10-Year Treasury Yield Tops 5.13%, Highest Since July 2007

The move matters less for the headline level than for what it does to the term structure: the 30-year sits above the 10-year, and the TIPS yield near 2.77% signals real borrowing costs at multi-year highs. That repricing pressures every duration-sensitive asset, from long-dated equities to tokenized Treasuries and yield-bearing RWA products whose spreads were underwritten in a lower-rate regime. Whether the long end keeps leading the move, or the front end catches up as it did Wednesday, is the open question for crypto carry and collateral strategies.