PayPal's blockchain partner accidentally minted $300 trillion in stablecoins
In a major blunder, PayPal's blockchain partner Paxos accidentally minted 300 trillion of the PYUSD stablecoin, more than double the world's entire GDP. Paxos acknowledged the mistake and assured customers that their funds were secure, stating that it was an "internal technical error." The incident highlights the risks and volatility associated with the cryptocurrency and blockchain industries, where even minor glitches can have significant financial implications. While Paxos has claimed to have burned the excess reserves, the incident serves as a stark reminder of the need for robust safeguards and rigorous oversight in the rapidly evolving world of digital finance.
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