JPMorgan Chase filed for trademark rights with the U.S. Patent and Trademark Office for a Web3 offering. Market analysts suspect that the proposed offering, JPMD, could be a stablecoin that the investment bank is trying to launch.
As the GENIUS Act, which will regulate stablecoins, is on the verge of being put to a final vote before being enacted into law, many companies are trying to establish their stablecoins. Although not clearly defined as a stablecoin, JPMorgan filed a trademark application on June 15, which describes that that its web3 offering will be “providing trading, exchange, transfer, and payment services for digital assets, namely, virtual currency, digital currency, digital tokens, payment tokens, decentralized application tokens, and blockchain enabled currency;”
Although the services that JPMD seem to mirror a stablecoin’s offering, interestingly, the filing, however, doesn’t use the word stablecoin nor does it give out the impression that the investment bank is trying to issue a stablecoin–pegged to the dollar–in the near future.
Its not just the players in the banking sector that are interested in launching stablecoins but big tech companies too are interested. Meta was interested in launching its stablecoin, after a failed attempt in 2019. However, this rejuvenated desire was opposed by U.S. senators, as they feared that the Trump administration might be flippant on Meta following some of the restriction. One of the restriction were that if a tech a company was to issue their own stablecoin, it should not own the majority of the coins.
