UK short-dated gilt yields fall more than 8 basis points

The move is concentrated at the front end, with the 2-year yield falling nearly twice as much as the 30-year and almost six times the 50-year — a curve steepening that points to repricing of near-term rate expectations rather than a broad duration bid. The modest widening of the 2/10 spread reinforces that this is a front-end story. For RWA and crypto markets, the signal is indirect: cheaper short-term UK funding can ease the rate headwind that has pressured yield-bearing tokens and tokenized treasury products. Whether the long end follows is the open question.