Categories: Market updates

SEI price surges as Wyoming selects Sei Network for WYST stablecoin



Sei price has spiked more than 13% in the past 24 hours amid news that the Wyoming Stable Token Commission has selected Sei “as a candidate blockchain” for the state’s upcoming stablecoin.

On June 19, as top coins led by Bitcoin (BTC) looked to rebound from the recent downturn, Sei (SEI) outpaced the top 100 cryptocurrencies by market cap. The SEI price jumped over 13% to hit an intraday high of $0.19, its highest level since June 12.

Why is SEI price up?

Sei Network’s native token appears to have surged following a key announcement from the blockchain project’s team.

Sei posted via X that the Wyoming Stable Token Commission had selected Sei as one of two candidate blockchains for the state’s fiat-backed stablecoin, WYST. 

Wyoming’s WYST is a fiat-backed stablecoin set to be deployed via LayerZero in July.

LayerZero Labs will be the issuance partner, with WYST issued via the interoperability protocol’s Omnichain Fungible Token standard.

The Wyoming state began testing the U.S. dollar-backed stablecoin in March, with testing across several blockchains. Apart from Sei, the other candidate blockchains, as indicated on the Commission’s WYST page are Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Stellar, Solana, and Sui.

Sei Network is a layer-1 blockchain backed by Circle, Delphi Digital, Multicoin Capital, and Coinbase, among others.

Bullish sentiment around SEI surged following the Wyoming news, with daily trading volume up more than 91% to $175 million. Sei’s market capitalization climbed past $1 billion. The token reached its all-time high of $1.14 in March 2024.

Per data from DeFiLlama, the total value locked currently stands at $1.03 billion, while its stablecoin market cap sits at $213 million.



Source link

CryptoCanada

Share
Published by
CryptoCanada

Recent Posts

Investors flock to this viral coin poised to surge from under $0.003 to massive gains

Disclosure: This article does not represent investment advice. The content and materials featured on this…

1 day ago

Bitcoin And Crypto In Turmoil As Tensions Between Trump and Powell Escalate

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The Bitcoin…

2 days ago

Analyst Suggests Thinking Of XRP As Just ‘Payments’ Is Primitive, Here’s The Real Deal

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto analyst…

2 days ago

AI industry pledges $100m to Super PACs, copying crypto’s political playbook

Tech billionaires, including Andreessen Horowitz, Greg and Anna Brockman, already pledged $100 million to change…

3 days ago

Long and Short Positions in Crypto Explained for Beginners

Most crypto trades come down to a simple choice: bet on a price going up…

3 days ago

Crypto Experts Split on Internet Capital Market Tokens: A Breakthrough or Just Another Crypto Bubble?

Crypto Experts Split on Internet Capital Market Tokens: A Breakthrough or Just Another Crypto Bubble?…

4 days ago