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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 ChainCatcher news and a report by Decrypt, Paxos CEO Charles Cascarilla stated on Wednesday at the Fed's cryptocurrency roundtable that the company accidentally minted $3 trillion worth of PayPal stablecoin (PYUSD) due to an internal technical error and subsequently destroyed it all within 24 minutes. This amount exceeds more than twice the global GDP. Cascarilla attempted to redefine this incident as a demonstration of blockchain transparency, claiming it actually showcases the transparency that blockchain can provide instantly.