Paxos Mints 300 Trillion PYUSD on the Ethereum Network

On October 16th, as per official channels, YZi Labs made an announcement regarding a lead investment in the Better Payment Network (BPN), with a funding round amounting to $50 million. BPN is a programmable payment network that has been constructed for the era of multiple stablecoins. This investment is in line with YZi Labs' vision of providing support to the next generation of global financial infrastructure by placing stablecoins at the core, being natively built on a high-performance chain, and adopting a hybrid (CeDeFi) architecture in order to achieve a balance between efficiency, programmability, and compliance. Conventionally, fintech platforms rely on a capital-intensive pre-funding model, which leads to trillions of dollars being idly held in local accounts in order to maintain payment liquidity. The CeDeFi dual-track system of BPN addresses this problem by enabling the real-time minting, redemption, and burning of stablecoins across different jurisdictions, thereby unlockin

On October 16th, as reported by The Block, Bitcoin mining and digital infrastructure company Bitfarms Ltd. intends to issue a batch of convertible bonds with the aim of raising $300 million. These convertible bonds have the option to be converted into cash, the company's common stock, or a combination of both at Bitfarms' discretion. The bonds are unsecured and have a maturity date of 2031. They will pay interest semi-annually starting from July 2026. Bitfarms declared that the raised funds will be utilized for general corporate purposes, including for "cap option trades" in order to hedge the equity dilution resulting from the bond conversion. The company plans to reach private agreements with certain bond buyers to restrict the dilution to a premium of approximately 125% of the current stock price.

On October 16th. According to the monitoring of Onchain Lens, 5 newly established wallets received 104,336 Ethereum (ETH), with a value of $416 million, from BitGo and Kraken. It is likely that these wallets belong to BitMine.

October 16th: Traders are starting to place bets that the Fed will carry out significant interest rate cuts at least once before the end of the year. They are firmly convinced that the policy may be more aggressive than what is currently anticipated by other market observers. Trading activities related to the Secured Overnight Financing Rate (SOFR) have recently shown that the market is increasing its positions for a half-point rate cut. This potential rate cut may occur either at a later meeting this month or the December meeting. Such expectations exceed the two 25-basis-point rate cuts that have already been priced into the current rate swap. Due to the prolonged U.S. government shutdown, the releases of key employment and other economic data have been postponed. Once the impasse is resolved, a large amount of data will come out, revealing the latest changes in the economic situation. Some people expect that this data may further demonstrate economic weakness, thereby providing su

On October 16th, the Federal Reserve Beige Book stated that since the previous report, overall economic activity has remained relatively unchanged. Three regions reported a slight to moderate growth in economic activity, five regions reported no change, and four regions reported a slight slowdown in economic activity. Overall consumer spending, especially on retail goods, has shown a slight decline in recent weeks. Although strong demand for electric vehicles boosted car sales in some regions before the expiration of federal tax incentives at the end of September. During the period covered by the report, international tourist demand for leisure and hospitality services further decreased, while domestic consumer demand remained basically stable. Nevertheless, spending by high-income groups on luxury travel and accommodation remained robust. Several reports emphasized that in the face of rising prices and increased economic uncertainty, low- to middle-income families continued to seek di

On October 16th, as per Cointelegraph, the stablecoin issuer Paxos minted and burned 300 trillion PayPal USD (PYUSD) stablecoins within just 30 minutes this morning. This has left many crypto users perplexed. After this minting and burning event, Omer Goldberg, the founder of Chaos Labs, posted on X on Wednesday, stating that Aave will temporarily halt PYUSD transactions due to an "unusually large-scale incident" related to the minting and burning of the stablecoin. Ethereum on-chain data indicates that Paxos minted 300 trillion USD-backed stablecoins this morning. Then, 22 minutes later, it sent all these tokens to an inaccessible blackhole wallet address, completing the burning operation.