Unprecedented Stablecoin Activity: Paxos Burns $300 Trillion Within Minutes

A shocking series of events unfolded on Wednesday when Paxos, the issuer of PayPal USD (PYUSD), unexpectedly minted and burned a staggering 300 trillion tokens in under half an hour. This unprecedented activity led to market confusion and prompted trading suspensions by lending protocol Aave as traders reacted with shock and disbelief. The scale of this transaction is equivalent to roughly $300 trillion, dwarfing the combined GDP of all countries worldwide.