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Paxos destroyed 300 trillion dollars of stablecoin after a minting error, CEO says transparency is the advantage of Blockchain.
According to Mars Finance, Paxos CEO Charles Cascarilla stated on Wednesday during the Fed's cryptocurrency roundtable that the company accidentally minted a PayPal stablecoin worth 3 trillion USD, (PYUSD), due to an internal technical error, and destroyed it all within 24 minutes. This amount exceeds twice the global GDP. Cascarilla attempted to redefine this incident as a manifestation of blockchain transparency, stating that it actually demonstrates the transparency that Blockchain can provide instantly.