Latest news with #JPMD
Coin Geek
a day ago
- Business
- Coin Geek
JPMorgan confirms plans to launch JPMD ‘stablecoin'
Getting your Trinity Audio player ready... JPMorgan (NASDAQ: JPM) has confirmed that it plans to launch JPMD, a stablecoin-like' deposit token,' which will function like a digital representation of a commercial bank deposit. A spokesperson for the bank revealed the plans to CNBC on June 17, hot on the heels of the financial behemoth filing for a new trademark for 'JPMD,' which kicked off a round of speculation that it was expanding its digital asset activities. According to JPMorgan, JPMD will launch on Coinbase's (NASDAQ: COIN) Ethereum-based Base blockchain. JPMD will supposedly allow for round-the-clock settlement as well as an interest-paying mechanism. However, it will only be available to JPMorgan's institutional clients. 'We see institutions using JPMD for onchain digital asset settlement solutions as well as for making cross-border business-to-business transactions,' global co-head of Kinexys, J.P. Morgan's blockchain unit's Naveen Mallela told CNBC. Rumors around JPMorgan's blockchain plans began to intensify after the JPMD trademark was filed on June 15. The application stated that the trademark is intended to be used in connection with a host of goods and services, relating to digital asset use cases. For example, it cites 'providing trading, exchange, transfer and payment services for digital assets, namely, virtual currency, digital tokens, payment tokens, decentralized application tokens and blockchain enabled currency.' Later, it lists 'Financial services, namely, facilitating the deposit, holding and withdrawal of electronic funds' and 'Financial services, namely, a financial futures exchange for trading currency including digital currency.' Virtually any service you'd feasibly expect JP Morgan to provide in connection with digital assets is covered in the application's description. The acronym JPMD, however, was speculated to refer to a stablecoin offering—JPMorgan Dollar. The trademark application was made under Sections 1(b) and 44(d) of the United States Trademark Act. Section 1(b) filings are used where the company applying for the trademark has a 'bona fide intention' to use the trademark in connection with goods and/or services in the near future. Section 44(d) is used when a trademark application has previously been filed in another jurisdiction—in this case, JPMorgan filed the same trademark application in Singapore on June 11. The timing is notable. The stablecoin question in the U.S. has received increased attention from the public and private sectors over the past few months. The U.S. Senate's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which is the country's push to fully regulate stablecoin issuance, passed a vote on the Senate floor last month. It specifies who may issue stablecoins and how they must be backed and, in its current form, would require non-publicly listed entities to seek regulatory approval before issuing stablecoins. Perhaps detecting a seachange for stablecoins is on the horizon; the Wall Street Journal reported in May that the largest banks in the U.S. are considering teaming up to launch a stablecoin, including Bank of America (NASDAQ: BAC), Citigroup (NASDAQ: C), Wells Fargo (NASDAQ: WFC) and JPMorgan. It also reported that retailers Amazon (NASDAQ: AMZN) and Walmart (NASDAQ: WMT) were exploring their own stablecoins to shave off transaction fees currently being charged by legacy payment processors. All of this is buoying the stablecoin and broader digital asset markets. Circle (NASDAQ: CRCL), the issuer of one of the most prominent stablecoins, soared to all-time highs this week, reaching $151 a share. Virtually all Bitcoin ETFs are up roughly 5% on the month and around 30% in the past three months. Watch: Blockchain is much more than digital assets title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Yahoo
2 days ago
- Business
- Yahoo
Coinbase stock surges 16% on a fresh wave of momentum from landmark crypto bill
Coinbase stock surged on Wednesday as crypto bullishness jumped after the latest policy developments. Coinbase and other crypto stocks rallied after Congress passed a big bill aimed at stablecoins. Circle stock also soared, ending the session up over 30%. Shares of Coinbase spiked on Wednesday, with the largest US crypto exchange riding a wave of bullishness created by the Senate's passage of the GENIUS Act this week. The stock rose as much as 17% to $297.44, before paring gains slightly. The rally vaulted the shares to a year-to-date gain of 20%. Meanwhile, shares of recently public stablecoin issuer Circle gained 34%. The Senate bill passed on Tuesday aims to establish a regulatory framework for stablecoins, ultimately paving the way for their more widespread use and issuance by more companies. Stablecoins are a type of crypto intended to hold their value steady against fiat money like the dollar. They're backed 1:1 by liquid reserves, such as dollars or cash equivalents like Treasurys. Stablecoins are Coinbase's second-largest revenue driver, directly behind crypto trading, its first-quarter earnings showed. But the company's exposure to the stablecoin market is even higher, as Coinbase is a cofounder of USDC, a popular stablecoin, and receives 50% of the "residual payment base" that its issuer Circle generates from reserves. Circle recently made its trading debut on the New York Stock Exchange, making a splash as one of the year's first major tech IPOs. The newly minted stock rose by as much as 238% on its first day of trading. While the momentum from the Circle IPO has ebbed, it is still up almost 120% in the past month, surging 20% following the news that the Senate passed the GENIUS Act. Stablecoins have even received support from the president, whose family has backed World Liberty Financial. The digital asset firm launched its USD1 stablecoin earlier this year. Circle's big IPO success is an indicator that Wall Street has begun taking stablecoins, and the broader crypto space, more seriously. Even some crypto detractors may be getting more comfortable with the assets. Jamie Dimon has been a vocal critic of cryptocurrencies, but this week, JPMorgan announced it would launch JPMD, a stablecoin-like token for institutional clients. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
2 days ago
- Business
- Business Insider
Coinbase stock surges 16% on a fresh wave of momentum from landmark crypto bill
Shares of Coinbase spiked on Wednesday, with the largest US crypto exchange riding a wave of bullishness created by the Senate's passage of the GENIUS Act this week. The stock rose as much as 17% to $297.44, before paring gains slightly. The rally vaulted the shares to a year-to-date gain of 20%. Meanwhile, shares of recently public stablecoin issuer Circle gained 34%. The Senate bill passed on Tuesday aims to establish a regulatory framework for stablecoins, ultimately paving the way for their more widespread use and issuance by more companies. Stablecoins are a type of crypto intended to hold their value steady against fiat money like the dollar. They're backed 1:1 by liquid reserves, such as dollars or cash equivalents like Treasurys. Stablecoins are Coinbase's second-largest revenue driver, directly behind crypto trading, its first-quarter earnings showed. But the company's exposure to the stablecoin market is even higher, as Coinbase is a cofounder of USDC, a popular stablecoin, and receives 50% of the "residual payment base" that its issuer Circle generates from reserves. Circle recently made its trading debut on the New York Stock Exchange, making a splash as one of the year's first major tech IPOs. The newly minted stock rose by as much as 238% on its first day of trading. While the momentum from the Circle IPO has ebbed, it is still up almost 120% in the past month, surging 20% following the news that the Senate passed the GENIUS Act. Stablecoins have even received support from the president, whose family has backed World Liberty Financial. The digital asset firm launched its USD1 stablecoin earlier this year. Circle's big IPO success is an indicator that Wall Street has begun taking stablecoins, and the broader crypto space, more seriously. Even some crypto detractors may be getting more comfortable with the assets. Jamie Dimon has been a vocal critic of cryptocurrencies, but this week, JPMorgan announced it would launch JPMD, a stablecoin-like token for institutional clients.
Finextra
2 days ago
- Business
- Finextra
JPMorgan rises to stablecoin challenge with roll out of deposit token
JPmorgan's response to the rising interest in stablecoins is to launch its own rival token, called JPMD. 1 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The US banking giant has told CNBC that it's planning to launch a so-called deposit token on Coinbase's public blockchain Base, which is built on top of the Ethereum network. Each deposit token is meant to serve as a digital representation of a commercial bank deposit. The new yield-bearing token will offer round-the-clock settlement and will only be available to the bank's commercial client base. 'We see institutions using JPMD for onchain digital asset settlement solutions as well as for making cross-border business-to-business transactions,' Naveen Mallela, global co-head of Kinexys, JPMorgan's blockchain unit, told CNBC. 'Given the fact that deposit tokens would eventually be interest bearing as well, this would provide better fungibility with existing deposit products that institutions currently use.' The bank says that while its token may share some similarities with a stablecoin, it's ultimately a different kind of product, providing institutions with a similar product that also has the benefit of closer ties to the banking system. In May, the Wall Street Journal reported that PMorgan Chase, Bank of America, Citigroup, and Wells Fargo have held discussions on potentially launching a stablecoin that will improve transaction speeds whilst managing competition from encroaching crypto firms. The move follows US regulatory action towards stablecoin regulation, with the Senate pushing for the Guiding and Establishing National Innovation for Stablecoin Act (GENIUS Act).
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
US stock futures lower amid Israel-Iran conflict
Separately, a U.S. official said Trump would not sign a draft statement calling for de-escalation of the Israel-Iran conflict. Meanwhile, Israel is determined to continue its assault on Iran despite reports saying Iran wants to reopen nuclear talks. "We're going to go about our operation to remove these two threats," Israeli Strategic Affairs Minister Ron Dermer, referring to Iran's missile and nuclear programs, in a Bloomberg TV interview. "Whether Iran will decide to meet with the United States and agree to terms that they should have taken a month ago, or two weeks ago, or two months ago, you know, that's up to Iran to decide." At 6:15 a.m. ET, futures based on the blue-chip Dow fell-0.58%, while broad S&P 500 futures dropped -0.54% and tech-laden Nasdaq slipped -0.56%. Oil prices rose. May's retail sales data are due before the market opens. Economists surveyed by FactSet forecast a decline of 0.7% in total sales in May from April after a gain of just 0.1% in the prior month. However, the main event this week will be the Federal Reserve's rate policy decision due midweek. Almost everyone expects central bank policymakers to hold rates at their current target range of 4.25% to 4.50%, according to the CME FedWatch tool. Along with the Fed's policy announcement, central bankers will release their forecasts for economic growth, unemployment and inflation. Most economists expect the Fed's projections to show higher inflation in the second part of the year, a fairly low unemployment rate and slower economic growth. Cryptocurrency JPMorgan Chase, the country's biggest bank, has applied for a trademark related to digital currency with the United States Patent and Trademark Office (USPTO), leading to speculation the application for "JPMD" means the bank is preparing to launch its own stablecoin. Stablecoins are digital assets designed to maintain a value in line with the U.S. dollar. TJPMorgan Chase filed the application on June 15, according to the USPTO's website. The application listed "JPMD" as a good or service that would provide "trading, exchange, transfer and payment services for digital assets," among other categories related to cryptocurrencies and blockchain technology. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
