US Treasury Auctions 6-Week Bills at 3.945% High Yield, 2.78 Bid-to-Cover

The bid-to-cover signals demand running well ahead of the amount sold, which is the more telling figure here than the high yield itself. For RWA and tokenized-T-bill products, the relevance is indirect but real: the short end of the curve is where those instruments source their yield, and a heavily oversubscribed six-week sale is a read on how much cash is parked at the front end. Whether that appetite holds at subsequent auctions is the open question.