Sei Altcoin Surges 47% Amid Wyoming Stablecoin Selection

Altcoin Sei (SEI) has emerged as the top-performing cryptocurrency, soaring 46.5% to $0.2855 in the last 24 hours, according to CoinGecko. This surge adds to its impressive 72% increase over the past week. SEI, the native token of the Sei Network—a Cosmos-based Layer 1 blockchain launched in August 2023—was chosen by the Wyoming Stable Token Commission as a candidate for its upcoming dollar-pegged stablecoin, WYST. Competing against blockchains like Aptos, Ethereum, and Solana, Wyoming aims to be the first U.S. state to issue its own stablecoin, with a target release in August. Despite facing political opposition from some Republican lawmakers, analysts note SEI's strong on-chain growth, with daily active addresses up 180% and transactions rising by 20%. The project's Total Value Locked (TVL) has reached $542.17 million, a 200% increase since March. Additionally, the filing of an SEI ETF by Canary Capital could attract institutional investors, further boosting interest in the altcoin. Read more AI-generated news on: https://app.chaingpt.org/news