The native token of Pyth Network surged significantly on Thursday after the project confirmed it has been selected by the U.S. Department of Commerce to verify and distribute economic data on-chain—an initiative that places blockchain technology at the center of official government processes and highlights the important role of data oracles.
According to CoinMarketCap data, the PYTH token peaked just above $0.20, with a daily increase of over 70%. The last trading price was slightly below $0.19, still up about 62% for the day.
This rebound pushed PYTH to its highest level since February, raising its market capitalization to over $1 billion, while trading volume surged more than 2700% in the past 24 hours.
PYTH is the only token to record such a massive increase, despite the Department of Commerce's announcement confirming that quarterly GDP data will be released on nine blockchains, including Bitcoin, Ethereum, Solana, TRON, Stellar, and Avalanche protocols. Chainlink was also listed as a key oracle partner for disseminating data alongside Pyth Network.
The prominence of Pyth and Chainlink lies in their coordinating role as oracles, ensuring that government-released data is further disseminated and secured within blockchain networks.
Pyth Network is a decentralized oracle system that provides real-time financial market data directly to the blockchain. Like Chainlink, it offers the infrastructure to bring off-chain data—such as stock prices, foreign exchange rates, and commodities—on-chain for use in decentralized finance (DeFi) applications.
The embrace of blockchain technology by President Donald Trump's administration comes amid sharp criticism of official government statistics, particularly the employment market data released by the Bureau of Labor Statistics (BLS).
This tension peaked earlier this month when employment data was significantly revised downward, prompting Trump to claim that the data was "manipulated" for political purposes. Shortly thereafter, Trump fired BLS Commissioner Erika McEntarfer.
The government's blockchain initiative is part of a broader effort to prioritize the adoption and innovation of digital assets. This agenda has led to the recent passage of the GENIUS stablecoin bill, as well as the House's approval of a comprehensive market structure bill and an anti-central bank digital currency bill, which will now be submitted to the Senate.
Meanwhile, Trump has presided over a U.S. Securities and Exchange Commission (SEC) that appears to be supportive of cryptocurrencies. The agency has approved multiple cryptocurrency exchange-traded funds (ETFs) and clarified that certain liquid staking activities are not under its jurisdiction, meaning they should not be considered securities.
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Original article: “U.S. Department of Commerce Selects Pyth Network Blockchain Oracle for Data Verification, PYTH Soars 70%”
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