{"id":17042,"date":"2025-10-16T02:05:55","date_gmt":"2025-10-16T00:05:55","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=17042"},"modified":"2025-10-16T02:05:55","modified_gmt":"2025-10-16T00:05:55","slug":"paxos-unintentionally-issues-a-staggering-300-trillion-pyusd","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/10\/16\/paxos-unintentionally-issues-a-staggering-300-trillion-pyusd\/","title":{"rendered":"Paxos Unintentionally Issues a Staggering 300 Trillion PYUSD"},"content":{"rendered":"

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Today in cryptocurrency, Paxos states it \u201cerroneously\u201d minted 300 trillion PayPal stablecoins; Coinbase Ventures supports Indian exchange CoinDCX at a $2.45 billion valuation amidst its growth into India and the Middle East, and analysts Tom Lee and Arthur Hayes reaffirm their $10,000 Ether price objective for year-end.<\/p>\n

A $300 trillion typo, as Paxos inadvertently mints PYUSD… before incinerating it<\/h2>\n

Blockchain data revealed stablecoin issuer Paxos both minted and eliminated 300 trillion tokens<\/a> of the PayPal USD stablecoin within 30 minutes, leaving numerous crypto enthusiasts puzzled.<\/p>\n

In a Wednesday X post following the mint and elimination, Chaos Labs founder Omer Goldberg mentioned<\/a> Aave would temporarily suspend transactions for PayPal USD (PYUSD<\/a>) after an \u201cunexpectedly large transaction\u201d of minting and burning the stablecoin. Ethereum blockchain data indicated Paxos minting<\/a> 300 trillion of the USD-pegged stablecoin at 7:12 PM UTC and then burning<\/a> the total amount 22 minutes later by transferring it to an unreachable wallet.<\/p>\n

PYUSD, pegged 1:1 to the US dollar, values the quantity of the incinerated coins at approximately $300 trillion. The stablecoin possesses a market capitalization exceeding $2.3 billion at this moment, ranking as the sixth-largest coin behind Tether\u2019s USDt (USDT<\/a>), USDC (USDC<\/a>), Ethena USDe (USDe), Dai (DAI<\/a>) and World Liberty Financial USD (USD1<\/a>).<\/p>\n

In a Wednesday X post, Paxos stated<\/a> it had \u201cinadvertently minted excessive PYUSD as part of an internal transition.\u201d<\/p>\n

\u201cThis was an internal technical mistake,\u201d remarked Paxos. \u201cThere is no security violation. Customer assets are secure. We have addressed the fundamental cause.\u201d<\/p>\n

The 300 trillion PYUSD mint. Source: <\/em>Etherscan<\/em><\/a><\/figcaption><\/figure>\n

Coinbase invests in Indian crypto exchange CoinDCX at $2.45 billion valuation<\/h2>\n

Coinbase Ventures, the investment division of US-based crypto exchange Coinbase, has invested an undisclosed sum<\/a> in Indian cryptocurrency platform CoinDCX.<\/p>\n

According to a Wednesday Coinbase announcement<\/a>, the investment was executed via the exchange\u2019s investment entity, Coinbase Ventures. CoinDCX co-founder and CEO Sumit Gupta communicated in an X post<\/a> that the investment took place at a post-money valuation of $2.45 billion.<\/p>\n

In a separate statement, CoinDCX claimed to cater to more than 20 million clients in India and the United Arab Emirates, following its late 2024 acquisition of the local crypto exchange BitOasis<\/a>.<\/p>\n

Coinbase emphasized in its announcement that, as of July, CoinDCX\u2019s annual revenue was approximately $141 million and its yearly transaction volume across products had reached $165 billion. The assets held under custody by the Indian exchange reportedly totaled $1.2 billion at that time.<\/p>\n

Source: <\/em>Sumit Gupta<\/em><\/a><\/figcaption><\/figure>\n

Tom Lee, Arthur Hayes reaffirm $10,000 Ether this year<\/h2>\n

BitMine chair Tom Lee and BitMEX co-founder Arthur Hayes are maintaining strong on their forecast<\/a> that Ether will reach $10,000 this year, despite the recent crypto downturn, and there being fewer than three months left in the year.<\/p>\n

\u201cFor Ethereum, somewhere between [$10,000] and $12,000,\u201d Lee declared<\/a> on the Bankless podcast on Tuesday, when asked about his expectations for the cryptocurrency\u2019s price by year\u2019s end.<\/p>\n

\"Cryptocurrencies,
Tom Lee speaking on the Bankless podcast. Source: <\/em>YouTube<\/em><\/a><\/figcaption><\/figure>\n

Hayes, who was also featured on the same podcast episode, stated he is \u201cgoing to remain steadfast\u201d with his $10,000 prediction by year-end.<\/p>\n

Lee underscored that a significant surge such as this wouldn\u2019t indicate excessive market exuberance, either, as Ether has predominantly been consolidating within a range since achieving an all-time high of $4,878 in 2021.<\/p>\n

\u201cEthereum\u2019s essentially been basing for four years now, just escaped the range, so in my view, it wouldn\u2019t be a blow-off top, but rather searching for price discovery at a new level,\u201d Lee remarked.<\/p>\n