The U.S. Treasury today uses a system where all successful bidder does wind up paying the same price and is called a uniform or single price auction.

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In a uniform or single price auction, all successful bidders pay the same price, which is typically the highest yield or lowest price among the accepted bids. This system is used by the U.S. Treasury for selling securities such as Treasury bills, notes, and bonds.

The US Treasury Today Uses a System Where All Successful Bidder