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17 Articles
17 Articles
PayPal's blockchain partner accidentally minted $300 trillion in stablecoins
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, a…
A mistake suddenly results in units of a digital currency of almost astronomical value. The thing goes out brightly - but where were the security precautions?
Some calculators can no longer represent such sums: by mistake, units of a digital currency at the theoretical value of $300 trillion have been generated.
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