SOFR Rises to 3.95% from 3.94% in Prior Session

A one-basis-point move in SOFR is noise, not signal, and treating it as a funding-market development would overstate its importance. What matters is the benchmark's role as the reference rate for dollar-denominated lending, including tokenized treasuries and other RWA yield products that price off it. The open question is whether this firming persists across subsequent fixings or proves to be a single-session blip; a lone uptick offers little basis for drawing conclusions about broader funding conditions.