The decentralized finance landscape is witnessing a powerful surge from an unexpected contender—Sei (SEI), a Cosmos-based Layer 1 blockchain, has emerged as the top-performing cryptocurrency among the top 100 digital assets. In the past 24 hours alone, SEI’s price skyrocketed by 46.5%, reaching $0.2855, according to CoinGecko data. This dramatic rise builds on a remarkable week, with the altcoin gaining over 72% in value in just seven days.
What’s fueling this momentum? A pivotal endorsement from the Wyoming Stable Token Commission, which recently named Sei as one of the candidate blockchains for hosting WYST—Wyoming’s proposed dollar-pegged stablecoin. If launched, WYST would become the first state-issued fiat-backed stablecoin in the United States, marking a historic moment in blockchain adoption and public-sector innovation.
Why Sei Was Chosen for WYST
Sei Network’s selection places it in elite company, competing against major blockchains such as Ethereum, Solana, Polygon, Avalanche, Arbitrum, and Optimism. The commission’s decision underscores Sei’s growing reputation for speed, scalability, and developer-friendly infrastructure—qualities essential for a state-level financial instrument.
WYST will be deployed using LayerZero technology, enabling cross-chain interoperability and ensuring seamless integration across multiple ecosystems. This strategic choice reinforces Sei’s position not just as a high-performance blockchain, but as a trusted platform capable of supporting regulated financial products.
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While the final decision is pending, being shortlisted is already proving to be a powerful catalyst for investor confidence and market sentiment.
Sei Network: Built for Decentralized Exchanges
At its core, Sei Network was designed with a clear mission: to optimize performance for decentralized exchanges (DEXs). Launched in August 2023, this Cosmos-based Layer 1 blockchain leverages innovations like twin-turbo consensus and parallelized transaction execution to deliver ultra-fast trade settlement—critical for high-frequency trading environments.
Its architecture allows DEXs to process orders with minimal latency, outperforming many general-purpose chains when it comes to trading efficiency. As decentralized finance continues to mature, platforms that offer speed and reliability—like Sei—are becoming increasingly valuable.
This focus has attracted a growing ecosystem of DeFi applications, NFT marketplaces, and cross-chain bridges, all contributing to Sei’s expanding utility and network effects.
On-Chain Growth Signals Strength Beyond Hype
While news-driven rallies can be fleeting, Sei’s recent performance is backed by strong fundamental growth. Analysts point to key on-chain metrics that suggest organic adoption is accelerating.
Illia Otychenko, Lead Analyst at CEX.IO, shared with Decrypt that “over the past two months, SEI has shown strong on-chain growth, with daily active addresses up 180% and daily transactions rising by 20%.” These figures indicate real user engagement—not just speculative trading.
Additionally, Sei’s Total Value Locked (TVL) has surged to $542.17 million, according to DeFiLlama—a staggering 200% increase since March 2025. This influx of capital reflects growing trust in Sei-based protocols and signals strong developer activity within its ecosystem.
Such metrics are crucial for long-term sustainability. When price appreciation aligns with real usage, the foundation for lasting value is formed.
Institutional Interest on the Rise
Beyond retail enthusiasm, institutional interest in Sei is beginning to emerge. In May 2025, asset manager Canary Capital filed for a SEI staking ETF, a move that could open the door for mainstream investment vehicles to gain exposure to the token.
Rajiv Sawhney, Head of International Portfolio Management at Wave Digital Assets International, believes this development may be influencing current market dynamics. “Investors could be speculating on the possibility of SEC approval,” he noted, adding that regulatory greenlights often act as powerful catalysts in crypto markets.
An approved ETF would not only bring institutional capital but also enhance liquidity and credibility—key ingredients for maturation in any asset class.
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FAQ: Understanding Sei and the Wyoming Stablecoin Move
What is Sei (SEI)?
Sei (SEI) is the native cryptocurrency of the Sei Network, a high-performance Layer 1 blockchain built on the Cosmos ecosystem. It's optimized for decentralized exchanges and supports fast transaction finality through innovative consensus mechanisms.
What is WYST?
WYST is a proposed dollar-pegged stablecoin backed by the U.S. state of Wyoming. If launched, it would become the first state-issued fiat-collateralized digital currency in the country, aiming to promote financial innovation while maintaining regulatory compliance.
Why did Wyoming choose Sei?
Sei was selected due to its high throughput, low latency, and robust security model—all essential for handling large-scale financial transactions. Its compatibility with LayerZero also makes it ideal for cross-chain deployment of WYST.
Is WYST a CBDC?
No. While some lawmakers have compared WYST to a Central Bank Digital Currency (CBDC), it is structurally different. WYST is intended to be a private-sector-led initiative with state oversight, not a centrally controlled digital currency issued by a central bank.
Could SEI’s price surge be temporary?
While short-term volatility is expected, the combination of ecosystem growth, institutional interest, and government validation suggests that Sei’s momentum may have staying power beyond mere speculation.
How does Sei compare to other Layer 1 blockchains?
Unlike general-purpose chains, Sei is purpose-built for DeFi trading. Its parallelized order matching engine gives it an edge in speed and efficiency over platforms like Ethereum or Solana when handling exchange workloads.
Political Challenges Ahead
Despite the excitement, the WYST initiative faces political headwinds. Some Republican lawmakers have voiced opposition, drawing controversial comparisons between the project and a government-controlled CBDC—a sensitive topic amid growing privacy concerns.
However, supporters argue that WYST is fundamentally different: it’s designed to operate within existing financial frameworks while promoting innovation through public-private collaboration. The debate underscores broader tensions around digital currency regulation in the U.S., making Wyoming’s experiment a potential blueprint—or cautionary tale—for other states.
Final Thoughts: Is Sei Here to Stay?
The 47% price jump is eye-catching, but what matters more is what lies beneath: a rapidly growing ecosystem, increasing institutional attention, and now, recognition from a U.S. state government.
Sei’s inclusion in the WYST candidacy isn’t just a PR win—it’s a validation of its technical capabilities and long-term vision. As more real-world use cases emerge and adoption spreads, SEI could transition from speculative altcoin to foundational infrastructure in the next phase of Web3 evolution.
Whether WYST ultimately launches on Sei or another chain, the network has already proven it belongs in the conversation among elite Layer 1 platforms.
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