Here’s what happened in crypto today
Quick take: major regulatory and institutional moves plus a high‑profile memecoin pump dominated crypto headlines. European authorities are weighing public blockchains for a central bank digital currency, a Kanye West‑linked token saw early traders make outsized gains, and State Street joined JPMorgan’s new platform for tokenized debt.
EU explores public chains for a digital euro: Reports say European officials are now considering running the digital euro on public blockchains such as Ethereum or Solana rather than on a private, permissioned ledger. That would mark a notable shift in the project’s technical direction and set it apart from privately operated CBDC models already deployed elsewhere.
YZY memecoin traders cash out: Data shows that the recently launched YZY token on Solana experienced a rapid, short‑lived surge that allowed a small group of wallets to realize large profits. Thirteen wallets reportedly earned more than $1 million each, with top traders extracting roughly $24.5 million as the token spiked and then plunged within hours of launch.
State Street adopts tokenized debt service: State Street became the first custodian to join JPMorgan’s Digital Debt Service, a blockchain‑based platform for trading and settling tokenized government and corporate bonds. As part of the initiative, State Street purchased a significant parcel of tokenized commercial debt, underscoring growing institutional interest in blockchain‑based securities.
Why it matters: Together these stories highlight the sector’s simultaneous push toward mainstream adoption and the continued risks around token launches and market integrity. Public‑chain experiments from major jurisdictions would widen use cases for layer‑1 networks, while institutional on‑ramps for tokenized assets could accelerate product development — even as memecoin episodes remind investors of speculative and insider‑driven dynamics.
