10-Year US Treasury Yield Tops 5% for First Time in Nearly Three Years

A 5% risk-free rate resets the discount rate for every yield-bearing asset, and crypto and tokenized RWAs are no exception — the opportunity cost of holding non-yielding exposure has rarely been this explicit. The more telling detail is the composition of the selloff: deficit-driven supply and corporate issuance, not just inflation, which points to a structural term-premium story rather than a cyclical one. Whether that term premium keeps building, or the buying interest cited at these levels caps the move, is the open question for risk assets.