A significant event has transpired on the Ethereum blockchain, as Paxos minted a staggering 300 trillion US dollars worth of stablecoins in an unprecedented move. This action comes amidst the recent passage of the GENIUS Act regulating stablecoin issuers. Despite this groundbreaking development, concerns over security and potential instability are emerging within the industry. 300 trillion dollars represents nearly unlimited dollar issuance, comparable to the combined assets held by US banks, which stand at around 60 trillion dollars, with global banking accounts totaling approximately 100 trillion dollars. Paxos’ minting action has effectively injected this massive amount of PYUSD into circulation for a temporary period, leading to immediate removal via a burn address. However, the possibility of smaller, unsupported stablecoins emerging in the future remains unsettling. Such large-scale issuance raises concerns about protocol hacks and potential for rapid liquidity drain. 300 trillion dollars or even quadrillion stablecoin mints pose significant risks if not managed cautiously.