Paxos’ Whopping Blunder: $300T PYUSD Fiasco 🤑💥

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Markets

What ho, old sport! Here’s the lowdown:

  • Paxos, in a fit of digital clumsiness, minted a staggering $300 trillion of PYUSD on Ethereum. 😱🤦‍♂️
  • The blunder was swiftly corrected with a spot of blockchain pyrotechnics, burning the excess. 🔥✨

On a Wednesday that shall live in infamy, Paxos, the stablecoin chappie, accidentally conjured $300 trillion worth of PayPal’s PYUSD stablecoin. A “fat finger” error, if ever there was one, and one that made the U.S. dollar’s $2.4 trillion supply look like small change. Toodle pip, fiscal responsibility! 💸🤪

“At 3:12 PM EST, a spot of bother occurred during an internal transfer,” Paxos chirped on X, as if announcing tea time. “We promptly identified the gaffe and set the excess PYUSD ablaze.” 🔥📢

The issuer assured everyone that it was merely a technical hiccup, not a security breach, and that all funds were as safe as houses. Still, one can’t help but raise an eyebrow at the sheer scale of the blunder. 🏦🤔

“It’s not the sum that’s the issue, old bean,” remarked VBL’s Ghost, a market commentator of some repute. “It’s the fact that this collateralized asset can be conjured without the collateral. Rather rum, what?” 🧙‍♂️💭

At the time of scribbling, PYUSD sat pretty as the seventh-largest stablecoin, with a market value of $2.64 billion. Each token, they say, is backed by the finest reserve assets, maintaining its 1:1 peg with the greenback. 🌍💰

Fat-finger errors, it seems, are as common in crypto as spilled tea at a cricket match. In 2019, Tether, the granddaddy of stablecoins, accidentally minted and promptly destroyed $5 billion in USDT. Quite the oopsie-daisy, eh? ☕️🤭

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2025-10-16 08:36