Author: Yi He

In the face of increasing interest in digital assets from institutional investors, Goldman Sachs has been intensifying its efforts in the cryptocurrency sector in recent years. This article aims to introduce Goldman Sachs' attitudes and actions regarding asset tokenization, Bitcoin, Ethereum, stablecoins, DeFi, and other areas for readers interested in financial markets and emerging technologies.

We will start from Goldman Sachs' overall strategy, focusing on its tokenization-centered approach, and analyze its involvement and viewpoints on various mainstream crypto assets. The article concludes with some industry observations and speculations for reference, which do not represent the official position.

I. Goldman Sachs' Overall Strategic Attitude

Goldman Sachs believes that distributed ledger technologies like blockchain are reshaping the structure of financial markets, a point emphasized multiple times at the headquarters level. Mathew McDermott, Goldman Sachs' Global Head of Digital Assets, stated at an official release, "We believe that permissioned distributed ledger technology is the next structural change in financial markets… This will bring new opportunities for buyers and sellers." In other words, Goldman Sachs views blockchain as a direction for infrastructure upgrades and is actively building corresponding platforms (such as its self-developed GS DAP®) to meet future market demands. This move aligns with its focus on growing client needs: according to Goldman Sachs' 2025 Family Office report, the firm found a significant increase in institutional interest in crypto assets—33% of family offices are expected to invest in cryptocurrencies by 2025, up from 26% in 2023. Thus, the driving forces behind Goldman Sachs include both technological innovation and the growing institutional demand and changes in the regulatory environment.

To address regulatory requirements and client needs, Goldman Sachs has chosen to enter the crypto market through regulatory compliance. Banking analysts point out that Goldman Sachs has restarted and expanded its crypto trading desk to provide institutional clients with Bitcoin derivatives and structured products while avoiding direct holdings of underlying assets.

In parallel with trading services, Goldman Sachs is also actively developing digital asset platforms, such as launching the GS DAP® platform. In November 2024, Goldman Sachs announced plans to spin off the GS DAP technology into an independent industry-level platform, bringing in trading partners (such as Tradeweb) to jointly explore blockchain financial infrastructure. These initiatives reflect Goldman Sachs' attempt to establish a compliant and open digital asset ecosystem, allowing traditional financial clients to access tokenized assets through familiar channels (such as existing trading and custody networks), thereby lowering technological and regulatory barriers.

II. Asset Tokenization as a Core Direction

Goldman Sachs views asset tokenization as one of the core elements of its digital strategy and has led or participated in several pilot projects. European Investment Bank (EIB) Digital Bonds: As early as 2021, Goldman Sachs participated in the EIB's first blockchain-based bond issuance. In this project, Goldman Sachs collaborated with other banks to complete the issuance and settlement process of digital bonds, registering the bonds on the blockchain in the form of smart contracts, transitioning from traditional T+5 settlement to T+0 (same-day settlement). Goldman Sachs commented that such digital issuances significantly enhance transaction speed and transparency, demonstrating the transformative potential of tokenization technology in capital markets.

Launch of the GS DAP Platform: In January 2023, Goldman Sachs announced that its self-developed digital asset platform GS DAP® was officially operational. The platform is based on Digital Asset's Daml protocol and Canton privacy chain, aiming to support the full lifecycle management of various assets (bonds, funds, cash instruments, etc.) on a private chain. The first application launched was the EIB's digital bond—this bond achieved real-time settlement on the platform, setting a record for settling a single bond transaction within 60 seconds. After the platform's launch, Goldman Sachs conducted multiple collaborations for different markets. In July 2024, Mathew McDermott, Goldman Sachs' Head of Digital Assets, stated that three tokenization projects would be initiated within the year, focusing on the U.S. and European markets: including creating a trading venue for tokenized assets accessible to institutional investors, accelerating on-chain trading of traditional funds and bonds, and enriching the types of assets that can be used as collateral. These projects aim to meet clients' changing demands for tokenized products and leverage blockchain technology to improve market efficiency.

Independence of the GS DAP Platform: In November 2024, Goldman Sachs officially announced plans to spin off the GS DAP platform into an independent distributed infrastructure for industry collaboration. This move means that Goldman Sachs will work with other financial institutions to promote the application and development of digital asset platforms while continuing to exist as a technology provider and market participant. Goldman Sachs expressed its willingness to collaborate with partners, including exchanges, brokers, and custodians, to connect their trading liquidity to the GS DAP platform and create synergies. For example, GS DAP has partnered with platforms like Tradeweb to integrate traditional fixed-income trading into the tokenized ecosystem, exploring more asset trading methods.

Tokenization of Money Market Funds: Entering 2025, Goldman Sachs' tokenization efforts yielded new results. In July 2025, Goldman Sachs, in collaboration with BNY Mellon, launched an innovative solution: allowing institutional investors to subscribe and redeem money market fund shares using the GS DAP technology through BNY's LiquidityDirect platform. The specific approach involves GS DAP creating "mirror" tokens of money market fund shares on-chain and maintaining ledger consistency through BNY's system. As a result, these on-chain tokenized shares can be used in the future as collateral or for real-time trading, thereby enhancing the liquidity and flexibility of money market funds. This project pioneered the first on-chain money market fund subscription model supported by fund managers in the U.S. market, with participants including BlackRock, Fidelity, and Schroders. Goldman Sachs' executives believe that this solution can "unlock the potential of money market fund shares as collateral," marking a significant step in the transition of traditional cash assets to digital assets.

The following summarizes Goldman Sachs' recent participation in tokenization projects and partners:

EIB Digital Bonds (2022-2023): Participated in the issuance of dollar and euro-denominated digital bonds, shortening settlement times.

Launch of GS DAP (2023): Introduced a Daml-based digital asset platform and applied it to large bond and fund issuances.

Tokenization Projects (2024): Planned tokenization infrastructure solutions for the U.S. fund market and European bond market.

Independence of GS DAP (November 2024): Plans to spin off GS DAP technology into an independent industry-level platform, collaborating with dealers to promote on-chain trading.

Tokenization of Money Market Funds (July 2025): Collaborated with BNY Mellon to launch an on-chain money market fund share tokenization solution.

Through these projects, Goldman Sachs is not only building tokenization infrastructure on a technical level but also helping clients gradually adapt to digital trading methods through collaboration with traditional financial institutions, strengthening its market positioning in the crypto asset space.

III. Goldman Sachs' Specific Involvement and Comments on Mainstream Crypto Assets

Goldman Sachs primarily engages with mainstream crypto assets through derivatives trading and compliant investment channels, while also expressing its views through research reports. The following table compares Goldman Sachs' strategies and positions regarding Bitcoin, Ethereum, stablecoins, and DeFi:

For instance, regarding the stablecoin sector, Goldman Sachs' team pointed out in the research report "Stablecoin Summer" that the global stablecoin market value (currently about $270 billion) is expected to grow rapidly with regulatory progress. The report estimates that, for example, the market value of USDC issued by Circle could reach $77 billion by 2027 (an annual growth rate of 40%). Goldman Sachs emphasizes that new U.S. regulations require stablecoins to be backed by equivalent reserves such as government bonds, which will increase demand for dollar assets and help stabilize the global dollar system. Additionally, several institutions, including BlackRock, are tokenizing money market funds and settling in stablecoins to achieve real-time clearing and higher liquidity, trends that have also caught the attention of Goldman Sachs analysts.

In the DeFi space, Goldman Sachs' research team believes that DeFi outperforms traditional finance in certain aspects. The report states that DeFi offers greater inclusivity and innovation speed—through decentralized platforms, users can access financial services without traditional intermediaries. At the same time, the open-source and transparent nature of DeFi helps reduce cross-border payment costs. However, the report also clearly points out that there are risks in the DeFi space, including security vulnerabilities, software defects, and even fraud. Goldman Sachs believes that although the market value of DeFi has rapidly expanded in recent years, it still needs to reduce risks through technological upgrades and regulatory improvements before being included in institutional portfolios.

Overall, Goldman Sachs' participation strategy in mainstream crypto assets prioritizes compliance and security. By providing futures and other over-the-counter derivatives, Goldman Sachs offers clients exposure to digital assets while avoiding direct holdings; at the same time, holding regulated crypto ETFs also demonstrates its open attitude towards investment. In terms of market commentary, Goldman Sachs is optimistic about the long-term value of crypto assets while consistently emphasizing the importance of risk control and compliance. For example, CEO Solomon and other executives have repeatedly stated that Goldman Sachs will "spend a lot of energy" researching tokenization, stablecoins, and prediction markets, but have not committed to launching proprietary crypto products in the near term, maintaining a cautious approach to participating in this market.

IV. Industry Rumors and Speculations

It is worth noting that there have been many speculations and rumors regarding Goldman Sachs' future crypto strategy in the market. The following content is not officially released and is for reference only:

Crypto Asset Custody and Execution: CryptoSlate reported that Goldman Sachs' Head of Digital Assets, McDermott, hinted that if regulations allow, Goldman Sachs is interested in expanding services including trade execution and asset custody. Some analysts believe that Goldman Sachs may utilize its GS DAP platform to provide on-chain custody and trade execution for clients, thereby becoming a liquidity provider in the crypto market. (Note: As of now, Goldman Sachs has not officially announced the launch of such services; this is market speculation).

Stablecoin Plans: Although Goldman Sachs has no official news about issuing its own stablecoin, there is widespread speculation that large banks, including Goldman Sachs, are researching the launch of fiat-backed stablecoins. In an October 2025 report, Reuters mentioned that Goldman Sachs, along with nine other international banks, is exploring the issuance of stablecoins pegged to G7 currencies. This indicates the banking industry's interest in stablecoins, but Goldman Sachs has not disclosed specific progress. As related projects are still in the early research stage, market rumors remain uncertain.

Acquisitions or Collaborations in Crypto Products: There are rumors that Goldman Sachs may enter the crypto space through acquisitions or strategic partnerships. For example, media speculation suggests that Goldman Sachs might acquire a crypto ETF management company to gain an existing digital asset product line; there are also views speculating that Goldman Sachs will collaborate with crypto banks or custody institutions, but currently, there is no solid evidence to support these speculations.

The above content comes from various media reports and industry discussions and only represents speculative trends; it should not be viewed as Goldman Sachs' official attitude or plans. Until Goldman Sachs makes a formal announcement, this information is for reference only. Goldman Sachs has repeatedly stated in public that its crypto strategy will be "progressive" and will closely monitor the evolution of regulatory policies, so the true strategic direction will need to be confirmed by subsequent official messages.

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