Paxos Mints and Burns $300 Trillion PYUSD on Ethereum

Fintech giant PayPal made an interesting move today, minting $300 trillion of its PYUSD stablecoin on the Ethereum blockchain, briefly making it the largest stablecoin in the world by a landslide.

Paxos, which issues PYUSD, minted the supply on Wednesday afternoon and burned it shortly after, confirming it was an accidental mint.

PYUSD, which is backed by U.S. dollars, is the eighth-largest stablecoin in DeFi with a $2.6 billion valuation. It’s unclear whether Paxos intended to mint a specific amount, but any substantial increase in supply would see PYUSD surpass BlackRock’s BUIDL USD and potentially World Liberty Financial’s USD1.

PYUSD has had a strong 2025, with its circulating supply up more than 5x since the beginning of the year to more than double its previous all-time high of $1 billion in August 2024.