JPMorgan Files ‘JPMD’ Trademark for Possible Crypto Services

JPMorgan Chase made a big move. The largest U.S. bank, with $3.9 trillion in assets, filed a trademark for “JPMD” with the U.S. Patent and Trademark Office on June 15, 2025. This is a major event, as the filing explicitly covers cryptocurrency trading, digital payment processing, and blockchain infrastructure services. These are three critical areas that suggest JPMorgan may be developing a full-scale platform for crypto transactions.

However, there was no mention of stablecoins. The document avoids any reference to issuing one, keeping the plans unclear. Despite the omissions, the filing marks a pivotal shift for an institution whose CEO, Jamie Dimon, once famously called Bitcoin “a fraud.”

From Skepticism to Strategic Adoption

Dimon’s reversal from crypto critic to enabler encapsulates Wall Street’s broader reckoning with digital assets.

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While the JPMorgan CEO maintains personal skepticism, the bank’s actions tell a different story. In May 2025, JPMorgan began allowing wealth management clients to buy Bitcoin and use crypto ETFs as collateral, a stark contrast to Dimon’s 2017 stance.

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Now, with the “JPMD” trademark, many speculate that the bank could be preparing to challenge crypto firms like Circle (which issues USDC) and even Wall Street rivals like Goldman Sachs, which entered the crypto space years earlier with Bitcoin derivatives.

Several factors contribute to this shift, primarily driven by client demand and competitive pressure. Morgan Stanley and Goldman Sachs already offer Bitcoin ETFs and trading services, while Bank of America and Citigroup are exploring stablecoins.

JPMorgan’s delayed entry now appears to be a calculated sprint rather than a leisurely stroll.

The bank is well-positioned to expand in crypto, given its existing infrastructure. Its blockchain platform, Onyx, already handles billions of dollars daily through JPM Coin for institutional payments. This foundation could allow JPMorgan to play a significant role as cryptocurrency adoption grows among traditional financial institutions.

The Stablecoin Gambit and Wall Street’s Crypto Arms Race

Observers argue that since the bank’s proposal focuses on reconciling and clearing financial transactions, JPMD could be a stablecoin solution, even though this wasn’t explicitly stated in the patent filing.

Industry sources indicate the bank had previously discussed a joint stablecoin project with Bank of America, Citi, and Wells Fargo, a move that could challenge Tether (USDT) and Circle’s USDC.

This follows a key 2024 regulatory shift, when the OCC allowed U.S. banks to offer crypto services without case-by-case approval.

While competitors like Goldman Sachs focus on trading and Morgan Stanley on Bitcoin ETFs, JPMorgan could be pursuing a broader strategy. The bank’s Onyx blockchain platform, which has been operational since 2020, already processes tokenized assets and institutional transactions. A retail-facing “JPMD” crypto service could connect its wholesale and consumer banking divisions, an advantage most rivals lack.

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With regulatory clarity improving and clients demanding access, JPMorgan’s latest filing signals that the era of cautious experimentation is over. The bank’s leadership in blockchain infrastructure and compliance could make “JPMD” the linchpin of a new, hybrid financial system, where Wall Street and crypto coexist on JPMorgan’s terms.