Crypto Firm Accidentally Creates $300,000,000,000,000 in Stablecoins on Ethereum Network – More Value Than All Assets on Earth Combined
A New York-based crypto firm has mistakenly minted $300 trillion worth of stablecoins – before swiftly burning it all.
Paxos Trust Company, issuer of PayPal’s dollar-pegged PYUSD stablecoin, says the error stemmed from an internal technical glitch.
The 300 trillion tokens were minted on the Ethereum blockchain and were sent to a Paxos-controlled wallet before they were essentially destroyed by transferring them to an inaccessible address.
The firm says it has not suffered a security breach and zero customer funds are at risk.
Although impossible to collateralize, on paper the $300 trillion in minted coins would exceed the combined value of all assets on Earth, which are estimated to be at around $247 trillion.
When the coins were minted, the DeFi lending protocol Aave temporarily froze its PYUSD markets as a precaution, citing the “unexpected high-magnitude transaction.”
Paxos says PYUSD’s circulating supply now remains stable at about $2.6 billion, and assets are fully backed by USD deposits and Treasuries.
Paxos also says it has fixed the root cause to prevent the mass minting from happening again.
PYUSD launched in August of 2023 with the goal of facilitating seamless payments on the blockchain.
The coin is now live on 13 blockchain networks.
Generated Image:
Midjourney
Shutterstock/Sensvector
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP News Today: IMF Cautions That Tokenized Markets Could Face Collapse Without International Cooperation
- IMF warns tokenized markets risk destabilizing flash crashes due to rapid growth and interconnected smart contracts. - XRP highlighted as potential cross-border payment solution but not endorsed, alongside Stellar and Bitcoin-Lightning hybrid models. - Global regulators intensify oversight of tokenized assets, with ESMA, SEC, and central banks addressing governance and liquidity risks. - IMF stresses urgent need for coordinated policy frameworks to prevent fragmentation and systemic vulnerabilities in ev
Solana News Today: Avail's Nexus Mainnet: A Borderless Blockchain Ecosystem
- Avail launches Nexus Mainnet, a cross-chain infrastructure unifying liquidity across Ethereum , Solana , and EVM-compatible chains. - The platform uses intent-solver architecture and Avail DA verification to replace bridges, enabling seamless asset movement and shared liquidity. - Integrations with major chains and partners like Lens Protocol aim to streamline DeFi and trading, while $AVAIL token coordinates cross-chain transactions. - With Infinity Blocks targeting 10 GB blocks, Nexus addresses liquidit
Cardano News Today: ETFs Turn to Alternative Coins While ADA Stumbles and XLM Gains Momentum with ISO Compliance
- Franklin ETF expands holdings to include ADA , XLM, XRP , and others, reflecting institutional altcoin diversification driven by ISO 20022 compliance and SEC-approved rules. - Cardano faces short-term bearish pressure with 31% monthly decline, contrasting Stellar's bullish 2025/2030 price projections ($1.29–$6.19) fueled by RWA and cross-border payment demand. - ISO 20022 adoption (97% payment instructions) positions ADA/XLM as bridges between DeFi and traditional finance, with Ripple's ILP enhancing XLM
AI Crypto Faces a Pivotal Turn: Regulatory Demands Surpass Aspirations in 2025
Trending news
MoreCrypto prices
More
