There Won’t Be a 'Goldman Sachs Coin' Anytime Soon

The banking giant said last year that it was looking into creating its own cryptocurrency.

AccessTimeIconJan 27, 2022 at 7:39 p.m. UTC
Updated May 11, 2023 at 4:59 p.m. UTC
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Goldman Sachs is not currently planning on issuing an in-house digital token.

“We have no immediate intention of creating a Goldman Sachs coin,” a spokesperson told CoinDesk.

However, the New York-based bank is working with private partners on creating a stablecoin.

“We continue to see value working closely with private institutions looking to create a ubiquitous stable coin that meets legal/regulatory requirements and has transparent governance,” a spokesperson said.

In 2020, Goldman’s digital asset global head Matthew McDermott said that the bank was contemplating its own cryptocurrency, possibly a stablecoin. He also hinted at a potential collaboration with social media giant Facebook (now known as Meta) or with banking rival JPMorgan, which launched its own in-house token, JPM coin, in 2020.

JPMorgan's token was created to serve the bank’s corporate clients holding their U.S. dollar deposit accounts on a blockchain. Earlier this month, the coin was successfully used in a trial by the central bank of Bahrain.

Meanwhile, Meta has reportedly given up on its beleaguered Diem stablecoin project and is on the hunt for buyers of its assets to pay back investors, according to a Bloomberg story published Tuesday.


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Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

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