After stablecoin glitch: PayPal shares collapse

PayPal is constantly in the headlines. Following yesterday's revelation that stablecoin issuer Paxos accidentally minted $300 trillion worth of PYUSD, the payment service provider is also apparently experiencing a massive outage.
According to various media outlets, around 40,000 users reported PayPal issues on Thursday evening. However, the issues have reportedly been resolved in the meantime.
Nevertheless, two glitches in one day don't reflect well on the company. In particular, the inflation bug at Paxos undermines confidence in the monetary integrity of the PayPal stablecoin, which, with a market capitalization of $2.6 billion, is the seventh-largest stablecoin in the world.
Investors are consequently punishing the company. PayPal shares are down 3.08 percent in premarket trading. A downgrade of the stock by Goldman Sachs is also putting further pressure on PayPal.
Meanwhile, the crypto markets are also experiencing a sharp correction. Bitcoin is falling below $106,000 and is down 4.6 percent.
You can trade stablecoins like USDC on Coinbase. There, you'll receive €30 in Bitcoin if you verify your account and trade €30 or more worth of cryptocurrencies.

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