The Daily: Kanye West’s ‘YZY’ Solana token crashes, MetaMask unveils mUSD stablecoin, JPMorgan on ETH vs. BTC, and more

MetaMask is entering the stablecoin arena, preparing to launch mUSD on Ethereum and Linea, with issuance handled by Stripe-owned Bridge.

JPMorgan analysts outlined four reasons why Ethereum has been outperforming Bitcoin — including growing ETF inflows and corporate treasuries, which now hold over 4 million ETH.

Elsewhere, Nasdaq is delisting BNB treasury firm Windtree for noncompliance, DBS Bank is tokenizing structured notes on Ethereum, and Hong Kong’s Ming Shing Group signed a $483 million deal to buy 4,250 BTC.

P.S. I also write The Funding, a biweekly newsletter covering crypto VC trends. The latest edition explored whether massive treasury deals are hurting early-stage startup funding. Subscribe here.

Let’s get started.

Kanye West appeared to launch a Solana-based cryptocurrency called YZY (Yeezy Money) via a post on X, sparking confusion about its legitimacy after the token’s price soared and then crashed nearly 70%.

The YZY website describes the project as a way to give users control “free from centralized authority,” and includes references to a payments platform (Ye Pay) and a YZY-branded credit card.

Although some users suspected the X account was hacked, YZY is listed as a payment option on Kanye’s official website and online store, suggesting the launch may be real.

The token quickly hit a market cap of around $3 billion, but Lookonchain and Coinbase’s Conor Grogan suggest that insider wallets dominated the supply and traded on non-public info.

One insider wallet is said to have made over $1.5 million in early YZY trades, while Grogan said over 94% of the token’s supply was controlled by insiders at one point.

The YZY website claims the token is not an investment and is meant as an “expression of support,” though some critics view it as a pivot from Kanye’s earlier stance against memecoins.

MetaMask unveils mUSD stablecoin, issued by Stripe-owned Bridge

MetaMask announced its native stablecoin, MetaMask USD (mUSD), is set to launch later this year on Ethereum and the Linea network.

mUSD will be issued by Bridge, a Stripe-owned platform, and minted using decentralized infrastructure built by M0, with 1:1 backing from U.S. cash and short-duration Treasurys.

The stablecoin is designed to be deeply integrated into MetaMask’s wallet ecosystem, enabling users to on-ramp, hold, swap, transfer, and bridge mUSD — and eventually spend it via MetaMask Card at Mastercard-accepting merchants.

MetaMask says mUSD will improve the user experience across DeFi. The move comes amid near-$1 trillion in monthly stablecoin volume and follows the U.S. GENIUS Act.

DBS Bank to tokenize structured notes on Ethereum for institutional clients

Singapore’s DBS Bank will tokenize structured notes on Ethereum, offering them to institutional and accredited investors through platforms including ADDX, DigiFT, and HydraX.

The bank’s first tokenized product is a crypto-linked structured note that offers cash payouts when crypto prices rise and includes downside protection if prices fall.

Each tokenized note will represent a $1,000 fungible share of the original instrument, aiming to make these traditionally high-barrier products more flexible for portfolio construction.

Structured notes typically require a minimum investment of $100,000 and are tailored to deliver specific risk-reward profiles tied to underlying assets like equities, credit, or crypto.

DBS plans to expand tokenization beyond crypto-linked products, with future offerings including equity-linked and credit-linked structured notes.

The bank says its clients traded over $1 billion worth of crypto-linked structured notes in H1 2025, and it sees asset tokenization as the next frontier of financial market infrastructure.

JPMorgan outlines four reasons Ethereum is outperforming Bitcoin

Ethereum has outperformed Bitcoin in recent weeks, and JPMorgan analysts attribute this trend to four main reasons.

First, markets expect the U.S. Securities and Exchange Commission to approve staking for spot Ethereum ETFs, unlocking new yield opportunities without requiring users to hold 32 ETH, worth about $135,000 at current prices.

Second, corporate treasuries are beginning to adopt Ethereum, with about 10 public companies now holding ETH — amounting to 2.3% of the circulating supply. Some of these firms may also run validators or pursue DeFi yield strategies.

Third, SEC staff guidance has hinted that liquid staking tokens may not be classified as securities. While not yet formal policy, this has eased institutional concerns and encouraged greater engagement with ETH-related products.

Fourth, the SEC’s recent approval of in-kind redemptions for Bitcoin and Ethereum ETFs reduces operational costs and improves liquidity, allowing institutions to redeem shares directly in crypto rather than through cash conversions.

JPMorgan believes Ethereum has more upside ahead, as its ETF and treasury adoption still lags behind Bitcoin, leaving further room for institutional inflows if current trends continue.

Ethereum treasuries surpass 4 million ETH across 69 entities

Ethereum treasury holdings have climbed past 4.1 million ETH, worth around $17.6 billion, as more institutions add ETH to their balance sheets.

According to StrategicETHReserve data, 69 entities each holding over 100 ETH now collectively hold about 3.39% of Ethereum’s total supply. The data, however, covers not only public companies but also crypto-native organizations and foundations.

BitMine Immersion Technologies leads with 1.5 million ETH in its treasury, valued at approximately $6.6 billion. The company has pivoted away from bitcoin mining toward ether accumulation as a strategic focus.

SharpLink Gaming holds roughly 740,800 ETH, worth $3.2 billion, making it the second-largest ETH treasury. Other major holders include The Ether Machine, with 345,400 ETH, and the Ethereum Foundation, which holds 231,600 ETH.

In the next 24 hours

Fed Chair Jerome Powell will speak at Jackson Hole — investors will watch for clues on interest rates.

In Europe, the ECB will release July data on inflation expectations and wage growth, both key to its next policy move.

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