PayPal's blockchain partner accidentally minted $300 trillion in stablecoins
2 months ago
4
In an embarrassing error, PayPal blockchain partner Paxos accidentally minted 300 trillion of the PYUSD token today. PayPal's stablecoin, which it debuted in 2023, is supposed to be redeemable at a 1:1 rate for US dollars. $300 trillion is more than double the entire world's current GDP of $117 trillion. In short, that's a really bad mistake from Paxos.
At least the action did appear to be a mistake. Paxos acknowledged the issue in a post on X, assuring clients that their funds are secure and stating that it burned the excess reserves of stabl...
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2 months ago
4
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