Sei Token Explodes 13% Higher on Wyoming Stablecoin News

Hold onto your hats, folks! The Sei token just rocketed over 13% in the last day, and it's all thanks to a hot scoop from Wyoming. The state's Stable Token Commission just named Sei as a prime candidate for their upcoming stablecoin. Talk about a game-changer!

On June 19th, while Bitcoin and other big shots were trying to claw back from the recent dip, Sei (SEI) was out there stealing the show. It blasted past the top 100 cryptos by market cap, hitting an intraday high of $0.19. That's the highest it's been since June 12th, people!

What's Fueling the Sei Surge?

Get this: Sei's price is skyrocketing after a blockbuster announcement straight from the Sei team. They dropped the news on X, and it's got everyone buzzing.

Turns out, the Wyoming Stable Token Commission picked Sei as one of just two blockchains to host their new fiat-backed stablecoin, WYST. That's right, Sei is in the big leagues now!

And here's the kicker: Wyoming's WYST is set to launch in July, using the slick LayerZero tech. LayerZero Labs is the masterminds behind the issuance, and they're using their fancy Omnichain Fungible Token standard to make it happen.

Wyoming's been putting this U.S. dollar-backed stablecoin through its paces since March, testing it out on a bunch of different blockchains. Besides Sei, they've got Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Stellar, Solana, and Sui in the mix.

But let's not forget about Sei Network itself. This layer-1 blockchain is no joke, backed by heavy hitters like Circle, Delphi Digital, Multicoin Capital, and Coinbase. These guys mean business!

Ever since the Wyoming news broke, the bullish vibes around SEI have been off the charts. Daily trading volume shot up over 91% to a whopping $175 million, and Sei's market cap just blasted past the $1 billion mark. Remember, this token hit an all-time high of $1.14 back in March 2024. Could we be seeing a repeat performance?

And check this out: according to DeFiLlama, Sei's got a total value locked of $1.03 billion right now, with their stablecoin market cap sitting pretty at $213 million. This is one crypto you don't want to sleep on!