Goldman Sachs About to Launch a Stablecoin

Goldman Sachs About to Launch a Stablecoin 1024 500 Crypto Rand Group
Goldman Sachs Stablecoin

Goldman Sachs could soon launch a stablecoin. This is, in any case, the project of Mathew McDermott, who has been appointed head of digital assets at the investment bank.

Godman Sachs wants to integrate blockchain technologies

As CNBC, which reports this information, explains, McDermott’s arrival in this position is noteworthy: it shows that the venerable Goldman Sachs does not intend to let herself be overtaken by the blockchain. Indeed, the man is particularly bullish on the future of the sector, explaining: “In the next five to ten years, we will see a financial system where all assets and debts will be born from a blockchain, with transactions made directly on the blockchain.

According to McDermott, the technology enables “enormous efficiency” by digitizing services that are currently managed physically. Goldman Sachs seems in any case to want to rapidly develop its branch dedicated to technology: McDermott’s team is recruiting by turns. The investment bank has also gone to take over another digital asset guru at JPMorgan: Oli Harris.

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Stablecoin for Goldman Sachs?

The arrival of Harris is noteworthy, as the man was involved in the development of the JPM Coin, the stablecoin of Goldman Sachs’ rival bank. He is also vice-president of Quorum, the Ethereum platform that supports, among other things, this stablecoin.

McDermott confirmed that Goldman Sachs is seriously considering the creation of a stablecoin: “We are evaluating the commercial viability of a fiat-based digital token creation, but we are only at the beginning and are still working on potential use cases.

He also explains that he is aware that initiatives of this type could significantly disrupt the status quo among banks and financial services providers. But this is not something that comes out of nowhere: it is driven by the institutional sector:

“We’ve really seen a growing interest from some of our institutional clients, who are exploring ways in which they can participate in this area. We’re really seeing a renewed interest in cryptocurrency. »

If Goldman Sachs succeeds in developing a stable corner, this could have a considerable effect on the other banks in the sector, given its influence. In any case, this is proof that traditional finance now takes cryptoassets very seriously, and the turnaround is particularly noticeable at Goldman Sachs. Only a few months ago, the bank had indeed explained to its clients that cryptos were not an asset class… It remains to be seen where this about-turn by the investment bank will lead.

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