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Paxos’ accidental minting of $300 trillion PYUSD on Wednesday, while undoubtedly concerning, serves as a case study as to why blockchain could shine in traditional banking.
On Wednesday, Paxos mistakenly minted $300 trillion worth of the PayPal USD (PYUSD) stablecoin, describing it as an “internal technical error.”
What’s important, however, is that the blockchain allowed its mistake to be quickly identified and corrected.
The incident took place on Oct. 15 at 7:12 pm UTC, and the entire amount was burned just 22 minutes later, as onlookers…
