Kanye West Launches Personal Token YZY, Internal Trading Concerns Lead to Price Plunge
American rapper Kanye West announced the launch of the meme coin YZY on the Solana blockchain via the X social platform, as part of his "YZY Money" ecosystem, aiming to create a "new on-chain economy."
The coin's market value skyrocketed to approximately $3 billion just minutes after its launch on Thursday (August 21), only to plummet by two-thirds within hours, resulting in over $20 million in losses for investors. On-chain data shows that 70% of the coin's supply is held by Yeezy Investments LLC, 10% is allocated for liquidity, and only 20% is available to the public, raising concerns about insider trading and fairness.
BNB Treasury's Attempt Fails: WINT Faces Delisting from Nasdaq Due to Low Stock Price
Windtree Therapeutics, a U.S. biotech company that uses Binance Coin (BNB) as treasury assets, received a delisting notice from Nasdaq on August 19 due to its common stock consistently trading below the minimum closing price requirement ($1) without the usual grace period. WINT will transition to over-the-counter (OTC) trading starting August 21.
Pop Mart Launches Mini Version of LABUBU
Pop Mart founder and CEO Wang Ning appeared as a "live-streaming influencer" at the mid-year performance release on August 21, announcing the official launch of a palm-sized Mini version of LABUBU this week. As a highly popular collectible IP, LABUBU has often been attached to bags, and Wang pointed out that the mini version may soon be attached to phones, expected to become the next "super hit."
The launch of this new product coincides with Pop Mart's impressive first-half financial results, with revenue and net profit reaching historical highs. The company reported a revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.71 billion yuan, a year-on-year increase of approximately 362.8%. The company's market value has also surpassed 400 billion Hong Kong dollars, with stock prices hitting new highs.
Wyoming Launches Official Stablecoin FRNT, Initiating State-Level Digital Currency Exploration
Wyoming officially launched its stablecoin Frontier (FRNT) on August 19, becoming the first state government entity in the U.S. to issue a stablecoin. FRNT is fully backed by U.S. dollars and short-term U.S. Treasury bonds, with a reserve ratio of 102%, managed by Franklin Advisers Trust. The coin has been launched on seven mainstream public chains, including Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base, and supports payments via Apple Pay, Google Pay, and Visa.
Tether Appoints Former White House Crypto Council Executive Director Bo Hines as Strategic Advisor
Tether announced on August 19 the appointment of former White House Crypto Advisory Committee Executive Director Bo Hines as its strategic advisor, focusing on digital assets and U.S. market strategy. Hines led the development of crypto asset policies during the Trump administration and was instrumental in the passage of the GENIUS Act, which mandates that stablecoins must be fully backed by assets like the U.S. dollar and enhances transparency requirements.
Tether CEO Paolo Ardoino stated that Hines's addition will help the company with compliance expansion and policy communication in the U.S. market.
Jia Yueting Ventures into Digital Currency
Jia Yueting officially announced his entry into the cryptocurrency industry, launching the "EAI+Crypto Dual Flywheel Strategy," planning to invest $500 million to $1 billion in Bitcoin, Ethereum, and other top ten mainstream crypto assets, and to create the first crypto asset index fund "FFAI C10 Treasury" in the U.S. stock market, while also applying for a crypto ETF license. This move aims to support the slow ecological development of his car manufacturing business through the fast cash flow of crypto assets and attempts to build a "Web3+RWA" asset management model.
Thailand Launches Cryptocurrency Exchange Program for Thai Baht, Attracting Tourist Spending
Thailand officially launched the "TouristDigiPay" pilot program on August 18, allowing foreign tourists to exchange cryptocurrencies for Thai baht for domestic consumption. The 18-month program aims to stimulate the recovery of the tourism industry affected by the pandemic. Tourists can exchange Bitcoin, Ethereum, Tether, and other crypto assets for Thai baht through a digital asset platform licensed by the Thai Securities and Exchange Commission and use them at local merchants via e-wallets. Each tourist has a monthly exchange limit of 500,000 baht, and funds cannot be withdrawn in cash before the tourist departs to prevent money laundering.
Japan's Financial Services Agency Plans to Approve First Yen Stablecoin JPYC This Fall
Japan's Financial Services Agency (FSA) plans to approve the issuance of the country's first yen stablecoin, JPYC, in the fall of 2025. JPYC, developed by Tokyo-based fintech company JPYC Inc., will be pegged to the yen at a 1:1 ratio, fully convertible to yen, and backed by highly liquid assets such as domestic savings and Japanese government bonds (JGBs).
JPYC has obtained the qualification of a fund transfer service provider from the FSA, meeting the regulatory requirements for fiat-backed stablecoins under the Payment Services Act. The stablecoin is initially targeted at institutional investors, hedge funds, and family offices in Japan, with the potential for future promotion as an international digital yen. JPYC is expected to issue a total of 1 trillion yen within the next three years.
Bitcoin Asia Summit to Be Held in Hong Kong, Eric Trump to Attend as Special Guest
The Bitcoin Asia Summit will take place on August 28-29 at the Hong Kong Convention and Exhibition Centre. The summit will gather elites from the blockchain and digital asset industry, with Eric Trump attending as a special guest to deliver a speech on crypto market trends and investment strategies.
WebX Asia 2025 Set to Open in Tokyo
WebX Asia 2025 will be held on August 28-29 in Tokyo, Japan. The summit will bring together global tech innovation companies, investors, and developers, focusing on cutting-edge technologies in blockchain, Web3, and the digital economy.
Token Unlocking
Venom will release 59.26 million VENOM tokens on August 25, accounting for approximately 2.34% of the current circulating supply.
Tribal Token will release 14.42 million TRIBL tokens on August 27, accounting for approximately 2.03% of the current circulating supply.
Jupiter will release 53.47 million JUP tokens on August 28, accounting for approximately 1.78% of the current circulating supply.
Moca Network will release 2.43 million MOCA tokens on August 29, accounting for approximately 0.06% of the current circulating supply.
Optimism will release 31.34 million OP tokens on August 31, accounting for approximately 1.9% of the current circulating supply.
Related: Analyst: Kanye West's Meme Coin YZY Targets Wallets and is Related to $21 Million LIBRA Insider Trading
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