Daily Edition: $300 Trillion in Stablecoins Were Minted Today?! A "small" hiccup for the @PayPal team today saw a few too many PYUSD tokens minted. Meanwhile the market continues to try to recover from the $20B flash crash. Here's what you need to know 👇 Onchain data shows TVL on Ethereum ballooned by a whopping $300 trillion today… wait that can’t be right can it? For about 20 minutes this afternoon it seemed to be the case, as Paxos minted $300 trillion worth of PayPal’s $PYUSD stablecoin before realizing its mistake and burning the tokens. While this was an accident, it does highlight two important things: 1) Paxos paid just $2.66 in gas fees for a “$300 trillion” transaction 2) If this was just a fat finger as Paxos stated but PYUSD is supposed to be backed 1:1 with dollars, then how was it possible for this transaction to go through without a matching amount of US dollars? (for context, the global GDP is about $100 trillion) Paxos and PayPal are both veterans of the payments world and we're not calling into question the validity of their business, but for a mistake of this quantity to just happen is a little disconcerting. What do you think? Conspiracy much?