JP Morgan Files Trademark for JPMD: Is it a stablecoin?

JPMorgan Chase has submitted For a web3 offer called JPMD with the US Patent and Trademark Office, the American investment bank is planning to launch a Stablecoin.

The trademark application, submitted on 15 June, describes a project that means “trade, exchange, transfer and payment services for digital assets” issued on block chains. The American PTO has accepted the proposal – but not yet approved -.

Neither the submission does not use the word stablecoin, nor describes plans to publish a digital active that is one-on-one linked to the US dollar or another Fiat currencyAn important feature of Stablecoins.

However, some experts in the crypto industry have noticed the focus of the proposal on cryptocurrency-related services, from tuning and erasing financial transactions to digital currency transmission, as indicators that JPMD could be a stablecoin.

“It[‘]It is not like Wall Street to buy all the coins, but they definitely want to take over the technology (occasionally by blasting teeth), “a self-identified APTOS Labs employee by the username Zacharicyr0th said on Monday in an X post.

The letter “D” in the JPMD initialism seems to be “dollar”, such as in JP Morgan Dollar. That would make the name of JP Morgan’s potential Stablecoin coordination with those of more popular tokens such as Circle’s US Dollar Coin.

JP Morgan did not respond immediately Decrypts Request for comments.

The submission comes if American legislators are progressing About the anchoring of regulating catching trails for stablecoins in the law by the genius law. The bill, which is expected to pass this summer, would probably increase the use of banks and the use of stablecoins in the US in the US, leading to a stable market for the Stablecoin.

Prior to the robbery of the Genius Act, various crypto and non-crypto companies make trips to Stablecoins in an attempt to take advantage of the looser restrictions for digital assets.

Crypto guardianship company Bitgo announced the debut of his Stablecoin USDs last fall, while the Trump Family-backed World Liberty Project said it would debut in March USD1, a dollar-peget token supported by American treasury, dollars and kasequivalents.

JP Morgan’s potential Stablecoin plans also come if the financial institution continues to experiment with digital assets and the blockchain technology that underlies them.

The bank introduced its blockchain unit, Onyx, in 2020, which means that it is one of the earliest experimenters with distributed Ledger technology under large financial institutions in the American renewed Kinexys last year, the Blockchain system is wronged to incorporate more than $ 2 billion, according to the project of the project.

Published by James Rubin