Fixed-income assets are offering attractive yields again: 10Y Note Yield is currently trading above 5.10%, its highest level since July 2007. At the same time, 30Y Note Yield is up to 5.44%, its highest since June 2007. Investment-grade credit now yields 5.7%, its highest level since April 2024, followed by high-yield credit at 7.5%, its highest since May 2025. Furthermore, private credit offers yields of 8.3% while risk-free money market funds offer 3.6%. This marks a remarkable shift from the previous decade, when near-zero interest rates made it difficult to generate meaningful income from traditional fixed-income assets. Higher for longer is creating meaningful income opportunities.

BIT Fixed Income tiered rates are now live across BTC, USDT and USDC Base rates have been raised across the board, and from the 60-day tenor onward, larger subscriptions unlock higher rate tiers Selected 180-day and 365-day stablecoin products also offer monthly interest payouts Learn more:

Onchain fixed income so far has mostly meant Treasuries and AAA-rated CLOs: return built around minimizing credit risk. High yield corporate bonds sit at a different point on that curve. Return on them comes from underwriting the credit quality of issuers across a portfolio. $HYB targets a high yield strategy managed by @NYLIManagement, with a multi-year track record behind it: - 7.28% in 2025 - 6.88% in 2024 - 11.40% in 2023 These returns come from a credit team's judgment on which issuers get paid, applied across the portfolio and consistently enough over the years to produce them. That judgment is what's settled onchain now.

Chief Fixed Income Strategist Vishy Tirupattur takes a look at how credit markets are adapting to fund the new phase of AI capex. Tune into the latest Thoughts on the Market.