Jpmorgan (Nasdaq: JPM) has confirmed that it is planning to launch JPMD, a StableCoin-like “deposit token”, which will serve as a digital representation of a commercial bank deposit.
A spokesman for the bank revealed The plans for CNBC on June 17, hot on the heel of the economic Behot who is applying for a New brand for “JPMD,” that started a round speculation that it expanded its digital asset activities.
According to JPMorgan, JPMD will be launched on Coinbase’s (Nasdaq: Coins) Ethereum-based base blockchain. JPMD will probably enable around the clock and an interest payment mechanism. But it will only be accessible to JPMorgan’s institutional customers.
“We see institutions using JPMD for Onchain Digital Asset Settlement Solutions as well as to make cross-border company-to business transactions,” Global Co-Head told Kinexys, JP Morgan’s Blockchain drive Naveen Mallela to CNB.
Rumors about JPMorgan’s blockchain plans began to intensify after the JPMD brand was submitted on June 15. application stated that the brand is intended to be used in connection with a variety of goods and services, related to cases of digital assets.
For example, it “provides trade, exchange, transmission and payment services for digital assets, namely virtual currency, digital symbols, payment tokens, decentralized application token and blockchain activated currency.”
Later, it lists “financial services, namely, facilitates the deposit, holding and withdrawal of electronic funds” and “financial services, namely a financial exchange exchange for trading in currency, including digital currency.”
Practically all services that you can expect that JP Morgan will provide in connection with digital assets are dealt with in the application’s description. The abbreviation JPMD, however, was speculated for referring to a Stablecoin -er offer –JPMorgan dollars.
The trademark application was made in accordance with section 1 (B) and 44 (D) in the US brand. Section 1 (b) Notifications is used where the company applying for the brand has a “bona fide intention” to use the brand in connection with goods and/or services in the near future. Section 44 (D) is used when a trademark application has previously been submitted in another jurisdiction – in this case, JPMorgan filed the same trademark application in Singapore June 11.
The time is remarkable. The Stablecoin The issue in the United States has received increased attention from the public and private sector in recent months.
US Senate Guiding and establishing national innovation for us Stablecoins (Genius) lawwhich is the country’s driving force to fully regulate the Stablecoin issue, a vote passed on the Senate floor last month. It specifies who can issue Stablecoins and how they must be supported and in their current form would require non-public listed units to seek legislative approval before issuing Stablecoins.
Maybe discover a seachage for the Stablecoins on the horizon; Wall Street Journal reported In May that the largest banks in the United States are considering cooperating to launch a Stablecoin, including Bank of America (Nasdaq: Bac), Citigroup (Nasdaq: c), Wells Fargo (Nasdaq: WFC) and JPMorgan. That too reported to dealer Amazon (Nasdaq: Amzn) and Walmart (Nasdaq: WMT) examined their own stablecoins to shave transaction fees currently charged by older payment processors.
All this cages Stablecoin and wider digital asset markets. Circle (Nasdaq: CRCL), the issuer of one of the most prominent Stablecoins, Raised To all the time heights this week and reach $ 151 per share. Virtually All Bitcoin ETFS Is up about 5% during the month and about 30% over the past three months.
Watch: Blockchain is much more than digital assets
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