JPMorgan has submitted a trademark application for the mark “JPMD” that covers transactions, exchanges, transfers and payment services related to cryptocurrency, digital tokens and blockchain-enabled money.
According to Reports from June 16th, Filling lists e-fund transfers, real-time token trading, custody services, and secure online financial transactions. This document identifies JPMorgan Chase Bank’s NA and cites its address in Columbus, Ohio, as its owner.
The movement comes later. Report On May 23, JPMorgan, Bank of America, Citigroup and Wells Fargo discuss the joint stubcoin initiative.
Frax Finance founder Sam Kazemian confirmed the consultation and demonstrated that the debate has made progress beyond early speculation.
The report noted that banks want to see dollar-backed tokens as a strategic tool to compete directly with crypto issuers and provide immediate liquidity and volatility in the hedging market.
The largest US banks manage issuance and settlements by working together, applying compliance standards already followed in traditional finance.
Digital Asset Pivot
Additionally, the trademark application follows JPMorgan’s decision to accept Spot Bitcoin Exchange-Traded Funds as collateral for the loan.
The report from June 4th shows that the program will begin with BlackRock’s iShares Bitcoin Trust (IBIT) and expand to include trading and asset management clients.
Banks also include digital asset holdings when calculating clients’ net assets, which will be treated along with stocks, vehicles and artworks during credit reviews.
Taken together, Bitcoin’s collateral program and the submission of “JPMD” signal a wider opening to cryptocurrency for the nation’s largest bank.
Although the bank has not announced tokens for consumers, the trademark language reflects the functionality of dollar-backed stubcoins.
Increasing interest in Stablecoins
This move comes amid growing interest in Stablecoins from Legacy Financial companies.
According to Defilama datathe crypto sector is nearly $252 billion. The largest eight stub coins have been registered in May alone Transaction volume $4 trillion.
Last week, the report surfaced the US Bank and the world’s largest financial clearing house, Deposit Trust & Clearing Corporation (DTCC) pursuing the Stablecoin initiative the importance of these assets.
JPMorgan’s submissions, multibank talks and new collateral programs show that large financial institutions continue to integrate digital assets into their core lending and payment operations.
It is mentioned in this article
