US Treasury Volatility Gauge Posts Biggest Weekly Jump in Over a Year

The MOVE gauge's jump matters less as a standalone signal than as a reminder that Treasuries — the benchmark every crypto and RWA yield curve is priced off — are themselves trading with elevated uncertainty. The SocGen stance is telling: a major rates desk opting to sit neutral until volatility cools implies thinner conviction and wider risk premia across duration-sensitive assets, including tokenized Treasury products that market themselves as stable collateral. Whether the gauge retraces or extends is the open question; a sustained move higher would test that stability narrative.