Goldman Sachs Reported to Launch 3 New Tokenisation Projects in EU and US in 2024

Logos of the American investment bank and financial services company Goldman Sachs on a heap on a table. Copy space. Web banner format.
  • Mathew McDermott, Goldman Sachs’ global head of digital assets, announced the bank’s intent to launch tokenisation products.
  • One of those products would be a marketplace for financial institutions instead of retail investors.
  • The bank’s tokenised products will be launched on permissioned (private) blockchains.

Investment banking giant Goldman Sachs is set to launch at least three tokenised products in the US and Europe, citing a “major uptick in interest from clients” in cryptocurrency assets. This is according to Mathew McDermott, the bank’s global head of digital assets, 

During a Fortune interview, McDermott stated that Goldman Sachs plans to launch at least three tokenised products, including a marketplace for real-world assets (RWA). Further, all of these products will be launched on permissioned blockchains. This contrasts with the bank’s peers, as BlackRock’s BUIDL token is built on the Ethereum network.

McDermott did not provide many details regarding funds. However, he mentioned that one fund would be launched in the US, targeting the US “fund complex,” while another would target European debt markets.

Related: RWA Tokenisation on the Horizon: Understanding Its Impact


Institutions’ Appetite for RWAs & Crypto

Goldman Sachs is the most recent TradFi giant to join the RWA frenzy as more institutions seek to tokenise traditional assets in blockchain networks.

The move comes after BlackRock’s BUIDL tokenisation product reached a milestone on July 9, reaching over US$500M (AU$739M) in market capitalisation. Overall, RWA funds —especially those that provide tokenised treasuries— are gaining traction in the US. 

The on-chain US treasuries sector has accumulated over $1.8B (AU$2.66B) in deposits. This shows how massive the sector has become in a matter of months, given that RWAs have a total value locked (TVL) of around US$5.6B (AU$8.28B), according to data from DefiLlama.

Spot Bitcoin ETFs Renewing Interest in Crypto

McDermott also stated that the renewed interest in crypto was primarily attributed to the approval of Spot Bitcoin exchange-traded funds (ETF) and their success in the market.

Related: Ready To Go! VanEck’s VBTC Bitcoin ETF Starts Trading on ASX in Australian First

Spot Bitcoin ETFs have thrived in the US and worldwide, signalling the institutional appetite for BTC and digital assets. In Australia, DigitalX Bitcoin ETF (ticker BTXX) will become the second spot fund listed on the Australian Stock Exchange. 

José Oramas

José Oramas

José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.

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