Paxos destroyed $300 trillion in misissued stablecoins, CEO says transparency is the advantage of blockchain

ChainCatcher news, according to Decrypt, Paxos CEO Charles Cascarilla stated on Wednesday at the Federal Reserve's cryptocurrency roundtable that the company accidentally minted $300 trillion worth of PayPal stablecoin (PYUSD) due to an internal technical error and destroyed it all within 24 minutes. This amount is more than twice the global GDP.

Cascarilla attempted to redefine this incident as a demonstration of the advantages of blockchain transparency, stating that it actually showcased the transparency that blockchain can provide immediately.