Abstract. Soft X-ray Transients (SXRTs) have long been suspected to contain old, weakly magnetic neutron stars that have been spun up by accretion torques. After reviewing their observational properties, we analyse the different regimes that likely characterise the neutron stars in these systems across the very large range of mass inflow rates, from the peak of the outbursts to the quiescent emission. While it is clear that close to the outburst maxima accretion onto the neutron star surface takes place, as the mass inflow rate decreases, accretion might stop at the magnetospheric boundary because of the centrifugal barrier provided by the neutron star. For low enough mass inflow rates (and sufficiently short rotation periods), the radio pulsar mechanism might turn on and sweep the inflowing matter away. The origin of the quiescent emission, observed in a number of SXRTs at a level of ∼ 10 32 − 10 33 erg s −1 , plays a crucial role in constraining the neutron star magnetic field and spin period. Accretion onto the neutron star surface is an unlikely mechanism for the quiescent emission of SXRTs, as it requires very low magnetic fields and/or long spin periods. Thermal radiation from a cooling neutron star surface in between the outbursts can be ruled out as the only cause of the quiescent emission.We find that accretion onto the neutron star magnetosphere and shock emission powered by an enshrouded radio pulsar provide far more plausible models. In the latter case the range of allowed neutron star spin periods and magnetic fields is consistent with the values recently inferred from the properties of kHz quasi-periodic oscillation in low mass X-ray binaries. If quiescent SXRTs contain enshrouded radio pulsars, they provide a missing link between X-ray binaries and millisecond pulsars.