Paxos

[pak-sos, -sohs]

noun

1. one of the Ionian Islands, off the NW coast of Greece. 7 sq. mi. (18 sq. km).

Example Sentences

Paxos accidentally minted $300 trillion of PYUSD, a PayPal stablecoin, on Wednesday, then burned the assets within 30 minutes.

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At 3:12 p.m. on Wednesday, Paxos “minted”—digitally printed—$300 trillion worth of PYUSD, the PayPal “stablecoin” pegged to the dollar that is backed by dollar deposits, Treasuries, and cash equivalents.

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“Paxos immediately identified the error,” the company said in a post on social media site X. “This was an internal technical error. There is no security breach. Customer funds are safe. We have addressed the root cause.”

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Barron’s has reached out to Paxos and PayPal for comment.

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The Paxos incident exposes how stablecoin issuers can mint coins first and back them later.

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