The broad scope of the application immediately fueled speculation that JPMorgan may be preparing to launch a U.S. dollar-backed stablecoin, which some are already dubbing the “JPMorgan Dollar.” If true, this would put the bank in direct competition with the likes of Tether (USDT) and Circle’s USDC — the two dominant players in the stablecoin market. The chatter gained momentum after reports in The Wall Street Journal suggested that multiple American banking giants — including JPMorgan, Citi, Wells Fargo, and Bank of America — are actively exploring stablecoin issuance.

This isn’t JPMorgan’s first crypto experiment. Back in 2019, it launched JPM Coin, pegged to the U.S. dollar and other major currencies, designed for wholesale settlements and interbank transfers. More recently, its blockchain platform Kinexys was used in the first-ever cross-chain Delivery versus Payment (DvP) settlement with partners like Chainlink and Ondo Finance.

While there’s no timeline yet for when (or if) JPMD gets approved, the trademark filing underscores JPMorgan’s strategy: stay ahead in blockchain adoption, leverage regulatory clarity around stablecoins, and secure a prime position in the future of digital finance.