ChainCatcher news, according to Cointelegraph, JPMorgan has submitted a trademark application for "JPMD" to the United States Patent and Trademark Office, covering blockchain financial services including digital asset trading and payment processing. The application does not explicitly mention stablecoins, but a May 22 report from The Wall Street Journal indicates that the bank is discussing a joint stablecoin issuance plan with several large banks.

Currently, JPMorgan's Kinexy platform has processed over $1.5 trillion in blockchain payments through JPM Coin. This application coincides with the U.S. Senate advancing the "GENIUS Stablecoin Act" with a vote of 68 to 30; if passed by both chambers, the bill will be sent to the President for signing into law.