Paxos Addresses Technical Glitch in Stablecoin Issuance

An accidental minting of 300 trillion PYUSD stablecoins occurred earlier today at Paxos, a stablecoin issuer. The company quickly addressed the issue by destroying the excess tokens within minutes. According to Paxos, this error was caused by an internal technical malfunction and assured that there was no security breach. Customer funds remain safe, and the root cause of the incident has been identified and rectified.