- Pyth will initially publish quarterly GDP figures going back five years, with plans to expand into other macroeconomic datasets
- The news sparked a rapid market response with Pyth’s native token, PYTH, surging approximately 50% in intraday trading
- The Department of Commerce also partnered with Chainlink to publish multiple macroeconomic indicators, such as GDP, the PCE Price Index, and Real Final Sales
Pyth Network has been chosen by the US Department of Commerce (through Secretary Howard Lutnick) to verify and distribute official economic data on-chain. This is a huge step for the crypto industry, showing that the government is now using decentralized technology.
Pyth will initially publish quarterly GDP figures going back five years, with plans to expand into other macroeconomic datasets, ushering in a new era of transparent, blockchain-native data.
Why Did the US Government Choose Pyth?
Already integrated across over 100 blockchains and supporting more than 600 applications, Pyth is positioned as a trusted, decentralized oracle network capable of handling cryptographically verifiable data. Its transparent data model and staking-based security further strengthen its credibility.
As expected, the news sparked a rapid market response with Pyth’s native token, PYTH, surging approximately 50% in intraday trading. Its current price is $0.1867.
In Q1 2025, Pyth recorded $149.1 billion in Total Transaction Value (TTV), which is a 14.9% drop from Q4’s $175.2 billion. However, the numbers still show a staggering 376.6% increase year-over-year.
Pyth’s market share stayed strong at 32.5%, ahead of Chainlink’s 20.3% despite overall market slowdown. Today’s announcement will likely put Pyth even more in the spotlight and possibly help with a bigger boost in the long term.
Chainlink also involved
Along with Pyth’s involvement, the Department of Commerce also partnered with Chainlink to publish multiple macroeconomic indicators, such as GDP, the PCE Price Index, and Real Final Sales on ten major blockchain networks: Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync.
Related: US Commerce Department to Publish GDP Data On-Chain
Related: Chainlink Dips 4% After a $30 Million Whale Deposit; Key Support Sits at $21.60
A shift in government stance
Interestingly, this move shows a greater change in how the US government sees crypto. It moved from cautious regulation to now actively using the technology, which demonstrates confidence in oracles as a core part of its financial systems.
By encoding immutable, verifiable economic data on-chain, smart contracts can now interact directly with real-world benchmarks, paving the way for more trustworthy DeFi markets, tokenized securities, and next-generation financial services.
US Commerce Secretary Howard Lutnick stated earlier this week that the department would begin publishing GDP and other statistics on-chain, hinting at a potential expansion of this model to additional US government agencies.
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Source: https://coinedition.com/pyth-network-us-government-deal-gdp-on-chain/
