If general relativity is spontaneously induced, the black hole limit is governed by a phase transition which occurs precisely at the would have been horizon. The exterior Schwarzschild solution then connects with a novel core of vanishing spatial volume. The Kruskal structure, admitting the exact Hawking imaginary time periodicity, is recovered, with the conic defect defused at the origin, rather than at the horizon.The entropy stored inside any interior sphere is universal, equal to a quarter of its surface area, thus locally saturating the 't Hooft-Susskind holographic bound. The associated Komar mass and material energy functions are non-singular.