Sei worth has spiked greater than 13% up to now 24 hours amid information that the Wyoming Secure Token Fee has chosen Sei “as a candidate blockchain” for the state’s upcoming stablecoin.
On June 19, as high cash led by Bitcoin (BTC) seemed to rebound from the latest downturn, Sei (SEI) outpaced the highest 100 cryptocurrencies by market cap. The SEI worth jumped over 13% to hit an intraday excessive of $0.19, its highest degree since June 12.
Why is SEI worth up?
Sei Community’s native token seems to have surged following a key announcement from the blockchain challenge’s workforce.
Sei posted by way of X that the Wyoming Secure Token Fee had chosen Sei as certainly 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 by way of LayerZero in July.
LayerZero Labs would be the issuance associate, with WYST issued by way of the interoperability protocol’s Omnichain Fungible Token commonplace.
The Wyoming state started testing the U.S. dollar-backed stablecoin in March, with testing throughout a number of blockchains. Aside from Sei, the opposite candidate blockchains, as indicated on the Fee’s WYST web page are Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Stellar, Solana, and Sui.
Sei Community is a layer-1 blockchain backed by Circle, Delphi Digital, Multicoin Capital, and Coinbase, amongst others.
Bullish sentiment round SEI surged following the Wyoming information, with day by day buying and selling quantity up greater than 91% to $175 million. Sei’s market capitalization climbed previous $1 billion. The token reached its all-time excessive of $1.14 in March 2024.
Per knowledge from DeFiLlama, the overall worth locked at the moment stands at $1.03 billion, whereas its stablecoin market cap sits at $213 million.
