Paxos Mints and Burns $300 Trillion PYUSD on Ethereum
The accidental move briefly made PayPal’s PYUSD the largest stablecoin in the world before Paxos burned the newly minted supply. Fintech giant PayPal made an interesting move today, minting $300 trillion of its PYUSD stablecoin on the Ethereum blockchain, briefly making it the largest stablecoin in the world by a landslide. Paxos, which issues PYUSD,…
The accidental move briefly made PayPal’s PYUSD the largest stablecoin in the world before Paxos burned the newly minted supply.
Fintech giant PayPal made an interesting move today, minting $300 trillion of its PYUSD stablecoin on the Ethereum blockchain, briefly making it the largest stablecoin in the world by a landslide.
Paxos, which issues PYUSD, minted the supply on Wednesday afternoon and burned it shortly after, confirming it was an accidental mint.
PYUSD, which is backed by U.S. dollars, is the eighth-largest stablecoin in DeFi with a $2.6 billion valuation. It’s unclear whether Paxos intended to mint a specific amount, but any substantial increase in supply would see PYUSD surpass BlackRock’s BUIDL USD and potentially World Liberty Financial’s USD1.
PYUSD has had a strong 2025, with its circulating supply up more than 5x since the beginning of the year to more than double its previous all-time high of $1 billion in August 2024.
