Altcoin SEI Booms 47% After Wyoming Selects WYST Stablecoin
Altcoin SEI has just recorded the most impressive price increase among the top 100 crypto assets, with a nearly 47% increase in 24 hours to $0.2855. This is the best performance of the day according to CoinGecko data and is a direct result of a series of positive factors, most notably SEI being selected as the blockchain platform for the official stablecoin of the state of Wyoming WYST.
SEI is the native token of the Sei Network, a Layer-1 blockchain built on the Cosmos SDK and officially launched in August 2023. Designed specifically for decentralized exchanges (DEX), Sei aims to solve the performance, speed, and scalability issues that many current DeFi platforms are facing.
Wyoming Selects SEI for State Stablecoin
This week, the Wyoming Stable Token Commission announced Sei as the blockchain chosen to issue the state’s USD-pegged stablecoin WYST, beating out heavyweights like Ethereum, Solana, Avalanche, Aptos, Base, Polygon, and Arbitrum.
The decision comes after a thorough review of the technical specifications and scalability of Layer-1 blockchains, and reflects the level of trust Wyoming places in Sei as a state-level decentralized finance infrastructure.
If all goes according to plan, Wyoming will become the first state in the United States to officially issue its own stablecoin in August 2025, a notable milestone in the history of blockchain in the United States. However, the project is still facing opposition from some conservative politicians, who believe that the state’s stablecoin could be a stepping stone to central bank digital currencies (CBDCs), an idea that remains controversial in the US.
Impressive on-chain growth
In addition to the stablecoin news, SEI’s momentum has been supported by strong on-chain growth signals in recent months. According to analysis by Illia Otychenko, chief analyst at exchange CEX.IO, the number of daily active addresses on Sei has increased by 180% in the past two months, while daily trading volume has increased by 20%.
In addition, according to data from DeFiLlama, the Total Value Locked (TVL) of the Sei ecosystem is now over $542 million, an increase of nearly 200% since March. This is a clear indication that money is pouring into the Sei ecosystem rapidly, leading to increased confidence from institutional and individual investors.
Potential ETF: A gateway for institutional money?
The bullish momentum of SEI is also reinforced by the news that Canary Capital, a crypto asset management company, filed for the first exchange-traded fund (ETF) for SEI with the US Securities and Exchange Commission (SEC) in May.
This ETF not only reflects the price of SEI, but also integrates a staking mechanism, allowing investors to earn profits from holding the token. If approved, the SEI ETF would open up a new avenue for institutional investors, who have been waiting for an opportunity to gain indirect and safe exposure to the altcoin market, similar to how a Bitcoin ETF has been creating a ripple effect since the beginning of the year.
Rajiv Sawhney, portfolio manager at Wave Digital Assets, said the SEI ETF proposal is a sign that the traditional financial world is starting to take a serious interest in Layer-1s beyond Ethereum and Solana, especially when they are integrated with stablecoins and real financial products like Wyoming's.
Outlook and challenges ahead
Although the SEI price is on a strong rally, experts still warn that a significant portion of the rally could come from short-term speculation following the Wyoming stablecoin news. With the altcoin market being volatile, the question is whether the rally can be sustained or is just a temporary "pump" before investors take profits.
However, with its solid technical foundation, significant on-chain growth, state support, and SEC-approved ETF potential, SEI is shaping up to be one of the most notable Layer-1s in 2025.
Conclusion
SEI’s selection by Wyoming as the blockchain for the WYST stablecoin is not only a symbolic victory, but also a major boost to the Sei Network’s position in the fierce Layer-1 competition. With fundamentals, regulatory factors, and institutional investment factors all aligned, the altcoin SEI is proving to be more than just a speculative token and could play a core role in the future of DeFi in the US.
While there are still many hurdles ahead, especially the uncertainty from the SEC and the political environment, if the project continues to maintain this momentum, SEI could become one of the most prominent names in the next-generation blockchain ecosystem.