Here’s what happened in crypto today

Today in crypto, Core DAO is coordinating an emergency hard fork after validators claimed more CORE rewards than the blockchain intended to issue. 21 major financial institutions, including Bank of America, Citi and Goldman Sachs, unveiled plans for a stablecoin venture targeting a 2027 launch, while Singapore is considering recognizing certain jointly issued and foreign-regulated stablecoins.

Core DAO plans emergency hard fork after validators drew excess rewards

In an update, Core said the incident had been contained and that “malicious validators” could no longer draw excess rewards. It said the fork would be a forward upgrade and would not roll back the network or reverse any previously confirmed transactions. 

This followed an earlier status update on Monday, in which Core said a small number of validators had accrued rewards significantly above the protocol’s intended issuance. It said the incident was limited to reward issuance and that user assets remained safe, adding that it would publish a technical postmortem. 

Several exchanges restricted CORE transfers around the time of the incident. Coinbase paused sends and receives on the Core network, while Bithumb and Coinone suspended deposits and withdrawals, citing suspected or confirmed security concerns. 

Bitget also suspended CORE deposits and withdrawals, citing wallet maintenance, while LBank suspended deposits because of what it described as the project’s requirements. 

Core has not disclosed how much CORE was issued, how long the activity continued, or whether any of the additional tokens entered circulation. It also has not explained the vulnerability that enabled the validators to obtain the rewards. However, Core said it would publish a technical postmortem.

Cointelegraph contacted Core for further information but had not received a response by publication.

BofA, Citi, Goldman Sachs ioin 21-institution stablecoin venture

A consortium of 21 major financial institutions, including Bank of America, Citi and Goldman Sachs, plans to form a company that will issue a US dollar-denominated stablecoin in the first half of 2027.

The group also includes Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. Its planned stablecoin will serve wholesale, institutional and retail markets, with potential uses including cross-border payments and digital asset settlement.

After launching the dollar token, the consortium intends to expand into other G7 currencies, starting with a euro-denominated stablecoin. The project is expected to comply with the US GENIUS Act and the European Union’s Markets in Crypto-Assets Regulation where applicable.

The venture expands an initiative announced in October 2025 by 10 banks exploring reserve-backed digital money on public blockchains. The consortium has since more than doubled in size.

The project reflects growing institutional adoption of stablecoins as regulatory frameworks become clearer. Societe Generale and Fidelity have already issued dollar-denominated stablecoins, while Standard Chartered recently backed a Hong Kong dollar stablecoin venture.

Singapore weighs recognizing some foreign-issued stablecoins

The Monetary Authority of Singapore (MAS) is reconsidering its earlier restriction on stablecoins issued across multiple jurisdictions, proposing a route for some jointly issued tokens to qualify under its regulatory framework.

MAS opened a public consultation on Tuesday, covering legislative amendments to implement its stablecoin framework and additional policy proposals reflecting developments since 2023.

Under one proposal, stablecoins jointly issued by a Singapore issuer and a foreign issuer could be regulated under the framework and labeled “MAS-regulated stablecoins,” provided that the associated risks are sufficiently mitigated.

MAS is also considering recognizing a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks, citing their potential use in cross-border wholesale transactions.