- •Paxos minted $300 trillion PYUSD, then burned it within 20 minutes on Ethereum.
- •The move briefly made PYUSD the world’s largest stablecoin by total supply.
- •Despite the incident, PYUSD remains stable with a $2.6B market cap and $1 peg.
The crypto community witnessed an unexpected event when Paxos minted $300 trillion in PYUSD stablecoins on Ethereum. The minting occurred on Wednesday afternoon and briefly made PYUSD the world’s largest stablecoin by supply.
Roughly 20 minutes later, the full $300 trillion supply was burned by sending it to an inaccessible network address. No public statements have been issued by Paxos or PayPal regarding the incident.
The move appeared accidental and was confirmed by on-chain data tracked by blockchain explorers and monitoring tools. The sudden creation and destruction of tokens raised questions about internal controls and minting mechanisms.
Despite the scale, the brief incident did not impact PYUSD's price, which remained stable near its $1 peg throughout the process. According to CoinMarketCap, PYUSD traded at $0.9996, with negligible price movement over the past week.
PYUSD Maintains Growth Amid Market Expansion and Stable Performance
While the $300 trillion mint shocked many, Paxos has been actively expanding PYUSD’s supply in recent months. On September 23, it minted 150 million new tokens, indicating steady demand in the stablecoin market.
PYUSD has grown significantly in 2025, with its circulating supply rising over 5x since January. The token doubled its previous all-time high of $1 billion reached in August 2024.
Currently, PYUSD holds a $2.6 billion market valuation and ranks eighth among stablecoins in DeFi. It continues to maintain low volatility, with price changes of just ±0.01% across all timeframes.
The sudden $300 trillion mint, though quickly reversed, briefly positioned PYUSD above all stablecoins by supply.