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Stablecoin liquidity can be read as a clock mismatch. ⏱️
Top timeline: when redemption obligations fall due.
Bottom timeline: when reserve assets become usable cash.
If the top timeline moves ahead, the cash buffer must bridge the gap. Once that buffer is insufficient, assets may need to be sold before maturity—and custody or banking delays can make the interval wider.
An attestation captures a portfolio snapshot. The two-clock test finds the first liquidity cliff.