$300 TRILLION OF PYUSD ACCIDENTALLY MINTED AND BURNED

Summary from the TLDR Crypto newsletter

Paxos mistakenly minted $300 trillion worth of PayPal's PYUSD stablecoin on Wednesday in a "technical error" during an internal transfer before immediately identifying and burning the excess tokens within 20 minutes, with the company confirming no security breach and customer funds remaining safe. PYUSD's dollar peg is guaranteed by PayPal and third-party attestation reports rather than intrinsically tied to minting mechanisms, as there aren't enough dollars in global circulation to back $300 trillion, which would require more than double the world's estimated total GDP.