US 30-Year Treasury Yield Tops 5.5%, Highest Since 2004

Long-end yields at multi-decade highs matter for crypto and RWA markets because the risk-free rate is the reference point against which every yield-bearing token and tokenized Treasury product is priced. A 5.5% government yield raises the bar for on-chain alternatives, making tokenized T-bill offerings more competitive with DeFi yield but also exposing the sector's spread compression. The open question is whether this repricing reflects durable term-premium demand or a temporary supply-driven move — that distinction will shape how RWA issuers position their products.