Sirlibz
Goldman Sachs, leading global investment banking, securities and investment firm is reportedly working on a digital stable coin. The company’s global head of digital assets stated in an interview with CNBC that the company may soon introduce its own stable coin.
He explained that the firm is “exploring the commercial viability of creating a fiat digital token” which will be pegged to the United States dollar or a similar national currency.
McDermott further explained that they are looking at a “financial system where all assets and liabilities are native to a blockchain”. The stable coin is likely to be built on a blockchain or a distributed ledger technology like the Ethereum Quorum.
The head of digital assets at Goldman Sachs, Mathew McDermott also stated that the company might change their minds on building on the blockchain technology since the development of the stable coin is still in its “early days”.
Other Stable Coins Issued by Banks
JP Morgan introduced its stable coin dubbed JPM Coin last year in June while Signature Bank introduced Signet in 2018. Stable coins issued by banks are developed with institutional investors in mind, it’s difficult to know if the general public will have access to them. Some investors are skeptical of owning any bank issued stable coins or cryptocurrency developed by any central bank, they believe its same as fiat and that transactions can easily be controlled by the central authority- a problem, cryptocurrency was created to solve.
