Kanye's YZY Token Crash & MetaMask's New Stablecoin

The Daily, adapted from The Block, reports on significant cryptocurrency movements this week. **Kanye West’s YZY Token Launches, Then Crashes 70%** Kanye West has launched a Solana-based cryptocurrency called YZY (Yeezy Money), sparking debate over its legitimacy as the token's price plummeted 70%. The YZY website positions the project as a method for users to gain control "free from centralized authority," while also mentioning a payment platform (Ye Pay) and a YZY-branded credit card. Despite suspicions that the launch might be a hack, YZY's listing as a payment method on Kanye's official site suggests otherwise. The token reached a $3 billion market cap rapidly, but experts like Lookonchain and Conor Grogan of Coinbase reported that the supply was largely held by insider wallets that traded on non-public information. One insider reportedly profited over $1.5 million from early trades, with more than 94% of YZY's supply at times controlled by insiders. While the site claims the token is not an investment, critics argue it contradicts Kanye's previous stance on memecoins. **MetaMask’s mUSD Stablecoin Launch** MetaMask announced its forthcoming stablecoin, MetaMask USD (mUSD), which will be launched on Ethereum and Linea later this year. Issued by Bridge, a Stripe-owned platform, mUSD will be backed 1:1 by U.S. cash and short-term Treasurys. Designed for seamless integration into the MetaMask wallet, users will be able to use mUSD for transactions and direct spending via the MetaMask Card at Mastercard-accepting merchants. MetaMask believes mUSD will enhance the DeFi experience. **DBS Bank to Tokenize Structured Notes on Ethereum** Singapore’s DBS Bank plans to tokenize structured notes on Ethereum for institutional investors, using platforms like ADDX and DigiFT. The first product, a crypto-linked structured note, will offer cash payouts during price increases and downside protection during declines. Each tokenized note will represent a share worth $1,000, making high-barrier products more accessible. DBS's tokenization initiatives aim to expand beyond crypto-linked products to include equity and credit-linked notes. **JPMorgan: Ethereum Outpacing Bitcoin** JPMorgan analysts have identified four reasons for Ethereum’s recent outperformance relative to Bitcoin. Key factors include anticipated SEC approval for staking in spot Ethereum ETFs, increased interest from corporate treasuries, positive signals regarding liquid staking tokens from the SEC, and newly approved in-kind redemptions for ETFs, enhancing liquidity for institutions. Analysts believe Ethereum's potential remains strong with room for institutional inflows. **Ethereum Treasuries Surpass 4 Million ETH** Ethereum treasury holdings have exceeded 4.1 million ETH, valued at about $17.6 billion. Data reveals that 69 entities hold over 100 ETH each, with BitMine Immersion Technologies leading at 1.5 million ETH. The rise in institutional adoption suggests a growing trend toward ETH accumulation. **Upcoming Events** Federal Reserve Chair Jerome Powell will speak at Jackson Hole, with investors keen on interest rate indications. The European Central Bank will disclose July inflation and wage growth data, influencing future policies. Stay connected with The Block's daily updates on the most important events in the digital asset ecosystem. *Disclaimer: The Block is an independent outlet and is not a source of legal or investment advice.*