ECB Main Refinancing Rate Hits 2.65%, Matching Forecasts

The move is notable less for its size than for the direction: a shift higher in the eurozone benchmark ends a period of policy at the prior level, and the fact that it landed exactly on forecast suggests it was already priced into euro-denominated markets. For crypto and RWA participants, the relevant channel is the cost of euro funding and the relative attractiveness of yield-bearing instruments, which can influence allocation toward or away from tokenized products. Whether this is a one-off adjustment or the start of a tightening sequence is the open question.