@misc{lim2026_ssrn_7126758,
  author = {Lim, Boon Chuan},
  title = {Displayed Depth Is Not Executable Depth: Peg-Defending Liquidity in Stablecoin Markets and the Limits of Depth-Based Supervision},
  year = {2026},
  doi = {10.2139/ssrn.7126758},
  url = {https://doi.org/10.2139/ssrn.7126758},
  note = {Working paper / preprint}
}