Goldman Sachs, BofA Among 21 Banks Planning Joint Dollar Stablecoin Launch
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BofA, Citi, Goldman Sachs among 21 institutions planning stablecoin launch
The planned venture will initially focus on a US dollar stablecoin before expanding to other G7 currencies, with a euro-denominated offering next.
Gold prices briefly fell below $3,950 per ounce, prompting several investment banks, including Goldman Sachs, to lower their price forecasts.
According to Mars Finance, spot gold continued its decline on June 30th, briefly falling below $3950 per ounce, a drop of 1.75%, hitting a new low since November 2025, and cumulatively declining by approximately 29% from its all-time high in January of this year. Affected by the decline in international gold prices, several domestic brands lowered their prices for pure gold jewelry by approximately 25 to 30 yuan per gram in a single day. Specifically, Chow Tai Fook lowered its price to 1208 yuan per gram, Lao Feng Xiang to 1206 yuan per gram, Chow Sang Sang to 1213 yuan per gram, and Lao Miao Gold to 1212 yuan per gram. With the continued adjustment in gold prices, several international investment banks have recently lowered their gold price targets. Goldman Sachs lowered its year-end 2026 gold price target to $4,900 from $5,400, stating it will maintain a "tactical cautious" stance. Reasons cited include the postponement of expected Federal Reserve rate cuts to 2027 and the hawkish signals from new Fed Chairman Kevin Warsh's first policy meeting. Deutsche Bank, Citigroup, Morgan Stanley, and ANZ Bank have also recently lowered their gold price forecasts. However, some institutions remain optimistic about gold's long-term prospects. Goldman Sachs stated that the gold bull market is not over, and the continued diversification of reserves by emerging market central banks will continue to support long-term demand. JPMorgan Chase maintained its forecast that gold prices could reach $6,000 by the end of 2026, believing the current correction is more of a temporary price reset than the end of a long-term bull market.
Goldman Sachs has significantly lowered its yen forecast, predicting it could fall to 165 within a year.
According to Odaily Odaily, Goldman Sachs predicts that the yen will fall to 165 against the US dollar within a year due to the interest rate differential between the US and Japan, a further downward revision from its previous forecast of 155, making it one of the most bearish institutions on the yen. Strategist Fishman points out that the pressure on the yen to depreciate stems from Japan's fiscal pressure, high US Treasury yields, and the Bank of Japan's slow interest rate hikes, despite the yen being severely undervalued. Positioning supports further yen weakness. Data shows that hedge funds' bearish bets on the yen hit a new high since 2017 last month, with the market believing there is a 72% probability that the USD/JPY exchange rate will rise to 165 by June next year. Goldman Sachs also favors carry trades using the yen as a funding currency, i.e., borrowing yen to invest in high-yield assets. The bank predicts the USD/JPY exchange rate will be 162 in three months and 163 in six months (previously 160 and 158 respectively), and believes that official intervention will have a short-lived effect, and the root causes of the yen's weakness remain. (Jinshi)
SoftBank Group has restarted negotiations for a $10 billion equity-backed loan to OpenAI, with Goldman Sachs and others expected to participate.
Odaily that SoftBank Group has restarted negotiations with a lending syndicate for a $10 billion loan secured by its OpenAI stake. In response to lenders' concerns about the difficulty of valuing private companies, SoftBank Group has proposed providing a guarantee for loan repayment; if the OpenAI shares used as collateral depreciate, the banks can seek recourse from SoftBank Group. The lending syndicate is expected to include Goldman Sachs, JPMorgan Chase, and Mizuho Group.
Zach Abrams, co-founder and CEO of Bridge, a stablecoin company under Stripe, will temporarily serve as CEO of Open Standard.
PANews reported on June 30th that, according to Bloomberg, Zach Abrams, co-founder and CEO of Bridge, Stripe's stablecoin infrastructure company, will temporarily serve as CEO of Open Standard. Over 100 fintech companies, payment networks, crypto companies, and banks, including Visa, Stripe, BNY Mellon, BlackRock, Klarna, Chime, Alphabet, and Coinbase, have jointly established the stablecoin consortium Open Standard, planning to issue the US dollar stablecoin Open USD and integrate it into their respective systems later this year.
Coinbase, Moov to provide stablecoin infrastructure for US community banks
The partnership will provide stablecoin acceptance, settlement and real-time funding capabilities to over 1,000 community banks and credit unions.