Paxos destroys $300 trillion in stablecoins after minting error; CEO says transparency is a blockchain advantage

According to Jinse Finance, citing Decrypt, Paxos CEO Charles Cascarilla stated at the Federal Reserve's cryptocurrency roundtable on Wednesday that the company accidentally minted $300 trillion worth of PayPal stablecoin (PYUSD) last week due to an "internal technical error," and destroyed all of it within 24 minutes. This amount exceeds twice the global GDP. Cascarilla attempted to reframe the incident as a demonstration of blockchain transparency, stating, "This actually showcases the transparency that blockchain can provide instantly."