@misc{lim2026_ssrn_6733398,
  author = {Lim, Boon Chuan},
  title = {The Wrong Risk Surface: Why MiCA and GENIUS-Era Stablecoin Reserve Rules Don't Bind on the Channel Holders Actually Use},
  year = {2026},
  doi = {10.2139/ssrn.6733398},
  url = {https://doi.org/10.2139/ssrn.6733398},
  note = {Working paper / preprint}
}