Pyth Network’s native token, PYTH, surged on Thursday after the project revealed that it had been chosen by the U.S. Department of Commerce to help authenticate and distribute key economic statistics on-chain. The decision places blockchain infrastructure directly into government operations and underscores the growing importance of oracle networks.
Market data from CoinMarketCap shows PYTH briefly spiked above $0.20, registering an intraday gain of more than 70%. At the time of writing, it was trading just under $0.19, still higher by roughly 62%.
The rally pushed PYTH to its strongest level since February, with its market cap climbing past $1 billion. Trading activity also exploded, with daily volume soaring by over 2,700%.
Despite the Commerce Department confirming that GDP figures will be published across nine blockchains—including Bitcoin, Ethereum, Solana, Tron, Stellar, and Avalanche—PYTH was the only token to record such dramatic gains. Chainlink was also highlighted as a key partner alongside Pyth in powering this initiative.
The distinction for both Pyth and Chainlink lies in their coordinated role as oracle providers, ensuring government-issued data is reliably distributed and secured across multiple blockchain ecosystems.
Pyth Network operates as a decentralized oracle solution, streaming real-time market data such as equities, FX rates, and commodities directly onto blockchains. Similar to Chainlink, it underpins DeFi applications by bridging off-chain financial information with on-chain infrastructure.
Trump administration doubles down on blockchain adoption
The Trump administration’s pivot toward blockchain comes at a time of growing skepticism around traditional government statistics—especially labor market reports released by the Bureau of Labor Statistics (BLS).
Earlier this month, controversy erupted when employment data was sharply revised downward. President Trump openly criticized the figures as being “manipulated” for political ends and subsequently dismissed BLS Commissioner Erika McEntarfer.
This latest blockchain initiative aligns with the administration’s broader pro-crypto agenda. Recent legislative wins include the GENIUS Stablecoin Act and the House approval of both a sweeping market structure framework and an anti-CBDC bill, now awaiting Senate consideration.
At the regulatory level, Trump’s SEC has adopted a notably crypto-friendly stance—greenlighting several crypto ETFs and clarifying that certain staking models fall outside securities laws.
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