Yeezy Money, a crypto system with token, card, and pay service by Kanye West
Ye, formerly Kanye West, has launched YZY, a meme coin, on the Solana blockchain. YZY Money includes the YZY token, Ye Pay, and the YZY Card. The token's market capitalization is about $2 billion. Some users made significant profits using insider information. This venture follows West's prior statement against launching a coin.
AP Ye, the rapper formerly known as Kanye West launces YZY cryptocurrency. (File Photo) Kanye West, who now goes by Ye, has officially entered the $4 trillion US cryptocurrency space with the launch of his meme coin called YZY. The token was released on the Solana blockchain, which is known for its speed and low transaction fees.
Ye announced the new project on his social media platform X, saying, "YEEZY MONEY IS HERE. A NEW ECONOMY, BUILT ON CHAIN."
His social media post included an image displaying what seems to be the address for his cryptocurrency and a link to a website where people can buy, sell, and transfer the cryptocurrency.On its website, YZY Money is described as a new kind of financial system that gives users control while reducing reliance on centralized authorities.
The YZY coin is part of a larger system named YZY Money. This ecosystem consists of three main parts: the YZY token itself, Ye Pay, and the YZY Card.
Ye Pay is a payment processing service that reduces merchant fees by accepting YZY tokens and traditional payment methods.The YZY Card is a debit card that allows users to spend YZY tokens and USDC, a stablecoin, anywhere in the world.
After the announcement, X users speculated that Kanye West's account might be compromised due to his new crypto venture. However, YZY is listed as a payment option on his official website, suggesting the venture could be legitimate.According to data from the GMGN.Ai analytics platform, the token's market capitalization is currently approximately $2 billion.Blockchain analytics firm Lookonchain, as reported by The Block, found that several insider wallets purchased YZY tokens immediately upon their launch.One particular wallet, identified as 6MNWV8, generated over $1.5 million by selling YZY tokens, which were acquired using insider information.Lookonchain posted on X, '6MNWV8 spent 450,611 $USDC to buy 1.29M $YZY at $0.35 today and sold 1.04M $YZY for $1.39M, leaving 249,907 $YZY($600K), with a profit of over $1.5M'.In February, however, West stated that he is not launching a coin because they "prey on fans with hype," after appearing to tease the idea a couple of days prior.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Wire
28 minutes ago
- The Wire
India ‘Perplexed' By US Logic Behind Steep Tariffs, China ‘Stands With India'
Diplomacy External affairs minister S. Jaishankar also said that the US had urged India to help stabilise global energy markets, including by buying Russian oil. S. Jaishankar attends a joint news conference with his Russian opposite number Sergey Lavrov in Moscow on August 21, 2025. Photo: AP/PTI. New Delhi: India on Thursday (August 21) said it was 'perplexed' by Washington's justification for slapping steep new tariffs on Indian goods over its Russian oil imports, even as China publicly backed New Delhi, with ambassador Xu Feihong warning that 'silence or compromise only emboldens the bully' and declaring that Beijing 'firmly stands with India' against the US measures. The tariffs, announced earlier this month and due to take effect next week, will raise overall duties on Indian exports to the US to as high as 50%. They were defended in recent interventions by White House trade adviser Peter Navarro, writing in the Financial Times, and US treasury secretary Scott Bessent in an interview with CNBC. Both argued that India's discounted oil imports from Russia indirectly strengthened Moscow's war effort and alleged that politically connected Indian conglomerates, rather than ordinary citizens, were profiting. However, recent data shows that India's reliance on Russian crude has already declined. According to Bloomberg, Russia's seaborne crude shipments to India have plunged nearly threefold this month, falling to about 400,000 barrels a day this month from an average of 1.18 million earlier this year. Despite the decline, Russia still remained India's top oil supplier in July, though volumes were down 24.5% compared to June, Reuters reported. Speaking in Moscow after talks with Russian foreign minister Sergey Lavrov, external affairs minister S. Jaishankar dismissed the US argument as flawed. 'Quite honestly, we are very perplexed at the logic of the argument that you had referred to,' he told reporters in response to a question about Navarro's remarks. Jaishankar stressed that India was far from being Russia's largest energy customer. 'We are not the biggest purchasers of Russian oil, that is China. We are not the biggest purchasers of Russian LNG. I'm not sure, but I think that is the European Union. We are not a country which has the biggest trade surge with Russia after 2022. I think there are some countries to the south,' he said. While China is the largest buyer of Russian oil, the US has not imposed any specific tariffs on Beijing in response to its purchases of crude from Moscow. Both countries are currently in the middle of talks for a trade deal, with Washington postponing the imposition of country-specific tariffs on China until November. India has consistently maintained that its imports are guided by market factors and cited the necessity of securing cheap energy for its large population. Jaishankar also recalled that Washington itself had urged New Delhi to help stabilise global energy markets. 'We are a country where actually the Americans said for the last few years that we should do everything to stabilise the world energy markets, including buying oil from Russia. Incidentally, we also buy oil from America and that amount has been increasing,' he added. He noted that his talks with Lavrov and first deputy prime minister Denis Manturov had focused on preparing concrete outcomes for the annual summit between Prime Minister Narendra Modi and President Vladimir Putin later this year. Discussions covered negotiations on a free trade agreement with the Eurasian Economic Union, market access, trade barriers and cooperation in energy, fertilisers, infrastructure and skilled labour mobility. The minister also called on Putin at the end of his three-day visit. He additionally raised concern over Indian nationals recruited into the Russian Army. 'While many have been released, there are still some pending cases and some missing persons. We hope that the Russian side will expeditiously resolve these matters,' he said. According to official Indian figures, 126 Indians had been enlisted, of whom 96 have been discharged, 12 were killed and 16 remain missing or unaccounted for. China, meanwhile, went beyond merely opposing the US tariffs to explicitly aligning itself with India. In a speech in New Delhi to mark the upcoming Shanghai Cooperation Organisation (SCO) summit, ambassador Xu accused the US of undermining global trade rules. 'The United States has imposed tariffs of up to 50% on India and even threatened for more. China firmly opposes it,' he said. He warned that 'in the face of such acts, silence or compromise only emboldens the bully', and pledged that 'China will firmly stand with India to uphold the multilateral trading system with the World Trade Organisation at its core'. Xu also framed Sino-Indian cooperation as essential for the wider region. Calling China and India the 'double engines of economic growth in Asia', he urged the two neighbours to 'enhance strategic mutual trust' and work together to 'safeguard international fairness and justice' in the face of tariff wars and protectionism. Modi is expected to travel to China later this month for the SCO summit, his first visit in seven years. Ties between the two countries were largely frozen for four years during the military standoff in eastern Ladakh, which was resolved in October 2024. This article went live on August twenty-first, two thousand twenty five, at twenty-eight minutes past eleven at night. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments. Advertisement
Time of India
2 hours ago
- Time of India
US central bank under scrutiny as Donald Trump criticizes Powell; Jackson Hole braces for high-stakes speech, why Fed independence matters
The battle over the independence of the US Federal Reserve has intensified, with President openly calling for the resignation of a governor, threatening to fire Chair Jerome Powell, and repeatedly pressuring the central bank to cut interest rates. Tired of too many ads? go ad free now The escalating confrontation has revived a long-running debate over why the Fed has historically been insulated from direct White House influence — and why markets, economists, and past experience suggest that independence is critical. This week, Trump demanded that Fed governor Lisa Cook step down after a mortgage fraud allegation, which she has flatly denied, saying she would not be 'bullied' into leaving her post. The move came just ahead of Powell's much-watched speech at the annual Jackson Hole economic symposium, his last as chair before his term ends in May 2026. The Fed, which sets interest rates and manages the world's largest economy's monetary policy, has long been one of Washington's few independent power centers, AP reported. But Trump has repeatedly railed against Powell for refusing to cut borrowing costs, arguing that high interest rates are slowing growth and raising the government's debt-servicing bill. At one point, the president even accused Powell of mismanaging a $2.5 billion renovation of the Fed's headquarters, an allegation that economists dismissed as political theatre. Markets watch as Powell holds ground For Wall Street, Powell's stance matters. The Fed has kept its benchmark rate at 4.3% for five straight meetings, a level meant to tame inflation but one that also keeps mortgages, auto loans, and business borrowing expensive. Powell has said the central bank needs more time to assess the impact of Trump's sweeping tariffs on inflation and growth. Tired of too many ads? go ad free now But the economic picture has grown murkier. July's jobs report showed weaker-than-expected hiring, casting doubt on Powell's earlier description of the labour market as 'solid.' Inflation, meanwhile, ticked higher in July, with core prices rising 3.1% from a year ago — above the Fed's 2% target. That leaves Powell trapped between sluggish employment that argues for a rate cut and stubborn inflation that argues against it. Most economists expect Powell to hint at a possible cut later this year without committing to one in September, disappointing investors who have priced in an earlier move. 'The dilemma that the Fed is in has become, if anything, more intense,' said David Wilcox, former Fed economist and now senior fellow at the Peterson Institute. Why Fed independence matters The stakes go beyond one rate decision. Economists warn that allowing a president to dictate monetary policy could undermine confidence in US markets, push up government borrowing costs, and stoke inflation. The Fed's credibility rests on its ability to make unpopular decisions when necessary, such as raising rates even when politicians want easy money. That lesson was seared into economic memory in the 1970s, when then-Fed Chair Arthur Burns, under pressure from President Richard Nixon, kept rates low heading into the 1972 election. Inflation spiralled, and the US endured years of economic pain. It took Paul Volcker, appointed by President Jimmy Carter in 1979, to impose brutally high rates of nearly 20% — triggering a deep recession but ultimately taming runaway prices. Volcker's defiance is now seen as a defining example of why central banks must stand apart from day-to-day politics. Trump's pressure campaign Trump has made little secret of his frustration with Powell. He has accused him of mishandling inflation, mismanaging Fed operations, and blocking growth. At a recent tour of the Fed's renovation project, Trump tried to publicly embarrass Powell by claiming costs had soared to $3.1 trillion, a figure Powell calmly dismissed as including unrelated expenses. The president's attacks are unusual in their intensity, though not unprecedented. Past presidents, from Lyndon Johnson to Ronald Reagan, have privately leaned on Fed chiefs. What sets Trump apart is his willingness to air those grievances in public and to threaten removal of officials whose terms are protected by law. Legal experts say the president cannot fire a Fed chair simply for policy disagreements. The Supreme Court has signaled that removal would require 'cause' — such as misconduct or negligence. That may explain why Trump has focused on the renovation controversy as a potential pretext. Still, any attempt to oust Powell would likely spark a court battle and roil global markets. How much control presidents really have Despite its independence, the Fed is not unaccountable. The president appoints all seven members of its governing board, subject to Senate confirmation, and over time can reshape policy direction. Trump will get his chance when Powell's term ends in May 2026. Congress also has a role: in 1977, it gave the Fed its 'dual mandate' to pursue stable prices and maximum employment. The chair must testify before lawmakers twice a year, offering public explanations of the Fed's decisions. For now, however, Powell and his colleagues retain their votes on interest-rate policy. Even if Trump replaced Powell tomorrow, the 12-member rate-setting committee could still resist political pressure. That is precisely why markets prize Fed independence: it makes decisions more predictable, less politicized, and more credible. Powell's balancing act As Powell prepares to deliver his Jackson Hole speech, he faces one of the most delicate balancing acts of his career. The Fed must decide whether to prioritize cooling inflation, which risks choking growth, or cutting rates to cushion a slowing economy, which risks igniting prices. Either way, his words will be parsed by investors, politicians, and global markets alike. For Trump, the stakes are political; for Powell, institutional. For the Fed, it is about preserving a legacy of independence that, economists say, has safeguarded US stability for decades.
News18
3 hours ago
- News18
US home sales rose in July as mortgage rates eased, home prices grew more slowly
Agency: PTI Last Updated: Washington, Aug 21 (AP) Sales of previously occupied US homes rose in July as homebuyers were encouraged by a modest pullback in mortgage rates, slowing home price growth and the most properties on the market in over five years. Existing home sales rose 2 per cent last month from June to a seasonally adjusted annual rate of 4.01 million units, the National Association of Realtors (NAR) said Thursday. Sales edged up 0.8 per cent compared with July last year. The latest sales figure topped the 3.92 million pace economists were expecting, according to FactSet. Home prices rose on an annual basis for the 25th consecutive month, although the rate of growth continued to slow. The national median sales price inched up just 0.2 per cent in July from a year earlier to USD 4,22,400. That was the smallest annual increase since June 2023. Even so, the median home sales price last month is the highest for any previous July, based on data going back to 1999. 'The ever-so-slight improvement in housing affordability is inching up home sales," said Lawrence Yun, NAR's chief economist. 'Wage growth is now comfortably outpacing home price growth, and buyers have more choices." The US housing market has been in a sales slump since 2022, when mortgage rates began climbing from historic lows. Sales of previously occupied US homes sank last year to their lowest level in nearly 30 years. This year's spring homebuying season, which is traditionally the busiest period of the year for the housing market, was a bust as stubbornly high mortgage rates put off many prospective homebuyers. First-time homebuyers, who don't have home equity gains to put toward a new home purchase, accounted for 28 per cent of homes sales last month, down from 30 per cent in June, NAR said. Historically, they made up 40 per cent of home sales. The average rate on a 30-year mortgage has remained elevated this year, although last week it dropped to a 10-month low of 6.58 per cent. Homes purchased last month likely went under contract in May and June, when the average rate ranged from 6.76 per cent to 6.89 per cent. Mortgage rates eased in July, dropping briefly to 6.67 per cent. As home sales have slowed, the number of unsold homes on the market has been rising. There were 1.55 million unsold homes at the end of last month, up 0.6 per cent from June and 15.7 per cent from July last year, NAR said. That's the most homes on the market since May 2020, early on in the COVID-19 pandemic. Still, the inventory remains well below the roughly 2 million homes for sale that was typical before the pandemic. July's month-end inventory translates to a 4.6-month supply at the current sales pace, down from a 4.7-month supply at the end of June and up from 4 months in July last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers. Homes are also taking longer to sell. Properties typically remained on the market for 28 days last month before selling, up from 24 days in July last year, NAR said. Home shoppers who can afford to buy at current mortgage rates or pay in cash are likely to benefit from the slower growth in prices and increased supply of properties on the market. It's not uncommon now for sellers, especially those in Southern and Western markets, to lower their asking price and offer incentives such as money for closing costs or repairs in order to sweeten the deal, real estate agents say. In July, some 20.6 per cent of homes listed for sale had their price reduced, according to That's down slightly from June. 'One can say that things are a little better today as a buyer, compared to say just a couple of years ago," Yun said. (AP) NPK NPK (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 21, 2025, 21:45 IST News agency-feeds US home sales rose in July as mortgage rates eased, home prices grew more slowly Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
