The price of Sei token has significantly risen following the announcement regarding its selection for a stablecoin in Wyoming.
Reasons Behind Sei Price Increase
The Sei price jumped over 13% to $0.19, marking its highest level since June 12. This rise was attributed to a key announcement from the Sei Network team regarding its blockchain being selected for the launch of a stablecoin.
Details about WYST Stablecoin
The WYST stablecoin, backed by Wyoming, is set to be issued in July through the LayerZero protocol. It will be fiat-backed and is set to become one of the first state-backed stablecoins in the U.S.
Overview of Sei Network
Sei Network is a layer-1 blockchain supported by companies like Circle, Delphi Digital, and Coinbase. Following the news from Wyoming, the trading volume of Sei token surged by over 91%, reaching $175 million.
The selection of Sei as a candidate for the Wyoming stablecoin has positively impacted its price and instilled optimism among investors.
