Here's what happened in crypto today on September 2

Here's what happened in crypto today: Core DAO is coordinating an emergency hard fork after validators claimed excess CORE rewards, a 21-bank consortium including Bank of America and Citi unveiled a dollar stablecoin plan for 2027, Singapore opened stablecoin consultations, and Hyperliquid Strategies expanded its equity facility to $2.5 billion. Together, these updates show institutions moving deeper into regulated stablecoins while networks respond to validator reward exploits.

If you track daily moves across Bitcoin, DeFi, and regulation, today's headlines span infrastructure risk, wholesale banking, and treasury strategy. For ongoing coverage, see our Fintech & Crypto Alerts hub.

Key Takeaways

• Core DAO will roll out a forward-upgrade hard fork after validators drew excess CORE rewards; user assets were not affected, per Core.
• Bank of America, Citi, Goldman Sachs, and 18 other institutions plan a USD stablecoin launch in the first half of 2027.
• Singapore's MAS is consulting on recognizing some jointly issued and foreign-regulated stablecoins.
• Hyperliquid Strategies raised its Chardan equity facility cap from $1 billion to $2.5 billion and holds about 29.3 million HYPE tokens.

Why is Core DAO planning an emergency hard fork?

Core DAO said a small number of validators accrued rewards significantly above the protocol's intended issuance. In an update, the network said the incident was contained and that "malicious validators" could no longer draw excess rewards.

Core stressed the fork is a forward upgrade that will not roll back the network or reverse previously confirmed transactions. User assets remained safe, and a technical postmortem is planned. Core has not disclosed how much CORE was issued, how long the activity continued, or the vulnerability involved.

Several exchanges restricted CORE transfers. Coinbase paused sends and receives on the Core network. Bithumb and Coinone suspended deposits and withdrawals over security concerns. Bitget cited wallet maintenance, and LBank suspended deposits at the project's request, according to CoinTelegraph.

What stablecoin plans did major banks unveil today?

A consortium of 21 major financial institutions, including Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments, plans to form a company issuing a US dollar-denominated stablecoin in the first half of 2027.

The planned token would serve wholesale, institutional, and retail markets, with uses including cross-border payments and digital asset settlement. After the dollar token, the group intends euro-denominated expansion. The project is expected to comply with the US GENIUS Act and the EU's Markets in Crypto-Assets Regulation where applicable.

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

How is Singapore changing its stablecoin framework?

The Monetary Authority of Singapore opened a public consultation Tuesday on 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 qualify as "MAS-regulated stablecoins" if associated risks are sufficiently mitigated. MAS is also considering recognizing a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks for cross-border wholesale transactions.

Why did Hyperliquid Strategies expand its equity facility?

Nasdaq-listed Hyperliquid Strategies amended its October 2025 Chardan Equity Facility purchase agreement, increasing capacity from $1 billion to $2.5 billion. The agreement lets the company periodically direct Chardan Capital Markets to purchase newly issued common shares subject to pricing and volume conditions.

The company previously reported raising $647 million through the facility and building a treasury of about 29.3 million HYPE tokens. The $2.5 billion figure is maximum capacity, not funds already raised; drawing on it would issue additional shares and could dilute existing shareholders.

The expansion follows renewed interest in Hyperliquid. HYPE jumped more than 20% in August after US President Donald Trump said CFTC Chair Michael Selig was working to bring the decentralized trading platform into the US "in a fully compliant and legal fashion," per CoinTelegraph.