PYTH skyrockets 60% as US government taps Pyth Network to verify economic data on-chain – Crypto News – Crypto News
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PYTH skyrockets 60% as US government taps Pyth Network to verify economic data on-chain PYTH skyrockets 60% as US government taps Pyth Network to verify economic data on-chain

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PYTH skyrockets 60% as US government taps Pyth Network to verify economic data on-chain – Crypto News

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6 months ago

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  • The US Department of Commerce has published GDB on blockchain for the first time.
  • It has selected Pyth Network as the oracle platform to verify and distribute economic data.
  • PYTH saw a sharp price increase after the news.

The United States continues to establish itself as the international hub for blockchain and cryptocurrency undertakings.

In a groundbreaking move, the US Department of Commerce confirmed today that it will start publishing GDP (gross domestic product) data on blockchain, starting with last month’s figures.

The announcement catalyzed bullish sentiments across the cryptocurrency space, especially for the project that the government picked.

The US Department of Commerce has worked with nine blockchains and leading exchanges.

To ensure data accessibility and reliability, it chose Chainlink and Pyth Network.

Pyth Network at the center of historic move

The Department revealed that it published the official hash of its quarterly GDP data across nine networks: Bitcoin, Ethereum, Solana, Avalanche, Arbitrum, Tron, Polygon PoS, Optimism, Stellar, and Arbitrum One.

Also, it has worked with leading exchanges, including Coinbase, Kraken, and Gemini, to facilitate the latest release.

Furthermore, the US Department of Commerce tapped oracle providers Chainlink and Pyth Network to guarantee reliability and accuracy.

PYTH rallied immediately after the news as the community celebrated the project’s “validation moment.”

Pyth Network focuses on bringing real-time, high-quality data on-chain.

Thus, the announcement represented a watershed moment for the altcoin, as it anticipates lucrative use cases.

The government’s reliance on Pyth’s oracle service validates its infrastructure and status as a trusted player in the integration between decentralized networks and public institutions.

Government ratification fuels confidence

Howard Lutnick, US Secretary of Commerce, commented on the benefits of this move.

He perceives it as a part of the President’s strategy to make America the hub of blockchain. Lutnick said:

It’s only fitting that the Commerce Department and President Donald Trump, the crypto-President, publicly release economic statistical data on the blockchain. We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world.

The high-profile commendation has put the Pyth Network on the map as a trusted oracle protocol authorized by the government.

Officials confirmed that it will leverage oracles like Pyth to release other datasets, beyond GDP.

PYTH price outlook

The native coin exploded within minutes after the collaboration updates.

PYTH trades at $1891 after gaining around 62% from its daily low.

The staggering 2,400% uptick in trading volume signals massive interest in the altcoin.

Also, Pyth Network’s market capitalization has crossed the $1 billion mark for the first time since February 2025.

The US government endorsement positions PYTH for impressive performance in the coming months and years.

The development could bolster institutional demand from firms exploring blockchain to provide accurate and reliable data.

Prevailing sentiments suggest PYTH might have secured the needed catalyst to recover to its 2024 all-time highs above $1.

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