DeFi Sector Sees Revenue Surge with New Strategies

PANews reported on October 16th that, according to Bloomberg, stablecoin issuer Paxos said it mistakenly minted 300 trillion PYUSD stablecoins early this morning, but destroyed the tokens minutes later. The amount of this erroneous transaction far exceeds the size of both the traditional currency market and the entire crypto market. There are currently approximately $2.4 trillion in US dollars in circulation. Tether's USDT, the world's largest stablecoin, has a market capitalization of $180.6 billion, while the entire cryptocurrency market is valued at approximately $3.8 trillion. In addition, Paxos officials stated: "This was an internal technical failure. No security breach occurred. Customer funds are safe. The root cause has been identified and resolved."

PANews reported on October 16th that YZi Labs has officially announced it has led a $50 million funding round in the Better Payment Network (BPN) to accelerate the development of a multi-stablecoin payment infrastructure, furthering its commitment to supporting scalable, real-world blockchain applications that connect traditional finance with on-chain systems. The newly raised funds will primarily be used to establish an initial on-chain liquidity pool for stablecoin-to-stablecoin channels and develop an early market-making ecosystem. According to reports, BPN provides a unified layer for the minting, exchange and settlement of stablecoins backed by fiat currencies on the BNB chain, building a bridge between CeFi and DeFi, and helping the global market achieve faster, lower-cost and regulatory-compliant cross-border payments.

PANews reported on October 16th that according to The Block, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins hopes that innovation in the cryptocurrency industry will flourish as the SEC prioritizes its oversight and explores regulatory paths. At the Washington, D.C. Fintech Week on Wednesday, he reiterated that cryptocurrency and tokenization are the SEC's "top priorities," stating that a solid framework will be established to attract talent returning from the United States while also fostering a sound framework to promote innovation. He even half-jokingly referred to the SEC as the "Securities and Innovation Commission." Atkins also mentioned plans to introduce innovative exemptions, aiming to create "super apps" that would bring together multiple regulators focused on cryptocurrency. He questioned why companies would need to register with multiple agencies if everyone shared the same goal. The government shutdown, now in its second week, has stalled the SEC's work. Earlier this month, Congress failed to reach a funding agreement, leading to unpaid furloughs and significant restrictions on federal agency operations.