Treasury yields hit highest since 2007, Bitcoin slides

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Treasury yield hit highs not seen since 2007 and Washington eyes stable coins to defend the dollar.

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US Treasury yields are pushing to new highs across the entire curve as traders brace for a longer stretch of tighter policy.

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The 10 year is above 5.1% levels last seen in 2007 and the 20 year is approaching 5.5%.

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Higher yields and a stronger dollar are weighing on risk assets. The dollar index has climbed above 101 and Bitcoin has fallen from a local high of $87,500.

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Washington is looking to leverage stable coins to cement the US dollar's role as the premier global reserve currency.

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According to Bloomberg, the Biden administration is weighing joint ventures with private players to push dollar backed stable coins overseas.

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Stablecoin issuers already holds close to $200 billion in US debt, ranking them among the top 20 holders.

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