US 10-Year Treasury Yield Hits 5.234%, Highest Since Mid-2007

The signal here is in the long end: thirty-year yields reaching levels not seen since 2004 suggests the term premium, not just near-term policy expectations, is doing the work. That matters for any yield-sensitive crypto or RWA structure priced off the risk-free curve, since higher long-dated US borrowing costs reset the discount rate applied to longer-duration cash flows. Whether this repricing stabilizes or extends further along the curve is the open question.