Paxos Trust Company has made history by temporarily minting the entire global debt on the Ethereum (ETH) network. On Wednesday, during the mid-North American session, Paxos minted $300 trillion in PayPal USD (PYUSD) before burning them within an hour.
The incident stirred up the crypto investors for a few minutes since PYUSD is backed by the U.S. dollar in a ratio of 1:1 and Paxos is highly regarded as a reputable crypto firm. Moreover, the largest stablecoin Tether USDT has a market cap of slightly above $180 billion, while PYUSD has a fully diluted valuation of about $2.32 billion.
The Ethereum network has remained a DeFi powerhouse due to its growing adoption of stablecoins. According to market data analysis from DeFiLlama, the Ethereum network has a stablecoin supply of about $161 billion.
The closest competitor to the Ethereum network is the Tron (TRX) chain, which had a stablecoin supply of about $78 billion at press time. The Solana (SOL) network, which has already overtaken Ethereum in the number of daily active users, had a stablecoin supply of about $15.5 billion.
The demand for stablecoins is expected to grow exponentially in the near future, especially fueled by the recent enactment of the GENIUS Act in the United States. Earlier this week, BlackRock CEO Larry Fink noted that the crypto market is about to grow exponentially in the near future fueled by the tokenization of real-world assets.
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