Banks Can Hide Fat Finger Errors but Crypto Is Transparent

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Paxos’ accidental minting of $300 trillion PYUSD on Wednesday, while undoubtedly concerning, serves as a case study as to why blockchain could shine in traditional banking. 

On Wednesday, Paxos mistakenly minted $300 trillion worth of the PayPal USD (PYUSD) stablecoin, describing it as an “internal technical error.” 

What’s important, however, is that the blockchain allowed its mistake to be quickly identified and corrected.

The incident took place on Oct. 15 at 7:12 pm UTC, and the entire amount was burned just 22 minutes later, as onlookers…



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Banks Can Hide Fat Finger Errors but Crypto Is Transparent


Paxos’ accidental minting of $300 trillion PYUSD on Wednesday, while undoubtedly concerning, serves as a case study as to why blockchain could shine in traditional banking. 

On Wednesday, Paxos mistakenly minted $300 trillion worth of the PayPal USD (PYUSD) stablecoin, describing it as an “internal technical error.” 

What’s important, however, is that the blockchain allowed its mistake to be quickly identified and corrected.

The incident took place on Oct. 15 at 7:12 pm UTC, and the entire amount was burned just 22 minutes later, as onlookers…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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