This accidental move briefly made PayPal’s PYUSD the world’s largest stablecoin before Paxos burned the new supply.
Fintech giant PayPal made an interesting move today, minting $300 trillion of its stablecoin PYUSD on the Ethereum blockchain, briefly making it the world’s largest stablecoin by a landslide.
Paxos, which issues PYUSD, struck the reserve on Wednesday afternoon and burned it shortly after, confirming that it was an accidental strike.
PYUSD, which is backed by the US dollar, is the eighth largest stablecoin in DeFi with a valuation of $2.6 billion. It is 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 had a strong 2025, with its circulating supply increasing more than 5-fold year-to-date to more than double its previous all-time high of $1 billion in August 2024.
