10-Year US Treasury Yield Tops 5% for First Time Since 2023

A 5% 10-year Treasury yield is the pricing anchor that crypto and tokenized-RWA markets have not had to absorb in years, and it lands just as the Fed meets. The notable signal is the divergence: traders are pricing multiple ECB hikes even as US yields push higher, suggesting rate expectations are being repriced globally rather than in one market. For yield-bearing RWA products and crypto carry trades, the competition from risk-free duration is the variable that matters, and whether this yield level holds after the Fed meeting is the open question.