SEI Price and Volume Surge After Wyoming Taps Network for Stablecoin Project

• Sei Network has been selected by Wyoming as a candidate to host its state-issued stablecoin.
• The announcement caused SEI’s 24-hour trading volume to surge by over 70%.
• The selection places Sei ahead of other major blockchains that were also considered.

Sei Network (SEI) has been selected by the Wyoming Stable Token Commission as one of only two candidate blockchains for the deployment of WYST, the first government-issued, fiat-backed stablecoin in the United States. The announcement in turn triggered a positive market reaction for the SEI token. 

Following the news, SEI’s 24-hour trading volume surged by over 70% to $245 million, and its market capitalization surpassed $1.1 billion, according to CoinMarketCap data. This selection places Sei in a small, distinguished group of blockchains being considered for public-sector financial infrastructure.

WYST Selection: A Milestone for Sei Network

The Wyoming Stable Token Commission’s decision to shortlist Sei is a major development for the Layer 1 blockchain. The state-backed WYST stablecoin will leverage LayerZero’s Omnichain Fungible Token (OFT) standard for interoperability.

Sei Network has been sele…

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