The country’s biggest bank has applied for a trademark related to digital currency with the United States Patent and Trademark Office (USPTO). The move has led some to speculate the application for “JPMD” reflects the bank’s growing interest in stablecoins—a type of cryptocurrency that is designed to maintain a value in line with the U.S. dollar. 

The application was filed by JPMorganChase 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. 

While the bank has not confirmed its intent to launch a new cryptocurrency, some X users believe that “JPMD” is a reference to an upcoming stablecoin offering. “Stablecoin by JPMorgan is incoming,” one user wrote in a post on X. “$JPMD is the ticker.”

Another X user wrote, “ The world’s biggest bank embracing stablecoin is your sign to stay ultra bullish.”

The social media posts did not offer any additional evidence about the bank’s plans, and JPMorganChase did not immediately respond to a request for comment from Fortune. 

The speculation comes amid renewed interest in stablecoins as President Donald Trump embraces the industry. A number of companies have been exploring ways to implement stablecoins, which are often used to settle cross-border transactions and to protect fiat-currencies from inflation, into their payment infrastructure. 

In March, asset manager Fidelity announced that it was “actively testing” a stablecoin but had no plans to launch the product at this time. 

Last month, the Wall Street Journal reported that JPMorganChase was involved in conversations with Bank of America, Citigroup, Wells Fargo and other commercial banks about potentially issuing a joint stablecoin, citing people familiar with the matter. 

Companies outside of the world of finance are considering stablecoins, too. In May, Fortune reported that Mark Zuckerberg’s Meta was in talks with crypto firms to integrate stablecoins to manage payouts. Earlier this month, Fortune reported that in addition to Meta, Apple, X, AirBnB and Google were all exploring the use of stablecoins. 

Whether “JPMD” is a stablecoin or some other type of cryptocurrency, it is not the bank’s first foray into the digital assets space. JPMorgan launched JPM Coin, a cryptocurrency used for the bank’s wholesale payments business, in 2019. The company announced in 2023 that JPM Coin was handling $1 billion of transactions daily. 

Until recently, JPMorganChase CEO Jamie Dimon has been a staunch critic of the crypto industry. In 2021, Dimon called Bitcoin, the most popular cryptocurrency, “worthless.” In 2023, he told Congress that the only true use case for crypto is for “criminals, drug traffickers…money laundering, tax avoidance.”

However, as the regulatory environment in the U.S. warms to the idea of digital assets, Dimon has changed his tune. Last month, Dimon announced that JPMorganChase would allow clients to buy Bitcoin but would not custody it.

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As the first large-scale military parade in decades made its way down the streets of Washington, DC on Saturday, organizers gave thanks to the country’s men and women in uniform—and also to various corporate sponsors, including the giant crypto exchange Coinbase. Not everyone was comfortable with the spectacle of the crypto industry—which was founded in opposition to government power—being so closely aligned with a display of force by the U.S.

Coinbase was one of a slew of corporations that sponsored the parade, according to a statement from America250, the official body organizing the events to honor the 250th anniversary of the U.S. Other corporate sponsors included data firm Palantir, aerospace giant Lockheed Martin, and household names like Walmart, Coca-Cola and Chrysler. 

Kara Calvert, Coinbase’s vice president of U.S. policy, represented the company at the parade. 

“It was an absolute personal honor to attend the 250th celebration of the @USArmy with my son and mom,” Calvert said in a post on X. “I was also honored to represent @coinbase at the event, a proud sponsor of @America250.”

While some saw the sponsorship as a way to bring awareness to crypto, others saw it as a major break from the industry’s ethos as a financial system independent from a centralized entity.

“What Coinbase did by sponsoring this army parade feels like an insult to everything our industry stands for,” one user wrote on X. “Crypto emerged from ideals of decentralization, individual sovereignty, and freedom from oppressive state control.” 

Adam Cochran, managing partner at blockchain venture capital firm Cinneamhain Ventures, said that as a result of the sponsorship, he would sell his shares in the company and withdraw his crypto assets from the platform, in a post on X. 

Cochran pointed out that the sponsorship went against Coinbase’s policy on political causes. “We don’t advocate for any particular causes or candidates internally that are unrelated to our mission, because it is a distraction from our mission,” the company says on its website.

“Sponsoring a military parade, in a divided country, with already split views of crypto isn’t true to this policy,” Cochran said. “It’s just bad marketing that hurts this industry’s adoption.”

It is unclear how much money Coinbase spent on the sponsorship or if any top-level executives, like CEO Brian Armstrong, were in attendance. A spokesperson for Coinbase declined to comment when contacted by Fortune.

However, some people argued that the military is an apolitical institution and therefore, Coinbase’s sponsorship of the event is not an endorsement of any political party. 

“$COIN supporting our military in no way implicates their political affiliation,” one user wrote in response to Cochran’s post. “Military should always be apolitical for the good of the nation.”

Despite the criticism, Coinbase shares are up 5% since the market opened on Monday, growing from $248 to $256.

This story was originally featured on Fortune.com

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