that the U.S. regulatory landscape is beginning to thaw. In May, for instance, the Wall Street Journal reported that JPMorgan, Bank of America, Citigroup, Wells Fargo, and other major commercial banks were allegedly looking to form a joint stablecoin project.

Similarly, corporations like Walmart and Amazon are mulling their bespoke stablecoins, which, as the largest stablecoin issuer Tether has demonstrated, can be a lucrative business.

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