The yield on 10-year US Treasury bonds rose to 5.18% on Thursday, the highest since July 2007, while the 30-year yield reached 5.46%. Against this backdrop, bitcoin (BTC) recovered to around $84,500 after briefly falling below $83,000. Ondo (ONDO) returned above $0.50 for the first time since December 2025.

10-year yield up 70 bps in a month; US Treasury to buy back up to $6B

The 10-year yield increased by 70 basis points over the month, reaching 5.18%. On the same day, the US Treasury announced plans to buy back up to $6 billion in bonds with maturities of 20–30 years as part of an expanded program to boost long-term debt liquidity. International bond markets also weakened.

Yen at 159 per dollar and risk of Treasuries sales

The Japanese yen weakened to 159 per dollar, approaching a level that could trigger currency intervention. According to Mohamed El-Erian, FX market intervention is typically accompanied by the sale of US securities to purchase yen, which could add pressure on Treasury yields.

Ondo launches BlackRock-backed portfolio tokens

ONDO's rise coincided with the launch of Ondo Intelligent Portfolios, a new offering that allows non-US users to purchase tokenized shares in diversified portfolios. The tokens are issued on Ethereum and BNB Chain, with settlements via CoW Protocol. The first three tokens track BlackRock model strategies for Ondo: BLKHIon (High Income), BLKDIGon (Diversified Growth), and BLKGRWon (High Growth). Despite the recent failure of a procedural vote on the CLARITY Act in the US Senate, ONDO ranked among the top-performing altcoins over the past 24 hours.