In response to the news, Pyth’s token surged nearly 70%, while LINK experienced a modest increase before a recent filing for a US Chainlink ETF by Bitwise also contributed to its price rally.
The US government has contracted two of the biggest decentralised oracles, Chainlink and Pyth, to publish official economic data on-chain.
According to the announcement, Chainlink will distribute data from the Bureau of Economic Analysis, including real GDP, the PCE price index, and real final sales to private domestic purchasers. The company clarified it may add more feeds either by public demand or government request, as well as adding support for several blockchain networks:
Pyth, under a Department of Commerce mandate, will also publish GDP data.
Chainlink noted that on-chain government data could support automated trading systems, prediction markets, stablecoins, tokenised bonds, and general real-world assets (RWAs).
Market reaction was immediate. Pyth rose nearly 70 % following the announcement, while LINK spiked more than 3 % before retreating to about US$25 (AU$38). Since early August, LINK has advanced 61 %, climbing from US$15,43 (AU$23,5) to current levels.
The rise of LINK is also attributed to Bitwise’s recent bid for a US Chainlink ETF, as Crypto News Australia reported.
US Government Embracing Blockchain
According to the Trump administration, putting federal data on-chain is intended to increase transparency in government spending and reinforce the US as a global center for crypto.
Similar initiatives are under discussion in the Philippines, the UK, and El Salvador, where lawmakers are weighing on-chain publication of public finance data.
The news comes a few days after the US Commerce Department revealed that the country is putting headline economic data directly on the blockchain, beginning with GDP releases as well.
Howard Lutnick, Commerce Secretary, stated that the Trump administration is going to “use Bitcoin, digital assets, and blockchain to drive America forward and remain the leader in the global economy.”
Read more on Crypto News Australia
