Wyoming Chooses Sei Network: The Stablecoin Saga Takes a Wild Turn! 🚀💰

In a world where fortunes rise and fall like the tides, the Sei price has surged more than 13% in the past 24 hours. This spike comes amid the thrilling news that the Wyoming Stable Token Commission has deemed Sei “a candidate blockchain” for the state’s upcoming stablecoin. Who knew Wyoming had such a flair for drama?

On June 19, as the titans of cryptocurrency, led by the ever-mighty Bitcoin (BTC), attempted to claw their way back from the abyss of a recent downturn, Sei (SEI) decided to steal the spotlight. The SEI price leaped over 13%, reaching an intraday high of $0.19—its highest level since June 12. Talk about a comeback! 🎉

Why is SEI price up?

Ah, the age-old question: why does the price of a token rise? In this case, Sei Network’s native token seems to have surged following a key announcement from the blockchain project’s team. It’s almost as if they planned it! 😏

Sei took to X (formerly known as Twitter, because why not?) to announce that the Wyoming Stable Token Commission had selected Sei as one of two candidate blockchains for the state’s fiat-backed stablecoin, WYST. A round of applause, please! 👏

For more details see:
— Sei 🔴 (@SeiNetwork) June 19, 2025

Wyoming’s WYST is a fiat-backed stablecoin set to be deployed via LayerZero in July. Yes, you heard that right—July! Mark your calendars, folks! 🗓️

LayerZero Labs will be the issuance partner, with WYST being issued through the interoperability protocol’s Omnichain Fungible Token standard. Sounds fancy, doesn’t it?

The state of Wyoming began testing the U.S. dollar-backed stablecoin in March, dabbling across several blockchains. Besides Sei, the other candidate blockchains, as indicated on the Commission’s WYST page, include Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Stellar, Solana, and Sui. Quite the lineup, wouldn’t you say? 🎭

Sei Network is a layer-1 blockchain backed by the likes of Circle, Delphi Digital, Multicoin Capital, and Coinbase. It’s like the cool kids’ table in the cafeteria of the blockchain world.

Bullish sentiment around SEI surged following the Wyoming news, with daily trading volume skyrocketing more than 91% to $175 million. Sei’s market capitalization climbed past $1 billion. The token even reached its all-time high of $1.14 in March 2024. Who knew a stablecoin could be so exciting? 🤑

According to data from DeFiLlama, the total value locked currently stands at $1.03 billion, while its stablecoin market cap sits at a respectable $213 million. Not too shabby for a day’s work!

2025-06-19 23:11

Why is SEI price up?

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