just now Ethereum 
$4,160.55 Something very interesting happened in the network. Paxos minted $300 trillion stablecoin. For stablecoin issuers, the US passed the GENIUS law and regulated the market. However, the last move is one that will make a lot of noise.
Unlimited PYUSD Minted
$300 trillion is practically like printing unlimited dollars because all US banks store/manage around $60 trillion in assets. There are around 100 trillion dollars in wallets in all bank accounts around the world. By minting the $300 trillion stablecoin on the Ethereum network, PAXOS actually put unlimited PYUSD into circulation for a limited time.
Immediately afterwards, these stablecoins were sent to the burning address and 300 trillion PYUSD deleted. However, in the future, smaller gratuitous stablecoins The prospect of it being released is troubling. Or the scenario where the protocol is hacked, 300 trillion or several quadrillion stablecoins are printed and liquidity pools are quickly emptied is not something to be underestimated. Protocols should not be able to circulate such large and even absurd numbers at once.
This last incident may have been part of a penetration test. We can see that an announcement came that such a vulnerability was discovered in the middle of a test regarding protocol security. Let’s hope this isn’t an attack. In the coming period, the security protocols of these protocols in the issuance of new stablecoins will probably be discussed, and perhaps we will even see the beginning of work on a process in which they can issue tokens based on reserve confirmation with the approval of the US authorities.
