🚨 UPDATE: Arthur Hayes said spiking 10-year Treasury yields could force President Trump to reach a deal with China or risk major pressure on traditional financial markets. https://t.co/sxV9ZfNyzp ...

megaeth's USDM model is a stealth rates trade. $520m in reserves generating ~$23m/year at 4.5% yields from blackrock BUIDL. sequencer costs run $15-18m. surplus funds MEGA buybacks. math works at current rates. if fed cuts to 2%, that $23m becomes $10.4m and the surplus evaporates entirely. every MEGA position is an implicit bet that rates stay elevated. the first programmatic sell just executed may 7th. ethena white-labels the infrastructure, same stack behind jupUSD. if USDM scales to $1b that's $45m annu ...

In some circles on Wall Street, the hottest debate isn’t about a tech-stock bubble or $100 oil as the new norm. It’s whether 30-year Treasury yields will mount a sustained push over 5%. https://t.co/c0HhqKImLJ ...