Paxos, PayPal's blockchain partner, mistakenly minted $300 trillion worth of its stablecoin PYUSD due to a technical error, which was quickly corrected by burning the excess tokens. Despite the dollar-pegged nature of PYUSD, the incident raises concerns about the feasibility of backing such a large amount with existing currency. The stablecoin remains a significant player in the market, currently ranked as the sixth-largest with a market cap of over $2.6 billion.