Crypto industry observers were baffled Wednesday afternoon when an on-chain transaction showed that Paxos, the issuer behind the PayPal-branded PYUSD stablecoin, minted $300 trillion worth of the tokens on the Ethereum blockchain. A little over 20 minutes later, all 300 trillion PYUSD tokens were "burned," or effectively destroyed, by sending them to an inaccessible network address. Paxos and PayPal have yet to public comment on the moves. Decrypt reached out to Paxos for comment but did not immediately receive a response. Editor's note: This story is breaking and will be updated with more details.