Kanye West (Ye) Plans to Drop YZY Token to Circumvent Platforms Like Shopify

Just days after Kanye West, now known as Ye, likened “coins” to hype-driven sneakers that prey on fans, he now plans to drop a token called YZY.

After likening “coins” to hype-driven sneakers that prey on fans, Kanye West, now known as Ye, is planning to launch a token called YZY, three sources with knowledge of the project told CoinDesk.

The token, named after his Yeezy clothing brand, is part of Ye’s effort to get around platforms like Shopify that have cut ties with the artist following a series of hateful, and antisemitic tweets.

The YZY token’s distribution is heavily skewed towards Ye. He will personally hold 70% of the tokens, with only 10% for liquidity and 20% for investors, the report adds. Ye also plans to let YZY be the official currency for purchases on his website.

Sources told the outlet that Ye’s approach was inspired by the TRUMP meme coin launched by President Donald Trump ahead of his inauguration, which also had a highly centralized ownership structure. Ye initially wanted an 80% stake in YZY but was negotiated down to 70%.

The token’s structure includes a multi-phase vesting schedule, with some coins locked for up to 12 months.

The launch, which was initially set for Thursday at 6:00 p.m., has been delayed to Friday, according to a team member who requested anonymity.

Information about the token came to light through an unsolicited email from someone claiming to be Yeezy’s CFO.

The launch delay comes as the team considers timing concerns following the recent controversy surrounding Argentina’s President Javier Milei’s LIBRA token.

Ye said “coins prey on fans with hype”

Ye returned to X earlier this month, kicking off a day-long rant on the platform.

Among the posts that caught crypto community members’ attention was a screenshot where he declined a $2 million promotion deal from an unidentified contact who offered him money to promote a fraudulent crypto.

The proposed deal involved keeping a deceptive promotional post live for a specific period before claiming an account hack, indicating a broader scheme that may explain some celebrity account hacks on X previously attributed to security breaches. The disclosure has led to wider speculation regarding the authenticity of similar past incidents involving celebrity account hacks to promote crypto tokens.