SEI cryptocurrency surged over 15% after winning the Wyoming Stable Token competition, a breakthrough event that boosted the value of SEI Token.
In the past 24 hours, the native Token of the Sei network, called SEI, has seen an increase of over 15%. This event is directly related to the announcement from the Wyoming Stable Token Commission about selecting Seii as one of the two core (layer-1) blockchain projects qualified to test the state of Wyoming's USD-backed stablecoin. Currently, the price of SEI has exceeded 0.21 USD, a significant increase from the previous day's low of approximately 0.182 USD.
Launch of the Wyoming Stable Token (WYST) project
The WYST program was launched in March 2025, aiming to find a suitable blockchain platform to build a stablecoin with real reserves. Evaluation criteria include system stability, uptime, a strong user community, and rapid transaction processing capabilities. After the evaluation process, only two potential platforms remain: Sei and Aptos. Statistics from the Wyoming committee's assessment show that Sei excels with a score of 30, higher than competitors like Avalanche, Sui, Ethereum, and Base.
Growth in trading volume after the Wyoming victory
Immediately after the announcement that Sei was selected, the Token price increased by over 10% in a day, accompanied by a breakout in trading volume, reaching 175 million USD, an increase of 91%. The market capitalization of SEI also surpassed 1 billion USD, raising significant expectations within the cryptocurrency community. The price chart from CoinGecko clearly shows the upward trend, starting early in the morning and experiencing a strong breakout after 09:00 UTC when the Wyoming news spread. The current price remains above 0.215 USD, despite a slight decrease from the midday peak.
24-hour price chart of SEI. Source: Coingecko
Current potential and trends in the cryptocurrency market
Although it has yet to surpass the all-time high of 1.14 USD set in March 2024, the recent price increase indicates that investors are more optimistic. After a prolonged period of stagnation, SEI has significantly recovered from a low of 0.17 USD at the end of the first quarter of 2025. According to a Bloomberg report on March 26, Wyoming may launch its first real-world asset-backed stablecoin in July. This will make Wyoming the first U.S. state to issue a fully backed reserve stablecoin based on fiat currency.
Sei's DeFi governance demonstrates maturity
According to data from DeFiLlama, the total value locked (TVL) on the Sei network has exceeded 1.07 billion USD, with stablecoin capitalization reaching 217.58 million USD. In the first quarter, TVL increased by 73.7% to 363.1 million USD, while TVL measured in SEI Tokens skyrocketed by 299%, reaching 2.11 billion SEI. The DeFi diversity index also increased from 4 to 6, indicating that capital is being allocated more evenly across applications, no longer overly concentrated on a few major platforms.
The DEX market and Sei's expansion potential
In the first quarter of 2025, average daily trading volume on decentralized exchanges (DEX) decreased by 18% to 16.1 million USD, but still maintained a high level compared to the end of 2024. Under Sailor's leadership, Sei has gained significant market share from competitors like DragonSwap, Uniswap, and Jellyverse, indicating an increasingly mature DeFi ecosystem and long-term growth potential.
Source: https://tintucbitcoin.com/sei-tang-156-sau-chon-du-an-wyoming/
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