RING 5 — MARKET FABRIC Label: Exchanges, Brokers, Custody, …

RING 5 — MARKET FABRIC
Label: Exchanges, Brokers, Custody, Payments
Stakeholders: Exchanges, market makers, custodians, payment processors, PoR auditors.
Cooperative Strategies:
- Proof-of-reserves (and liabilities): frequent, verifiable attestations.
- Interop first: open APIs, non-custodial withdrawal defaults, PSBT/descriptor literacy.
- Fair rails: transparent fees, minimal friction, self-custody incentives.
Emergent Behavior: Honest price discovery; robust on/off-ramps; blow-up containment through transparency.