Controversial American rapper and record producer Kanye West, popularly known as Ye, has hinted at plans to launch a new cryptocurrency called YZY tokens. His announcement comes just days after he dismissed memecoins as “useless” in a now-deleted tweet on X.
Though he hasn’t revealed an official launch date, he disclosed that the new memecoin would be available next week—despite previously putting other digital assets in a bad light, labelling them as “fake.”
Before his latest tweet, the ever-controversial singer had initially deactivated his X account but made a surprise comeback, signalling his interest in the decentralized finance sector on Friday, February 21, 2025.
Objective
The American rapper, whose relationships have recently been the subject of controversy, claims that his plan to introduce the YZY token is backed by a censorship-free financial ecosystem for his brand, hosted on his website: https://yeezy.com/.
According to Ye, the new currency will serve as an alternative payment method, allowing him to bypass traditional platforms that have severed ties with him due to past controversies.
Reports suggest that Ye initially aimed to own an 80% stake in YZY Coin but later settled for 70%, with 10% allocated for market liquidity and the remaining 20% reserved for investors.
Is Kanye West in Control of His X Account?
When the music producer expressed interest in entering Web3 with his blockchain project—possibly launching it on Cardano—questions arose about whether Ye was actually behind the tweets.
Cardano founder Charles Hoskinson dismissed any potential partnership with Ye, even if he launched a memecoin. He stated, “I know some people are talking about it, but it doesn’t even look like he’s actually doing anything of value.”
Hoskinson further alleged that Kanye West sold his X (formerly Twitter) account for $17 million to a group known as Barkmeta “for them to do a scam.” He added, “Even if he didn’t, I don’t think we want that. It’s too much drama,” he said in a Tweet
While some reports claim Ye is not in control of his account, he has dismissed these allegations as mere speculation. Barkmeta is known as a memecoin trading group.
When Charles was asked if he would welcome Kanye if he is serious about his new memcoin, he said, “No one serious in Cardano is going to do it”, because Ye only wants the money and help to laucnh it.