Paxos Mints $300T in PYUSD, Deletes It in Under 30 Minutes

Paxos Mints $300 Trillion in PYUSD, Deletes It in Under 30 Minutes

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 16, 2025

Key Takeaways

Paxos accidentally minted 300 trillion PYUSD tokens, then burned them within 22 minutes;
The event caused Aave to pause PYUSD activity, though the tokens never entered circulation;
Paxos confirmed it was a technical error with no user funds at risk, and the issue was resolved.

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Paxos, the company behind PayPal’s stablecoin PYUSD, recently created 300 trillion tokens and then removed them from the blockchain within less than 30 minutes.

The Ethereum ETH $3,299.71 blockchain showed that at 7:12 PM UTC, Paxos minted the entire batch of PYUSD. In 22 minutes, the tokens were burnt to an unusable wallet address.

This unexpected action prompted responses from platforms like Aave AAVE $196.93 , which temporarily halted PYUSD activity to assess any potential impact. Omer Goldberg, head of Chaos Labs, announced the pause in a post on X.

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Although the tokens never reached circulation, the momentary supply was valued at around $300 trillion, based on PYUSD’s peg to the US dollar. This figure is more than double the total global GDP, according to data from the International Monetary Fund (IMF).

Later that same day, Paxos released a statement on X. The company explained that the incident was caused by a technical mistake during an internal transfer.

They confirmed that it was not the result of a hack or breach, and that no user funds were ever at risk. They stated that the issue had already been resolved.

PYUSD remains active in the market, with a market capitalization exceeding $2.3 billion. This places it sixth among stablecoins, behind others such as Tether USDT $0.9992 , USD Coin USDC $0.9994 , Dai DAI $0.9998 , Ethena’s USDe, and USD1 by World Liberty Financial.

Recently, Paul Faecks, the head of Plasma, addressed recent concerns from the community after the XPL token lost over 50% of its value. What did he say? Read the full story.