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Goldman Sachs Mulling Over Its Own Stablecoin

Goldman Sachs has appointed a new head of virtual currencies, Mathew McDermott. He mentions that the bank is mulling over producing its own fiat stablecoin.

The multinational investment bank hired a new global head of cryptocurrencies last month. McDermott has been involved in the finance sector from decades. In an interview with CNBC, he mentioned that the bank was working on its own fiat digital currency. He further said that it was still early days.

Notably, McDermott began working for the bank last month. In a recent interview with CNBC, he mentioned that Goldman Sachs is mulling over the commercial feasibility of producing our own fiat digital currency.

Nonetheless, the investment bank is very keen on pushing ahead with blockchain-related progressions. In the aforementioned interview, he mentioned that a financial system where all assets and liabilities are native to a blockchain, is something we could witness in the ensuing ten years.

McDermott is working on increasing the team he supervises. He is hiring talents across Asia and Europe. Notably, one of his 1st hires is Oli Harris. Earlier, Harris assisted JPMorgan initiate its native token, JPM Coin.

What do you think about Goldman Sachs increasing its presence in crypto domain? Let us know in the comments below!