Paxos mistakenly mints $300T PYUSD on Ethereum, citing tech error

> PYUSD's price momentarily deviated from its $1 peg but quickly stabilized following the burn.

Why is there even a market for trading between asset-backed stable coins and USD? Shouldn't issuer always buy it back for nominal price?

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walletdrainer · 4 months ago

Generally this is the way issuers avoid having to KYC everybody.

A few trusted parties is enough to maintain the peg through arbitrage

EduardoBautista · 4 months ago

I believe you can sell your USDT back to tether. Although I haven’t heard the same about other stablecoins.