The Layer-1 blockchain joins Aptos as finalist for Wyoming’s WYST stablecoin, sparking a market rally
Key Takeaways:
- SEI surges 14% in 24 hours after being shortlisted for Wyoming’s dollar-pegged WYST stablecoin.
- Wyoming’s July rollout will use LayerZero’s omnichain tech, with Sei competing against Aptos for final implementation.
- Trading volume spikes 91% to $175M as investors bet on institutional adoption.
- Backed by Coinbase and Circle, Sei’s $1B market cap signals growing Layer 1 (L1) competition.
Why a Cowboy State Stablecoin Matters
While crypto markets yawned through another sideways day, SEI bucks the trend with a double-digit surge. The catalyst? Wyoming – the U.S.’s most crypto-friendly state – named Sei Network as a finalist blockchain for its WYST stablecoin, set to launch next month via LayerZero’s omnichain protocol.
This isn’t just bureaucratic paperwork. Wyoming’s stamp of approval positions Sei alongside heavyweights like Ethereum and Solana in the race for real-world crypto utility – and the market is voting with its wallet.
Sei Network announced on its X account:
Inside the Stablecoin Shootout
The Wyoming Stable Token Commission tested 11 blockchains since March, but only Sei and Aptos made the final cut. Here’s why Sei stands out:
✅ Speed: 20,000 TPS vs. Ethereum’s 15-30
✅ Institutional Backing: Coinbase, Circle, and Multicoin Capital are investors
✅ DeFi Muscle: $1.1B circulating market cap despite being newer than rivals
Critics note that Aptos (the other finalist) has deeper pockets and Facebook DNA. But Sei’s price action suggests traders see an underdog advantage.
More Than Hype?
The numbers tell the story:
- SEI/USD peaked at $0.21 (at the time of writing), highest since June 12
- Open interest in SEI futures jumped 62% (CoinGlass)
- Stablecoin market cap on Sei hit $217M, per DeFiLlama
This doesn’t look like just a pump, but a bet that state-level adoption will drive real usage.
What’s Next for Sei?
If selected as Wyoming’s primary chain, Sei could:
- Onboard state payroll systems (Wyoming already pays employees in crypto)
- Attract more institutional DeFi projects
- Pressure Ethereum L2s on cost and speed
If a state can mint stablecoins on a blockchain you may have never heard of, is the future of money already here?
A Watershed Moment for L1s
So far, Wyoming’s experiment could prove that blockchain trilemmas are solvable if you balance decentralization, speed, and compliance. Sounds good, right?
For Sei, this is a chance to leap from “another alt-L1” to government-grade infrastructure.
Could this make SEI a top 20 crypto? Not yet, but it’s now on the institutional radar. Watch the July WYST launch for fireworks.
For more on stablecoin regulation, read: Senate Passes GENIUS Act: First Federal Stablecoin Framework Approved
