Six of the most recognisable names in institutional financial data have agreed to distribute proprietary feeds directly through Pyth Network, pulling some of Wall Street's most lucrative subscription businesses onto public blockchains for the first time.
Six of the most recognisable names in institutional financial data have agreed to distribute proprietary feeds directly through Pyth Network, pulling some of Wall Street's most lucrative subscription businesses onto public blockchains for the first time. Pyth, an oracle network that already supplies real-time price feeds to applications across more than one hundred chains, disclosed on 9 April that Euronext, Exchange Data International, Fidelity, OTC Markets Group, Singapore Exchange FX and Tradeweb are joining the new Pyth Data Marketplace.
Between them, the six firms sit at the heart of equities, fixed income, FX and alternative data distribution. Their feeds have historically been sold through Bloomberg and Refinitiv terminals and through direct institutional contracts that pay millions annually. The change is structural, not cosmetic. The Pyth Data Marketplace allows institutions to publish anything from FX spot rates to proprietary indices and reference data on equities, ETFs and derivatives while keeping control of the data itself. Revenue flows back to the publisher with the Pyth tokenholder layer taking a cut.
Two forces are converging to make that model viable. The first is that on-chain activity has scaled to a point where the fees an institution can earn by selling data to DeFi protocols and tokenised asset issuers are no longer trivial. Tokenised funds like Amundi and Spiko's newly launched SAFO need reliable reference data to settle on-chain; so do the real-world asset platforms that have pushed the on-chain RWA total past $27 billion. The second is that Pyth itself has matured to the point where a Tradeweb or a Euronext can publish without reinventing its back office. The network ingests price updates directly from first-party publishers, compresses the aggregation step, and makes the feed consumable anywhere.
The strategic calculus matters. Chainlink has been the default oracle infrastructure for DeFi since 2019 and still carries the bulk of lending-protocol price feeds. Pyth's pitch has always been that its first-party publisher model — exchanges and trading firms submitting their own data — offers lower latency and fewer intermediaries. That argument gets sharper when the publishers include a top-tier European exchange, a major US broker-dealer network, and the clearing venue that handles a material share of global fixed-income trading. Chainlink still wins on coverage and breadth; Pyth takes the lead on first-party pedigree.
Tradeweb's involvement is the most significant of the six. It is the electronic venue through which a large share of US Treasury secondary trading flows, and its rate benchmarks are used by hundreds of institutional treasury desks. Bringing those benchmarks on-chain, even selectively, opens a door for tokenised Treasury products that until now have had to rely on second-hand data sourced from ETFs or proprietary vendors. Fidelity's participation adds equity and mutual fund reference data. Euronext brings its pan-European listings. OTC Markets Group covers the sprawling US off-exchange equity tape. Singapore Exchange FX and Exchange Data International round out Asia-Pacific currency and reference data.
None of the six firms has disclosed how much of its product catalogue will actually be published on the new marketplace, and the economics of the Pyth tokenholder cut remain opaque. Historically, major data firms have been cautious about putting anything other than top-of-book indicative pricing on public infrastructure. What is clear is that they have chosen to step in rather than watch. That is itself a statement.
The regulatory context sharpens the move. The SEC's interpretive release with the CFTC in March clarified how federal securities laws apply to on-chain crypto assets, and the Blockchain Association has been pushing back against Citadel Securities over the framework for tokenised equities. Against that backdrop, a data business decision reads as an easier move than a full tokenised product rollout — but it still puts the firms directly in the path of the infrastructure that will eventually carry any on-chain equities or Treasuries. Better to be a publisher than a latecomer.
Pyth's existing distribution numbers explain why the incumbents are paying attention. The network already processes billions in daily cumulative trading volume through its consumers and has carved out a reliable share of derivatives oracle flow. Adding institutional first-party data onto that pipeline is less a pivot than an extension. It is also, for the legacy data firms, a low-risk experiment. They can publish selective feeds, watch adoption, and decide later whether on-chain distribution is a channel worth scaling or a branding exercise.
The open question is whether legacy players will ever publish their premium feeds — the deep, latency-sensitive data that pays for terminal subscriptions — or whether they will hold those back and release only the lighter reference layer. That distinction will determine whether Pyth Data Marketplace becomes a meaningful revenue line for Euronext and Tradeweb or a marketing channel for the newer products that on-chain treasurers actually want to buy. For now, six of the biggest names in financial data have said yes to publishing something.
