Stable News is Lumx’s weekly curation of the most important developments in the stablecoin ecosystem and their impact on the digital financial market. In this edition, we highlight coordinated movements between U.S. banks and regulators, Coinbase’s advances in e‑commerce, and the institutional response to the expansion of USDT in Latin America.
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PMorgan launches JPMD and accelerates the battle for the digital dollar
JPMorgan officially filed the trademark “JPMD”, aimed at payments and digital assets. The market widely interprets this as a move toward issuing a proprietary stablecoin, potentially more interoperable than the current JPM Coin, which operates today in a permissioned blockchain environment.
This trademark appears just days after the Bank of America CEO said they would enter the stablecoin space once a legal framework exists, a highlight of our previous edition. Alongside Citi and Wells Fargo, the largest U.S. banks are acting in sync. The battle for digital dollar issuance is no longer theoretical, it’s happening now, and each filed trademark carries strategic monetary weight.
Why it matters:
✅ The JPMD trademark could be the first step toward an interoperable bank-issued stablecoin, expanding JPM Coin's scope into public or hybrid rails.
✅ The timing, coinciding with the Genius Act’s progress, shows big banks want to secure leadership before native crypto players consolidate.
✅ The coordination between banks suggests digital dollar’s next phase will be led not by single issuers, but by consortiums with shared infrastructure.
Genius Act passes Senate: milestone for U.S. stablecoin regulation
The U.S. Senate approved the Genius Act by a vote of 68 to 30, the first U.S. bill to specifically regulate stablecoins. It sets requirements for reserve composition, audits, and asset custody. It also limits issuance by Big Tech that track users’ financial data without consent.
The bill now goes to the House and has majority support. Its Senate approval follows weeks of political pressure and institutional lobbying, including efforts from Coinbase and Stand With Crypto.
Why it matters:
✅ Establishes a legal framework for U.S. stablecoin issuance, directly affecting issuers like Circle and bank initiatives like JPMD, BofA, and Citi.
✅ Specific rules for Big Tech respond to concerns about data-rich firms issuing private currencies.
✅ The Genius Act opens a new chapter in integrating regulation, institutional issuance, and tokenized USD settlement.
Coinbase launches e‑commerce payments with stablecoins
Coinbase announced a new stablecoin payments service targeting e‑commerce platforms like Shopify and eBay. The solution enables instant USDC settlement on Base, Coinbase’s Layer‑2 network, with a focus on small and medium-sized businesses.
The system integrates with existing payment flows, replicating credit card experiences but without traditional fees and with on‑chain settlement. The project also involves Stripe and the open Commerce Payments Protocol, built to ensure secure, auditable transactions.
Why it matters:
✅ Coinbase is building a B2B infrastructure that brings stablecoins directly to digital point-of-sale, removing intermediaries and increasing online payment efficiency.
✅ Partnerships with Shopify and Stripe give thousands of merchants access to a USDC-based payment rail, potentially a new digital payments standard.
✅ This move proves retail stablecoin adoption depends on technical integration and improved merchant and consumer experience, not just regulation.
Bolivia greenlights USDT use: a new chapter in Latin American stablecoin adoption
The Central Bank of Bolivia issued a resolution officially authorizing stablecoins such as USDT for international transactions. This marks a policy shift for a country that previously took a conservative stance on crypto. The new regulation aims to facilitate imports, remittances, and cross-border payments amid a dollar shortage crisis.
Why it matters:
✅ Bolivia joins other Latin American countries institutionalizing stablecoins as viable alternatives to physical dollars.
✅ Reinforces the thesis that stablecoins become practical economic policy tools in FX-constrained contexts.
✅ Local precedents like this drive demand for reliable stablecoin settlement infrastructure in the region.
Walmart and Amazon monitor stablecoins amid U.S. regulatory advance
Recent reports suggest retail giants like Walmart and Amazon are closely monitoring the progress of the Genius Act, which governs stablecoin use in the U.S. This comes alongside expansion of stablecoin payment solutions by Coinbase and Stripe, pointing to a quiet race for large‑scale e‑commerce adoption.
Why it matters:
✅ The entry of big retailers into stablecoin discussions reinforces the sector’s role as operational infrastructure in digital commerce.
✅ The Genius Act’s regulation of Big Tech issuance forces strategic adjustments by data-driven platforms.
✅ Amazon and Walmart’s interest signals an institutional shift: crypto is no longer a test, it’s becoming a core element of global retail.
What is JPMorgan's JPMD and why does it matter for stablecoins?
JPMorgan filed the trademark JPMD focused on payments and digital assets, widely interpreted as a move toward issuing a proprietary stablecoin more interoperable than the current JPM Coin. Combined with similar moves from Bank of America, Citi, and Wells Fargo, it signals that the largest US banks are coordinating to lead digital dollar issuance before crypto-native players consolidate their position.
How is Coinbase advancing stablecoin use in e-commerce?
Coinbase is expanding stablecoin integration into e-commerce by enabling merchants to accept USDC and other stablecoins as payment, with instant settlement and lower processing fees than traditional card networks. This positions stablecoins as a viable alternative to credit cards for online purchases, offering merchants better economics and consumers a seamless payment experience.
Why are major US banks coordinating on stablecoin strategies?
Major US banks including JPMorgan, Citi, Bank of America, and Wells Fargo are acting in sync on stablecoin strategies because the GENIUS Act has created regulatory clarity that makes institutional adoption viable. The banks want to secure leadership in digital dollar issuance before native crypto players consolidate, potentially forming consortiums to create interoperable bank-issued stablecoins.
How is USDT expanding in Latin America?
USDT continues to expand rapidly in Latin America, driven by demand for dollar-denominated digital assets in economies facing currency volatility. The institutional response to this expansion includes banks and fintechs building infrastructure to support USDT flows, recognizing that Tether's stablecoin has become a de facto digital dollar for millions of users across Brazil, Argentina, Mexico, and Colombia.
