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Doesn't anyone think it's ridiculous and frightening that Paxos can just issue 300 trillion stablecoins whenever they want? Where is the risk control? Where is the program audit?
Prevention is always more important than damage control. The Paxos incident is akin to a certain country's currency being accidentally overprinted, and then just saying, "Sorry, we will burn the excess."
Today, if there can be erroneous issuance, perhaps tomorrow the founder might find himself on the road without money to buy a pancake and casually issue a few stablecoins for payment. It's a chilling thought.
The birth of blockchain was rooted in the idea of supranational currencies and trustless currencies, but with the current state of stablecoins, I would rather trust the machinery of the state.