The Pyth Network's native token, PYTH, experienced a significant surge, climbing as high as $0.20, a daily gain of over 70%. As of August 28, 2025, it was trading around $0.173, up 50% in the last 24 hours. This rally propelled PYTH to its highest level since February, pushing its market capitalization above $1 billion. Trading volumes also saw an explosive increase of over 2,700% in the past 24 hours.
This price surge followed the announcement that the U.S. Department of Commerce selected Pyth Network to verify and distribute economic data on-chain. This move places blockchain technology at the center of official government processes and underscores the crucial role of data oracles. The Department of Commerce's decision involves publishing quarterly GDP figures across multiple blockchains, including Bitcoin, Ethereum, Solana, Tron, Stellar, and Avalanche.
The partnership between the U.S. government and Pyth Network highlights a growing trend of integrating blockchain technology into governmental data systems. The Trump administration's initiative aims to enhance transparency in government spending and improve accountability by leveraging blockchain's immutable and verifiable nature. By publishing economic data on-chain, the administration seeks to provide a more transparent view of government operations and economic performance.
Pyth Network is a decentralized oracle system that delivers real-time financial market data directly onto blockchains. Like Chainlink, it provides infrastructure to bring off-chain data, such as stock prices, foreign exchange rates, and commodities, on-chain for use in decentralized finance (DeFi) applications. Alongside Pyth Network, Chainlink has also been selected as a key oracle partner in disseminating the data. Chainlink will provide data feeds from the Bureau of Economic Analysis (BEA), encompassing critical economic indicators such as real GDP, personal consumption expenditures (PCE) price index, and real final sales to private domestic purchasers.
The U.S. Department of Commerce's initiative involves anchoring a cryptographic hash of the data to blockchains to ensure its integrity, providing another avenue for publishing economic data rather than a replacement. Crypto exchanges like Coinbase, Gemini, and Kraken facilitated the publishing by helping to purchase cryptocurrency to cover blockchain transaction fees.
The move to integrate blockchain technology with government data comes amid criticism of official government statistics. The Trump administration's embrace of blockchain technology signifies a broader push towards modernizing government operations and enhancing public trust. Howard Lutnick, the Commerce Secretary, stated that this initiative makes America's economic truth immutable and globally accessible, cementing its role as the blockchain capital of the world.
The integration of blockchain technology into economic data management is one of many crypto advancements under the Trump administration. Other initiatives include promoting dollar-backed stablecoins to bolster the dollar's global reserve status and exploring blockchain to cut costs and improve government transparency.
