Why is SEI token up today?
Wyoming selection sends SEI market cap above $1B
The Sei Network token gained attention from the crypto community following the announcement of the finalists for Wyoming’s official stablecoin (WYST) pilot.
Although Sei ultimately placed behind Aptos, being selected as one of the two finalists gave the token a notable boost, especially amid a stagnant altcoin market.
On Thursday, the Wyoming Stable Token Commission announced that SEI was among the two blockchain networks chosen for the pilot of a USD-backed stablecoin. Following the news, SEI's price surged over 15%, reaching $0.213.
SEI price dynamics for 24 hours. Source: CoinMarketCap
At the time of writing, the SEI token has stabilized above the $0.20 mark, delivering a weekly gain of over 14% and reducing its monthly loss to 11%.The excitement around the announcement also led to a 91% jump in daily trading volume, which hit $175 million. SEI's market capitalization crossed the $1 billion threshold.
Wyoming boosts altcoin sentiment
In the selection process for WYST, Sei outperformed more than a dozen blockchain contenders, including Ethereum, Ripple, Solana, Avalanche, Arbitrum, Polygon, Base, Hedera, and Sui.
Sei scored 30 points in the evaluation, just behind Aptos, which received 32. The results from Wyoming's stablecoin commission may also influence the market performance of other projects that participated in the evaluation.
As we wrote, Wyoming picks Aptos and Sei for stablecoin pilot
