JPMorgan Chase, the biggest US banking establishment by whole property underneath administration, not too long ago filed a trademark for what seems to be a cryptocurrency referred to as “JPMD.”
It’s possible that the banking behemoth intends to launch its personal dollar-backed stablecoin.
Final month, the Wall Road Journal reported that JPMorgan and several other different banks have been drawing up a plan to difficulty a joint stablecoin.
Again in 2019, the banking juggernaut launched the so-called “JPM Coin,” a price token on the Quorum non-public blockchain developed by JPMorgan. The last word “bankcoin” gained substantial traction, dealing with $1 billion value of transactions per day as of late 2023.
In 2020, JPMorgan launched its personal blockchain referred to as “Onyx.”
Now that stablecoins are lastly getting regulatory readability within the U.S. with the possible passage of the GENIUS Act, JPMogan possible intends to dive deeper into the blooming sector.
Within the meantime, longtime JPMorgan CEO Jamie Dimon stays unapologetically anti-Bitcoin, not too long ago critiquing the concept of creating a strategic reserve with the cryptocurrency.