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The US Department of Commerce has selected oracle providers Pyth Network and Chainlink to publish gross domestic product (GDP) data on blockchains including Bitcoin, Ethereum, and Solana.
The news sent PYTH parabolic with a 90% surge to trade at $0.2219 as of 6:29 a.m. EST.
“This is the first time a federal agency has published economic statistical data like this on the blockchain, and the latest way the Department is utilizing innovative technology to protect federal data and promote public use,” the government department said in a press release.
“It’s only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain,” said US Secretary of Commerce Howard Lutnick. “We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world,” he added.
In addition to Bitcoin, Ethereum and Solana, the US Department of Commerce said that it has also started publishing the GDP data to other popular networks including Justin Sun’s TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism.
Meanwhile, crypto exchanges Coinbase, Gemini and Kraken “helped facilitate the Department’s publishing,” according to the press release.
The department has already published a hash of the Bureau of Economic Analysis’s quarterly GDP data release for Q2 2025 along with the topline GDP figure for Q2.
The hash was created by applying the SHA256 cryptographic hash function on a PDF file of the data release.
After it was generated, the outputted hash was then pushed to the various blockchains “either as a memo or as data embedded in a smart contract, along with the topline figure, as each chain permitted,” according to the press release.
Various blockchain transaction hashes for the published GDP data (Source: US Department of Commerce)
The smart contract for the data was compiled using Solidity compiler v0.8.30 on the Ethereum mainnet and v.0.8.24 on other chains, with optimizer disabled and with the Ethereum Virtual Machine (EVM) version set to Prague on the mainnet and Cancun to elsewhere, the press release added.
PYTH surged to an intraday high of $0.2489. But Chainlink’s LINK token posted a 24-hour loss during the same period.
All the other projects mentioned in the press release also saw their prices decrease in the last 24 hours.
Crypto market leader BTC fell over 2%, while ETH, Abitrum’s ARB, Polygon POS, and Stellar’s XLM all saw their prices drop 4%. TRON’s TRX, Optimism’s OP, and Avalanche’s AVAX saw their prices fall 1% each, while Solana’s SOL dropped a fraction of a percentage.
Blockchain technology is known for its high levels of transparency and immutability. The move to put GDP data on the blockchain comes as the accuracy of US economic data is being called into question.
Criticism reached a peak earlier this month following a major downward revision of employment numbers, which prompted US President Donald Trump to claim that the figures were “rigged” for political purposes.
Shortly thereafter, Trump fired the Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer.
More recently the GDP figure for the second quarter was revised up to 3.3%, signalling the US economy actually grew faster than expected, partly due to business investment in intellectual property such as AI.
Read more on InsideBitcoins.com
