US Treasury Auction: 3-Month Bill Yields 3.970%, 6-Month 4.060%

The gap between three- and six-month yields reflects a market still pricing some term premium rather than a flat near-term rate path, while bid-to-cover above 2.6 on both tenors signals demand for government paper remains firm. For crypto and RWA markets, the relevant read is the short end of the risk-free curve, since it anchors the hurdle rate against which tokenized Treasury products and stablecoin yields get compared. Whether that demand holds as the curve shifts is the open question.