The recent decision by the U.S. Department of Commerce to select Pyth Network as a strategic partner for economic data verification has led to a significant price increase for the cryptocurrency.
Sudden Price Surge of Pyth Network
Pyth Network (PYTH) price surged over 60%, reaching $0.20. Trading volume also spiked dramatically by 2,700%.
U.S. Commerce Department's New Data
On August 28, 2025, the U.S. Department of Commerce announced its intention to publish the country’s economic data on the blockchain, with Pyth Network and Chainlink handling verification and distribution.
Economic Data on the Blockchain
The Department reported it will publish GDP data on several blockchains, including Bitcoin, Ethereum, and Solana, making real GDP data, which rose by 3.3% annually in July, accessible on-chain.
As a result, U.S. economic information will be presented on the blockchain, highlighting the significance and growing role of cryptocurrencies in the official economic system.
