Heavy Evidence: Global top investment bank JPMorgan has just submitted the 'JPMD' trademark application to the US Patent Office, directly covering the three core businesses of crypto asset trading, payments, and custody.

Even more explosive is the rumor circulating in the community that JPMD is likely to be a compliant stablecoin pegged to the US dollar, comparable to USDT and USDC, with the initial 'D' directly referring to 'Dollar'.


1. The 'True Fragrance Law' of Traditional Giants

Previously, JPMorgan CEO Jamie Dimon repeatedly criticized Bitcoin as a 'Ponzi scheme,' but now he has quickly reversed his stance—not only opening up Bitcoin purchase channels for clients but even accepting crypto ETFs as collateral. This latest JPMD trademark application further signals their entrance: digital asset trading, real-time settlement, and DeFi token payments are all included, just shy of writing 'I want to dominate the compliant market' on their faces.


Key Data Supporting Ambitions:



Timing Card: Application submitted on June 15, coinciding with the US (Genius Act) entering the legislative sprint phase, which will allow banks to issue stablecoins on a large scale.


Business Scope: Clearly includes 'securities brokerage' and 'decentralized application tokens', implying a connection between traditional finance and on-chain ecosystems.


Strategic Depth: JPMorgan's blockchain division Onx has a daily trading volume exceeding $2 billion, and the technological infrastructure is already in place.


2. JPMD's Open Strategy and Hidden Risks

Personal Opinion: This is definitely not just a simple 'issuing a coin', but a key battle for traditional capital to seize cryptocurrency pricing power.

Bullish Logic:


Compliance Siphoning Effect: If JPMD is approved, it will attract a large amount of institutional funds from gray market stablecoins (such as self-issued coins by some exchanges) to regulated assets, triggering a market reshuffle.


Liquidity Upgrade: JPMorgan holds $26 trillion in client assets; once staking redemptions are opened, on-chain TVL may skyrocket.


Regulatory Arbitrage Space: The (Genius Act) requires stablecoin issuers to hold government bond reserves, giving players like JPMorgan a natural advantage.

Potential Bearish Factors:


Centralized Hegemony: If JPMD succeeds, it may squeeze the survival space of DEX and decentralized stablecoins, conflicting with the 'crypto-native spirit'.


Data Throttling: All transactions are included in the bank's KYC/AML system, on-chain privacy is virtually nonexistent.

3. Traders' Emergency Simulation

Short-term Impact (1-3 months):


Stablecoin Track: USDT and USDC face reevaluation; if JPMD's reserve transparency is higher, it may trigger premium volatility.
Associated Assets: Pay attention to the cryptocurrencies held by JPMorgan (such as BTC, ETH); once the compliance channel is opened, an 'institutional buying surge' may occur.

Mid-term Game (6-12 months):


Regulatory Arbitrage War: If the (Genius Act) passes, giants like Goldman Sachs and Citibank will inevitably follow suit, leading to a fierce competition for stablecoin market share.
Technical Confrontation: Can existing public chains meet bank-level transaction demands? Layer 2 and ZK projects may become the biggest winners.
#BTC

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