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GS DAP (Goldman Sachs Digital Asset Platform)

Tokenisation platform
Hybrid issuance

GS DAP is Goldman Sachs's production platform for issuing, settling, and servicing tokenised financial instruments, built on Daml (Digital Asset's smart-contract language) and the Canton Network. It matters because it is one of the few bank-grade tokenisation platforms with real issuance history rather than pilots, spanning both digitally-native bonds and mirrored fund tokens, and because Goldman has announced it will spin the platform out of the bank into an industry-owned entity in mid-2026, which would turn an in-house rail into shared market infrastructure. The native-versus-mirror split across its products and the spin-out structure are the two things to watch.

What it is

GS DAP went live in 2022 as Goldman's tokenisation platform using Digital Asset's technology, with privacy controls of the kind institutions require (Digital Asset). The European issuance entity is Goldman Sachs Bank Europe SE. In November 2024 Tradeweb became the platform's first strategic partner, integrating trading and liquidity across fixed income (Markets Media).

Issuance model: hybrid

GS DAP carries both issuance models, which is why it is tagged hybrid:

  • Digital-native bonds. GS DAP launched in November 2022 via Project Venus with a EUR 100 million European Investment Bank (EIB) digital bond settled same-day (T+0) against experimental central bank money. A second EIB bond followed in November 2024, a EUR 100 million fixed-rate note due November 2029, with cash tokens issued on Banque de France's exploratory DL3S platform interoperating in real time with GS DAP, as part of the Eurosystem's work on wholesale central bank money settlement (Ledger Insights, Finadium).
  • Mirror fund tokens. In July 2025 Goldman and BNY launched the first US tokenised money-market fund (MMF) solution on GS DAP. BNY's LiquidityDirect platform connects institutional investors to GS DAP, where mirror tokens representing fund shares are created and maintained on the Canton Network; the initial launch included BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management (Goldman Sachs).

The spin-out

Goldman said in November 2024 it intended to explore spinning GS DAP out into an industry-owned technology platform. On 15 October 2025, at the Digital Asset Summit in London, Mathew McDermott, Goldman's head of digital assets, said the bank was "very focused on divesting" the platform "in the middle of next year," targeting mid-2026. His stated rationale: "having platforms on balance sheet makes it very hard to scale and get broad institutional adoption" (Markets Media).

Open questions

  • What is the legal and ownership structure of the spun-out entity, and which institutions take equity? This determines whether GS DAP becomes neutral market infrastructure or a Goldman-anchored consortium.
  • How does GS DAP's Canton-based settlement interoperate with the wholesale-CBDC and tokenised-deposit rails APAC regulators are building, if at all?