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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.
By Helene Braun
Updated May 11, 2023, 4:59 p.m. Published Jan 27, 2022, 7:39 p.m.
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.
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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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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
需要了解的:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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