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$300 Trillion stable coin error
Posted on 10/16/25 at 5:24 am
Posted on 10/16/25 at 5:24 am
quote:CNBC
Paxos, the blockchain partner of PayPal
, mistakenly minted $300 trillion worth of the online payment giant’s stablecoin on Wednesday in what the company called a “technical error.”
Market watchers had spotted the enormous injection of the PayPal PYUSD stablecoin on Etherscan — a block explorer and analytics platform for the Ethereum blockchain.
Paxos had mistakenly minted the stablecoins as part of an internal transfer, before it “immediately identified the error and burned the excess PYUSD,” the company said in a social media statement.
“This was an internal technical error. There is no security breach. Customer funds are safe. We have addressed the root cause,” it added. PayPal didn’t respond to an inquiry from CNBC outside of regular business hours.
Transactions on Etherscan showed that the mistake had been fixed after about 20 minutes.
PayPal crypto chief discusses adoption of its native stablecoinwatch now
VIDEO09:46
PayPal crypto chief discusses adoption of its native stablecoin
PYUSD is advertised as a dollar-pegged stablecoin that is fully backed by U.S. dollar deposits, U.S. treasuries and similar cash equivalents. Therefore, PayPal says the tokens are always redeemable for U.S. dollars on a 1:1 basis.
However, the technical error highlights that the dollar peg is guaranteed by PayPal and its independent third-party attestation reports, rather than intrinsically tied to the minting of a stablecoin.
There aren’t enough dollars in global circulation to back $300 trillion PYUSD, which would theoretically require more than double the world’s estimated total GDP.
Paxos’ error comes at a time when stablecoins are becoming more mainstream as its adopted by an increasing number of banks and payment platforms.
PYUSD is currently the sixth-largest stablecoin in the world with a market capitalization of over $2.6 billion, according to data from CoinMarketCap.
6
Posted on 10/16/25 at 5:54 am to bigjoe1
Someone tell me why this won’t concern bankers
Posted on 10/16/25 at 6:23 am to bigjoe1
Sounds pretty stable.
Posted on 10/16/25 at 6:53 am to bigjoe1
Someone is going to have to explain this to me like I’m a fifth grader.
Posted on 10/16/25 at 6:59 am to SloaneRanger
quote:
Someone is going to have to explain this to me like I’m a fifth grader.
Crypto company creates 300 trillion digital dollars out of thin air. These digital dollars are supposed to be backed 1:1 with real USD. Obviously that's not possible, since there is zero chance that people gave 300 trillion real dollars for fake PayPal dollars. They are now claiming they were created by mistake.
There are a ton of stable coin issuers out there they say we promise our digital dollars are 100% backed. But none of them are audited to prove it.
The biggest stable coin printer tether usdt, is constantly minting 1b every week it seems and is now one of the biggest banks in the world. They have never been audited and say trust us. They are one of the primary back stops to most crypto trading in the world and are operated from a small Caribbean island. Whenever crypto needs money they provide
Posted on 10/16/25 at 7:01 am to UltimaParadox
quote:
These digital dollars are supposed to be backed 1:1 with real USD
So if any rando can fat finger $300T of these in an afternoon I think I’ve spotted a flaw in their internal systems.
Posted on 10/16/25 at 7:13 am to bigjoe1
"minted"
Posted on 10/16/25 at 7:25 am to SloaneRanger
quote:
Someone is going to have to explain this to me like I’m a fifth grader.
Everything crypto related makes me feel like a 5th grader.
Posted on 10/16/25 at 7:38 am to supadave3
quote:
Everything crypto related makes me feel like a 5th grader.
That's usually because most people think it truly can't be that stupid.. but it is.
Old technology with zero use case, trying to find a use case to solve.
Posted on 10/16/25 at 12:03 pm to bigjoe1
quote:
There aren’t enough dollars in global circulation to back $300 trillion PYUSD
The U.S. government be like: lol watch this...
Posted on 10/16/25 at 12:04 pm to UltimaParadox
One thing I can say for certain, is you really hate crypto. 
I definitely notice that from you.
I definitely notice that from you.
Posted on 10/16/25 at 12:35 pm to saint tiger225
quote:
One thing I can say for certain, is you really hate crypto
You are correct, crypto basically preys on people's lack of financial understanding typically those who are most vulnerable. It's like playing the lottery without a guarantee they actually pay. Modern MLM for men.
The sooner is goes away and doesn't infect the rest of the financial world the better. The whole thing is a house of cards held together by very little real money. Market cap is an illusion.
Posted on 10/16/25 at 12:47 pm to bigjoe1
quote:Is that a lot? Because is sounds like it's a lot...
$300 trillion worth of the online payment giant’s stablecoin
Posted on 10/16/25 at 2:02 pm to LSURussian
quote:
Is that a lot? Because is sounds like it's a lot...
Nah-it's only about three fiddy in real money
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