JPMorgan Eyes Stablecoin Market Amid Crypto Regulatory Clarity
JPMorgan Chase & Co. (NYSE: JPM), a top-tier bank with around $4 trillion in assets under management (AUM), has filed a trademark related to the digital currency with the United States Patent and Trademark Office (USPTO). The highly esteemed bank filed a patent for JPMD, thus triggering speculation of a stablecoin launch in the near term.
The application noted that the JPMD once launched will be used to provide trading, exchange, transfer, and payment services for digital assets. JPMorgan has significantly changed its stance on digital assets and Bitcoin in the recent past after years of criticizing the nascent technology.
As Coinpedia reported, JPMorgan has already allowed its customers to invest in Bitcoin through spot BTC ETFs.
JPMorgan Morphs With Time
The stablecoins market will experience a major boom in the coming years catalyzed by clear regulatory frameworks in major jurisdictions led by the United States. On Tuesday, the U.S. Senate will conduct its final vote on the GENIUS Act, which aims to regulate the stablecoins market in the United States.
As a result of the goodwill from the U.S., more institutional investors have proliferated into the stablecoins market. Already, other large banks, including Bank of America and Wells Fargo, have considered exploring launching stablecoins to facilitate seamless payments.
The notable growth of the stablecoins market will have a ripple effect on the cryptocurrency market, which heavily relies on fiat-backed stablecoins for liquidity. With the global money supply on the rise, amid the escalating geopolitical tensions in the Middle East, the stablecoins market will grow in tandem thus increasing confidence in the wider altcoin market.
