US 10-Year Treasury Yield Hits 5.2%, Highest Since 2007

The significance here is less the level itself than what it does to the discount rate applied across every risk asset, crypto and tokenized RWA included. A benchmark anchored at a multi-year high raises the opportunity cost of holding anything that does not yield, which is the core competitive pressure on the sector. Whether this level holds or the move extends is the open question, since duration at these yields is what determines how much repricing follows.