Paxos Mistakenly Minted $300 trillion Stablecoin and Destroyed It, CEO Says Transparency Is Blockchain Advantage
2025-10-23 06:06:16
According to Decrypt, Paxos CEO Charles Cascarilla told the Federal Reserve's Cryptocurrency Roundtable on Wednesday that the company accidentally minted $300 trillion worth of PayPal stablecoin (PYUSD) last week due to an "internal technical error" and destroyed it all within 24 minutes. This amount is more than twice the global GDP. Cascarilla tried to reframe the event as a manifestation of the advantages of blockchain transparency, saying "it actually demonstrates the transparency that blockchain can provide immediately."
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