Looking for the latest developments in the crypto market today? Here are the key stories affecting Bitcoin, blockchain, DeFi, Web3 and crypto regulation.
Today’s major developments include an emergency hard fork planned by Core DAO, a new stablecoin initiative involving 21 major financial institutions, and possible changes to Singapore’s stablecoin regulations.
Core DAO Plans Emergency Hard Fork
Core DAO is preparing an emergency hard fork after some validators reportedly received more CORE rewards than the blockchain protocol was designed to issue.
Core said the issue has now been contained and that the validators involved can no longer claim excessive rewards.
The planned hard fork will be implemented as a forward-looking upgrade. According to Core, the network will not be rolled back and previously confirmed transactions will not be reversed.
The problem was first disclosed earlier in the week, when Core said a limited number of validators had accumulated rewards significantly above the intended issuance rate.
The organization said the issue was restricted to validator rewards and that user funds were not affected.
Core also plans to publish a full technical report explaining the incident.
Crypto Exchanges Restrict CORE Transfers
Several cryptocurrency exchanges temporarily restricted CORE transactions following the incident.
Coinbase paused sending and receiving activity on the Core network.
Bithumb and Coinone also suspended deposits and withdrawals because of security-related concerns.
Bitget temporarily halted CORE deposits and withdrawals due to wallet maintenance, while LBank suspended deposits following instructions connected to the project.
Core has not yet disclosed the total amount of additional CORE tokens that were created.
It also remains unclear how long the issue continued or whether any of the excess tokens entered the circulating supply.
The exact vulnerability that allowed validators to claim additional rewards has also not yet been publicly explained.
Major Banks Join New Stablecoin Venture
A group of 21 major financial institutions is preparing to launch a new U.S. dollar-denominated stablecoin.
The consortium includes Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments.
The group plans to establish a company that could launch the stablecoin during the first half of 2027.
The digital currency is expected to serve institutional, wholesale and retail markets.
Potential use cases include cross-border payments and digital asset settlement.
Consortium Plans Stablecoins for Other G7 Currencies
After introducing the U.S. dollar token, the financial institutions plan to expand the project into other major currencies.
A euro-denominated stablecoin is expected to be among the first additional products.
The initiative is also expected to comply with major regulatory frameworks, including the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets regulation where applicable.
The project builds on an initiative announced in October 2025, when 10 banks began exploring reserve-backed digital currencies issued on public blockchains.
The consortium has since grown to more than twice its original size.
Institutional Stablecoin Adoption Continues
The project highlights the growing interest in stablecoins among major banks and financial institutions.
Clearer cryptocurrency regulations are making it easier for traditional financial companies to explore blockchain-based payment systems.
Societe Generale and Fidelity have already introduced dollar-backed stablecoins.
Standard Chartered has also supported a venture focused on a Hong Kong dollar-denominated stablecoin.
These developments suggest that stablecoins are becoming increasingly important within the traditional financial system.
Singapore Reviews Stablecoin Regulations
Singapore is also considering changes to its stablecoin regulatory framework.
The Monetary Authority of Singapore has opened a public consultation covering proposed legislative amendments and new policy measures.
One proposal could allow stablecoins jointly issued by a Singapore-based company and a foreign issuer to qualify as regulated stablecoins.
These tokens could potentially receive the designation of “MAS-regulated stablecoins” if the associated risks are considered adequately controlled.
Foreign Stablecoins Could Gain Recognition in Singapore
Singapore is also considering whether to recognize certain stablecoins issued and regulated in foreign jurisdictions.
Only stablecoins operating under overseas regulatory systems considered comparable to Singapore’s framework would potentially qualify.
The Monetary Authority of Singapore highlighted cross-border wholesale transactions as one possible use case.
If implemented, the changes could make Singapore’s digital asset framework more flexible while maintaining strict regulatory standards.
Crypto Market Focus Shifts Toward Infrastructure and Regulation
Today’s crypto developments highlight several important trends shaping the industry.
Blockchain security remains a major concern following the Core DAO validator incident.
At the same time, growing participation from major banks shows that stablecoins are becoming increasingly integrated into traditional financial markets.
Regulatory developments in Singapore also demonstrate how governments are adapting their frameworks as digital assets become more widely used.
Together, these developments could play an important role in shaping the next stage of cryptocurrency and blockchain adoption.
