SEI Skyrockets: Wyoming Picks Sei Network to Power WYST Stablecoin Revolution

Wyoming just placed a big bet on blockchain—and Sei Network hit the jackpot. The Cowboy State tapped the high-speed Layer 1 to underpin its new WYST stablecoin, sending SEI token holders into a frenzy. Here’s why this partnership changes the game.

The institutional nod

When regulators cozy up to crypto, markets move. Wyoming’s selection of Sei over legacy chains signals a shift—governments want scalability without compromising decentralization. The network’s 20,000 TPS capacity likely sealed the deal.

Stablecoins enter their government phase

WYST isn’t another fly-by-night algorithmic experiment. Backed 1:1 with Wyoming state reserves, it’s the first state-sponsored stablecoin to leverage a crypto-native blockchain. Traders are calling it "the digital dollar with cowboy boots."

The cynical take

Of course politicians chose the chain with the lowest gas fees—they finally found something cheaper than printing money. Jokes aside, this validates Sei’s enterprise-ready infrastructure while giving crypto-skeptical legislators cover to dive deeper into DeFi.

One thing’s certain: When bureaucrats and blockchain shake hands, volatility follows. SEI’s price surge is just the opening act.

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. 

For more details see: https://t.co/hr5hYc0HW1 pic.twitter.com/5bUwGNAwpP

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.