The U.S. government has selected two blockchain oracle service providers, Chainlink and Pyth, to be responsible for publishing economic data on-chain.
A Chainlink spokesperson told Cointelegraph that Chainlink has been chosen to provide data sources for the Bureau of Economic Analysis (BEA) and will publish additional data sources based on consumer demand or requests from the U.S. government.
The company stated that this data includes actual Gross Domestic Product (GDP), Personal Consumption Expenditures (PCE) price index, and actual final sales to private domestic purchasers.
According to an announcement on Thursday, Pyth has also been selected by the Department of Commerce as the official publisher of GDP data—GDP is a key indicator of total economic output over a year.
Putting government data on-chain is an important part of the Trump administration's plan aimed at increasing transparency in government spending, enhancing accountability, and establishing the U.S. as the "world capital" of cryptocurrency.
A Chainlink spokesperson pointed out that putting government economic data on-chain will bring numerous positive impacts to the spot crypto market.
These include automated trading strategies executed based on changes in government data, real-time prediction markets for macroeconomic developments, and risk management strategies for decentralized finance (DeFi) protocols.
Stablecoins, tokenized government bonds, perpetual futures contracts, real-world tokenized assets (RWAs), and other digital financial tools that rely on macroeconomic inputs will also benefit from on-chain government economic data.
Currently, proposals to put public spending data and other macroeconomic indicators on-chain are actively being developed in the Philippines, the UK, and El Salvador.
Following the announcement, the price of the PYTH token surged nearly 70%, while the LINK token rose slightly over 3% before retreating to around $25.
Since early August, LINK has increased by approximately 61%, climbing from a low of about $15.43 per token to the current price level.
Related: Trump’s list of candidates for Federal Reserve Chair reaches 11, with 3 potentially friendly to cryptocurrency.
Original article: “U.S. Government Chooses Chainlink and Pyth to Publish Economic Data On-Chain”
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