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Website title: Technicalities & Accounting | Andrei Belonogov | Substack
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In October 2025, Paxos accidentally minted about $300 trillion worth of PYUSD stablecoin (see transaction), then b...
Background
US regulators have begun paying closer attention to dollar-backed stablecoins and their role in financial reporting. On April 4, 2025, the SEC issued a staff statement on “covered stablecoins”. The statement defined “covered stablecoins” as crypto assets designed to maintain a stable value relative to the US dollar, backed by low-risk and readily liquid reserves, an...
On proof-of-stake blockchains, the network's security is ensured by users who stake their scarce resources (crypto assets) on chosen validators. This is how it happens:
Validators deploy blockchain software binary files (files that contain the compiled protocol code) on servers, whether owned or rented, that function as nodes on the blockchain network. This software ena...
