Eric Adams Launches NYC Token Cryptocurrency; Project Faces Immediate Scrutiny

Former New York City Mayor Eric Adams announced the launch of the NYC Token cryptocurrency on January 12, 2026. The token, built on the Solana blockchain, was introduced as a project intended to support social initiatives through blockchain technology.

Announcement Details

Adams made the announcement in Times Square. He described the NYC Token, which has a maximum supply of 1 billion tokens, as representing New York City's spirit of innovation, diversity, and success. According to Adams, proceeds from the token would support a nonprofit focused on three areas: addressing antisemitism and anti-Americanism, providing education on cryptocurrency and blockchain to students, and offering scholarships for youth from underserved communities, including students at historically Black colleges and universities (HBCUs).

In an interview with Fox Business, Adams stated that the token would allow these issues to be addressed without raising taxes. He noted that blockchain technology provides transparency, citing Walmart's use of the technology for supply chain tracking as an example. Adams said he is one of three creators of the project and would not receive an initial salary for his involvement. The token's website, at the time of launch, contained limited information, primarily slogans and a link to its associated X account.

Market Activity and Liquidity Concerns

Following the announcement, the token's market capitalization reached approximately $600 million, with the price peaking near $0.58. On-chain data later showed that a wallet associated with the token's deployer removed between $2.43 million and $3.18 million in USDC liquidity from decentralized exchanges, including Meteora, during the peak period. Approximately $1.5 million in liquidity was subsequently returned, leaving roughly $932,000 unaccounted for according to available data.

The token's price declined more than 81% to approximately $0.11, reducing the market capitalization to around $110 million. Several investors reported significant losses, including one trader who lost $473,500 within 20 minutes of purchase.

Response and Ongoing Developments

Adams has not issued a public response to questions regarding the liquidity movements. The token's website does not currently provide an explanation for the observed on-chain activity. New York City Mayor Zohran Mamdani was asked about the token during a public appearance and declined to purchase any.

Context and Broader Implications

Adams has previously expressed support for cryptocurrency. During his 2021 mayoral campaign, he stated that he would accept his first three paychecks in Bitcoin and expressed interest in city-specific tokens, referencing Miami's MiamiCoin project. The CityCoins initiative he supported ultimately ceased operations. In September 2024, Adams was indicted on federal charges related to campaign finance violations. In May 2025, he publicly supported the creation of a Bitcoin bond and the elimination of New York's BitLicense program.

The NYC Token launch follows other recent cryptocurrency projects associated with public figures that have experienced rapid price increases followed by significant declines. Authorities and market observers continue to monitor developments related to the token, including potential regulatory or legal implications.