SOFR Holds at 3.88% for Second Straight Day

The notable point is not the level but the alignment: SOFR and the effective federal funds rate sitting at the same print removes the usual spread between secured and unsecured overnight funding, a sign of calm in the repo market. For crypto and RWA desks that treat SOFR as the reference leg for tokenized T-bill yields and financing structures, a stable, matched fixing keeps those products' accrual mechanics quiet. Whether that spread stays compressed is the open question worth watching.