Treasury bills have become the largest position for retail traders on trading platform Public, the company revealed.
In a report released Thursday, Public said members have invested more cash in T-bills than any other asset this year, with investors seeking high-yielding places to securely park their cash.
With the Federal Reserve raising rates to a 16-year high, the yield of T-bills yield has been climbing.
"In 2023, more money has been invested in T-bills than any other asset on Public, ranking the 6-month T-bill above VTI, Apple, and Tesla as the largest position held on our platform as of May 11, 2023," the firm said in its report.
Public believes T-bills are acting as a complementary investment for users' portfolios. In addition, they said the median amount invested in T-bills has been 10x greater than investments in stocks and ETFs, with one-third of all new members investing in T-bills since they were launched on the platform.
"While T-bills aren't new, now that investors aren't required to navigate a government website or the secondary markets, we've seen our members use Treasury Accounts as a place to park their cash," the company added.