US 30-Year Treasury Yield Hits 5.69%, Highest Since 2002

Long-end yields at two-decade highs matter because the 30-year is the reference rate that anchors duration-sensitive pricing, from real estate to long-dated infrastructure and tokenized Treasury products. For crypto and RWA markets, the practical effect is a higher hurdle: yield-bearing on-chain instruments now compete against a genuinely elevated risk-free alternative, which pressures the relative appeal of anything offering less. Whether this repricing is a durable regime shift or a temporary term-premium spike is the open question, and the follow-through in long-dated auctions and inflation expectations is where that becomes visible.