Rapper and fashion mogul Ye, formerly known as Kanye West, is reportedly planning to launch a crypto token named YZY, according to a CoinDesk report.
The move comes as Ye seeks to sidestep mainstream financial platforms like Shopify, which have severed ties with him following his recent inflammatory remarks.
Details on the $YZY Memecoin
The YZY token is designed to be the official currency of Yeezy, Ye’s clothing brand. A significant portion of the token’s supply—70%—will be reserved for Ye himself, while 20% will go to investors, and 10% will be allocated for liquidity provisioning.
Originally set to go live on Thursday at 6:00 p.m., the launch was delayed to Friday, according to a team member who wished to remain anonymous, CoinDesk reported.
Supporters of the project claim it aligns with crypto’s censorship-resistant ethos, providing Ye with an alternative financial avenue after facing repeated bans from major businesses.
Ye’s History of Controversy and Crypto Move
Ye’s pivot to crypto follows years of public scandals that have severely damaged his business empire. In 2022, he was dropped by Adidas, Balenciaga, and his talent agency after making antisemitic comments, including praising Adolf Hitler and sharing inflammatory posts about Jewish communities.
The controversy continued into 2024, as Ye once again called himself a Nazi on X (Twitter) and attempted to sell T-shirts featuring a swastika on his website. This led Shopify to remove its online store, cutting off yet another revenue stream.
In response, the YZY token is now being positioned as a way for Ye to rebuild his financial independence, allowing fans to purchase Yeezy products directly using the token.
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Celebrity Memecoins Have a Troubled History
While Ye’s crypto move is making headlines, history suggests that celebrity-backed tokens rarely succeed—and often lead to controversy.
One notable example is Caitlyn Jenner’s JENNER token, which has now become the subject of a class-action lawsuit. Plaintiffs Naeem Azad and Mihai Caluseru filed a case in a California federal court, alleging that Jenner and her manager, Sophia Hutchins, marketed and sold JENNER as an unregistered security. The lawsuit claims that investors lost millions after being misled into buying the token.
Similarly, other celebrity-endorsed crypto projects, including those promoted by Floyd Mayweather and Kim Kardashian, have faced legal scrutiny and backlash, often leaving investors with worthless tokens. Given this track record, scepticism surrounding YZY is already mounting.
Ye, has publicly revealed an alleged $2 million memecoin scam attempt. The rapper shared chat evidence that details how individuals attempted to involve him in a fraudulent crypto scheme.
Ye’s Mixed Signals on Crypto
Despite the latest developments, Ye’s commitment to launching YZY remains uncertain. Earlier this month, rumours of a Ye token surfaced after the rapper teased contact with Coinbase CEO Brian Armstrong.
However, in a recent erratic return to X, Ye denied any plans to create a memecoin, only to delete his account shortly after.
What’s Next for YZY?
As Ye prepares to enter the crypto market, many questions remain about the token’s legitimacy, use case, and regulatory risks. Given his history of unpredictable business moves and ongoing controversies, the success of YZY is far from guaranteed.
If history is any indicator, celebrity crypto projects often end in failure or legal troubles. Whether YZY bucks the trend—or follows the same fate as previous failed tokens—remains to be seen.
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