PayPal crypto partner accidentally mints stablecoins worth double the world’s total GDP — Paxos undersells $300 trillion incident as an ‘internal technical error’

PayPal's crypto partner, Paxos, accidentally minted $300 trillion worth of stablecoins, far exceeding the world's total GDP, in what they called an 'internal technical error.' Despite the massive sum, Paxos assured that customer funds were safe and the excess coins were burned. The incident, lasting about 20 minutes, raised concerns about the stability and oversight of such cryptocurrencies. Paxos downplayed the error, emphasizing that there was no security breach and that they had addressed the root cause, while the market capitalization of the stablecoin in question remains around $2.6 billion.