What he has is a lie.
But here is the twist the show forces us to swallow: He is faking it. When Subaru stands up to the thugs in the loot house alley, his legs are shaking. His voice cracks. He admits—out loud—that he is scared to death. He isn’t the typical isekai hero who suddenly awakens a hidden power. He doesn’t have a secret sword technique.
When Subaru finally “wins” the fight (with help from Reinhard, of course), he doesn’t celebrate. He collapses. He cries. He admits to Emilia that he was lying the whole time.
And that is the most beautiful, brutal lesson Re:Zero teaches us.
And yet, he steps forward anyway.