02:58 PM EDT, 10/16/2025 (MT Newswires) -- PayPal's ( PYPL ) blockchain partner, Paxos, accidentally minted $300 trillion in PYUSD on Wednesday afternoon due to an "internal technical error," according to Paxos' statement posted on X and transactions showed on Etherscan.

The error was swiftly corrected by burning the extra stablecoins, Paxos said.

The company said the incident was not a security breach, confirming customer funds are secure and that the root cause has been addressed.

PYUSD or PayPal USD is a dollar-backed stablecoin supported by US deposits and treasuries that can be redeemed on a 1:1 basis for dollars.

Shares of PayPal ( PYPL ) fell 3.1% in recent Thursday trading.

Price: 65.85, Change: -2.13, Percent Change: -3.13