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PayPal's blockchain partner accidentally minted $300 trillion in stablecoins (www.engadget.com)

submitted 4 days ago by mx_oceanwater_they_them@hexbear.net to c/technology@hexbear.net

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PayPal's stablecoin, which it debuted in 2023, is supposed to be redeemable at a 1:1 rate for US dollars. $300 trillion is more than double the entire world's current GDP of $117 trillion. In short, that's a really bad mistake from Paxos.“

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[–] FuckyWucky@hexbear.net 3 points 4 days ago* (last edited 4 days ago)

Only if you qualify it as a service worth $300T lol. But really though I don't think it can even be classified as a transfer payment since the IOU is worthless to the issuer.

The joke about economists asking each other to eat dogshit does increase GDP if you qualify eating dogshit as a service. It's why the inclusion of services in GDP is very questionable because of how difficult it is to measure.

Another example would be healthcare, in the US Healthcare is measured in GDP at price you pay for the final service so you get a bloated GDP. In other countries with universal Healthcare it's not directly measured and the sector itself is measured at factor cost (wages, equipment etc).

Yet another one, bank charges eg overdraft fees are included in GDP as a service even though it's closer to a direct tax than a service.