Paxos mistakenly issued 300 trillion PYUSD, which has now been destroyed, claiming it was an internal technical failure.

PANews reported on October 16 that according to Bloomberg, stablecoin issuer Paxos stated that it mistakenly minted 300 trillion PYUSD stablecoins early this morning, but destroyed these tokens a few minutes later. The amount of this erroneous transaction far exceeds the size of traditional currency markets and far exceeds the size of the entire crypto market. There are currently approximately 2.4 trillion U.S. dollars in circulation. The world's largest stablecoin, Tether's USDT, has a market capitalization of US$180.6 billion, while the entire cryptocurrency market is valued at approximately US$3.8 trillion.

In addition, Paxos officials stated: "...This was an internal technical failure. No security breach occurred. Customer funds are safe. The root cause has been identified and resolved."

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