Matthew 26:28 New Living Translation
“… for this is my blood, which confirms the covenant between God and his people. It is poured out as a sacrifice to forgive the sins of many.”
“How does Jesus’ blood relate to the new covenant? People under the old covenant (those who lived before Jesus) could approach God only through a priest and an animal sacrifice. Now all people can come directly to God through faith because Jesus’ death has made us acceptable in God’s eyes (Romans 3:21-24).
The old covenant was a shadow of the new (Jeremiah 31:31; Hebrews 8:1ff), pointing forward to the day when Jesus himself would be the final and ultimate sacrifice for sin. Rather than an unblemished lamb slain on the altar, the perfect Lamb of God was slain on the cross, a sinless sacrifice, so that our sins could be forgiven once and for all. All those who believe in Christ receive that forgiveness.” [Taken from the footnote for the above verse on page 2078 of The Life Application Study Bible]