Paxos Co-Founder Calls $300 Trillion Minting Blunder Evidence Of Blockchain Transparency
Paxos co-founder Charles Cascarilla has framed the accidental minting of $300 trillion in PayPal’s PYUSD stablecoin as evidence of blockchain transparency. “It underscores the value of the blockchain,” Cascarilla said during a Federal Reserve crypto roundtable. “It actually shows the transparency that you can immediately have into what’s going on. In this case, an operational error that was entirely internal to our systems is now immediately visible to everybody.” He added that the the entire financial system could have the same level of transparency over time, something he called ”a really positive thing” that ”can create confidence in the financial system in a way that the opacity that exists today has really limited.” Cascarilla’s remarks come as regulators consider whether or not to grant Paxos a Fed Master Account. PYUSD Market Cap Briefly Surpasses Global GDP The Paxos blunder saw PYUSD’...