Top 100 Coins
Trending Cryptos
Performance
Recently Listed
Gainers
All Categories
All Time High
Blockchains
Global Market Data
Ecosystems
Research
Rewards
Heatmaps
Drop Hunting
Alerts
Converter
Widgets
Market Data API
Futures and Options
Affiliate Program
Paxos Accidentally Minted $300 Trillion of PayPal’s Stablecoin — Then Burned It
Share:
Stablecoin issuer Paxos revealed that it erroneously minted $300 trillion worth of PayPal’s PYUSD stablecoin on Wednesday, only to reverse the mistake minutes later by burning the excess tokens.
Blockchain records visible on Etherscan confirmed the flurry of minting and burning transactions, exposing a rare but dramatic “fat-finger” error in the reportedly tightly controlled world of stablecoin issuance.
The transactions revealed that the firm had accidentally added six extra zeros during minting. Within minutes, Paxos destroyed the incorrectly issued $300 trillion PYUSD and re-minted the correct amount of $300m instead.
Paxos(@Paxos) accidentally minted 300T $PYUSD 7 hours ago — they added six extra zeros by mistake!
— Lookonchain (@lookonchain) October 16, 2025
The error was quickly corrected as they burned the 300T $PYUSD and properly re-minted 300M $PYUSD instead.https://t.co/RJeWtSnW9R pic.twitter.com/ktQQ88RfHw
Stablecoin Issuers Have Faced Similar Minting Mishaps Before
Such mistakes are not rare in crypto. Often, token transfers sent to the wrong address cannot be reversed. However, stablecoin issuers have more control. They can step in to correct errors, such as by returning or burning tokens created by mistake.
Paxos’s blunder echoes past industry slipups. In 2019, Tether mistakenly issued about $5b in USDT and later burned the overage.
In May 2021, BlockFi accidentally credited users with vast amounts of Bitcoin instead of a promotional stablecoin, forcing complicated reversals. And in Dec. 2022, a DeversiFi upgrade glitch triggered a $23.7m Ethereum gas payout, which developers mostly recovered with community support.
Stablecoins Tighten Grip On Crypto Ecosystem
These incidents show how fragile crypto’s plumbing can be, especially when automated systems handle large-scale transactions.
As of mid-October 2025, the stablecoin sector’s market cap stood near $306.18b, up about 47% year to date. The growth leans heavily on major players like Tether’s USDT (holding around 59% market share) and Circle’s USDC.
PayPal USD (PYUSD), though smaller, commands attention. As of Oct. 2025, its market cap is about $2.32b, matching its token supply of 2.32b, with trading prices tightly anchored near $0.9997.
The post Paxos Accidentally Minted $300 Trillion of PayPal’s Stablecoin — Then Burned It appeared first on Cryptonews.
In This News
Coins
$ 92.18K
-0.39%
$ 3.18K
-0.81%
$ 0.99924
-0.02%
$ 0.0142
+0.33%
$ 0.00...361
Share:
In This News
Coins
$ 92.18K
-0.39%$ 3.18K
-0.81%$ 0.99924
-0.02%$ 0.0142
+0.33%$ 0.00...361
Share:
Read More
Trend Research USDT Deposit Sparks Strategic Speculation: 10 Million Transfer to Binance Signals Potential ETH Accumulation
Meme Coin Volume Skyrockets 106% While Market Cap Plummets: The Troubling Profit-Taking Signal
Paxos Accidentally Minted $300 Trillion of PayPal’s Stablecoin — Then Burned It
Share:
Stablecoin issuer Paxos revealed that it erroneously minted $300 trillion worth of PayPal’s PYUSD stablecoin on Wednesday, only to reverse the mistake minutes later by burning the excess tokens.
Blockchain records visible on Etherscan confirmed the flurry of minting and burning transactions, exposing a rare but dramatic “fat-finger” error in the reportedly tightly controlled world of stablecoin issuance.
The transactions revealed that the firm had accidentally added six extra zeros during minting. Within minutes, Paxos destroyed the incorrectly issued $300 trillion PYUSD and re-minted the correct amount of $300m instead.
Paxos(@Paxos) accidentally minted 300T $PYUSD 7 hours ago — they added six extra zeros by mistake!
— Lookonchain (@lookonchain) October 16, 2025
The error was quickly corrected as they burned the 300T $PYUSD and properly re-minted 300M $PYUSD instead.https://t.co/RJeWtSnW9R pic.twitter.com/ktQQ88RfHw
Stablecoin Issuers Have Faced Similar Minting Mishaps Before
Such mistakes are not rare in crypto. Often, token transfers sent to the wrong address cannot be reversed. However, stablecoin issuers have more control. They can step in to correct errors, such as by returning or burning tokens created by mistake.
Paxos’s blunder echoes past industry slipups. In 2019, Tether mistakenly issued about $5b in USDT and later burned the overage.
In May 2021, BlockFi accidentally credited users with vast amounts of Bitcoin instead of a promotional stablecoin, forcing complicated reversals. And in Dec. 2022, a DeversiFi upgrade glitch triggered a $23.7m Ethereum gas payout, which developers mostly recovered with community support.
Stablecoins Tighten Grip On Crypto Ecosystem
These incidents show how fragile crypto’s plumbing can be, especially when automated systems handle large-scale transactions.
As of mid-October 2025, the stablecoin sector’s market cap stood near $306.18b, up about 47% year to date. The growth leans heavily on major players like Tether’s USDT (holding around 59% market share) and Circle’s USDC.
PayPal USD (PYUSD), though smaller, commands attention. As of Oct. 2025, its market cap is about $2.32b, matching its token supply of 2.32b, with trading prices tightly anchored near $0.9997.
The post Paxos Accidentally Minted $300 Trillion of PayPal’s Stablecoin — Then Burned It appeared first on Cryptonews.
In This News
Coins
$ 92.18K
-0.39%$ 3.18K
-0.81%$ 0.99924
-0.02%$ 0.0142
+0.33%$ 0.00...361
Share:
In This News
Coins
$ 92.18K
-0.39%$ 3.18K
-0.81%$ 0.99924
-0.02%$ 0.0142
+0.33%$ 0.00...361
Share:
Read More
Trend Research USDT Deposit Sparks Strategic Speculation: 10 Million Transfer to Binance Signals Potential ETH Accumulation