Latest news with #JPMD
Yahoo
6 hours ago
- Business
- Yahoo
JPMorgan Introduces USD Deposit Token on Coinbase's Base Blockchain
U.S. banking giant JPMorgan has announced the pilot of a permissioned USD deposit token called JPMD on Base, the layer 2 Ethereum network built by listed exchange Coinbase (COIN). Earlier this week, the bank filed a trademark application for a crypto-focused platform named JPMD, designed to to offer services such as trading, exchange, transfer, and payment services for digital assets, as well as issuance of digital assets. The institution-focused JPMD, an alternative to stablecoins for the bank's clients, marks the first deployment of JPMorgan's Kinexys distributed ledger technology studio on a public blockchain, according to a press release. Banks and other enterprise players are crowding into the stablecoin space ahead of soon-to-land rules around dollar-pegged tokens in the U.S. JPMorgan garnered lots of attention for its so-called JPM Coin, a token for settling the cash leg of trades on its private blockchain, then called Onyx Digital Assets. 'We are thrilled to see one of the world's most prominent banks come onchain,' said Jesse Pollak, Creator of Base and VP of Engineering at Coinbase. 'Base offers sub-second, sub-cent, 24/7 settlement, which makes fund transfers between J.P. Morgan institutional clients nearly instant. Coinbase is a proud J.P. Morgan institutional client, and this pilot combines the credibility of both J.P. Morgan and Base to help bring institutional money into a more global economy.'
CNBC
11 hours ago
- Business
- CNBC
JPMorgan moves further into crypto with stablecoin-like token JPMD
JPMorgan Chase is taking a step further into the cryptocurrency space with its own stablecoin-like token, called JPMD. The U.S. banking giant told CNBC on Tuesday 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. JPMD will offer clients round-the-clock settlement as well as the ability to pay interest to holders. It is a so-called "permissioned token," meaning it is only available to JPMorgan's institutional clients — unlike many stablecoins, which are publicly available. "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, J.P. Morgan's blockchain unit, told CNBC Tuesday. "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," he added. JPMorgan said the benefit of launching a deposit token over a stablecoin is that it gives institutional clients a way to move money around faster and easier while still having a close connection with traditional banking systems. A stablecoin is a type of digital token that's designed to be pegged 1:1 to the value of a fiat currency at all times. The most popular stablecoins are Tether's USDT and Circle's USDC. The entire stablecoin market is worth approximately $262 billion, according to data from CoinGecko. In the U.S., stablecoins remain broadly unregulated — although this is likely to change soon. The Senate is set to vote Tuesday on the GENIUS Act, legislation that would introduce formal regulation for such tokens. Elsewhere, the European Union regulates stablecoins under its Markets in Crypto-Assets Regulation, or MiCA, while the U.K. has also laid out plans to regulate the crypto industry. Britain's Financial Conduct Authority is currently consulting on proposals to require stablecoin issuers to ensure their tokens maintain their value against a given asset. JPMorgan's digital asset chief told CNBC that the bank chose Coinbase as its blockchain partner since the crypto exchange is already a long-standing client and a leader in the crypto space. JPMD has had "preliminary interest from large institutional players who want more native onchain cash solutions from pre-eminent and reputed financial institutions," Mallela added. Speculation had been building around JPMorgan's new crypto offering after a trademark application filed by the bank for "JPMD" was made public Monday. The trademark outlined a broad range of crypto services under the JPMD name, including trading, exchange, transfer and payment services for digital assets. Various crypto media outlets had speculated whether the bank was about to launch its own stablecoin. However, JPMorgan says that, while its token may share some similarities with a stablecoin, it's ultimately a different kind of product.
Bloomberg
11 hours ago
- Business
- Bloomberg
JPMorgan to Pilot Deposit Token JPMD on Coinbase-Linked Blockchain
JPMorgan Chase & Co. will launch a pilot for a token called JPMD that represents dollar deposits at the world's biggest bank, as financial institutions deepen their push into the digital-asset sector. In a transaction expected to take place within days, JPMorgan will move a fixed amount worth of JPMD from the bank's digital wallet to the biggest US crypto exchange, Coinbase Global Inc., Naveen Mallela, global co-head of the bank's blockchain division Kinexys by JPMorgan, said in an interview.
Yahoo
14 hours ago
- Business
- Yahoo
JPM Files Digital Asset Trademark: Set to Ride on Stablecoin Traction?
On June 15, JPMorgan JPM filed a trademark application for 'JPMD' with the United States Patent and Trademark Office (USPTO), suggesting potential plans related to digital currency. This move indicates a rising interest in stablecoins, a form of cryptocurrency designed to maintain its value pegged to the U.S. dollar. The application describes 'JPMD' as a product or service intended to offer 'trading, exchange, transfer, and payment services for digital assets,' along with other functions associated with cryptocurrencies and blockchain company introduced JPM Coin in 2019 for wholesale payments, which was processing $1 billion in daily transactions by 2023. CEO Jamie Dimon, once a vocal critic of cryptocurrencies, recently softened his stance. With U.S. regulations becoming more favorable, Dimon announced last month that JPMorgan would allow clients to buy Bitcoin, though it won't offer custody speculations about JPMorgan intensified amid growing interest in stablecoins, especially as President Donald Trump expressed support for the industry and regulations eased. Several companies are now exploring options to integrate stablecoins, often used for cross-border transactions and as a hedge against fiat currency inflation, into their payment to a Wall Street Journal report, JPMorgan has been in discussions with other large banks, including Bank of America BAC, regarding the potential launch of a joint stablecoin. Further, at an industry conference in New York last week, large banks, including Bank of America and U.S. Bancorp USB, stated they were open to adopting stablecoins.U.S. Bancorp revealed that it is reviewing how it could use stablecoin for payments, but much of that will depend on how the new regulations shape case stablecoins continue to gain traction, large global banks are set to benefit the most, given their solid liquidity positions. As stablecoins offer yield opportunities, traditional banks may need to increase deposit rates to stay competitive. While banks like Bank of America, JPMorgan and U.S. Bancorp are well-positioned to deal with the changes, many smaller regional banks could face greater challenges. Shares of JPMorgan have gained 15% compared with the industry's growth of 10.5% in the past six months. Image Source: Zacks Investment Research From a valuation standpoint, JPM trades at a forward price-to-earnings ratio of 14.05X, slightly above the industry. Image Source: Zacks Investment Research The Zacks Consensus Estimate for JPMorgan's 2025 earnings indicates a year-over-year decline of 6.4%, while the same for 2026 earnings suggests 4.9% growth. Earnings estimates have been revised upward for both years over the past month. Image Source: Zacks Investment Research JPMorgan currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of America Corporation (BAC) : Free Stock Analysis Report JPMorgan Chase & Co. (JPM) : Free Stock Analysis Report U.S. Bancorp (USB) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research 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
Yahoo
19 hours ago
- Business
- Yahoo
US stock futures lower amid Israel-Iran conflict
U.S. stock futures are lower after President Donald Trump abruptly left the Group of Seven summit in Canada. Trump had earlier urged everyone to immediately evacuate Tehran and reiterated that Iran should have signed a nuclear deal with the United States. 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. 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. This article originally appeared on USA TODAY: US stock futures lower amid Israel-Iran conflict 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
