Maxxis casing split to reveal bead

It was self destructing to save you from going down hard when it randomly washes out midturn.

I've had some tires with VERY small holes in the rubber along the bead where it shows through a little. I've never had them leak or impact the tire negatively in any way. Nothing like what you have here.
How old is the tire? Could it have been damaged upon mounting / dismounting?
Was the bead actually sticking out from between the tire and rim while you were riding?

I had the same thing happen on a near new and severely underweight DHR2 EXO. They sent a warranty replacement...

Judging from how crisp those lugs are, that's a nearly-new tire. I'd contact Maxxis for a replacement, they're apparently quite good about that kind of thing.

Maxxis is awesome about warranties. Contact them.