Yesterday at 3:12 p.m. ET, the entire crypto community went into a frenzy as the Paxos-issued PYUSD stablecoin by PayPal minted $300T of the token; however, the Paxos crypto firm resolved it immediately, according to its official update.
In a post on X (formerly known as Twitter), Paxos confirmed that it had identified and addressed an error. The company stated that it had “resolved the root cause” and that the system had returned to its normal state.
Crypto traders experienced a moment of euphoria as they celebrated the anticipated $300T injection into the market, with calls for Bitcoin
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surging to $1M and other wild price predictions.
$300 Trillion Briefly Entered the Market Before Being Burned by Paxos Crypto
An unintentional minting of 300 trillion PYUSD, equivalent to $300T due to its 1:1 peg to the US dollar, temporarily created more value than the entire US national debt ($37T) and even the combined global GDP (approximately $117T).
Although Paxos quickly burned the excess tokens, the brief existence of such a massive supply drew significant attention from the cryptocurrency community.
The incident caused a short-term disturbance in DeFi markets. As a precautionary measure, the lending protocol Aave froze PYUSD markets. While the token’s price briefly fell below its $1 peg, it quickly stabilized after the tokens were burned.
paypal accidentally minted 300 trillion pyUSD
there's only 21 trillion dollars in the entire world
if you're a stablecoin holder/farmer, you should be very scared about exposure to a protocol that can accidentally mint 15x more money than exists pic.twitter.com/RjRK4nuM60
— hype (@VarrockBank) October 15, 2025
Following the resolution of the issue, Paxos resumed normal operations and minted 300M PYUSD as part of its regular issuance cycle.
Despite this temporary glitch, PYUSD remains one of the leading stablecoins in circulation. According to CoinGecko, it currently ranks as the sixth-largest stablecoin globally, holding a market capitalization of around $2.65Bn.
The full statement from Paxos crypto read as follows: “At 3:12 PM EST, Paxos mistakenly minted excess PYUSD as part of an internal transfer. Paxos immediately identified the error and burned the excess PYUSD. This was an internal technical error. There is no security breach. Customer funds are safe. We have addressed the root cause.”
Paxos’ swift response and transparent communication helped maintain confidence among PYUSD users and within the broader crypto market. The USD stablecoin sector is currently valued at over $305Bn, with the space growing at a rapid rate due to the passing of the GENIUS stablecoin act in the US.
(SOURCE: CoinGecko)
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