Sei Token Gains Momentum with Wyoming Stablecoin News

SEI Experiences Significant Price Surge

The Sei token has experienced a notable increase of over 13% within the last 24 hours, driven by the announcement that the Wyoming Stable Token Commission has identified Sei as a potential blockchain for its forthcoming stablecoin.

On June 19, as Bitcoin and other leading cryptocurrencies attempted to recover from a market slump, Sei (SEI) surpassed many of the top 100 cryptocurrencies by market capitalization. The price of SEI soared to an intraday peak of $0.19, marking its highest value since June 12.

Factors Behind the SEI Price Increase

The recent jump in Sei Network’s native token seems closely linked to a significant announcement from the project’s team.

In a post shared via X, Sei Network revealed that it has been selected as one of two candidate blockchain options for the state of Wyoming’s fiat-backed stablecoin, known as WYST.

Wyoming’s WYST intends to be a fiat-collateralized stablecoin, with plans set for deployment through LayerZero in July. LayerZero Labs has been appointed as the issuance partner, and WYST will utilize the interoperability protocol’s Omnichain Fungible Token framework.

The state of Wyoming started piloting the USD-backed stablecoin in March, conducting tests across multiple blockchains. Alongside Sei, other candidates include Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Stellar, Solana, and Sui.

Sei Network Overview and Market Impact

Sei Network is a layer-1 blockchain supported by several notable investors, including Circle, Delphi Digital, Multicoin Capital, and Coinbase.

After the announcement regarding Wyoming’s stablecoin, market confidence in SEI surged, resulting in a trading volume increase of over 91%, reaching $175 million. Sei’s market capitalization exceeded $1 billion, and the token previously hit an all-time high of $1.14 in March 2024.

According to information from DeFiLlama, the total value locked within the Sei ecosystem stands at $1.03 billion, while the market cap for its stablecoin is recorded at $213 million.