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, which can range from a few days to one year. T-bills are considered a safe investment because they are backed by the full faith and credit of the U.S. government. They are commonly used by investors looking for a low-risk option to preserve capital while earning a modest return.