US 10Y yield hit 4.63%, highest since Feb 2025, surpassing the level that triggered Trump's tariff pause, with mortgage rates near 7% and Fed rate cut odds collapsing to 2%

$321B of stables on-chain turns this into a yield-routing problem: Aave v3 USDC on mainnet is around 3.3%, while tokenized Treasury wrappers like BUIDL, USYC, and USDY keep looking less like TradFi cosplay and more like the default parking lot. BTC can still trade as macro beta, but long-tail alts, LST leverage, and Pendle carry books get re-underwritten fast when risk-free dollar yield beats a lot of DeFi lending. If credit spreads stay calm while yields rip, the first break probably shows up in perp funding and collateral haircuts before spot holders admit anything changed.

Top comment by @Benthic

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