US Treasury auctions 4-week and 8-week bills at 4% and 4.05%

The demand gap between the two tenors is the notable signal: the shorter bill cleared at a lower yield with a higher bid-to-cover, suggesting buyers are concentrating at the very front end rather than extending even marginally. For RWA and tokenized Treasury products, which typically track short-dated government paper, these auctions set the reference yields that underpin on-chain cash equivalents. Whether the front-end demand skew persists across coming auctions is the open question worth tracking.