TechFlow, Oct 23 — According to Decrypt, Paxos CEO Charles Cascarilla said Wednesday at a Federal Reserve cryptocurrency roundtable that the company's unexpected minting of $300 trillion worth of PayPal's stablecoin (PYUSD) last week was due to an "internal technical error," and that all tokens were destroyed within 24 minutes. This amount exceeds twice the global GDP. Cascarilla attempted to reframe the incident as a demonstration of blockchain transparency, stating, "This actually shows the transparency that blockchain can provide immediately."
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