Wyoming has announced Sei Network as a finalist for its stablecoin pilot project, impacting the price growth of SEI tokens.
Pilot Project in Wyoming
The Wyoming Stable Token Commission selected Sei Network for the WYST stablecoin pilot. Scheduled for launch in July 2025, the pilot will utilize LayerZero's cross-chain infrastructure. This decision underscores Sei's regulatory alignment and scalability, reportedly edging out Ethereum and Solana during testing.
Technical Breakout of SEI
SEI experienced a 6% price spike on June 19 following the pilot announcement. The token broke out of a descending wedge, a pattern that historically indicates a move upwards of over 40%. Open interest surged 21.9% to $131.96 million, while trading volume jumped 90.9% to $343.52 million. Data from Binance and OKX revealed long/short ratios firmly favoring bulls.
Network Growth and User Activity
Sei's network is rapidly expanding, with daily active addresses hitting 616,000, a 78% rise quarter-over-quarter, and 1.51 million daily transactions. The "Sei Giga" initiative, aimed at AI-agent payments, positions SEI at the forefront of blockchain-AI integration. Despite overall market volatility, Sei maintains $1.03 billion in total value locked, showcasing the ecosystem's resilience.
With regulatory tailwinds, a validated technical breakout, and rising user activity, SEI appears well-positioned for further gains, especially if it holds above $0.19 and targets $0.30 resistance.
