JPMorgan Chase has applied with the U.S. Patent and Trademark Office for a trademark related to digital currency, Fortune reports.

The blockchain application for “JPMD” filed on June 15 said it would offer “trading, exchange, transfer and payment services for digital assets.”

The news had many commentators on X speculating that the country’s biggest bank is about to launch a new stablecoin cryptocurrency.

“Stablecoin by JPMorgan is incoming,” one user wrote. “$JPMD is the ticker.”

Another conjecturer: “The world’s biggest bank embracing stablecoin is your sign to stay bullish.”

Last month, The Wall Street Journal reported that JPMorgan Chase was in talks with Bank of America, Citigroup, Wells Fargo and other commercial banks about a joint stablecoin.

JPMorgan Chase did not respond to a request for comment from Fortune.

The anticipation comes at a time when President Donald Trump is embracing cryptocurrency and even launching coins of his own.

It also comes on the heels of a Wall Street Journal report that retail giants Walmart and Amazon are exploring issuing their own stablecoins to sidestep bank interchange fees of up to 2% they pay for card-based payments to Visa, Mastercard, American Express and other credit cards — adding up to billions in annual costs.

In March, Fidelity announced it was “actively testing” a stablecoin, and there have been reports since then that Mark Zuckerberg’s Meta, Apple, X, Google, and AirBnB are all also actively exploring stablecoins.

Congress is currently considering a bill, the Genius Act, that would regulate stablecoins and require companies offering them to back them up with dollars and other liquid assets. If the Genius Act passes, it could convince more merchants to launch stablecoins of their own.

However, retailers have seen limited success with mobile wallets, and it remains to be seen whether consumers would be willing to pay with cryptocurrencies at the checkout, according to a note by Keefe, Bruyette & Woods analysts on Friday.

More than likely, the analysts said, merchants would need to offer customers an incentive to use their stablecoin. In the short term, they do not see much of a disruption by stablecoins to traditional payment systems — but over the longer term, they do.

Stablecoin transactions are likely to be cheaper and faster for merchants to process than credit cards, the Keefe analysts wrote.

JPMorgan Chase CEO Jamie Dimon has staunchly criticized cryptocurrencies, famously calling Bitcoin, the most popular, “worthless” in 2021. In 2023, Dimon testified before Congress that cryptocurrencies are for “criminals, drug traffickers, money laundering (and) tax avoidance.”

Last month, however, Dimon said JPMorgan Chase would permit customers to buy Bitcoin, although the bank would not custody it.

“Feels like we are only in the 3^rd inning of the headlines,” said John David, senior vice president, investments at Raymond James.