This world is just a huge amateur performance!😅
The stablecoin issuer Paxos unexpectedly minted $3 trillion worth of PayPal stablecoin PYUSD on Ethereum on Wednesday, and then quickly destroyed it.
Although this blunder did not cause any actual economic loss, it triggered a huge shock in the market, causing PYUSD's market value to briefly surpass all other stablecoins, becoming the number one in the world.
According to on-chain data, Paxos minted 300 trillion PYUSD in the early morning, a figure that is hundreds of times the total amount of circulating US dollars globally, far exceeding the total market value of the entire cryptocurrency market.
About 20 minutes after the incident, Paxos sent all this massive PYUSD to a burn address, completing the destruction.
They’re just printing money themselves!😅
