The U.S. Department of Commerce has announced a partnership with leading blockchain oracle providers Chainlink and Pyth Network to publish official macroeconomic data on-chain.
Pyth Network to Publish U.S. GDP Data
According to the recent announcement, Pyth Network will publish U.S. gross domestic product (GDP) data, a key indicator of national economic output. This initiative aligns with the Trump administration’s broader push to increase transparency in government spending and solidify the U.S. as a global crypto hub.
Surge in PYTH Token Prices
Following the announcement, the PYTH token recorded a 3,389% surge in trading volume, reaching $874.99 million. With a market capitalization of $1.02 billion, this cryptocurrency has once again crossed the billion dollar milestone, with a 56% increase from previous levels.
Prospects for Data Integration and Financial Instruments
The integration of these data could enhance a range of tokenized financial instruments, including stablecoins, government bond tokens, and contracts for difference (CFDs). The increased availability of transparent and tamper-resistant data marks a significant step towards integrating traditional economic reporting with the decentralized finance ecosystem.
The U.S. Department of Commerce's announcement of its partnership with Pyth Network and Chainlink highlights the government's commitment to embracing Web3 technologies and blockchain in official economic practices.
