In case you missed it, the Pyth Network team recently shared an exciting update via a tweet highlighting an interview with their contributor and Douro Labs CEO, Mike Cahill. He sat down with TheStreet to dive into what's next for the network following their landmark announcement of working with the US Department of Commerce.

For those new to the space, Pyth Network is a blockchain oracle – essentially a bridge that brings real-world data, like market prices, onto blockchains securely and in real-time. This is crucial for decentralized finance (DeFi) apps, where accurate data powers everything from lending to trading.

The big news? Just a week ago, on August 28, 2025, Pyth announced they'd been selected by the US Department of Commerce to verify and distribute official economic data onchain. Starting with gross domestic product (GDP) figures from the Bureau of Economic Analysis, this pilot could revolutionize how government data is shared and used in the crypto world. Imagine smart contracts that automatically trigger based on real economic indicators – that's the future they're building.

In the interview, Cahill broke down the implications and shared some optimistic views on the current US administration's stance. He noted that the administration is "very crypto friendly and happy to explore the innovations that this allows." With Commerce Secretary Howard Lutnick's background in modernizing financial markets, Cahill sees this as a "modernization story" that's good for the entire economy.

Looking ahead, Cahill hinted at expanding beyond GDP. Data like the consumer price index (CPI) from the Bureau of Labor Statistics could be next, streamlining collection and making it more accurate through blockchain tech. He emphasized Pyth's edge: "In terms of blockchain oracles, Pyth is on more blockchains than anyone — more than RedStone and Chainlink, over a hundred." This wide reach made them a natural choice for the government, though he expects multiple providers might get involved.

Cahill also touched on the broader impact. Right now, this on-chain data boosts prediction markets and DeFi. But the real game-changer? Porting legal contracts into the digital realm for massive cost savings. As he put it, "To me, the most exciting unlock is we start porting on contracts from the legal world into the digital world. That’s a tremendous amount of cost savings."

This partnership isn't just a win for Pyth – whose PYTH token surged 75% on the news – but a signal that the US is serious about leading in digital assets. With the administration's push, we're seeing blockchain move from the fringes to the heart of financial infrastructure.

If you're into meme tokens or broader blockchain tech, keep an eye on how this evolves. It could open doors for more innovative uses of on-chain data, even in the wild world of memes. For the full interview details, check out the article on Yahoo Finance or TheStreet.

Stay tuned for more updates on how blockchain is reshaping finance – right here at Meme Insider!