Treasury Note (T-Note)

A Treasury Note (T-Note) is a marketable debt security issued by the U.S. Department of the Treasury with a fixed interest rate and a maturity period ranging from two to ten years, serving as a critical benchmark for interest rates and a highly liquid, low-risk investment for global financial institutions. T-Notes are sold at auction and pay interest semi-annually until maturity, where the principal is returned to the investor, making them a foundational component of the global fixed-income market and a key asset in Real-World Asset (RWA) tokenization and repurchase agreements (repos).