US 10-Year Treasury Yield Rises to 4.75%

A move to 4.75% on the 10-year matters less as a bond story than as a discount-rate story: it resets the risk-free benchmark against which every other asset, including tokenized Treasuries and yield-bearing RWA products, gets priced. The pressure lands hardest on long-duration, cash-flow-light exposure, which is where much of the crypto complex still sits. Whether this level holds or reverts is the open question for risk appetite across asset classes.