Paxos, the company behind PayPal’s stablecoin PYUSD, recently created 300 trillion tokens and then removed them from the blockchain within less than 30 minutes.
The Ethereum
This unexpected action prompted responses from platforms like Aave
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Although the tokens never reached circulation, the momentary supply was valued at around $300 trillion, based on PYUSD’s peg to the US dollar. This figure is more than double the total global GDP, according to data from the International Monetary Fund (IMF).
Later that same day, Paxos released a statement on X. The company explained that the incident was caused by a technical mistake during an internal transfer.
They confirmed that it was not the result of a hack or breach, and that no user funds were ever at risk. They stated that the issue had already been resolved.
PYUSD remains active in the market, with a market capitalization exceeding $2.3 billion. This places it sixth among stablecoins, behind others such as Tether
Recently, Paul Faecks, the head of Plasma, addressed recent concerns from the community after the XPL token lost over 50% of its value. What did he say? Read the full story.
