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JPMorgan plans stablecoin: competition with PayPal & Amazon unleashed!
JPMorgan is planning stablecoin “JPMD” as the US Congress considers the GENIUS Act for regulation. Stablecoins as digital cash in focus.
JPMorgan plans stablecoin: competition with PayPal & Amazon unleashed!
JPMorgan Chase Bank, the largest bank in the world, recently registered the brand name “JPMD” for digital assets, token transactions and crypto payment services. Loud BTC ECHO This step is seen as strategic positioning in competition with prominent companies such as Circle, PayPal and Tether, which are also working on their own stablecoins.
In the wake of these developments, the so-called GENIUS Act is being discussed in the US Congress, which is intended to establish new rules for stablecoins. This law, officially known as Guiding and Establishing the National Innovation for U.S. Stablecoins Act of 2025 aims to make the US the global center for stablecoins. A Senate vote is expected this week, with passage likely by the end of the summer Benzinga reported.
The influence of the GENIUS Act
The GENIUS Act is intended to no longer view stablecoins as simple crypto settlement instruments, but to transform them into an established payment infrastructure. The law stipulates that banks and qualified non-banks can issue stablecoins. International providers are subject to strict compliance requirements. Stablecoins are defined as “payment stablecoins” that promise a stable store of value backed by US Treasuries, repo loans and deposits at a 1:1 ratio.
Once the law comes into force, stablecoins will be classified as digital payments and not as securities or deposits. This opens up opportunities to use them as currency in accounting and investments. Non-financial companies require unanimous approval from a stablecoin certification review committee to issue stablecoins. Technology companies like Amazon and Walmart can only operate in partnerships with regulated publishers, which means they cannot issue their own stablecoins directly.
Competition for stablecoins
The competition for the introduction of stablecoins is constantly increasing. In addition to JPMorgan, Bank of America is also planning to launch its own stablecoin, although this depends on new legal regulations. In recent months, several companies, including PayPal, Walmart and Amazon, have announced that they are also developing their own stablecoins. Analysts at the bank consider that Bitcoin has higher upside potential compared to gold, despite CEO Jamie Dimon's critical stance on Bitcoin.
Additionally, JPMorgan acquired shares in Bitcoin ETFs last year and operates its own blockchain network called Onyx. Recently, the bank successfully completed a tokenized US Treasury bond via a public blockchain in collaboration with the Monetary Authority of Singapore, Ondo and Chainlink.
The stablecoin race could not only transform the financial landscape, but also help cement the U.S. status as a global digital currency innovation leader.