US 10-Year Treasury Yield Rises 7bps to 5.23%, Highest Since 2007

The signal here is less the level than what it does to the cost of capital across the board — a benchmark at multi-year highs reprices mortgages and corporate credit simultaneously, tightening conditions without any policy decision. For crypto and tokenized real-world assets, the pressure is comparative: yield-bearing exposure to US government debt becomes harder to argue against when the risk-free alternative is this strong. Whether the move extends or reverses is the open question, and it matters more for RWA flows than any single issuance.