PYTH Token Skyrockets on Government Announcement
The native token of the Pyth Network surged Thursday after the US Department of Commerce confirmed it had chosen Pyth and Chainlink to help verify and distribute official economic data onchain.
According to CoinMarketCap, PYTH briefly peaked above $0.20, gaining more than 70% in a single day before easing slightly to $0.19. The rally lifted its market capitalization above $1 billion, with trading volumes soaring more than 2,700% in 24 hours.
Oracles at the Center of Blockchain Integration
The Commerce Department’s initiative will see quarterly GDP figures published across nine blockchains, including Bitcoin, Ethereum, Solana, Tron, Stellar and Avalanche.
Pyth and Chainlink were tapped as key oracle providers, ensuring verified government data is disseminated securely across decentralized networks. Both platforms specialize in bridging offchain financial data such as stock prices, commodities and FX rates into blockchain ecosystems for DeFi applications.
Trump Administration’s Pro-Crypto Shift
The move reflects the Trump administration’s increasingly proactive stance on blockchain adoption. It comes amid heated debate over the reliability of official government statistics, particularly labor market data published by the Bureau of Labor Statistics (BLS).
Earlier this month, President Trump accused the BLS of manipulating figures after a major downward jobs revision, subsequently dismissing Commissioner Erika McEntarfer.
Broader Push for Digital Asset Adoption
The blockchain data initiative complements a series of pro-crypto legislative efforts under Trump’s leadership. Recent milestones include passage of the GENIUS Stablecoin Act, House approval of a comprehensive market structure bill, and progress on an anti-CBDC measure.
At the regulatory level, Trump’s SEC has approved multiple cryptocurrency ETFs and clarified that liquid staking is not a security, signaling a friendlier stance toward innovation in digital assets.
