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Cryptocurrency

Goldman Sachs considers stablecoins and asset tokenization

Maya Mandz | Jul. 2, 2019
Goldman Sachs considers stablecoins and asset tokenization

July 2, 2019, | AtoZ Markets - After one of the biggest financial institutions in the U.S. JPMorgan Chase announced its own crypto launch, the rumors spread in media, that Goldman Sachs considers stablecoins launch. 

Goldman Sachs considers stablecoins after JPMorgan chase initiative 

Notable, that JPMorgan CEO Jamie Dimon was one of the major bitcoin opponents and once called the leading cryptocurrency a “scam,” having previously called it a “fraud.”

However, in 2019, JPMorgan became the first big US bank which publicly announced preparing to launch its own cryptocurrency. In February, several news platforms reported that JPMorgan supposed to become the first major US bank to submit its own digital token for its customers’ use. 

The experts believe the leading global investment banking, securities, and investment management firm Goldman Sachs may be following in the footsteps of its biggest competitor JP Morgan Chase. Goldman Sachs was long rumored to be launching a cryptocurrency trading desk. Later, the bank dismissed the rumors. However, the CEO of the firm David Solomon outlined that it’s very possible that the bank will move into the “crypto disruption” in the finance industry at some point.

According to the local media, Solomon confirmed that Goldman Sachs considers stablecoins and researching asset tokenization.

The firm’s CEO expressed his positive comments on the development and disruption of the finance field with the help of crypto hinting at what would happen if more banks around the world are now looking at tokenization, faster and more secure payments.

Stablecoins are gaining more trust from governmental institutions 

Stablecoin as crypto alternative seemingly is gaining more trust from the governmental authorities and financial institutions.

In his recent speech in Paris, Francois Villeroy de Galhau the Bank of France governor outlined, that stablecoins are more promising than bitcoins indicating that the company observes stablecoin developments with great interest.

Galhau noted, the Bank of France is observing initiatives in “the private sector which aim at developing networks within which ‘stable coins’ would be used.

The most popular stablecoin at the moment is soon-to-be-launched Facebook Libra coin. The US Congress will hold a second hearing on Libra in July.

The chairperson of the House Committee, Maxine Waters, called on Facebook to suspend development of their project. The long-awaited coin, which is also touted as Bitcoin rival is expected to be released in 2020. 

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.