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PayPal's blockchain partner accidentally minted $300 trillion in stablecoins

In an embarrassing error, PayPal blockchain partner Paxos accidentally minted 300 trillion of the PYUSD token today. PayPal's stablecoin, which it debuted in 2023, is supposed to be redeemable at a 1:1 rate for US dollars. $300 trillion is more than double the entire world's current GDP of $117 trillion. In short, that's a really bad mistake from Paxos.At least the action did appear to be a mistake. Paxos acknowledged the issue in a post on X, assuring clients that their funds are secure and stating that it burned the excess reserves of stablecoins. The company claimed that "this was an internal technical error.” Maybe so, but internal technical errors can still wreak havoc pretty quickly when it comes to finance, especially in the fantasy worlds of blockchain and cry [...]

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What is Blockchain: Everything You Need to Know (2022)

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Match Score: 307.55

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Most Frequently Asked Questions About NFTs(Non-Fungible Tokens)

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Destination
Steam's censorship issues have broken PayPal support in some regions

If you've been unable to pay with PayPal on Steam, Valve says the limitation has to do with issues one of PayPal's banking partners has with content on the platform, according to Rock Paper [...]

Match Score: 113.78

Destination
PayPal applies to become a bank under Trump's looser financial rules

PayPal is the latest company looking to become a bank in the US. On Monday, the company announced it had submitted applications for PayPal Bank to the Federal Deposit Insurance Corporation (FDIC) and [...]

Match Score: 93.70

Destination
Google Wallet's PayPal integration is ending this June

You can no longer use Google Wallet to pay with your PayPal account in the US. As Android Authority has reported, Google has updated the Wallet Help page to state that the integration will be ending o [...]

Match Score: 73.62

Destination
PayPal and Venmo users get a free year of Perplexity Pro and early access to its AI browser

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Match Score: 73.62

venturebeat
PayPal’s Agentic Commerce Play Shows Why Flexibility, Not Standards, Will Define the Next E-Commerce Wave

While enterprises looking to sell goods and services online wait for the backbone of agentic commerce to be hashed out, PayPal is hoping its new features will bridge the gap.The payments company is la [...]

Match Score: 60.24

Destination
Venmo introduces a rewards program for its debit card users

PayPal has introduced a Venmo cash back rewards program that the company is calling Venmo Stash. The program is designed to scale rewards with user engagement, offering more cash back to those who use [...]

Match Score: 46.85

Destination
Incention is a desperate attempt to make new Hollywood IP with AI, fans and the blockchain

You'll only need to remember the name Incention for the brief moment you're reading this post, because you'll likely never have to think about it again. As Variety reports, it's a [...]

Match Score: 41.54