Tokenized Treasuries rose to a record $15.35 billion in total value locked on May 13, surpassing the previous mid-April high of $15.10 billion, as investors sought blockchain-based exposure to U.S. government debt. The move coincided with the U.S. 10-year Treasury yield rising to 4.55%, its highest level since May, a signal of tighter financial conditions that can pressure risk assets including cryptocurrencies. Together, the developments show how rising government bond yields and concerns about further Federal Reserve policy tightening are increasing the appeal of on-chain products tied to traditional low-risk assets.