US 2-Year Treasury Yield Hits 4.743%, Highest Since July 2024

The synchronized move higher in nominal and real yields signals that this repricing is about more than inflation expectations—the rise in two-year TIPS yields points to higher expected real rates, which typically tightens financial conditions and pressures risk assets, including crypto and tokenized RWAs. For RWA platforms, the key transmission channel is the widening gap between risk-free yields and on-chain yields, which can slow capital inflows into yield-bearing tokenized products. Whether this move extends or fades is the open question.