Paxos Accidentally Mints $300 Trillion in PYUSD Stablecoins

Paxos accidentally minted $300 trillion in PYUSD today, prompting community incredulity. The firm quickly burned these tokens and minted $300 million, claiming user error. This gaffe has highlighted a real concern in stablecoins: these protocols don’t need proof of reserves to mint tokens. Web3-native solutions could power new mechanisms, but issuers may not wish to implement them source: https://beincrypto.com/paxos-pyusd-300-trillion-mint-stablecoin/