US Department of Commerce Selects Pyth Network for On-Chain Economic Data Validation
The U.S. government’s move to publish core macroeconomic data on public blockchains such as Bitcoin, Ethereum, and Solana enhances transparency and fosters innovation in decentralized finance.
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Summary
The U.S. Department of Commerce has begun publishing official economic data, including GDP, on public blockchains like Bitcoin, Ethereum, and Solana in collaboration with Chainlink and Pyth Network. This shift, announced in 2025, aims to boost transparency and trust in economic data, with Pyth’s token rising 100% following the news. The move marks a key step toward integrating blockchain technology into governmental processes, creating new opportunities for decentralized finance and data integration.
Terms & Concepts
- Blockchain Oracles: External data providers that feed real-world information into a blockchain network, allowing smart contracts to access off-chain data.
- Macroeconomic Statistics: Data that reflects the overall economic performance of a country or region, such as GDP, inflation, and unemployment rates.