Paxos Accidentally Minted Trillions of Stablecoins

What if a “stable” coin wasn’t? Blake and David unpack Paxos’s accidental minting of $300 trillion in PayPal USD—and what it reveals about stablecoin “pegs.” They also dig into proposals to weaponize IRS Criminal Investigations, NASBA’s flawed CPA exam data, and small-business headaches from forced AI rollouts in QuickBooks. Plus: Ripple’s treasury move, whether AI can run a $1M solo firm, and smart guardrails for using AI without breaking your books.

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• (01:12) - Celebrating Spreadsheet Day
• (04:40) - Remote Work and Flexibility in Accounting
• (05:50) - Live Stream Interaction
• (06:16) - Political Discussion: IRS Overhaul
• (18:12) - NASBA Data Issues
• (24:51) - AI in Accounting: QuickBooks and Docket
• (41:28) - Upcoming Events and Conferences
• (42:38) - Navigating Conferences: Tips and Challenges
• (43:16) - The Future of Earmark: Audio Books and Discounts
• (46:21) - Chicago Teachers Union Audit Controversy
• (48:52) - Stablecoins and Cryptocurrency Concerns
• (56:09) - AI and the Future of Accounting
• (57:32) - The Talent Shortage in Accounting
• (01:03:30) - The CPA Exam and the Future of the Profession
• (01:16:48) - Government Shutdown and Its Impact
• (01:18:48) - Closing Remarks and Listener Engagement

Show Notes

Trump Administration Plans IRS Overhaul to Target Left-Leaning Groups (Wall Street Journal)
https://www.foxbusiness.com/politics/trump-admin-plans-irs-overhaul-probe-left-leaning-groups-more-easily-wsj-reports

New CPA Success Index is DOA: NASBA's data behind the index no longer holds up
https://www.accountingtoday.com/opinion/cpa-success-index-is-doa-nasbas-data-behind-the-index-no-longer-holds-up

Docyt Launches Mission to Create the 'Million Dollar Accountant'
https://www.cpapracticeadvisor.com/2025/10/15/docyt-launches-mission-to-create-the-million-dollar-accountant/170851/

Ripple Acquires GTreasury for $1 Billion
https://www.gtreasury.com/news/ripple-acquires-gtreasury

Paxos Accidentally Mints $300 Trillion 'Excess' PayPal Stablecoin
https://www.pymnts.com/cryptocurrency/2025/paxos-accidentally-mints-300-trillion-excess-paypal-stablecoin/

Dozens of Arkansas cities still without state funds over missing audits
https://www.ktlo.com/2025/10/13/dozens-of-arkansas-cities-still-without-state-funds-over-missing-audits

Chicago Teachers Union members sue union bosses over missing financial reports
https://www.illinoispolicy.org/chicago-teachers-union-members-sue-union-bosses-over-missing-financial-reports/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page