Wyoming Selects Sei Network for State Stablecoin, SEI Surges 10%

Sei Network has been chosen by Wyoming as a candidate to host its state-issued stablecoin, WYST. This selection has sparked a notable surge in the price and volume of SEI, the native token of Sei Network. The announcement by the Wyoming Stable Token Commission has positioned Sei Network alongside a select group of blockchains being considered for public-sector financial infrastructure.

The decision to include Sei Network in the candidate list for the WYST stablecoin project is a significant milestone. The state-backed WYST stablecoin will utilize LayerZero’s Omnichain Fungible Token standard for interoperability. This selection places Sei Network in a distinguished group, ahead of other major blockchains such as Ethereum, Solana, Polygon, and Optimism, which were also considered but not selected in this final round.

Sei Network is supported by several prominent crypto-native firms, including Coinbase, Circle, Delphi Digital, and Multicoin Capital. The network's Total Value Locked (TVL) is currently $28.5 million, with a stablecoin market cap of $21.7 million. This backing and the network's capabilities have contributed to the positive market reaction following the announcement.

The technical indicators for SEI reflect the positive news. On the daily chart, the Relative Strength Index (RSI) has climbed to 59, indicating building momentum without entering overbought territory. Additionally, the MACD line has crossed above the signal line, with the histogram shifting into positive territory, signaling the beginning of positive price momentum. The price of SEI is currently trading at $0.2090, with key resistance levels identified at $0.2111, $0.2257, $0.2403, and $0.2539 based on Fibonacci levels.

If SEI maintains its current momentum and breaks through resistance at $0.225–$0.24, the next target range could be $0.335–$0.43, supported by Fibonacci extensions and bullish sentiment. This development underscores the growing recognition of Sei Network's capabilities and its potential to contribute to the development of stablecoin infrastructure. The selection by Wyoming is a testament to the network's technological prowess and the confidence that key stakeholders have in its ability to support stablecoin initiatives.