The country’s biggest bank has applied for a trademark related to digital currency with the United States Patent and Trademark Office (USPTO). The move has led some to speculate the application for “JPMD” reflects the bank’s growing interest in stablecoins—a type of cryptocurrency that is designed to maintain a value in line with the U.S. dollar.
The application was filed by JPMorganChase on June 15, according to the USPTO’s website. The application listed “JPMD” as a good or service that would provide “trading, exchange, transfer and payment services for digital assets,” among other categories related to cryptocurrencies and blockchain technology.
While the bank has not confirmed its intent to launch a new cryptocurrency, some X users believe that “JPMD” is a reference to an upcoming stablecoin offering. “Stablecoin by JPMorgan is incoming,” one user wrote in a post on X. “$JPMD is the ticker.”
Another X user wrote, “The world’s biggest bank embracing stablecoin is your sign to stay ultra bullish.”
The social media posts did not offer any additional evidence about the bank’s plans, and JPMorganChase did not immediately respond to a request for comment from Fortune.
The speculation comes amid renewed interest in stablecoins as President Donald Trump embraces the industry. A number of companies have been exploring ways to implement stablecoins, which are often used to settle cross-border transactions and to protect fiat currencies from inflation, into their payment infrastructure.
In March, asset manager Fidelity announced that it was “actively testing” a stablecoin but had no plans to launch the product at this time.
Last month, the Wall Street Journal reported that JPMorganChase was involved in conversations with Bank of America, Citigroup, Wells Fargo, and other commercial banks about potentially issuing a joint stablecoin, citing people familiar with the matter.
Companies outside of the world of finance are considering stablecoins too. In May, Fortune reported that Mark Zuckerberg’s Meta was in talks with crypto firms to integrate stablecoins to manage payouts. Earlier this month, Fortune reported that in addition to Meta, Apple, X, Airbnb, and Google were all exploring the use of stablecoins.
Whether “JPMD” is a stablecoin or some other type of cryptocurrency, it is not the bank’s first foray into the digital assets space. JPMorgan launched JPM Coin, a cryptocurrency used for the bank’s wholesale payments business, in 2019. The company announced in 2023 that JPM Coin was handling $1 billion of transactions daily.
Until recently, JPMorgan Chase CEO Jamie Dimon has been a staunch critic of the crypto industry. In 2021, Dimon called Bitcoin, the most popular cryptocurrency, “worthless.” In 2023, he told Congress that the only true use case for crypto is for “criminals, drug traffickers…money laundering, tax avoidance.”
However, as the regulatory environment in the U.S. warms to the idea of digital assets, Dimon has changed his tune. Last month, Dimon announced that JPMorganChase would allow clients to buy Bitcoin but would not custody it.