On June 16, JPMorgan Chase, once one of Bitcoin’s fiercest Wall Street critics, is now making a full-throttle pivot into cryptocurrency as the company is filing a trademark for “JPMD.”
While there is no official confirmation, some rumors suggest that the trademark could be linked to a potential digital asset trading platform and stablecoin.
Why JPMorgan is Changing Stance?
The trademark shows a stunning reversal for the banking giant, whose CEO, Jamie Dimon, famously dismissed Bitcoin as a “Ponzi scheme” just months ago.
Despite Dimon’s public skepticism, JPMorgan has quietly embraced cryptocurrency infrastructure. The company offers Bitcoin ETFs to clients, accepting crypto as loan collateral, and now pursuing a trademark for JPMD.
The trademark for JPMD is a service covering trading, custody, and payments for digital assets. Source suggests “J.P. Morgan Dollar” (JPMD) could be a USD-backed stablecoin, which could place the bank against rivals like BlackRock’s BUIDL and Circle’s USDC.
The answer lies in client demand and cold, hard revenue. Bitcoin’s historical rally to $111,000 forced Wall Street to reckon with crypto’s staying power. JPMorgan’s blockchain division, Onyx, has already processed $1 trillion in tokenized assets. Now, with the SEC greenlighting Bitcoin ETFs, the bank risks losing clients if it does not act.
The rally was also intensified after Donald Trump secured victory in the presidential election race 2024. His promise during the election campaign of creating crypto-friendly policies and a national Bitcoin reserve has boosted the market’s confidence.
Dimon may still privately distrust Bitcoin, but as JPMorgan’s filing shows, the bank is hedging its bets.
Earlier this year, Bank of America CEO Brian Moynihan stated that the banking sector is ready to embrace cryptocurrency payments if regulators allow it.
“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” Moynihan remarked in an interview.
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