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This day in crypto, a recent Financial Times article asserted that the Trump family’s crypto initiatives have yielded over $1 billion in earnings, and Paxos indicated it inadvertently minted 300 trillion PayPal stablecoins before it was swiftly detected and reported by members of the crypto community, demonstrating blockchain’s clarity.
Trump’s second term boosts a $1 billion crypto fortune for his family: Article
US President Donald Trump’s second term has aligned with a remarkable surge in his personal fortune, a significant portion of it associated with an expansive cryptocurrency empire established by the president and his family.
As per a Financial Times study, Trump’s crypto initiatives have produced over $1 billion in pre-tax earnings over the last year. Trump’s son, Eric, validated to the publication that the family’s actual earnings were “likely more.”
At the core of this newfound fortune is World Liberty Financial, a crypto firm established by Trump’s sons and associates, which has sold billions in tokens and stablecoins. The initiative, which identifies President Donald Trump as “co-founder emeritus” on its website, debuted last year with intentions for a crypto-lending application.
In June, Trump reported $57.4 million in revenue from his participation with World Liberty Financial. Last month, the Trump family’s investment in the venture escalated to $5 billion following a token unlock. The FT estimates that the family has profited$550 million from WLFI this year.
The Trump family has also benefitted from memecoins such as Official Trump (TRUMP) and Official Melania Meme (MELANIA), which altogether generated hundreds of millions in revenue through sales and trading commissions.
Paxos unintentionally mints $300 trillion PYUSD before burning it
On Wednesday, Paxos inadvertently minted $300 trillion of the PayPal USD (PYUSD) stablecoin, characterizing it as an “internal technical malfunction.”
“This was an internal technical malfunction,” stated Paxos. “There is no security compromise. Customer assets are secure. We have resolved the root issue.”
The event occurred on Oct. 15 at 7:12 pm UTC, and the full amount was incinerated just 22 minutes later as witnesses recognized it almost instantly.
PYUSD preserved its dollar peg after the announcement, although its price briefly dipped by around 0.5%, based on information from Nansen. The crypto borrowing and lending platform Aave also temporarily halted trading for PYUSD shortly after the event.
Paxos’ $300 trillion mistake illustrates why banks should embrace blockchain, executives argue
While erroneous transfers are not uncommon in finance, the Paxos occurrence underscores why blockchain affords superior transparency compared to conventional banking—and why banks should implement it for that very reason.
“Errors can occur in any financial system—the distinction with blockchain is that they’re visible, trackable, and swiftly rectifiable,” Kate Cooper, CEO of OKX Australia, remarked to Cointelegraph. “This transparency is an asset, not a drawback,” she further emphasized.
“As a former banker, I view this as evidence that visibility fosters confidence. The same infrastructure that reveals an error can also enhance governance and modernize how value circulates in the financial system.”
Ryne Saxe, CEO of the cross-chain stablecoin liquidity platform Eco, echoed similar views, asserting: “This level of transparency and synchronized operation is unprecedented in the current central banking economy.”
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