00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Haxos, the blockchain partner of PayPal,
00:04mistakenly minted $300 trillion worth of PayPal stablecoins on Wednesday
00:08in what it called a technical error, according to CNBC.
00:12Coins appeared on EtherScan before being quickly identified
00:14and burned within 20 minutes.
00:17Haxos confirmed that no customer funds were affected
00:19and the incident stemmed from an internal transfer mistake, not a breach.
00:23QIUSD remains fully backed by U.S. dollar deposits, treasuries, and equivalents,
00:28dealable one-for-one for U.S. dollars,
00:30which underscores that PYUSD's dollar peg relies on PayPal
00:34and third-party attestants rather than blockchain-minting mechanics.
00:39PYUSD ranks as the sixth-largest stablecoin globally
00:41with a $2.6 billion market cap per coin market cap.
00:45For all things money, visit Benzinga.com.
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