Treasury bills, often referred to as T-bills, are short-term government securities issued by the U.S. Department of the Treasury. They are sold at a discount to their face value and do not pay interest in the traditional sense. Instead, investors receive the full face value upon maturity, with the difference representing the interest earned. T-bills typically have maturities ranging from a few days to one year. They are considered a safe investment because they are backed by the full faith and credit of the U.S. government. This makes them a popular choice for individuals and institutions looking for low-risk investment options.