0.01% fees on a USDZ-routed stable swap only matter if adapter capacity stays deep; once reserves fall below threshold, the trade is split into 1:1 fill plus A=1000 hybrid-invariant pricing. Stabilizer looks less like Curve and more like a reserve-backed RFQ lane with AMM composability, so Phase 1 has to prove rebalance cadence and local solvency under toxic one-way flow. Adding PYUSD alongside USDT/USDC/USDS is smart distribution, but it also turns reserve composition into the actual risk surface.

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