Sei Token Surges 15% After Wyoming Stablecoin Pilot Selection

Sei Network’s native token, SEI, experienced a significant surge of over 15% within the last 24 hours. This rally was triggered by the Wyoming Stable Token Commission’s announcement that Sei Network was selected as one of two finalists for the state’s USD-backed stablecoin pilot. The price of SEI rose to over $0.21 from an intraday low of around $0.182 earlier in the day.

The Wyoming Stable Token (WYST) initiative, which began testing in March 2025, evaluated various blockchain platforms based on criteria such as infrastructure maturity, system uptime, user base strength, and transaction throughput. On Thursday, the commission narrowed down the list of more than ten candidate blockchains, including Ethereum, Solana, Arbitrum, Polygon, and Base, to just two finalists: Sei and Aptos.

According to a breakdown shared by a user affiliated with Sei on a social media platform, the final scoring rubric used by the commission awarded Sei 30 points. This score topped other contenders such as Avalanche (27 points), Sui (26 points), Ethereum (26 points), and Base (25 points). Algorand and Ripple scored lower, with 21 and 24 points respectively.

Following the announcement of Sei’s selection, the token’s price spiked more than 10% over the course of the day. This was accompanied by a 91% jump in trading volume, which reached $175 million. The market capitalization for SEI rose past the $1 billion mark. Chart data shows a steady build-up in price through the early hours of the day, with a marked breakout just after 09:00 UTC as the Wyoming selection news began circulating. By midday, SEI had surged past $0.215 before settling slightly lower, still up significantly on the day.

SEI remains well below its all-time high of $1.14 set in March 2024, but the recent upward price action suggests that bulls are taking control of the market. The token’s rebound follows months of price suppression, which saw SEI drop to $0.17 by the end of Q1 2025. According to a report, Wyoming could launch its own fiat-backed cryptocurrency as early as July. If the plan materializes, it will become the first US state to issue a fully reserved stable token.

Governor Mark Gordon confirmed the timeline during remarks at a summit, stating that traditional banks have not been eager to jump into the cryptocurrency space. He recalled a conversation with a prominent bank CEO, saying that if a state were to do something in this area, it should be done in Wyoming due to its framework for such initiatives. US Treasuries, cash, and repurchase agreements will fully back the proposed Wyoming Stable Token (WYST). State law mandates a minimum capitalization of 102%.

Sei’s DeFi ecosystem shows signs of maturation. According to data, total value locked (TVL) on the network now exceeds $1.07 billion, with the stablecoin market cap reaching $217.58 million. The first quarter of 2025 saw TVL in USD terms grow 73.7% to $363.1 million, while TVL denominated in SEI jumped a staggering 299% to 2.11 billion SEI. Its DeFi diversity score, defined by the number of protocols comprising 90% of total TVL, rose from 4 to 6 in Q1 2025, indicating that capital is spreading across more applications rather than being concentrated in a few dominant platforms.

Average daily decentralized exchange (DEX) volume declined 18% quarter-on-quarter to $16.1 million but held steady relative to elevated levels seen in late 2024. Sailor is the leading DEX by volume, gaining market share from competitors like DragonSwap, Uniswap, and Jellyverse.