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.

Visa is joining the Global Dollar Network (USDG) stablecoin consortium led by Paxos, making it the first traditional finance company to do so. The consortium, which includes firms like Robinhood and Kraken, aims to share yield among its members, contrasting with existing stablecoin issuers that retain interest from reserves. Visa's entry highlights the growing intersection of traditional finance and the cryptocurrency sector.