JPMD: Is JPMorgan Secretly Developing Its Own Stablecoin?

The American banking giant JPMorgan has just filed a mysterious trademark application named “JPMD” with the United States Patent and Trademark Office. This initiative fuels speculation about a potential new stablecoin. But what is really behind this discreet move?

A trademark filing that raises questions

On June 15, 2025, JPMorgan Chase officially submitted its trademark application “JPMD” to the United States Patent and Trademark Office.

This file precisely describes “trading, exchange, transfer, and payment services of digital assets” issued on blockchains. The Office recorded the application without definitively approving it.

The document never mentions the term “stablecoin” nor explicitly describes the issuance of a digital asset pegged to the US dollar.

However, the listed services — from transaction reconciliation to digital currency transmission — perfectly match the typical functionalities of stablecoins.

The “D” in the acronym JPMD hints at “JMorgan Dollar,” aligning with the naming convention of other popular tokens like Circle’s US Dollar Coin.

This hypothesis makes even more sense since the bank already has solid expertise in this area with its JPM Coin, used for institutional settlements.

On X, a member of Aptos Labs, under the pseudonym zacharyr0th, ironically summarizes the paradox: “It’s not like Wall Street is buying all the coins, but they certainly want to adopt the technology (sometimes gritting their teeth)”.

A strategy embedded in the Kinexys ecosystem

This initiative fits perfectly with JP Morgan’s blockchain strategy, embodied by its Kinexys platform (formerly Onyx).

Launched in 2020, this blockchain unit has already processed more than $2 billion in daily transaction volumes, establishing JP Morgan as one of the pioneers of distributed ledger technology among major American financial institutions.

The timing of this trademark filing is no coincidence. It coincides with the progress of the Genius Act in the US Congress, a bill aimed at creating a clear regulatory framework for stablecoins. This legislation, expected to be adopted this summer, promises to significantly increase stablecoin use by banks and financial institutions.

This regulatory evolution explains why several companies are already positioning themselves in this rapidly growing market. BitGo announced the launch of its USDS stablecoin, while the World Liberty project, backed by the Trump family, recently launched USD1, a dollar-backed token supported by US Treasury bonds.

Towards the democratization of institutional stablecoins

JP Morgan’s initiative is part of a broader dynamic of stablecoin adoption by traditional financial institutions.

This shift can be explained by the tangible advantages these digital assets offer: reduced transaction costs, faster cross-border payments, and simplified cash flows on a global scale.

The market continues to grow at an impressive rate. In 2024, stablecoins generated $27.6 trillion in transactions, surpassing the combined volumes of Visa and Mastercard. To date, more than 161 million people worldwide hold stablecoins — a figure that alone illustrates the scale of the phenomenon.

Faced with this massive adoption, even the most cautious institutions have no choice but to adjust. In May 2025, JP Morgan took a symbolic step by allowing its clients to buy bitcoin, despite its CEO Jamie Dimon’s persistent criticisms.

The potential emergence of JPMD therefore appears as a logical step: a strategic lever to support this new demand while consolidating its position in an increasingly competitive digital ecosystem.

While companies like Amazon and Walmart are actively exploring their own stablecoin solutions, JP Morgan intends to maintain its lead in this profound transformation of monetary infrastructures.