Technical Glitch Forces Paxos to Incinerate $300 Trillion in Erroneous PayPal Stablecoin Mint
Whoops—someone added too many zeros.
The $300 Trillion Oopsie
A system malfunction at stablecoin issuer Paxos accidentally created enough PayPal stablecoins to buy several small countries—then promptly burned the entire erroneous mint in what became the most expensive typo in financial history. The digital equivalent of printing money until the presses caught fire.
Protocols Panic, Then Purge
Automated safeguards triggered within minutes, vaporizing the phantom fortune before it could destabilize markets. The incident exposed the delicate balance between algorithmic precision and human error in decentralized finance—proving even billion-dollar systems can't escape the classic 'refresh and try again' approach.
Because nothing says 'stable' like accidentally creating 150 times the US monetary supply before lunch. Wall Street bankers are probably taking notes for their next 'technical difficulty' excuse.
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The temporary minting briefly rattled decentralized finance markets. AAVE froze PYUSD trading as a precaution, while the token briefly lost its $1 peg before stabilizing once the burn was confirmed. Paxos later carried out a separate, legitimate mint of 300 million PYUSD as part of routine operations.
Despite the turbulence, PYUSD remains the sixth-largest stablecoin globally.
