For 22 minutes, PayPal's PYUSD Issued by Paxos would not have been GENIUS-compliant.
Yesterday, Paxos, one of the most trusted and compliant players in the space, accidentally minted $300 trillion PYUSD. The total supply onchain was greater than the world’s GDP.
It was a single administrative error that exposed how easily one anomaly can affect DeFi core systems including stablecoin issuance, collateral ratios, oracles, and liquidation logic across the ecosystem.