Altcoin Sei (SEI) surged 46.5% to $0.2855 in the past 24 hours, marking an overall increase of over 72% in the past week. This rise follows its selection as a candidate blockchain for Wyoming's upcoming stablecoin, WYST, making Wyoming the first U.S. state to issue its own fiat-backed stablecoin. SEI, part of the Cosmos-based Layer 1 blockchain, has demonstrated strong on-chain growth, with daily active addresses up 180% and daily transactions increasing by 20%. Analysts suggest that the Wyoming initiative, along with Sei's growing ecosystem, bolsters its recent price gains. The project's Total Value Locked (TVL) has reached $542.17 million, reflecting a 200% increase since April. Additionally, Canary Capital has filed for the first SEI exchange-traded fund (ETF) with staking options, aiming to provide institutional investors with exposure to the token.

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