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U.S. banking giant JPMorgan Chase (NYSE: $JPM ) is planning to launch its own cryptocurrency stablecoin to be called "JPM Coin."

JPMorgan, which is the world's largest bank, said JPM Coin will trade under the ticker symbol "JPMD" once launched and will be pegged one-for-one to the U.S. dollar.

JPMorgan Chase's blockchain business unit, Kinexys, will manage the stablecoin on the Canton Network, a public blockchain used for synchronized financial markets.

The move by JPMorgan comes as a growing number of financial institutions expand their cryptocurrency offerings.

In recent days, Wall Street investment bank Morgan Stanley (NYSE: $MS ) announced plans to launch its own Bitcoin (CRYPTO: $BTC ) and Ethereum (CRYPTO: $ETH ) exchange-traded funds (ETFs).

JPMorgan said that JPM Coin represents U.S. dollar deposits held at the bank and will enable institutional clients to make payments using a digital token on distributed ledgers.

In the past, JPMorgan Chief Executive Officer (CEO) Jamie Dimon has been a harsh critic of cryptocurrencies, going so far as to call them a "fraud."

However, Dimon has softened his views as cryptocurrencies have become more mainstream and the regulatory environment towards digital assets grows more accommodating.

Over the past year, Dimon has said that JPMorgan Chase has an obligation to respond to its clients and their demands, including as they relate to cryptocurrencies.

JPM stock has gained 35% over the last 12 months to trade at $326.99 U.S. per share.