Paxos Rectifies $4,500 Trillion Stablecoin Minting Glitch

A technical error has resulted in Paxos accidentally minting 300 trillion PYUSD tokens on Ethereum, but the company swiftly neutralized the issue. 20 minutes after the event, all excess tokens were burnt, safeguarding customer funds and demonstrating their operational resilience. This incident emphasizes the risks associated with stablecoin issuance, where asset creation can happen without adequate collateralization.