US 10-Year Treasury Yield Rises to 4.75%, Highest Since Jan 2025

The move in the 10-year Treasury signals a repricing of rate expectations, which historically tightens liquidity conditions for risk assets. For crypto and tokenized real-world assets, higher yields raise the opportunity cost of holding non-yielding digital assets and could pressure valuations across the board. More directly, funding costs for leveraged positions and the discount rate applied to future cash flows from tokenized securities are likely to adjust. The key question is whether this yield level is sustained or if it marks a temporary peak, as that will determine the magnitude of the impact on market risk appetite.