The world’s largest bank by market capitalization, JP Morgan, has filed a crypto trademark application with the United States Patent and Trademark Office for “JPMD,” under which the company plans to launch a JPMorgan crypto payment service. Crypto community members speculate that this move may indicate the bank is preparing to issue its own stablecoin as part of a broader JP Morgan stablecoin project.
Here’s what’s behind the JP Morgan crypto trademark filing and whether major stablecoin issuers like Tether (USDT) and Circle (USDC) should fear competition from the banking giant.
What We Know About JPMD
On June 15, 2025, JP Morgan submitted a crypto trademark application for the JPMD brand. The activities the company intends to develop fall into seven categories:
| Category | Description of Activities |
|---|---|
| 1. Blockchain-Based Transactions | Facilitating transactions such as buying, selling, exchanging, transferring, and paying with cryptocurrencies and various blockchain-based tokens. |
| 2. Digital Currency Issuance | Creating and distributing different types of digital currencies and tokens, including those used for payments and decentralized applications. |
| 3. Crypto Payment Infrastructure | Handling digital currency transactions, including sending, receiving, and exchanging funds via electronic and blockchain-enabled networks. |
| 4. Tokenized Trading Services | Providing trading services for securities, crypto assets, and fiat currencies across regulated exchanges and over-the-counter platforms using blockchain. |
| 5. Secure Asset Storage Solutions | Offering secure storage and oversight for digital assets, leveraging distributed ledger technologies. |
| 6. Digital Financial Platforms | Delivering digital platforms such as e-wallets, personal finance dashboards, and informational portals related to financial and crypto assets. |
| 7. Risk and Compliance Technologies | Implementing systems for transaction verification, identity checks, fraud detection, and secure data exchange using AI and federated learning. |
Crypto community members were especially intrigued by the “issuance of digital assets” clause. On May 22, 2025, The Wall Street Journal published an article claiming that major U.S. banks, including JP Morgan, Bank of America, and Wells Fargo, are considering jointly launching a stablecoin — a move that could solidify the JP Morgan stablecoin project.
Notably, JP Morgan already has experience issuing digital assets. In 2019, the bank launched JP Coin by JP Morgan, a token pegged to the U.S. dollar. The coin runs on Quorum, the company’s proprietary blockchain — part of its expanding suite of JPMorgan blockchain services. However, JPM Coin is not considered a traditional stablecoin, as it is only available to institutional clients who have passed KYC verification, and the blockchain remains under the bank’s full control.
Context
JP Morgan and Bitcoin relationship has long been complicated. The bank’s CEO, Jamie Dimon, has repeatedly criticized Bitcoin, famously calling it a Ponzi scheme. This consistent stance made headlines in JPMorgan crypto news, especially given Dimon’s previous remarks.
Nevertheless, in May 2025, Jamie Dimon on Bitcoin shifted slightly: he allowed clients to invest in Bitcoin via ETFs. He justified his decision with a statement that has since gone viral:
“I don’t think you should smoke, but I defend your right to smoke.”
By “smoking,” Dimon meant what he sees as risky investments in cryptocurrency. Still, he emphasized that JP Morgan must offer the services its clients demand. And with over 55 million Americans investing in crypto by 2025, Dimon had little choice but to support the growing JP Morgan crypto push.
The largest US bank in crypto, JP Morgan has conducted numerous blockchain experiments in recent years and has shown growing interest in asset tokenization — including notable tests like this tokenized treasury transaction. It’s clear that under the pro-crypto administration of President Donald Trump—whose GENIUS Act supports stablecoin regulation and a national Bitcoin reserve—JP Morgan entering the blockchain industry makes both strategic and political sense.
Make Way – JP Morgan Is Coming
To the average observer, the news that JP Morgan is diving into crypto may not seem groundbreaking. But the reality is, such a powerful institution embracing blockchain marks a major step toward full-scale crypto legitimization.
Here are some numbers to consider:
- $751.35 billion – JP Morgan’s market capitalization, making it the world’s largest bank. That’s about 20% of the GDP of France, the UK, or Japan.
- Over 84 million – The number of JP Morgan users, comparable to the populations of Germany or Turkey.
- 13th place – In the global company capitalization rankings, JP Morgan sits alongside giants like Walmart, Berkshire Hathaway, and Tesla—whose 2021 Bitcoin investment triggered a market rally.
JP Morgan’s large user base and strong market position are major assets. Combined with its experience developing digital assets and proprietary blockchain infrastructure, the bank is unlikely to repeat past missteps—like those during the initial launch of JP Coin by JP Morgan.
Altogether, this positions JP Morgan as a serious contender to lead the future of JPMorgan crypto payment services.
Could JP Morgan’s Stablecoin Dethrone Tether and USDC?
Tether currently leads the stablecoin market. However, the company often faces regulatory scrutiny due to issues surrounding reserve audits that support its coin issuance.
Circle, issuer of USDC, also faces increasing pressure from regulators.
The passage of the GENIUS Act could destabilize the current leaders and open the door for new entrants. As part of the expanding JP Morgan stablecoin project, the bank has every opportunity to claim a significant portion of the stablecoin market.
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Previously, the Quickex editorial team explained why Trump’s debt plan could send Bitcoin to the moon.