10-Year Treasury Yield Hits 5.16%, Highest Since 2007, Up 16bps on Week

The 10-year pushing to its highest since 2007 matters less for the level than for the shape: with the 2-year lower and falling on the day, the long end is doing the steepening, which typically tightens the discount rate applied to long-duration and yield-bearing assets, tokenized Treasuries included. The move is a rates story, not a crypto one, but it sets the backdrop for every RWA yield product. Whether the long end keeps leading the move or the front end catches up is the open question.