I had heard that “you” was originally “thou”, and the plural was “thee”. But people used a character called “thorn” to write the “th” in “thou”, and it ended up looking like this: þou. But eventually the þ got substituted with “y”, due to some printing press shenanigans. So, “you” was singular and “ye” was plural.
The wikipedia on “you” didn’t completely answer the question, either.
That doesn’t rule out a ring.