The American company “Paxos” stated that a technical glitch during an internal transfer led, for a brief moment, to the minting of a massive amount of the PYUSD stablecoin, reaching the equivalent of $300 trillion on “Etherscan.”
The company confirmed that it immediately discovered the error and burned the excess issuance, and that there was no cyberattack or risk to users.
PYUSD, which is pegged to the dollar and offered in partnership with “PayPal,” is supposed to be equivalent to one dollar per unit.
The appearance of the astronomical figure, which far exceeded estimates of global output of about $117 trillion in 2025, reopened questions of trust and controls in the cryptocurrency market, especially since the values of previous transactions were around only $300 million, alerting observers that the matter was likely a technical glitch and nothing more. (Al Arabiya)
source: 961 today
