Bank Stablecoin Venture Gets $270M: Goldman, Citi Back It
A bank stablecoin venture just got money. Goldman Sachs, Citi, Santander and Deutsche Bank are among the firms committing about $270 million to a planned US dollar stablecoin company, according to Bloomberg’s November 10 report, as relayed by crypto.news. Bloomberg cites people familiar with the matter. The banks have not confirmed it publicly in the reports we saw.
What the bank stablecoin venture will do
The money covers the new company’s first five years of operating costs. The company is expected to be incorporated in the US. It targets a launch in the first half of 2027, with a dollar token first and a euro token as the next priority, per crypto.news.
The consortium announced on September 1 that 21 institutions had committed to form it. Members include Bank of America, Capital One, Citi, Fidelity, Goldman Sachs, PNC, Wells Fargo, Santander, BBVA, Deutsche Bank, UBS and MUFG. The announcement did not give individual funding amounts or name a lead shareholder.
What is still unknown
Several basics are missing. The group has not published a name, a token ticker, the blockchains it will use, the reserve custodian or a fee schedule. The $270 million figure also comes from unnamed sources, so treat it as a report, not a filing.
Regulation will shape it. Crypto.news says US plans cover reserve, redemption, custody and capital requirements under the GENIUS Act.
Why the bank stablecoin venture matters to miners
Directly, it does not touch hashprice. Miners earn bitcoin, not stablecoins. Still, stablecoins are the cash side of the crypto market, and the main on-ramp for buyers of bitcoin and of mining hardware. Another large issuer could bring more bank customers into digital dollars, which may widen the pool of bitcoin buyers over time. That is our read, not something the sources claim.
In the near term, nothing changes. The launch is more than six months away. Today’s margin still depends on price, hashrate and your power cost.
Miner math: bitcoin hashprice today
Here is the live maths on November 10. Bitcoin is $73,300 and the network is 962 EH/s, so hashprice is about $34.56 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.62 | -$2.96 | -$6.08 | 4.2c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.80 | -$1.10 | -$3.64 | 6.3c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.26 | -$0.91 | -$3.80 | 6.7c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.87 | $1.35 | -$2.02 | 9.6c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If new money lifts bitcoin 5%: the break-even power price on an S19k Pro rises from 6.3 to 6.6 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.10 to -$0.91.
We would not plan a purchase around a stablecoin launch. Plan around your delivered power price, using our mining economics guides. Our Bitcoin price prediction shows the ranges we expect. If you are buying, see all miners. If you are selling, we buy used miners.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.