BlockBeats News, October 16th, according to Cointelegraph, stablecoin issuer Paxos this morning minted and burned 300 trillion PayPal USD (PYUSD) stablecoins in just 30 minutes, leaving many crypto users puzzled.
Following this minting and burning event, Chaos Labs founder Omer Goldberg posted on X on Wednesday, stating that Aave will temporarily freeze PYUSD transactions due to an “unusually large-scale incident,” involving the stablecoin’s minting and burning.
Ethereum on-chain data shows that Paxos minted 300 trillion USD-backed stablecoins this morning, and then, 22 minutes later, sent all these tokens to an inaccessible blackhole wallet address, completing the burning operation.
