Goldman Sachs launches its own Cryptocurrency

Goldman Sachs has launched its own cryptocurrency called “USD Coin”. Its a coin that is directly tied to the dollar, kind of like Tether. This is an attempt by Goldman to have more say in the cryptocurrency market and try to to introduce a stabilized coin into the market.
I do not think Goldman Sachs will be very successful with this coin because it lacks the two things that make cryptocurrency so attractive to people. One, people actually like the volatile nature of cryptos because that gives them a chance for large profits. No one is going to buy USD coin hoping to make a lot of money from it because it is tied to USD. Being stable, it is a coin that could be used to buy goods and services. However, we already have the dollar for that and since everything is digital these days anyways, I can’t see why people would use USD coin over Venmo, debit cards, credit cards, and other such already established vehicles.
The other thing is that people like the decentralized aspect of cryptocurrency and since USD coin is going to be controlled by Goldman, it doesn’t have that either so I don’t really see why anyone would want to buy USD coin. I think big banks are thinking that people want them to control everything and don’t like the up and down swings of crypto when those are the exact two things people are into crypto for.

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