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The topic of this research is digital asset custody. While custody services may all appear similar on the surface, they actually operate in completely different ways depending on the custodial status.

Project Hangang preserves the two-tier trust system of central bank money and bank deposits while rebuilding payments, settlement, and asset transfer on tokenized rails.

Rather than assessing the investment merits of individual projects, this research provides a foundational framework for understanding the broader structure of the RWA ecosystem.

Agentic commerce is not simply an automated version of e-commerce; it represents a structural shift where user intent is executed directly. In this model, payments are no longer one-off events but emb