US Treasury auctions 3-month bills at 4.060%, 6-month at 4.145%

The short end of the Treasury curve is still clearing comfortably, with bid-to-cover ratios above 2.5 on both tenors suggesting demand for government paper remains firm. The modest pickup from three- to six-month yields keeps the bill curve upward-sloping, a sign markets are not pricing near-term stress. For crypto and RWA markets, this matters mainly as a benchmark: a bill complex that keeps auctioning smoothly sets the risk-free anchor against which tokenized cash and yield products get compared. Whether that demand holds through coming auctions is the open question.