Blockchain data showed that stablecoin issuer Paxos minted and burned approximately $300 trillion worth of PayPal USD stablecoin within 30 minutes, leaving many crypto users scratching their heads.
In a post on Wednesday Ethereum blockchain data showed that Paxos minted 300 trillion of the US dollar-pegged stablecoin at 19:12 UTC and burned the entire amount 22 minutes later by sending it to an inaccessible wallet.
The 300 trillion PYUSD coin. Source: Etherscan
Reporting from The Defiant suggested it had been a “coincidental coin” given the timing. Others online have speculated that such a large coin and burn may have been some sort of test or simulation authorized by Paxos.
Cointelegraph reached out to the stablecoin issuer for comment, but had not received a response by time of publication, nor had Paxos or PayPal publicly commented on the move.
According to data from the International Monetary Fund, $300 trillion is more than twice the gross domestic product of every country on earth.
This is a developing story and further information will be added as it becomes available.
