Known as one of the crypto-friendly states in the US, Wyoming is preparing to take a big step in the crypto space. According to the official statement made on June 19, 2025, the state is preparing to launch WYST, a fiat (fiat)-backed stablecoin, in July, which will be the first in the US. This development, along with the evaluation of Sei Network among the blockchain networks that can be used in the WYST project, led to a sudden increase in the price of the SEI token.
In the last 24 hours, the SEI price increased by more than 10%, reaching approximately $ 0.20. In the same period, the transaction volume increased by 56.22%, exceeding $ 210 million. This momentum strengthened the reputation of Sei Network among investors.
Wyoming's stablecoin move: WYST
The WYST project, managed by the Wyoming Stable Token Commission, started the testing process in March 2025. In this process, high-performance blockchain networks such as Aptos, Ethereum, Solana, Avalanche and Sei Network were evaluated. Although an official report has not been published yet, it is claimed that Sei outperforms its competitors such as Ethereum and Avalanche in terms of transaction speed (TPS) and transaction time.
The project will use the Omnichain Fungible Token (OFT) standard developed by LayerZero Labs. This technology will enable the WYST stablecoin to be interoperable between different blockchain networks. The fact that Sei Network is supported by major investors such as Circle, Delphi Digital, Multicoin Capital and Coinbase seems to have attracted Wyoming's attention. The project, led by Governor Mark Gordon and supported by the Commission's Executive Director Anthony Apollo, is progressing rapidly thanks to the state's crypto-friendly legal infrastructure.
Investor confidence in SEI token is increasing
According to market data, SEI is trading at $0.20 as of June 20, 2025. Although it is still far from its March 2024 peak of $1.14, the recent price increase is notable. SEI is up 13 percent on the back of news from Wyoming. It reached a daily high of $0.213. However, it is still 80 percent below its all-time high of $1.14, which it recorded on March 16, 2024.
Overall, the current volume increase indicates a revival of investor interest. SEI’s market cap has surpassed $1 billion, while the total assets locked on the Sei Network has reached $507 million.
According to DeFiLlama data, the stablecoin market cap on the platform is $217 million. On-chain activity on the Sei Network has also reached record levels: More than 1.5 million transactions were made in the last 24 hours, and the number of active addresses has increased to 616,000.
It has not yet been announced which blockchain will be officially selected for WYST. The fact that strong competitors such as Ethereum and Solana are also on the evaluation list shows that competition is high.
