The Pyth Network ($PYTH) token surged after being selected by the US Department of Commerce to verify and distribute economic data onchain.

On Thursday, $PYTH peaked just above $0.20 (+70%), before settling near $0.19 (+62%).

The surge pushed Pyth’s market cap above $1B, while 24-hour trading volumes jumped more than 2,700%, marking its highest activity since February.

Pyth and Chainlink were named as key oracles for GDP data distribution across nine blockchains, including Bitcoin, Ethereum, and Solana.

This marks the first time official US economic data will be secured and broadcast onchain.