Goldman Sachs rules out issuing a stablecoin in the near term

The largest US investment bank Goldman Sachs is studying the possibility of creating its own stablecoin with partners, but does not plan to issue it in the near term. Bloomberg reports, citing the firm’s press service.

Goldman Sachs said there are no immediate plans to create a stablecoin. The bank did not specify who its partners might be.

“We still see value in close collaboration with private institutions seeking to create a stablecoin that complies with legal and regulatory requirements and has transparent governance,” the press service said.

In 2020, the bank’s head of digital assets, Matthew McDermott, said that Goldman Sachs does not rule out the possibility of issuing its own digital asset and is examining its ‘commercial viability’.

The bank’s statement came shortly after Bloomberg published the possible collapse of the Diem stablecoin project (formerly Libra) due to regulatory pressure. Its assets were allegedly to be purchased for $200 million by Silvergate Capital Bank.

In 2021, stablecoins drew close scrutiny from financial regulators, both in the United States — including SEC and the Treasury, as well as globally.

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