Crypto trade observers had been baffled Wednesday afternoon when an on-chain transaction confirmed that Paxos, the issuer behind the PayPal-branded PYUSD stablecoin, minted $300 trillion value of the tokens on the Ethereum blockchain.
A little bit over 20 minutes later, all 300 trillion PYUSD tokens had been “burned,” or successfully destroyed, by sending them to an inaccessible community deal with.
Paxos and PayPal have but to public touch upon the strikes. Decrypt reached out to Paxos for remark however didn’t instantly obtain a response.
Editor’s observe: This story is breaking and might be up to date with extra particulars.
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