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The race is on again. On November 10, 2025, digital-asset watchers noticed that Paxos newly minted roughly 100 million additional units of its stablecoin, PYUSD, on the Ethereum blockchain. According to Whale Alert monitoring, the tokens were created in one tranche and added to circulation within minutes.
This fresh issuance arrives during a period of heightened attention on stablecoins, not only for their role in payments and liquidity but for how transparent and trust-worthy their backing is. The key question: what does this move by Paxos say about demand, strategy and regulatory posture?
PYUSD is the dollar-pegged token issued by Paxos Trust Company in partnership with PayPal, operating on both Ethereum and Solana and backed with dollar deposits and cash equivalents. The choice to mint an additional 100 million comes as the token’s use-cases expand from payments and remittances to treasury options for corporate clients.
While some may view any token minting as routine, observers say two things stand out. First, the size of the issuance signals that Paxos is comfortable growing supply in response to real or expected demand. Second, it underscores the importance of frequent audit and reporting frameworks in sustaining credibility, especially after earlier mishaps associated with PYUSD. (In mid-October, the firm had to burn what was reported as an excess $300 trillion worth of PYUSD minted by mistake. )
From a market perspective, the issuance adds fresh supply of a stablecoin that competes in a crowded field dominated by tokens like USDC and USDT. Each new block of coins invites questions about backing, redemption mechanisms and how seamlessly they can serve real-world payments. In cryptoland, transparency is the premium.
Regulators will be watching. While Paxos holds a trust charter in New York and is applying for broader licensing, the entire stablecoin sector is under pressure to deliver clearer proof-of-reserve models and rigorous oversight. The additional PYUSD minting gives regulators, market watchers and users a fresh data point to scrutinise.
For end-users and institutions, this move could translate into better access to digital dollar rails, quicker settlement flows and more liquidity in markets that use PYUSD. For Paxos, it may simply be gearing up for the next phase of growth, positioning the token as more than just a payment option, but a strategic partner for businesses and platforms.
In short, when you see that Paxos mints another layer of PYUSD, you are witnessing more than bookkeeping. You’re witnessing the mechanics of stablecoin supply in motion, a test of trust at scale and the real-time shaping of how digital dollars will work in the years ahead.
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