Sei Token Surges as Wyoming Chooses It for Stablecoin Project
SeiS token price has soared over 13% in the last 24 hours. This surge comes after the Wyoming Stable token Commission named Sei as a potential blockchain for the state’s upcoming stablecoin, WYST.
On June 19, Sei outperformed other top cryptocurrencies. Its price climbed to $0.19, marking its highest point sence June 12. the token’s rise is linked to a significant proclamation. The Wyoming Stable Token Commission picked Sei as a candidate for the state’s new stablecoin, WYST.This news has boosted investor confidence in the project.
Sei’s selection is a major win for the blockchain. The Wyoming Stable token Commission chose Sei as one of the blockchains for the WYST project. This decision has sparked excitement among traders. The WYST is a U.S. dollar-backed stablecoin.it will launch in July.
sei Network is a layer-1 blockchain with backing from major players like Circle and Coinbase. The Wyoming Stable Token Commission’s choice has fueled optimism. Daily trading volume for SEI has spiked by over 91%, reaching $175 million.The blockchain’s market cap now exceeds $1 billion.
Sei’s total value locked is currently at $1.03 billion, with a stablecoin market cap of $213 million. The token hit an all-time high of $1.14 in March 2024. This growth shows the growing interest in sei as a reliable blockchain solution.
Wyoming’s WYST stablecoin will be deployed using LayerZero’s interoperability protocol. LayerZero Labs will handle the issuance. The state began testing the U.S. dollar-backed stablecoin in March, evaluating several blockchains. Besides Sei, other candidates include Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Stellar, Solana, and Sui. The selection of Sei highlights its potential in the stablecoin space. Investors are watching closely as the project progresses.
