Why pyusd Is Trending Today?

Paxos, a major stablecoin issuer, accidentally minted and then burned $300 trillion worth of PayPal's stablecoin, an amount equivalent to double the world's total GDP. This significant error, described as an "internal technical error" by Paxos, has sparked debate about the risks associated with stablecoins and raised concerns about the integrity of PayPal's new stablecoin system. Despite the incident, Paxos has confirmed there was no security breach. Meanwhile, Bitcoin has been experiencing a price drop, falling below $108,000, as miners moved a substantial amount of BTC, further adding to market uncertainty.

Paxos, a blockchain company, accidentally minted $300 trillion worth of PayPal's stablecoin, PYUSD, due to a technical error. The incident, which occurred on the Ethereum network, was quickly noticed and rectified, with Paxos burning the minted tokens approximately 22 minutes later. The error, often referred to as a "fat-finger" incident, outpaced the total supply of USD by a significant margin. Following the incident, the New York Department of Financial Services (NYDFS) took notice, highlighting potential risks associated with stablecoins.

PayPal introduces PYUSD stablecoin on Arbitrum for faster, cheaper transfers, boosting ARB price.

PayPal expands its PYUSD stablecoin to Arbitrum, a layer-2 solution on Ethereum, enabling faster and cheaper payments, with an initial weekly limit of $100,000. This move has led to a 10% increase in Arbitrum's ARB token price.