The Wyoming Stable Token Commission has announced SEI and Aptos as the two finalists for its upcoming WYST stablecoin pilot. The WYST token, scheduled to launch in July 2025, will be a fiat-backed stablecoin issued by the state of Wyoming and deployed using the LayerZero Omnichain Fungible Token (OFT) standard.
The selection follows an evaluation process that considered over ten blockchain networks, including Ethereum, Arbitrum, Avalanche, Solana, Polygon, and Sui. Blockchains were scored on criteria such as performance, security, uptime, user base, and infrastructure. SEI scored 30 points in the evaluation, placing just behind Aptos, which received the highest score of 32.
According to available documentation and public posts from individuals associated with the project, SEI outperformed other major networks such as Base (25 points), Ethereum (26), and Avalanche (27). The selection positions SEI as a candidate for one of the first state-level stablecoin implementations using a public blockchain.
Market Reaction
Following the announcement, the SEI token rose approximately 11% to $0.21. The token’s daily trading volume increased by nearly 85%, reaching $280 million, and its market capitalization crossed $1 billion. Data from derivatives platforms showed a notable increase in open interest and trading volume.
Compared to SEI, Aptos (APT) – which was the top-scoring blockchain in Wyoming’s evaluation with 32 points – experienced a more muted market response. While Aptos also saw a slight price increase following the announcement, the growth was notably smaller than SEI’s. This difference in reaction may be partly due to Aptos’s higher market capitalization.
About the WYST Pilot
The WYST stablecoin initiative is led by Wyoming Governor Mark Gordon and the state’s Stable Token Commission. The project intends to issue a U.S. dollar-backed stablecoin with cross-chain functionality. The pilot is set to begin in July 2025 and will use LayerZero’s interoperability infrastructure.
While Aptos received the highest score during the evaluation process, SEI’s inclusion as a finalist shows the state’s interest in exploring multiple public blockchain solutions for issuing and managing a regulated stablecoin. The final decision on which blockchain will be used for the initial deployment of WYST has not yet been announced.
