Finance

U.S. Government Taps Pyth Network for Onchain Economic Data

12 hours ago
Bitcoin Ethereum News

In a landmark move, the U.S. Department of Commerce has selected Pyth Network to verify and distribute official economic data onchain. The goal: greater transparency, real-time access, and a public record that can’t be altered.

Today’s announcement, made by Howard Lutnick and Donald Trump, signals a major leap for decentralized tech in public data infrastructure. It also validates Pyth’s reputation as a trusted data provider in global finance.

A Historic Collaboration

Pyth has been working closely with the Department of Commerce for months. Now, as the official data source for this initiative, the network will power the verifiable publication of economic stats onchain.

Howard Lutnick’s push for data innovation has positioned the U.S. to lead the world in financial transparency. And Pyth is at the center of that vision.

With 100+ blockchains and 600+ apps already relying on its data feeds, Pyth combines openness, security, and speed in ways few protocols can match. That made it the ideal choice for the government’s first big onchain data experiment.

Why This Move Matters

For decades, economic data has been siloed behind agencies, websites, and slow distribution channels. By putting it onchain, the Department of Commerce is ensuring anyone, anywhere, can access the same official numbers at the same time—no middlemen, no delays, no doubts.

This move unlocks new opportunities:

  • Transparency: Immutable records remove questions about revisions or data tampering.
  • Access: Developers and businesses can integrate official stats directly into applications.
  • Trust: Onchain publication makes economic data verifiable by design.

As Howard Lutnick said, this isn’t just about better data. It’s about redefining how markets and governments interact in a digital-first world.

Pyth’s First Release: GDP Data

The partnership starts with gross domestic product (GDP) data. Pyth will publish quarterly GDP figures going back five years, all verified and accessible onchain.

Over time, this will expand to cover more economic datasets—employment, inflation, trade balances, and beyond.

For now, GDP is the focus because it’s the core measure of U.S. economic health. And putting it onchain for the first time marks a historic modernization of public data infrastructure.

Onchain economic data doesn’t just help policymakers. It fuels the next wave of tokenization, DeFi applications, and algorithmic markets that rely on real-world information.

Developers can now build apps using official GDP numbers as inputs. Investors can reference verifiable data feeds for analytics. And the public can trust that the figures haven’t been changed after release.

This is how decentralized tech moves from niche experiments to national infrastructure—by solving real problems with open systems.

For the Pyth Network community, this moment is huge. It validates years of building secure, real-time data oracles for finance, gaming, and decentralized apps.

Quick Update: Pyth Network (PYTH) Price Surge

Pyth Network’s token (PYTH) surged sharply today, jumping 60–70%, climbing from around $0.11 to hit highs near $0.20, following this landmark partnership with the U.S. Department of Commerce. This ignited a massive 2,700% spike in trading volume.

Now, with the U.S. government adopting its model, Pyth’s tech will support real markets and public trust at national scale.

As Douros Labs CEO Mike Cahill said in an exclusive Bloomberg interview, this partnership shows how onchain transparency can power entire economies.

A New Standard for Governments

This isn’t just a one-off experiment. The Department of Commerce plans to make onchain data a standard practice moving forward.

As more datasets come online, governments worldwide will see how decentralized systems deliver speed, security, and openness that old models can’t match.

Pyth is ready to provide the rails for that future—secure, verifiable, and built for scale.

The collaboration positions the United States as a global leader in financial transparency. It also proves that decentralization isn’t just for crypto—it’s for anyone who needs trusted, public data at scale.

With quarterly GDP numbers already set to launch, and more datasets on the way, this marks the start of a new era for economic data: open, immutable, and accessible to all.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/u-s-government-taps-pyth-network-for-onchain-economic-data-pyth-surges/