Banks fumble TXs too; at least Paxos’ $300T error was transparent
8d ago•
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Fat finger errors happen all the time, especially in traditional banking. The difference is that blockchain makes it transparent and immediately identifiable.
Paxos’ accidental minting of $300 trillion PYUSD on Wednesday, while undoubtedly concerning, serves as a case study as to why blockchain could shine in traditional banking.
On Wednesday, Paxos mistakenly minted $300 trillion worth of the PayPal USD (PYUSD) stablecoin, describing it as an “internal technical error.”
What’s important, however, is that the blockchain allowed its mistake to be quickly identified and corrected.
8d ago•
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