Here’s what happened in crypto today
Need a quick snapshot of the day in crypto? Today’s headlines cover a bullish outlook for dollar-backed stablecoins, fresh reports that the European Union is weighing public blockchains for its digital euro, and data showing massive early profits for top traders of the Kanye West-linked YZY token.
Coinbase released research forecasting rapid expansion of the US dollar-pegged stablecoin market, projecting it could reach roughly $1.2 trillion by 2028. The report ties that growth to clearer U.S. regulation and wider adoption, and notes the implication that the short-term U.S. Treasury market will need to scale to back issuer reserves. Coinbase also said the projection doesn’t require extreme or permanent moves in interest rates to play out.
Legislative and policy shifts are expected to accelerate adoption. Coinbase highlighted the recently passed GENIUS Act as an important catalyst; the law is scheduled to take effect in January 2027 and is intended in part to reinforce the dollar’s role via stablecoin frameworks.
In Europe, press reports indicate officials are seriously considering running the digital euro on public blockchains such as Ethereum or Solana rather than a closed, permissioned ledger. Sources say the European Central Bank is exploring whether a public-chain approach could fit the digital euro’s design, a move that would mark a notable departure from the private-CBDC models used elsewhere.
The public-versus-private debate centers on trade-offs in openness and control: private CBDCs limit access to authorized entities, while public networks are open to everyone. Those involved in the discussions told reporters that a private design would more closely resemble some existing state-run CBDC deployments, whereas a public approach would be a different path for the EU.
On-chain analytics firm Nansen reported that 13 wallets each made more than $1 million trading the memecoin YZY, tied to rapper Kanye West. Collectively, those top wallets realized about $24.5 million in profit after the token’s launch on Solana. YZY rocketed roughly 1,400% within an hour to a peak near $3, then slid about 74% within 24 hours to roughly $0.77.
Data show strong early engagement but also rapid distribution: more than 56,000 wallets interacted with the memecoin, and over 27,000 wallets still held more than $1 of YZY at the time of the report. A separate breakdown found that only nine of the first 99 addresses to buy the token continued holding any YZY by the time the analytics snapshot was taken.
Those are the key developments shaping markets and policy conversations today — continued growth in stablecoins, a potential shift in how the EU designs a digital euro, and the volatility and concentrated gains common in memecoin launches.
