PYUSD: The encryption journey of payment giant PayPal300 trillion dollars of misunderstanding
In the early hours of October 10, 2025, a dramatic scene unfolded in the crypto market as stablecoin issuer Paxos unexpectedly minted and destroyed 300 trillion PayPal USD (PYUSD). According to CoinMarketCap, the current market value of PYUSD is only about $2.6 billion, and the amount of erroneous minting is equivalent to 113,250 times the circulating supply. If priced at $1, the total amount of erroneous minting of PYUSD is more than twice the global GDP, far exceeding the entire market value of the U.S. crypto market.
This means that, even if Paxos has sufficient reserves, when faced with a supply of 300 trillion, its asset collateral ratio will instantly drop to zero, and the PYUSD held by users will also become worthless, leading to a collapse of market confidence and triggering a chain reaction; secondly, if this massive amount of PYUSD is used for on-chain transactions, it could be exploited by arbitrage bots or market makers.
金色财经_·2025-10-31 09:28