US Treasury sells 3-month bills at 4.040%, 6-month at 4.150%

The front end of the US curve is being funded at yields that remain the reference point for every dollar-denominated carry trade, from stablecoin reserves to tokenized T-bill products. Solid bid-to-cover on both tenors suggests demand is holding, which matters for RWA platforms that pitch short-dated government paper as a low-risk on-chain yield source. Whether that demand persists as supply keeps rolling is the open question.