SEI token experienced significant growth after being chosen as one of the finalists for the stablecoin pilot project in Wyoming. This event has led to a substantial increase in trading volumes and improved market capitalization.
Overview of SEI Token's Growth
SEI token surged over 15% in the last 24 hours, reaching above $0.21. Earlier in the day, it traded at a low of around $0.182. This rally occurred following news that Sei Network was named one of two finalists selected by the Wyoming Stable Token Commission.
Details on the Stablecoin Pilot Project
The Wyoming Stable Token initiative, known as WYST, began testing in March 2025. The commission evaluated several blockchain platforms to host the state's planned stablecoin based on criteria such as infrastructure maturity, system uptime, user base strength, and transaction throughput. As a result, only Sei and Aptos made it to the final list.
Status of Sei Network's DeFi Ecosystem
According to DeFiLlama, the total value locked (TVL) on the Sei network exceeds $1.07 billion, with the stablecoin market cap reaching $217.58 million. In the first quarter of 2025, USD-denominated TVL grew by 73.7%, while TVL denominated in SEI jumped by 299%.
The support for the stablecoin initiative from the state of Wyoming and the impressive metrics in the DeFi ecosystem highlight the increasing interest in Sei Network and the SEI token, which could lead to further growth in the future.
