US Treasury auctions 4-month bills at 4.155% yield, bid-to-cover 2.76

A bid-to-cover of 2.76 on four-month bills points to solid, well-above-average demand at the short end of the curve, which matters for crypto and RWA markets because bill yields set the risk-free bar that tokenized cash products and stablecoin reserve strategies are measured against. A clearing yield of 4.155% keeps that bar elevated, sustaining the pull of government paper over riskier on-chain yield. Whether this appetite holds at subsequent short-dated auctions is the open question.