US 30-Year Treasury Yield Rises 5bps to 5.70%, Highest Since 2002

A multi-decade high in the long bond is a discount-rate event before it is a crypto story: it lifts the risk-free benchmark against which every yield-bearing RWA and every non-yielding crypto asset is priced. The pressure is concentrated at the long end, which points to term premium and duration supply rather than a shift in near-term policy expectations. Whether the move keeps steepening the curve or stalls at this level is the open question for tokenized Treasury products and other yield-linked RWA structures.