“YOUR PIPELINE”, according to a popular saying in the sales industry, “is your lifeline.” The debt managers responsible for issuing Treasuries might not like to associate themselves with cold-callers(电话推销员（未经预约打电话推销的人）). But with some once-reliable(曾经可靠的) buyers of Treasuries no longer behaving so reliably, the task of searching for alternative customers is an increasingly vital one.
销售行业有句流行语：“你的客户管道就是你的生命线。”负责发行国债的债务管理者可能不愿把自己和电话推销员相提并论。但随着一些曾经可靠的国债买家变得不那么可靠，寻找替代客户的任务变得越来越重要。
There are two types that optimistic boosters(支持者，推动者) in the Trump administration hope will get more active: crypto-bros(加密兄弟（指热衷加密货币的年轻男性）) in khaki shorts and bankers in pinstripes. Both would help increase demand for Treasuries and potentially make the market function better—though they would do neither in world-changing proportions(世界级的影响规模).
特朗普政府中乐观的支持者希望两类参与者能更加活跃：穿着卡其色短裤的加密兄弟和身穿细条纹西装的银行家。两者都有助于增加国债需求，并可能让市场运行得更好——尽管它们都不会带来世界级的影响。
Take the crypto-bros first, who bring stablecoins to the table. Stablecoins are crypto assets pegged(固定，挂钩) to a certain value—usually one-to-one with the American dollar. The GENIUS Act(《GENIUS法案》全称“Guarant...), passed by Congress last year, laid out who can produce them and what they can be used for. Crucially, the law requires that stablecoins be backed by a fully matching amount of short-term Treasury debt, maturing in less than 94 days.
先说说加密兄弟，他们带来了稳定币。稳定币是与特定价值挂钩的加密资产——通常与美元一比一挂钩。去年国会通过的《GENIUS法案》规定了谁能发行稳定币以及它们能用于什么。关键的是，法律要求稳定币必须由全额匹配的短期国债支持，这些国债期限在94天以内。
The prodigious sums’ return
巨额债务的回归