PYTH token soars 68% after Commerce Department taps Pyth Network for GDP feeds

PYTH, the native token of the Pyth Network, jumped 68% to $0.2 on Thursday after the US Department of Commerce said it had chosen Pyth and Chainlink to bring official economic and financial data on-chain.

According to CoinGecko data, the token has been trading under $0.5 since early 2025, after falling from its March 2024 peak of $1.2. It remains 84% below its record high.

Pyth Network is a decentralized oracle platform that provides high-fidelity, real-time financial data to blockchain applications. The PYTH token is mainly used for governance and incentivizing participants, including data providers, who contribute and maintain data accuracy within the network.

The DOC is working with Pyth Network and Chainlink to publish US macroeconomic statistics through its Bureau of Economic Analysis (BEA) across nine blockchain networks, including Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism.

Pyth described the partnership as a historic milestone, highlighting the US government’s embrace of decentralized infrastructure and cryptographic verification for public data. The company said the initiative advances transparency, efficiency, and American leadership in the digital economy.

Chainlink’s LINK token surged more than 7% after the announcement. The rally pushed the price close to $25 at the time of writing.