Paxos, the issuer behind PayPal’s PYUSD stablecoin, briefly created $300 trillion worth of the token on Wednesday due to a minting error, before burning the tokens within minutes.

Erebor Bank, a crypto-friendly startup lender, has been granted conditional approval to operate as a national bank in the U.S., according to a Wednesday announcement from the Office of the Comptroller of the Currency (OCC).

Reliance Jio is teaming up with Aptos Foundation and Aptos Labs to roll out blockchain-based rewards to its 500 million customers.

Top stories in the Crypto Roundup today:

• Paxos Accidentally Mints $300 Trillion in PYUSD Before Burning It Minutes Later
• Crypto Bank Erebor Wins Conditional Federal Charter From OCC in Landmark Approval
• Reliance Jio Taps Aptos Blockchain to Roll Out Digital Rewards to 500M Mobile Users

Paxos Accidentally Mints $300 Trillion in PYUSD Before Burning It Minutes Later

Paxos, the issuer behind PayPal’s PYUSD stablecoin, briefly created $300 trillion worth of the token on Wednesday due to a minting error, before burning the tokens within minutes.

The transaction was visible on Ethereum blockchain explorers like Etherscan, drawing attention from blockchain watchers. Paxos later confirmed the mistake on X, saying no funds were transferred and no users were affected.

The number dwarfs the entire crypto market and even global money supply, spotlighting the power stablecoin issuers have to create and destroy value with a few lines of code. 

Similar incidents have happened before. Tether once mistakenly minted $5 billion in USDT in 2019, but the sheer scale of this error sets it apart.

Crypto Bank Erebor Wins Conditional Federal Charter From OCC in Landmark Approval

Erebor Bank, a crypto-friendly startup lender, has been granted conditional approval to operate as a national bank in the U.S., according to a Wednesday announcement from the Office of the Comptroller of the Currency (OCC).

The OCC’s decision allows Erebor to offer both traditional and digital asset-related banking services nationwide, pending continued compliance with regulatory conditions. 

It's the first national bank charter approved under new Comptroller Jonathan Gould, who said the move shows the agency doesn’t block crypto activity outright, as long as it's done safely.

Erebor says it will cater to tech companies and ultra-wealthy clients who use virtual currencies. The bank’s name, borrowed from Tolkien lore, reflects its tech-industry roots. Its charter application promised a mix of conventional banking and crypto services.

Reliance Jio Taps Aptos Blockchain to Roll Out Digital Rewards to 500M Mobile Users

Reliance Jio is teaming up with Aptos Foundation and Aptos Labs to roll out blockchain-based rewards to its 500 million customers.

The rewards system runs on Aptos’ layer-1 blockchain and is currently in beta with 9.4 million users. Rather than offering speculative tokens, the platform will focus on practical digital incentives, such as service perks or loyalty points.

Aptos Labs will handle the technical infrastructure. Jio, India’s largest telecom provider, is betting on the blockchain’s speed and scalability to support its massive user base.

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