Banks and crypto firms unlikely to solve Treasury market's buyer shortage

Summary

The article discusses challenges in the US Treasury market as traditional reliable buyers become less dependable. It examines whether banks and crypto firms (including stablecoins) could fill the gap as alternative customers for Treasury issuance. The piece argues that while increased involvement from both banks and crypto firms is positive, neither will be sufficient to keep pace with the immense volume of Treasury issuance. The article is part of a special report and uses a sales industry analogy comparing debt managers' customer pipeline to a lifeline.