Paxos destroyed 300 trillion dollars of stablecoin after a minting error, CEO says transparency is the advantage of Blockchain.

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According to Mars Finance, Paxos CEO Charles Cascarilla stated on Wednesday during the Fed's cryptocurrency roundtable that the company accidentally minted a PayPal stablecoin worth 3 trillion USD, (PYUSD), due to an internal technical error, and destroyed it all within 24 minutes. This amount exceeds twice the global GDP. Cascarilla attempted to redefine this incident as a manifestation of blockchain transparency, stating that it actually demonstrates the transparency that Blockchain can provide instantly.

PYUSD-0.1%
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