Regulation and compliance

Goldman Sachs says don't look for its stablecoin anytime soon

January 28, 2022, 10:59 a.m. EST 1 Min Read

Goldman Sachs Group said that, while it’s exploring creating a stablecoin with partners, the introduction of a digital currency — if any — remains a ways off.

“We have no immediate intention of creating a Goldman Sachs coin,” spokeswoman Maeve DuVally said Thursday in an email. “We continue to see value working closely with private institutions looking to create a ubiquitous stablecoin that meets legal and regulatory requirements and has transparent governance.”

The bank didn’t disclose the names of the firms. The comments came as Facebook, now Meta Platforms, proceeded to wind down an effort to issue stablecoins and build a global payments network. Its Diem Association agreed to sell assets to Silvergate Capital for about $200 million, a person familiar with the matter said. The project faced intense regulatory scrutiny, and Meta Chief Executive Mark Zuckerberg was forced to defend it in front of Congress.

Mathew McDermott, Goldman’s head of digital assets, said in a 2020 interview with CNBC that the bank was exploring creating its own fiat digital token. Goldman earlier invested in Circle Internet Financial, the backer of USD Coin, one of the largest stablecoins by market capitalization.

CoinDesk reported earlier on Goldman’s comments.

Bloomberg News

Regulation and compliance

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