In an embarrassing error, PayPal blockchain partner Paxos accidentally minted 300 trillion of the PYUSD token today. PayPal’s stablecoin, which it debuted class=”link ” href=”https://www.engadget.com/paypal-introduces-its-own-stablecoin-thats-pegged-to-the-us-dollar-091019012.html” data-i13n=”cpos:1;pos:1″ data-ylk=”slk:in 2023;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas”>in 2023, is supposed to be redeemable at a 1:1 rate for US dollars. $300 trillion is more than double the entire world’s current class=”link ” href=”https://www.imf.org/external/datamapper/profile/WEOWORLD” data-i13n=”slk:GDP;cpos:2;pos:1″ rel=”nofollow noopener” target=”_blank” data-ylk=”slk:GDP;slk:GDP;cpos:2;pos:1;elm:context_link;itc:0;sec:content-canvas”>GDP of $117 trillion. In short, that’s a really bad mistake from Paxos.
At least the action did appear to be a mistake. Paxos acknowledged the issue in a class=”link ” href=”https://x.com/Paxos/status/1978565015943950411″ data-i13n=”cpos:3;pos:1″ rel=”nofollow noopener” target=”_blank” data-ylk=”slk:post;cpos:3;pos:1;elm:context_link;itc:0;sec:content-canvas”>post on X, assuring clients that their funds are secure and stating…
