Accidentally minting 300 quadrillion PYUSD—Paxos' 'fat finger' exposes the fragile side of stablecoins. In the early hours of October 16, PayPal's stablecoin issuer Paxos made an internal operational error, accidentally minting and then burning 300 quadrillion PYUSD—roughly 110,000 times its actual circulating supply. Although the error was quickly rolled back, this largest-ever 'fat finger' incident revealed the fundamental risks in centralized stablecoin governance. Etherscan data shows that Paxos originally intended to transfer 300 million PYUSD but mistakenly burned and then over-minted due to parameter errors. If these 300 quadrillion tokens had entered on-chain trading, they would have destroyed AMM liquidity pools within seconds, causing severe depegging. Aave and Chaos Labs immediately froze related markets to prevent systemic risks. While Paxos leveraged its 'God mode' to promptly burn the erroneous tokens and resolve the crisis, this incident serves as a reminder to the market: high compliance ≠ zero risk. Transparent reserves and audit reports cannot prevent human or technical errors. When issuers act as both central banks and firefighters, their control becomes the biggest single point of failure. The scale of Paxos' mistake far surpasses Tether's accidental minting of 5 billion USDT in 2019, once again proving that fiat-backed stablecoins are not infallible. In the future, stablecoin governance must go beyond reserve disclosures and strengthen technical safeguards and multi-signature internal controls: establish anomaly detection, cooling-off mechanisms, and require multi-party approval for minting and burning. This '300 quadrillion mistake' didn’t destroy PYUSD but exposed the underlying paradox of centralized stablecoins—the cost of trust is concentrated power, and the cost of mistakes could be the collapse of the entire system.