Kanye West, aka Ye, has released a new crypto coin named YZY on Solana. The rapper has also released a number of tools to form a blockchain ecosystem.
As per Forbes, Ye has a net worth of $400 million. As per the report, it has dropped down in recent years after his collaborations with Adidas for Yeezy, and other brands like GAP and Balenciaga ended. His current net worth is based on his music catalog, real estate holdings, cash, other assets, and a 5% stake in Kim Kardashian's brand, Skims.
On Wednesday, August 20, Kanye West announced on his X (formerly Twitter) account that he's launching a new cryptocurrency coin called YZY. He's also announced an entire ecosystem that consists of YZY Pay, YZY Card, and YZY Money. This aims to make cryptocurrency more accessible in the real world.
More about Kanye West's YZY coin

The rapper launched the YZY coin on Solana on Wednesday, joining multiple celebrities who have ventured into cryptocurrency in the past. YZY coin reportedly has multiple features that aim to provide more security to investors.
As per Crypto Briefing, the coin has 25 contact addresses, with just one of them being the YZY coin, making it difficult for snipers. The project's document stated:
“This dissuades snipers by making it a 1/25 chance for selection of the right CA, putting power back into the hands of real traders."
The YZY coin is distributed as public allocation (20%), liquidity (10%), and vested tranches for Yeezy Investments LLC (70%). The vesting schedule uses Jupiter Lock, and investors can trade through Meteora on Solana. The YZY coin briefly reached a $3 million market value soon after Kanye West's announcement on Wednesday.
Kanye West launches entire YZY blockchain ecosystem
Along with the cryptocurrency coin, Ye has also released three blockchain tools - Ye Pay, YZY Card, and YZY Money.
Ye Pay is aimed at allowing investors, retailers, and customers to utilize cryptocurrency at a 3.5% lower fee than the standard. It aims to bring cryptocurrency to regular financial transactions. As per its website, Ye Pay will allow both regular credit cards as well as crypto payments during checkout. Hence, it can become a major competitor for the current fintech platforms.
YZY Card, meanwhile, allows customers to make transactions through their crypto tokens without needing to convert them to fiat currency. It is a non-custodial crypto card, in which customers can add their tokens like YZY coin, USDC, etc., and use it directly at millions of online merchants without any intermediaries.
YZY Money is mainly just the YZY token that can be traded through Solana. There will be benefits for people who use the coin through the ecosystem. However, the coin also provides structured vesting to every investor, appearing to manage supply and demand over time.
Ye has joined the likes of Caitlyn Jenner, Jason Derulo, and Donald Trump in releasing a meme coin. While many celebrities have failed with their coins, these are still going strong in the market.