Paxos Accidentally Minted $300T of PayPal's Stablecoin | CoinDesk Daily

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4.7 • 698 Ratings

🗓️ 16 October 2025

⏱️ 3 minutes

🔗️ Recording | iTunes | RSS

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Summary

Paxos mistakenly minted $300 trillion of PYUSD on Ethereum. Stablecoin issuer Paxos accidentally minted $300 trillion worth of PayPal's PYUSD stablecoin, far exceeding the total U.S. dollar supply. Paxos emphasized that it was not a security breach but the incident raised concerns about how an enormous amount of stablecoin could be created without requisite collateral. CoinDesk's Jennifer Sanasie hosts "CoinDesk Daily." - Break the cycle of exploitation. Break down the barriers to truth. Break into the next generation of privacy. Break Free. Free to scroll without being monetized. Free from censorship. Freedom without fear. We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design. Break free with Midnight, visit ⁠⁠https://midnight.network/break-free⁠⁠ - Bridge simplifies global money movement. As the leading stablecoin issuance and orchestration platform, Bridge abstracts away blockchain complexity so businesses can seamlessly move between fiat and stablecoins. From payroll providers and remittance companies to neobanks and treasury teams, Bridge powers payments, savings, and stablecoin issuance for thousands – like Shopify, Metamask, Remitly, and more. URL: ⁠⁠⁠https://hubs.ly/Q03KGbRK0⁠⁠ - OwlTing (Nasdaq: OWLS) is building invisible rails for global payments. With OwlPay, businesses and users can bridge fiat and stablecoins, send money instantly across borders, and access stablecoin checkout at lower costs. Licensed worldwide, OwlTing delivers secure, compliant, and regulated infrastructure for the digital economy. Learn more at ⁠⁠https://www.owlting.com/portal/?lang=en&utm_source=CoinDesk&utm_medium=cpc&utm_campaign=CoinDesk_Banner⁠⁠. - This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Transcript

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0:00.0	Paxos accidentally minted $300 trillion worth of PYUSD, and Brad Garlandhouse calls out
0:06.7	Wall Street lobbyists. You're watching Coin Desk Daily. I'm your host, Jen Sanassi.
0:15.1	Stablecoin issuer Paxos accidentally minted $300 trillion worth of PayPal's PYUSD stable
0:23.2	coin far exceeding the total U.S. dollar supply. According to a post on X, the firm, quote,
0:28.7	immediately identified the error and burdened the excess PYUSD. Paxos emphasized that it was not
0:34.8	a security breach and assured that all customer funds remain safe.
0:38.4	Still, the incident raised concerns about how an enormous amount of stable coin could be
0:42.5	created without requisite collateral. As of this morning, PYUSD is ranked among one of the
0:47.3	world's largest stable coins with the market cap of over $2.6 billion.
0:52.0	Utility or privacy. The transparency of traditional blockchains forces a difficult choice.
0:57.3	Break free from this limitation with midnight.
0:59.8	Just like the internet made information global, stable coins are making money global.
1:03.6	And Bridge, a stripe company, is powering that shift.
1:07.2	Looking for a faster, cheaper way to move money worldwide,
1:09.9	Owl Ting listed on the NASDAQ as Owls is building the rails for stable coin payments.
1:14.7	Coinbase surpass the crypto markets on Wednesday with the introduction of the blue carpet, a new
1:19.4	issuer-facing listings program.
1:21.3	33 minutes later, Coinbase added B&B to its listings roadmap.
1:25.2	A roadmap inclusion is not a guarantee of listing, but it signals
1:28.3	an unexpected nod to the flagship token of the exchange's biggest rival. It's unclear if
1:33.2	Coinbase will fully list B&B for trading, but pairing the blue carpet rollout with a high
1:37.5	profile roadmap edition sends a clear signal. The exchange is willing to embrace major non-native
	...

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