US 10-Year Treasury Yield Hits Highest Level Since 2007

A 10-year yield at its highest since 2007 resets the discount rate that underpins every long-duration asset, from tokenized Treasuries to real-estate-linked RWA products, because the risk-free alternative is simply more competitive than it has been in roughly 16 years. The pressure is most acute for yield-bearing crypto products and any RWA structure priced off long-dated government debt. Whether this move persists or reverses is the open question, and it matters more than any single protocol's response.