US National Debt Climbs to About $41 Trillion, Treasury Secretary Says

The signal here is less the debt figure than the sequencing: consolidation is being designed now but deferred until after the midterms, which leaves issuance pressure and duration supply as the live variables in the interim. For crypto and RWA markets, the relevant channel is the Treasury market itself — the benchmark that prices every yield-bearing tokenized product and collateral pool. Whether the eventual plan meaningfully changes issuance trajectories, or merely reshapes its composition, is the open question.