<![CDATA[Tiger Research Reports: ๐Ÿ‡ฐ๐Ÿ‡ท ํ•œ๊ตญ์–ด]]>https://reports.tiger-research.com/s/koreanhttps://substackcdn.com/image/fetch/$s_!ih9w!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F40e354f8-f158-4ed4-9fcb-4691383fe1fe_256x256.pngTiger Research Reports: ๐Ÿ‡ฐ๐Ÿ‡ท ํ•œ๊ตญ์–ดhttps://reports.tiger-research.com/s/koreanSubstackThu, 25 Jun 2026 19:24:02 GMT<![CDATA[2026๋…„ ์ƒ๋ฐ˜๊ธฐ ๊ธ€๋กœ๋ฒŒ ์•”ํ˜ธํ™”ํ ์ฑ„์šฉ ์‹œ์žฅ ๋ถ„์„ ๋ณด๊ณ ์„œ ]]>https://reports.tiger-research.com/p/h1-2026-global-crypto-hiring-market-korhttps://reports.tiger-research.com/p/h1-2026-global-crypto-hiring-market-korTue, 23 Jun 2026 13:03:06 GMT์•”ํ˜ธํ™”ํ ์‹œ์žฅ์˜ ์ฑ„์šฉ์ด ์ค„์–ด๋“œ๋Š” ์ค‘์—๋„ ์ปดํ”Œ๋ผ์ด์–ธ์Šค ํฌ์ง€์…˜์€ ๋Š˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ์ „์ฒด ์ฑ„์šฉ์ด ๊ธ‰๊ฐํ•œ ์‹œ์žฅ์— ์–ด๋–ค ๋ณ€ํ™”๊ฐ€ ์žˆ์—ˆ์„๊นŒ์š”?

Key Takeaways

  • ์•”ํ˜ธํ™”ํ ์ฑ„์šฉ ์‹œ์žฅ์€ 2022๋…„ ์ดํ›„ ๊ณ ์ ์„ ํšŒ๋ณตํ•˜์ง€ ๋ชปํ•˜๊ณ  ์žˆ๋‹ค. Coincub ๊ธฐ์ค€ 2025๋…„ ์•”ํ˜ธํ™”ํ ์‹ ๊ทœ ์ผ์ž๋ฆฌ๋Š” 66,494๊ฑด์œผ๋กœ ์ „๋…„ ๋Œ€๋น„ 47% ๋ฐ˜๋“ฑํ–ˆ์œผ๋‚˜, 2022๋…„ ๊ณ ์ ์—๋Š” ๋ฏธ์น˜์ง€ ๋ชปํ–ˆ๋‹ค.

  • 2026๋…„ ๋“ค์–ด ์œ„์ถ•์€ ๋” ๋šœ๋ ทํ•ด์กŒ๋‹ค. 2026๋…„ 1์›” ์ฃผ์š” ์‹ ๊ทœ ์ฑ„์šฉ๊ณต๊ณ ๋Š” ์ „๋…„ ๋™๊ธฐ ๋Œ€๋น„ ์•ฝ 80% ์ค„์—ˆ๋‹ค.

  • H1 2026 ํ™œ์„ฑ ๊ณต๊ณ  2,932๊ฑด ๊ธฐ์ค€, ์—”์ง€๋‹ˆ์–ด๋ง์€ 34.1%๋กœ 1์œ„, ์ปดํ”Œ๋ผ์ด์–ธ์Šค/๋ฒ•๋ฅ ์€ 10.4%๋กœ ๋‹จ๋… 2์œ„๋‹ค. ํ˜„์žฌ ํ™œ์„ฑํ™”๋œ ๊ณต๊ณ ๋Š” ๊ทœ์ œ ๋Œ€์‘๊ณผ ๊ธฐ์ˆ  ๊ฐœ๋ฐœ์— ๋ชฐ๋ ค ์žˆ๋‹ค.

  • ์„นํ„ฐ๋ณ„๋กœ๋Š” CEX(30.8%)์™€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธยท๊ฒฐ์ œ(13.4%)๊ฐ€ ์ „์ฒด์˜ ์ ˆ๋ฐ˜ ๊ฐ€๊นŒ์ด๋ฅผ ์ฐจ์ง€ํ•œ๋‹ค. ๊ฒŒ์ž„ยทNFT๋Š” 2.4%๋กœ ์™„์ „ํ•œ ์นจ์ฒด๋ฅผ ๋ณด์ธ๋‹ค.

  • ํ† ํฐ ์„ธ์ผ ์œ„์ฃผ์˜ ์‹œ์žฅ์—์„  ์ปค๋ฎค๋‹ˆํ‹ฐ์™€ ํ† ํฐ ์„ธ์ผ ๊ด€๋ จ ์ง๋ฌด์— ๋Œ€ํ•œ ์ˆ˜์š”๊ฐ€ ๋งŽ์•˜์ง€๋งŒ, ํ˜„์žฌ ๊ธฐ๊ด€ ์œ„์ฃผ์˜ ์‹œ์žฅ์œผ๋กœ ๋ณ€ํ™”ํ•˜๋ฉฐ ์ œํ’ˆ ์šด์˜, ๊ทœ์ œ ์ค€์ˆ˜์™€ ๊ฐ™์€ ์—…๋ฌด๋ฅผ ์ˆ˜ํ–‰ํ•  ์ธ์žฌ๊ฐ€ ๋” ์ค‘์š”ํ•ด์กŒ๋‹ค.


1. ์—ญ๋Œ€ ์ตœ๊ณ ์ ์ด์—ˆ๋˜ 2022๋…„๊ณผ ์ง€๊ธˆ์˜ ์ฑ„์šฉ ์‹œ์žฅ

์•”ํ˜ธํ™”ํ ์‹œ์žฅ์—์„œ ์ฑ„์šฉ์ด ๊ฐ€์žฅ ํ™œ๋ฐœํ–ˆ๋˜ ์‹œ๊ธฐ๋Š” 2021๋…„ ๋ง์—์„œ 2022๋…„ ์ƒ๋ฐ˜๊ธฐ์˜€๋‹ค. ๋น„ํŠธ์ฝ”์ธ๊ณผ ์ด๋”๋ฆฌ์›€์ด ์ตœ๊ณ ๊ฐ€๋ฅผ ์ฐ์—ˆ๊ณ , NFT ๊ฑฐ๋ž˜๋Ÿ‰์ด ํญ๋ฐœ์ ์œผ๋กœ ๋Š˜์—ˆ๋‹ค. DeFi TVL์€ ์ˆ˜์ฒœ์–ต ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์˜€๋‹ค.

์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๋“ค์€ ๊ธ€๋กœ๋ฒŒ ์šด์˜ ํ™•์žฅ์„ ์œ„ํ•ด ๊ณต๊ฒฉ์ ์œผ๋กœ ์ธ๋ ฅ์„ ๋Š˜๋ ธ๋‹ค. ๋‹น์‹œ ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” 250๊ฐœ ์ด์ƒ, ํฌ๋ผ์ผ„์€ 300๊ฐœ ์ด์ƒ, ๋ฐ”์ด๋‚ธ์Šค๋Š” 600๊ฐœ ์ด์ƒ์˜ ์ฑ„์šฉ ๊ณต๊ณ ๋ฅผ ์˜ฌ๋ ค๋‘” ์ƒํƒœ์˜€๋‹ค. DeFi ํ”„๋กœํ† ์ฝœ๊ณผ NFT ๋งˆ์ผ“ํ”Œ๋ ˆ์ด์Šค๋Š” ์—”์ง€๋‹ˆ์–ด์™€ ๋งˆ์ผ€ํ„ฐ๋ฅผ ๋™์‹œ์— ํก์ˆ˜ํ–ˆ๊ณ , GameFi ๋ถ์œผ๋กœ ๊ฒŒ์ž„ ์ŠคํŠœ๋””์˜ค๋“ค๋„ ๊ด€๋ จ ์ธ๋ ฅ์„ ์ฑ„์› ๋‹ค. ์ˆ˜์ต์„ฑ ๊ฒ€์ฆ๋ณด๋‹ค ํ™•์žฅ์ด ์šฐ์„ ์ด๋˜ ์‹œ๊ธฐ์˜€๋‹ค.

ํ•˜์ง€๋งŒ 2022๋…„ ํ•˜๋ฐ˜๊ธฐ๋ฅผ ๊ธฐ์ ์œผ๋กœ ์‹ ๊ทœ ์ฑ„์šฉ ๊ณต๊ณ ๊ฐ€ ๊ธ‰๊ฒฉํžˆ ์ค„์—ˆ๋‹ค. ๊ธ€๋กœ๋ฒŒ ์•”ํ˜ธํ™”ํ ๊ด€๋ จ ์ผ์ž๋ฆฌ๊ฐ€ ๋ถ๋ฏธ์™€ ์œ ๋Ÿฝ ๋Œ€๋ถ€๋ถ„ ๊ตญ๊ฐ€์—์„œ 2022๋…„์—์„œ 2023๋…„ ์‚ฌ์ด ์•ฝ 40% ๊ธ‰๊ฐํ–ˆ๋‹ค. 2022๋…„ 11์›”์— ์ผ์–ด๋‚œ FTX ๋ถ•๊ดด ์‚ฌํƒœ ์ดํ›„ ์ฑ„์šฉ ์‹œ์žฅ ๋˜ํ•œ ์นจ์ฒด๋˜์—ˆ๊ณ  ๊ฒฐ๊ตญ ํ”ผํฌ ์‹œ์ ์„ ํšŒ๋ณตํ•˜์ง€ ๋ชปํ•œ ์ฑ„ ์ง€๊ธˆ์— ์ด๋ฅธ๋‹ค.

์•”ํ˜ธํ™”ํ ์ฑ„์šฉ ์‹œ์žฅ์˜ ํ˜„์žฌ ์ƒํ™ฉ๊ณผ ๋”๋ถˆ์–ด ์ฑ„์šฉ ๋ฐ์ดํ„ฐ๋กœ ์‹œ์žฅ์˜ ๋ฐฉํ–ฅ์„ฑ์„ ๋ถ„์„ํ•˜๊ธฐ ์œ„ํ•ด ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์—์„œ 2026๋…„ 6์›”์„ ๊ธฐ์ค€์œผ๋กœ ํ™œ์„ฑํ™”๋œ ๊ณต๊ณ  2,932๊ฑด์„ ์ž์ฒด ์กฐ์‚ฌํ–ˆ๋‹ค. web3.career, cryptocurrencyjobs.co, ์ฃผ์š” ๊ธฐ์—… ์ง์ ‘ ์ฑ„์šฉ ํŽ˜์ด์ง€(GreenhouseยทAshbyยทLever), ํ•œ๊ตญ ๋กœ์ปฌ ์ฑ„์šฉ ํŽ˜์ด์ง€(Wanted, Jobkorea) ์ˆ˜๋™ ํŠธ๋ž˜ํ‚น์—์„œ ํ™•๋ณดํ•œ ๋ฐ์ดํ„ฐ์ด๋ฉฐ, DAO ์ปจํŠธ๋ฆฌ๋ทฐํ„ฐ, ํ”„๋ฆฌ๋žœ์„œ, ์ปจํŠธ๋ž™ํ„ฐ ๋ฐฉ์‹์˜ ๊ณ ์šฉ์€ ํฌํ•จ๋˜์ง€ ์•Š๋Š”๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ์ฃผ์š” ์•”ํ˜ธํ™”ํ ๊ธฐ์—…๋“ค์˜ ์ง€์†์ ์ธ ๊ฐ์› ์ถ”์„ธ

๋ณธ๊ฒฉ์ ์ธ ๊ตฌ์กฐ์กฐ์ •์€ 2026๋…„ ์ƒ๋ฐ˜๊ธฐ ์ด์ „๋ถ€ํ„ฐ ์ด์–ด์ ธ ์™”๋‹ค. ์ปจ์„ผ์‹œ์Šค(Consensys)๋Š” 2025๋…„ ํ•˜๋ฐ˜๊ธฐ์— ๊ฐ์›์„ ๋‹จํ–‰ํ–ˆ๊ณ , 2026๋…„ ๋“ค์–ด ์ฝ”์ธ๋ฒ ์ด์Šค(Coinbase), ์ œ๋ฏธ๋‹ˆ(Gemini), ํฌ๋ฆฝํ† ๋‹ท์ปด(Crypto.com), ํฌ๋ผ์ผ„(Kraken) ๋“ฑ ์ฃผ์š” ๊ฑฐ๋ž˜์†Œ๋กœ ํ™•์‚ฐ๋๋‹ค.

2026๋…„ ์ƒ๋ฐ˜๊ธฐ ๊ฐ์› ์‚ฌ๋ก€ ์ค‘ ๊ฑด์ˆ˜๊ฐ€ ๊ฐ€์žฅ ๋งŽ์ด ์ง‘์ค‘๋œ ์‹œ๊ธฐ๋Š” 3์›”์ด๋‹ค. ์ œ๋ฏธ๋‚˜์ด, ํฌ๋ฆฝํ† ๋‹ท์ปด, ์•Œ๊ณ ๋žœ๋“œ(Algorand), OP ๋žฉ์Šค, PIP ๋žฉ์Šค, ๋ฉ”์‚ฌ๋ฆฌ(Messari) ๋“ฑ 6๊ฐœ ๊ธฐ์—…์ด ๊ฐ™์€ ๋‹ฌ ๊ฐ์›์„ ๋ฐœํ‘œํ–ˆ๋‹ค.

2026๋…„ 1๋ถ„๊ธฐ๋Š” ์ด๋ž€๋ฐœ ์ง€์ •ํ•™์  ๊ธด์žฅ ๊ณ ์กฐ์™€ ์‹œ์žฅ์˜ ์นจ์ฒด๊ฐ€ ๋งž๋ฌผ๋ ธ๋‹ค. ์ด๋กœ์ธํ•ด ์‚ฌ์—… ๋ฐฉํ–ฅ์„ ์žฌ์„ค์ •ํ•ด์•ผ ํ•˜๋Š” ๊ธฐ์—…๋“ค์˜ ๊ฒฐ์ •์ด 3์›”์— ์ง‘์ค‘๋œ ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค.

๋‹ค๋งŒ ๊ฐ์› ๋ช…๋ถ„์€ ๊ธฐ์—…๋งˆ๋‹ค ๋‹ฌ๋ž๋‹ค. ์•Œ๊ณ ๋žœ๋“œ๋Š” ๋งคํฌ๋กœ ํ™˜๊ฒฝ๊ณผ ํ† ํฐ ๊ฐ€๊ฒฉ ํ•˜๋ฝ์„ ์ด์œ ๋กœ ๋“ค์—ˆ๊ณ , ํฌ๋ฆฝํ† ๋‹ท์ปด๊ณผ ์ œ๋ฏธ๋‹ˆ๋Š” AI ํ†ตํ•ฉ์„ ์ „๋ฉด์— ๋‚ด์„ธ์› ๋‹ค. ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” โ€œAI ๋„ค์ดํ‹ฐ๋ธŒ ๊ธฐ์—…โ€์œผ๋กœ์˜ ์ „ํ™˜์„ ์„ ์–ธํ–ˆ๋‹ค.

๋ฐ˜๋ณต๋˜๋Š” ๊ฐ์› ๋์— ๊ณ ์  ๋Œ€๋น„ 30๋ถ„์˜ 1 ๊ฐ€์น˜๋กœ ์ธ์ˆ˜๋œ ๊ธฐ์—…๋„ ์žˆ๋‹ค. ๋ฉ”์‚ฌ๋ฆฌ๋Š” 2023๋…„๋ถ€ํ„ฐ 3์ฐจ๋ก€ ์—ฐ์† ๊ฐ์›์„ ๋‹จํ–‰ํ–ˆ๊ณ , 2026๋…„ 6์›” ๋ธ”๋ก์›์Šค(Blockworks)์— ์•ฝ 1,000๋งŒ ๋‹ฌ๋Ÿฌ์— ์ธ์ˆ˜๋๋‹ค. ํ•œ๋•Œ 3์–ต ๋‹ฌ๋Ÿฌ ๋ฐธ๋ฅ˜์—์ด์…˜๊นŒ์ง€ ๋ฐ›์•˜๋˜ ๋ฉ”์‚ฌ๋ฆฌ๋Š” ์‹œ์žฅ์˜ ํ˜„์‹ค์„ ์••์ถ•์ ์œผ๋กœ ๋ณด์—ฌ์ค€๋‹ค.

3. ๊ทœ์ œ ์ •๋น„ ์ง€์—ญ์œผ๋กœ์˜ ์ฑ„์šฉ ์ ๋ฆผ ํ˜„์ƒ ์‹ฌํ™”

์•”ํ˜ธํ™”ํ ์‹œ์žฅ์€ ์—ฌ์ „ํžˆ ์›๊ฒฉ ๋น„์ค‘์ด ๋†’์€ ์‚ฐ์—…์ด๋‹ค. H1 2026 ํ™œ์„ฑ ๊ณต๊ณ  ๊ธฐ์ค€ ๋ฆฌ๋ชจํŠธ ๊ทผ๋ฌด ํ˜•ํƒœ์˜ ํฌ์ง€์…˜์ด 40.2%(1,180๊ฑด)๋กœ ๊ฐ€์žฅ ๋งŽ๋‹ค. ๋ฆฌ๋ชจํŠธ ๊ทผ๋ฌด ํ˜•ํƒœ๋ฅผ ์ œ์™ธํ•œ ์˜คํ”ผ์Šค ๊ธฐ๋ฐ˜ ์ฑ„์šฉ์€ ๋ฏธ๊ตญ(21.8%), ์‹ฑ๊ฐ€ํฌ๋ฅด(5.9%), ํ™์ฝฉ(4.2%)์ฒ˜๋Ÿผ ๊ทœ์ œ ์ฒด๊ณ„๊ฐ€ ์ •๋น„๋๊ฑฐ๋‚˜ ์˜ˆ์ธก ๋ถˆ๊ฐ€๋Šฅํ•œ ๊ทœ์ œ ๋ฆฌ์Šคํฌ๊ฐ€ ์ ์€ ์ง€์—ญ์— ๋ชฐ๋ ค์žˆ๋‹ค.

ํ•œ๋•Œ ๋ฌด๊ตญ์  ์‚ฐ์—…์„ ํ‘œ๋ฐฉํ–ˆ๋˜ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์ด ๊ทœ์ œ ๋Œ€์‘๊ณผ ํ˜„์ง€ ์šด์˜์ด ํ•„์š”ํ•œ ์‚ฐ์—…์œผ๋กœ ๋ฐ”๋€Œ๋ฉด์„œ, ๊ณ ์šฉ ๊ตฌ์กฐ๋„ ์ ์ฐจ ๊ทœ์ œ ํ—ˆ๋ธŒ ์ค‘์‹ฌ์œผ๋กœ ์ž๋ฆฌ๋ฅผ ์žก์•„๊ฐ€๊ณ  ์žˆ๋‹ค.

4. ๊ทœ์ œ ๋Œ€์‘(์ปดํ”Œ๋ผ์ด์–ธ์Šค) ์ง๋ฌด์˜ ๊ธ‰๋ถ€์ƒ

2026๋…„ ์ƒ๋ฐ˜๊ธฐ ์ฑ„์šฉ ๊ณต๊ณ  ์ค‘ ์—”์ง€๋‹ˆ์–ด๋ง ์ง๋ฌด๊ฐ€ 34.1%(999๊ฑด)๋กœ 1์œ„๋‹ค. ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์ด ์œ„์ถ•๋˜๋Š” ๋™์•ˆ์—๋„ ๊ธฐ์ˆ  ๊ฐœ๋ฐœ ์ˆ˜์š”๋Š” ์œ ์ง€๋๋‹ค๊ณ  ๋ณผ ์ˆ˜ ์žˆ๋‹ค.

๋ˆˆ์— ๋„๋Š” ๋ณ€ํ™”๋Š” ์ปดํ”Œ๋ผ์ด์–ธ์Šค/๋ฒ•๋ฅ ์˜ ๋‹จ๋… 2์œ„ ์•ˆ์ฐฉ์ด๋‹ค. ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ 2023 ๊ธ€๋กœ๋ฒŒ ์•”ํ˜ธํ™”ํ ์ฑ„์šฉ ์‹œ์žฅ ๋ฆฌํฌํŠธ์—์„œ ๋ณ„๋„ ํ•ญ๋ชฉ์œผ๋กœ ์ง‘๊ณ„๋˜์ง€ ์•Š์•˜๋˜ ์ง๊ตฐ์ด 3๋…„ ๋งŒ์— ์ „์ฒด ์ฑ„์šฉ์˜ 10๋ถ„์˜ 1์„ ์ฐจ์ง€ํ•˜๋Š” ์ƒ์œ„ ์ง๊ตฐ์ด ๋๋‹ค.

๊ฑฐ๋ž˜์†Œ ๋‚ด๋ถ€๋ฅผ ๋ณด๋ฉด ์ด ๋ณ€ํ™”๊ฐ€ ๋” ์„ ๋ช…ํ•˜๋‹ค. ๊ฑฐ๋ž˜์†Œ ๊ณต๊ณ  904๊ฑด ์ค‘ ์—”์ง€๋‹ˆ์–ด๋ง์ด 275๊ฑด(30.4%)์œผ๋กœ 1์œ„, ์ปดํ”Œ๋ผ์ด์–ธ์Šค/๋ฒ•๋ฅ ์ด 145๊ฑด(16.0%)์œผ๋กœ 2์œ„, BD/์˜์—…์€ 61๊ฑด(6.7%)์œผ๋กœ 3์œ„๋‹ค. ์ปดํ”Œ๋ผ์ด์–ธ์Šค๊ฐ€ BD/์˜์—…๋ณด๋‹ค 2.4๋ฐฐ ๋งŽ๋‹ค. ๊ฑฐ๋ž˜์†Œ๋“ค์ด ์‚ฌ์—… ํ™•์žฅ๋ณด๋‹ค ๊ทœ์ œ ๋ฐฉ์–ด์— ๋” ๋งŽ์€ ์ธ๋ ฅ์„ ์“ฐ๊ณ  ์žˆ๋‹ค๋Š” ๊ฒƒ์œผ๋กœ ํ•ด์„ ๊ฐ€๋Šฅํ•˜๋‹ค.

์ถ”๊ฐ€์ ์ธ ์ปดํ”Œ๋ผ์ด์–ธ์Šค ์ฑ„์šฉ ์ฆ๊ฐ€์˜ ๋ฐฐ๊ฒฝ์œผ๋กœ ๊ผฝ์„ ์ˆ˜ ์žˆ๋Š” ๊ฑด EU MiCA ์ „๋ฉด ์‹œํ–‰(2024๋…„ 12์›” 30์ผ CASP ๋ผ์ด์„ ์Šค ์˜๋ฌดํ™”)์ด๋‹ค. ์œ ๋Ÿฝ ๊ฑฐ๋ž˜์†Œ์™€ ์ž์‚ฐ ์šด์šฉ์‚ฌ๊ฐ€ ๋น„์Šทํ•œ ์‹œ๊ธฐ์— ์ฑ„์šฉ์„ ๋Š˜๋ ค๊ฐ€๊ณ  ์žˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

ํ•œ๊ตญ๋„ ๋งˆ์ฐฌ๊ฐ€์ง€๋‹ค. ๊ฐ€์ƒ์ž์‚ฐ์ด์šฉ์ž๋ณดํ˜ธ๋ฒ•(2024๋…„ 7์›”) ์‹œํ–‰ ์ดํ›„ ๊ตญ๋‚ด ๊ฑฐ๋ž˜์†Œ์˜ ์ค€๋ฒ•๊ฐ์‹œ ์ธ๋ ฅ ์ˆ˜์š”๊ฐ€ ๋†’์•„์กŒ๊ณ , ํ•œ๊ตญ์˜ ์ปดํ”Œ๋ผ์ด์–ธ์Šค ์ฑ„์šฉ ๋น„์ค‘(18.4%)์ด ๊ธ€๋กœ๋ฒŒ ํ‰๊ท (10.4%)์„ ๋‘ ๋ฐฐ ๊ฐ€๊นŒ์ด ์›ƒ๋„๋Š” ๋ฐฐ๊ฒฝ์ด ๋๋‹ค.

๋ฐ˜๋ฉด ๋Œ€์ฒดํ•˜๊ณ  ์‹ถ์€ ์ง๋ฌด๋„ ๋šœ๋ ทํ•ด์กŒ๋‹ค.

ํฌ๋ฆฝํ†  ์žก๋ฆฌ์ŠคํŠธ(CryptoJobList)๋Š” ์ฝ˜ํ…์ธ  ์ œ์ž‘๊ณผ ์ปค๋ฎค๋‹ˆํ‹ฐ ๊ด€๋ฆฌ ๊ฐ™์€ ์ง๋ฌด๋ฅผ โ€œ๊ฐ€์žฅ AI๋กœ ๋Œ€์ฒดํ•˜๊ณ  ์‹ถ์€ ์ง๋ฌดโ€๋กœ ๊ผฝ์•˜๋‹ค. ์—…๋ฌด ๋‚œ์ด๋„ ์ž์ฒด๋Š” ๋†’์ง€ ์•Š์ง€๋งŒ ๊ฐ์ •์ ์ธ ์†Œ๋ชจ๊ฐ€ ๋ฐœ์ƒํ•˜๋ฉฐ ๋ฐ˜๋ณต ์—…๋ฌด๋ฅผ ์ˆ˜ํ–‰ํ•˜๊ธฐ ๋•Œ๋ฌธ์— ๋Œ€์ฒด ๊ฐ€๋Šฅ์„ฑ์ด ๋†’์€ ์ง๋ฌด๋‹ค. AI ์—์ด์ „ํŠธ์— ์˜ํ•ด ๊ฐ€์žฅ ๋จผ์ € ๋Œ€์ฒด๋˜์–ด์•ผ ํ•œ๋‹ค๋Š” ์„ค๋ฌธ ๊ฒฐ๊ณผ ๋˜ํ•œ ์กด์žฌํ•œ๋‹ค. ํ•ด๋‹น ์ง๋ฌด๋“ค์€ ์ฑ„์šฉ ์ˆ˜์š”๊ฐ€ ์ค„์–ด๋“ฆ๊ณผ ๋™์‹œ์— ํ˜„์—…์ž๋“ค์ด ๋ฝ‘์€ ์ž๋™ํ™” ๋Œ€์ƒ ์ง๊ตฐ์ด๋ผ๊ณ  ๋ณผ ์ˆ˜ ์žˆ๋‹ค.

5. ๊ฑฐ๋ž˜์†Œ์˜ ๋…์ฃผ, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์‹œ์žฅ์˜ ์„ฑ์žฅ

์„นํ„ฐ๋ณ„ ์ฑ„์šฉ ๊ณต๊ณ ๋Š” ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์—์„œ 904๊ฑด(30.8%)์œผ๋กœ ์ „์ฒด ๋น„์ค‘์˜ 3๋ถ„์˜ 1 ๊ฐ€๊นŒ์ด๋ฅผ ์ฐจ์ง€ํ•œ๋‹ค. OKX(267๊ฑด), Bybit(138๊ฑด), Binance(135๊ฑด) ๋“ฑ ๋Œ€ํ˜• ๊ฑฐ๋ž˜์†Œ๋“ค์ด ์ด ์„นํ„ฐ๋ฅผ ์ด๋ˆ๋‹ค.

์Šคํ…Œ์ด๋ธ”์ฝ”์ธยท๊ฒฐ์ œ๋Š” 392๊ฑด(13.4%)์œผ๋กœ 2์œ„๋‹ค. ๋‹ค๋งŒ ํ…Œ๋”(Tether)๊ฐ€ ์ด ์„นํ„ฐ ๋‚ด 224๊ฑด(57.1%)์„ ์ฐจ์ง€ํ•˜๊ณ  ๋ฆฌํ”Œ(Ripple)์ด 104๊ฑด(26.5%)์œผ๋กœ ๋’ค๋ฅผ ์ž‡๋Š”๋‹ค. ๋‘ ๊ธฐ์—…์ด ์„นํ„ฐ ์ „์ฒด์˜ 83.6%๋ฅผ ์ ์œ ํ•˜๊ธฐ ๋•Œ๋ฌธ์— ์„นํ„ฐ ์ „๋ฐ˜์˜ ์ฑ„์šฉ ํ™•์žฅ์ด๋ผ๊ธฐ๋ณด๋‹จ, ์†Œ์ˆ˜ ๋Œ€ํ˜•์‚ฌ ์ง‘์ค‘ ํšจ๊ณผ์— ๊ฐ€๊น๋‹ค๊ณ  ๋ณผ ์ˆ˜ ์žˆ๋‹ค. ํ•˜๋ฐ˜๊ธฐ๋Š” ๋˜ ๋‹ค๋ฅธ ๋ชจ์Šต์ด ์˜ˆ์ƒ๋œ๋‹ค. ๋ฏธ๊ตญ ๋‚ด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ด€๋ จ ๋ฒ•์•ˆ์— ์†๋„๊ฐ€ ๋ถ™๊ณ  ์žˆ๊ธฐ์— ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ด€๋ จ ์ฑ„์šฉ ํ™˜๊ฒฝ์ด ํฌ๊ฒŒ ๋ณ€ํ™”ํ•  ๊ฒƒ์œผ๋กœ ์˜ˆ์ƒ๋œ๋‹ค.

๋งˆ์ผ“๋ฉ”์ดํ‚นยทํŠธ๋ ˆ์ด๋”ฉ์€ 101๊ฑด(3.4%)์œผ๋กœ ๋…๋ฆฝ ์„นํ„ฐ๋ฅผ ํ˜•์„ฑํ•  ๊ทœ๋ชจ๊ฐ€ ๋๋‹ค. B2C2, GSR, ํ‚ค๋ฝ(Keyrock), ์œˆํ„ฐ๋ฎคํŠธ(Wintermute) ๋“ฑ์ด ์ฃผ์š” ๊ธฐ์—…์ด๋‹ค. 2023๋…„ ๋ฆฌํฌํŠธ์—๋Š” ๋ณ„๋„ ๋ถ„๋ฅ˜๊ฐ€ ์—†์—ˆ๋˜ ์นดํ…Œ๊ณ ๋ฆฌ๋‹ค. ๊ธฐ๊ด€ ์œ ๋™์„ฑ ๊ณต๊ธ‰๊ณผ ์ž์‚ฐ ์šด์šฉ์— ๋Œ€ํ•œ ์ˆ˜์š”๊ฐ€ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์— ์ž๋ฆฌ ์žก์€ ๊ฒฐ๊ณผ๋‹ค.

๊ฒŒ์ž„ยทNFT๋Š” 71๊ฑด(2.4%)์— ๋ถˆ๊ณผํ•˜๋‹ค. 2022~2023๋…„ GameFi ๋ถ ๋‹น์‹œ ์‹œ์žฅ ๋‚ด ์ฑ„์šฉ์„ ์ด๋Œ์—ˆ๋˜ ์„นํ„ฐ์ง€๋งŒ ์ง€๊ธˆ์€ ๊ทธ ๋น„์ค‘์ด ๊ณผ๊ฑฐ ๋งˆ์ด๋„ˆ ์˜์—ญ์ด์—ˆ๋˜ ๋งˆ์ผ“๋ฉ”์ดํ‚น๋ณด๋‹ค ๋‚ฎ์•„์กŒ๋‹ค.

๊ฒฐ๊ตญ ์‹œ์žฅ ๋‚ด ์ฑ„์šฉ์€ ๋” ์ด์ƒ ์‚ฌ์ดํด ๋ฏผ๊ฐ๋„์— ์˜์กดํ•˜์ง€ ์•Š๊ณ  ๊ฑฐ๋ž˜์†Œ, ๊ฒฐ์ œ, ๊ทœ์ œ ์ธํ”„๋ผ ๋“ฑ ์•ˆ์ •์„ฑ์„ ๊ฐ•์กฐํ•˜๋Š” ์„นํ„ฐ์— ๋‚จ์•„ ์•ˆ์ฐฉํ•˜๊ณ  ์žˆ๋‹ค.

6. AI ์ธ์žฌ ์ˆ˜์š”์˜ ์ฆ๊ฐ€

๊ฐ™์€ ๊ธฐ๊ฐ„ AI ์‚ฐ์—…์˜ ์ฑ„์šฉ์€ ๋ฐ˜๋Œ€ ๋ฐฉํ–ฅ์„ ๊ฐ€๋ฆฌํ‚จ๋‹ค. PwC 2026 Global AI Jobs Barometer๋Š” 6๊ฐœ ๋Œ€๋ฅ™์˜ 10์–ต ๊ฐœ ์ด์ƒ ์ฑ„์šฉ๊ณต๊ณ ๋ฅผ ๋ถ„์„ํ–ˆ๋‹ค. ๋ฏธ๊ตญ์—์„œ AI ๊ด€๋ จ ์Šคํ‚ฌ์„ ์š”๊ตฌํ•˜๋Š” ์ฑ„์šฉ๊ณต๊ณ ๋Š” 2025๋…„ ์•ฝ 112๋งŒ ๊ฑด์œผ๋กœ ์ „๋…„ ๋Œ€๋น„ 66% ๋Š˜์—ˆ๊ณ , ์ „์ฒด ๊ณต๊ณ ์˜ 2.8%๋ฅผ ์ฐจ์ง€ํ–ˆ๋‹ค.

์•”ํ˜ธํ™”ํ ์‹œ์žฅ๋„ ๊ฐ™์€ ์ƒํ™ฉ์ด๋‹ค. ๊ด€๋ จ ๊ณต๊ณ  ๋‚ด AI ์Šคํ‚ฌ ์–ธ๊ธ‰ ๋น„์œจ์€ 2025๋…„ ์ดˆ 23%์—์„œ 2026๋…„ 3์›” 53.1%๋กœ ์ƒ์Šนํ–ˆ๋‹ค.

๊ฒฐ๊ตญ AI๋Š” ์ „ ์‚ฐ์—…๊ตฐ์— ๊ฑธ์ณ ์ƒˆ๋กœ์šด ์ง๋ฌด๋ฅผ ๋งŒ๋“ค์–ด๋‚ด๋Š” ๋™์‹œ์—, ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์€ ๋” ์ ์€ ์ธ๋ ฅ์œผ๋กœ ๋” ๋†’์€ ์ƒ์‚ฐ์„ฑ์„ ์š”๊ตฌํ•˜๋Š” ๋ฐฉํ–ฅ์œผ๋กœ ์žฌํŽธ๋˜๊ณ  ์žˆ๋‹ค.

7. ์ค„์–ด๋“  ๊ทœ๋ชจ์™€ ๋‹ฌ๋ผ์ง„ ์—…๋ฌด, ๋””์  ๋“ค์€ ์–ด๋””๋กœ?

๊ธ€๋กœ๋ฒŒ ์•”ํ˜ธํ™”ํ ์ฑ„์šฉ ์‹œ์žฅ์€ ์ด์ œ ๋‹จ์ˆœํžˆ ์‚ฌ๋žŒ์„ ์ ๊ฒŒ ๋ฝ‘๋Š” ๊ฒƒ์„ ๋„˜์–ด, ์ฑ„์šฉํ•˜๋Š” ์—…๋ฌด ์ž์ฒด๊ฐ€ ์™„์ „ํžˆ ๋‹ฌ๋ผ์กŒ๋‹ค.

๊ณผ๊ฑฐ ๋งˆ์ผ€ํŒ… ์œ„์ฃผ์˜€๋˜ ์ฑ„์šฉ์˜ ์ค‘์‹ฌ์ด ์ด์ œ๋Š” โ€˜๊ทœ์ œ ์ค€์ˆ˜โ€™์™€ โ€˜์ธํ”„๋ผ ์šด์˜โ€™์œผ๋กœ ์™„์ „ํžˆ ์ด๋™ํ–ˆ๋‹ค. ๊ณผ๊ฑฐ ํ˜ธํ™ฉ๊ธฐ์ฒ˜๋Ÿผ ํ† ํฐ์„ ํ™๋ณดํ•˜๊ณ  ์ปค๋ฎค๋‹ˆํ‹ฐ๋ฅผ ํ‚ค์šฐ๋˜ ๋งˆ์ผ€ํŒ… ์ง๋ฌด๋Š” ํฌ๊ฒŒ ์ค„์–ด๋“ค์—ˆ๋‹ค. ๋ฐ˜๋ฉด ๊ฑฐ๋ž˜์†Œ ์šด์˜, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ธํ”„๋ผ ๊ตฌ์ถ•, ์˜จ์ฒด์ธ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ์ฒ˜๋Ÿผ ์‹ค์งˆ์ ์ธ ์‹œ์Šคํ…œ์„ ๋‹ค๋ฃจ๋Š” ์ธ๋ ฅ ์ˆ˜์š”๋Š” ์—ฌ์ „ํžˆ ํƒ„ํƒ„ํ•˜๊ฑฐ๋‚˜ ์˜คํžˆ๋ ค ๋Š˜๊ณ  ์žˆ๋Š” ์ƒํ™ฉ์ด๋‹ค.

์‹ค์ œ๋กœ ๋งŽ์€ ํ”„๋กœ์ ํŠธ ํ˜„์žฅ์˜ ๋ชฉ์†Œ๋ฆฌ๋ฅผ ๋“ค์–ด๋ณด๋ฉด ๊ทธ๋“ค์€ ๋” ์ด์ƒ โ€˜๋””์  (Degen)โ€™ ์ฑ„์šฉ์„ ์›ํ•˜์ง€ ์•Š๋Š”๋‹ค. ๋ชจ๋‘๊ฐ€ ์‹œ์žฅ์ด ๋Œ€ํ•ด ์ž˜ ๋ชฐ๋ž๋˜ ์ดˆ๊ธฐ ๋‹จ๊ณ„๋ฅผ ์ง€๋‚˜ ์‚ฐ์—…์˜ ํ‹€์„ ๊ฐ–์ถ”๊ธฐ ์‹œ์ž‘ํ•˜๋ฉด์„œ, ๋ธ”๋ก์ฒด์ธ ์—…๊ณ„๋„ ์ „ํ†ต ๊ธˆ์œต์ด๋‚˜ ํ•€ํ…Œํฌ ๊ธฐ์—…์ฒ˜๋Ÿผ ๊นŒ๋‹ค๋กœ์šด ์ฑ„์šฉ ๊ธฐ์ค€์„ ์ ์šฉํ•˜๊ธฐ ์‹œ์ž‘ํ•œ ๊ฒƒ์ด๋‹ค.

๊ฒฐ๊ตญ ์•”ํ˜ธํ™”ํ ์ฑ„์šฉ ์‹œ์žฅ์˜ ์ด ๊ฐ™์€ ๋ณ€ํ™”๋Š” ์‚ฐ์—…์ด ํˆฌ๊ธฐ์˜ ์‹œ๋Œ€๋ฅผ ์ง€๋‚˜ ์ œ๋„๊ถŒ ์•ˆ์œผ๋กœ ์•ˆ์ฐฉํ•˜๊ณ  ์žˆ์Œ์„ ๋ณด์—ฌ์ค€๋‹ค. ์‹œ์žฅ์€ ์ด์ œ ํ™”๋ คํ•œ ์‹ ๊ธฐ๋ฃจ๋ฅผ ๋งŒ๋“œ๋Š” ์‚ฌ๋žŒ ๋Œ€์‹ , ๋‹จ๋‹จํ•œ ํ˜„์‹ค์˜ ์ธํ”„๋ผ๋ฅผ ๊ตฌ์ถ•ํ•˜๊ณ  ์ฆ๋ช…ํ•ด๋‚ผ ์ง„์งœ ์ „๋ฌธ๊ฐ€๋งŒ์„ ์›ํ•˜๊ณ  ์žˆ๋‹ค.


๋ณ„์ฒจ: ๋ฐ์ดํ„ฐ ์ถœ์ฒ˜

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web3.career / cryptocurrencyjobs.co / ์ง์ ‘ ์ฑ„์šฉ ํŽ˜์ด์ง€(GreenhouseยทAshbyยทLeverยทPolymer) / ํ•œ๊ตญ ์ˆ˜๋™ ํŠธ๋ž˜ํ‚น / LinkedIn ์ˆ˜๋™ ์ƒ˜ํ”Œ / ์ˆ˜์ง‘ ๊ธฐ์ค€์ผ: 2026๋…„ 6์›” 18์ผ

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    Disclaimer

    ์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

    ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ ์ด์šฉ ์•ˆ๋‚ด

    ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋กœ๊ณ ๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ 2026: ๋ฏธ๊ตญ์˜ ๊ตฌ์กฐ์  ๋ณ€ํ™”์™€ ์•„์‹œ์•„ ๊ธฐ๊ด€์˜ ๋ฐฉํ–ฅ์„ฑ]]>https://reports.tiger-research.com/p/internet-capital-markets-2026-us-korhttps://reports.tiger-research.com/p/internet-capital-markets-2026-us-korThu, 18 Jun 2026 13:54:39 GMT๐Ÿ“ฅ ๋ฆฌํฌํŠธ ๋‹ค์šด๋กœ๋“œํ•˜๊ธฐ

Summary

์•”ํ˜ธํ™”ํ ์‹œ์žฅ์€ ๊ธฐ์ˆ ์  ์‹คํ—˜ ๋‹จ๊ณ„๋ฅผ ๋„˜์–ด ๋ณธ๊ฒฉ์ ์ธ ์‚ฐ์—…ํ™” ๊ณผ์ •์— ์ง„์ž…ํ–ˆ๋‹ค. ํ–ฅํ›„ ์‹œ์žฅ์ด ์ง€ํ–ฅํ•˜๋Š” ๊ถ๊ทน์ ์ธ ํ˜•ํƒœ๋Š” ์ž์‚ฐ์˜ ๋ฐœํ–‰, ๊ฑฐ๋ž˜, ์ •์‚ฐ ๋“ฑ ๊ฐ€์น˜ ์‚ฌ์Šฌ์˜ ์ „ ๊ณผ์ •์ด ๋‹จ์ผ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ ์ธํ”„๋ผ์—์„œ ์ข…๊ฒฐ๋˜๋Š” โ€˜์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅโ€™์˜ ๊ตฌ์ถ•์ด๋‹ค.

์˜ค๋Š˜๋‚ ๊นŒ์ง€๋„ ์ž๋ณธ์‹œ์žฅ์€ ์ธํ„ฐ๋„ท ์ด์ „์— ์„ค๊ณ„๋œ ๊ตฌ์กฐ ์œ„์—์„œ ์ž‘๋™ํ•œ๋‹ค. ์ฃผ์‹ ํ•œ ์ฃผ๋ฅผ ์‚ฌ๊ณ ํŒ”์•„๋„ ์ฒญ์‚ฐ์†Œ์™€ ์˜ˆํƒ๊ธฐ๊ด€์ด ์‚ฌ์ด์— ๋ผ์–ด ์ •์‚ฐ๊นŒ์ง€ ํ•˜๋ฃจ ์ด์ƒ์ด ๊ฑธ๋ฆฐ๋‹ค. ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์€ ์ž์‚ฐ์˜ ๋ฐœํ–‰๊ณผ ๊ฑฐ๋ž˜, ์ •์‚ฐ์ด ์—ฌ๋Ÿฌ ๊ธฐ๊ด€์˜ ์žฅ๋ถ€๋ฅผ ๊ฑฐ์น˜์ง€ ์•Š๊ธฐ์— ์ด ์‹œ์ฐจ ์ž์ฒด๋ฅผ ์—†์•ค๋‹ค. ์ž๋ณธ์‹œ์žฅ ๊ตฌ์กฐ์˜ ๋‹ค์Œ ๋‹จ๊ณ„๋‹ค.

๋ฏธ๊ตญ์€ ์ด ๋ณ€ํ™”์˜ ์ธํ”„๋ผ ํ‘œ์ค€์„ ๊ฐ€์žฅ ๋จผ์ € ์„ ์ ํ•˜๊ณ  ์žˆ๋‹ค. ๋ฏธ ์˜ํšŒ๊ฐ€ ์ง€๋‹ˆ์–ด์Šค ๋ฒ•์•ˆ์œผ๋กœ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์˜ ๋ฒ•์  ์ง€์œ„๋ฅผ ๊ทœ์ •ํ–ˆ๊ณ , 2026๋…„ 3์›” ๋ฏธ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ(SEC, ์ดํ•˜ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ)์™€ ๋ฏธ ์ƒํ’ˆ์„ ๋ฌผ๊ฑฐ๋ž˜์œ„์›ํšŒ(CFTC, ์ดํ•˜ ์ƒํ’ˆ์„ ๋ฌผ๊ฑฐ๋ž˜์œ„์›ํšŒ)๊ฐ€ ์†”๋ผ๋‚˜๋ฅผ ํฌํ•จํ•œ 16๊ฐœ ์ž์‚ฐ์„ ๋””์ง€ํ„ธ ์ƒํ’ˆ์œผ๋กœ ํ™•์ •ํ•˜๋ฉด์„œ ์ž๋ณธ ์œ ์ž…์„ ๊ฐ€๋กœ๋ง‰๋˜ ๋ถˆํ™•์‹ค์„ฑ์ด ์ƒ๋‹น ๋ถ€๋ถ„ ํ•ด์†Œ๋˜์—ˆ๋‹ค. ํ‘œ์ค€์„ ์„ธ์šด ์ฃผ์ฒด๊ฐ€ ์‹œ์žฅ์˜ ๊ทœ์น™์„ ์ฃผ๋„ํ•ด์˜จ ๊ณผ๊ฑฐ์˜ ํŒจํ„ด์ด ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์—์„œ ๋‹ค์‹œ ๋ฐ˜๋ณต๋˜๋Š” ์–‘์ƒ์ด๋‹ค.

์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์œผ๋กœ์˜ ์ „ํ™˜์ด ๊ฐ€์žฅ ๊ตฌ์ฒด์ ์ธ ํ˜•ํƒœ๋กœ ๊ตฌํ˜„๋˜๊ณ  ์žˆ๋Š” ๋„คํŠธ์›Œํฌ๋Š” ์†”๋ผ๋‚˜๋‹ค.

์†”๋ผ๋‚˜๋Š” ๊ธฐ๊ด€์˜ ์‹ค๋ฌด ์‚ฌ๋ก€ ๊ตฌ์ถ•๊ณผ ๊ทœ์ œ ํ”„๋ ˆ์ž„์›Œํฌ ์„ค๊ณ„๋ฅผ ๋™์‹œ์— ์ถ”์ง„ํ•˜๋Š” ์ค‘์‹ฌ ๋„คํŠธ์›Œํฌ๋‹ค. ๊ทธ ์ผํ™˜์œผ๋กœ JP๋ชจ๊ฑด, ์Šคํ…Œ์ดํŠธ ์ŠคํŠธ๋ฆฌํŠธ, ์‹œํ‹ฐ ๋“ฑ ๊ธ€๋กœ๋ฒŒ ์ฃผ์š” ๊ธˆ์œต๊ธฐ๊ด€์„ ์˜จ๋ณด๋”ฉํ•˜๋ฉฐ ์‹ค๋ฌด ๋ ˆํผ๋Ÿฐ์Šค๋ฅผ ๋‹ค์ง€๋Š” ํ•œํŽธ, ์›Œ์‹ฑํ„ด D.C.์˜ ์†”๋ผ๋‚˜ ์ •์ฑ… ์—ฐ๊ตฌ์†Œ๋ฅผ ํ•„๋‘๋กœ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ์— โ€˜ํ”„๋กœ์ ํŠธ ์˜คํ”ˆโ€™ ํŒŒ์ผ๋Ÿฟ ํ”„๋ ˆ์ž„์›Œํฌ๋ฅผ ์ง์ ‘ ์ œ์ถœํ•˜๋ฉฐ ๊ทœ์ œ ์„ ๋ก€๋ฅผ ์„ ์ œ์ ์œผ๋กœ ํ˜•์„ฑํ•˜๊ณ  ์žˆ๋‹ค.

๋ฏธ๊ตญ์„ ์ค‘์‹ฌ์œผ๋กœ ์ด์ฒ˜๋Ÿผ ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์˜ ํ‘œ์ค€์ด ๊ณต๊ณ ํ•ด์งˆ์ˆ˜๋ก, ์•„์‹œ์•„ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์ด ์‹œ์žฅ์„ ์„ ์ ํ•  ์ˆ˜ ์žˆ๋Š” ๊ธฐํšŒ๋Š” ์ค„์–ด๋“ค ์ˆ˜๋ฐ–์— ์—†๋‹ค. ๋ชจ๋“  ์ธํ”„๋ผ๋ฅผ ๋ฌด์—์„œ ์„ค๊ณ„ํ•˜๋˜ ํผ์ŠคํŠธ ๋ฌด๋ฒ„์˜ ๋‹จ๊ณ„๊ฐ€ ์ง€๋‚œ ๋งŒํผ, ์ด์ œ๋Š” ๊ฒ€์ฆ๋œ ์ธํ”„๋ผ์™€ ๊ทœ์ œ ๋ ˆํผ๋Ÿฐ์Šค๋ฅผ ์ˆ˜์šฉํ•ด ์‹œํ–‰์ฐฉ์˜ค๋ฅผ ์ตœ์†Œํ™”ํ•˜๋Š” ํŒจ์ŠคํŠธ ํŒ”๋กœ์›Œ ์ „๋žต์ด ๊ฐ€์žฅ ํ˜„์‹ค์ ์ธ ๊ฒฝ๋กœ๋‹ค. ๋งŒ์•ฝ ๋ณธ๊ตญ์˜ ์ œ๋„ ์ •๋น„๊ฐ€ ๋”๋””๋‹ค๋ฉด, ์‹ฑ๊ฐ€ํฌ๋ฅด๋‚˜ UAE์ฒ˜๋Ÿผ ํ”„๋ ˆ์ž„์›Œํฌ๊ฐ€ ์™„๋น„๋œ ๊ด€ํ• ๊ถŒ์„ ๊ต๋‘๋ณด๋กœ ์‚ผ์•„ ์†”๋ผ๋‚˜์˜ ๊ฒ€์ฆ๋œ ๋ชจ๋ธ์„ ๋จผ์ € ์ด์‹ํ•˜๋Š” ๊ฒƒ์ด ์‹คํšจ์ ์ธ ๋Œ€์•ˆ์ด๋‹ค.

๋ฌผ๋ก  ์˜จ์ฒด์ธ ์ƒํƒœ๊ณ„ ์ง„์ž… ์—ฌ๋ถ€์™€ ๊ตฌ์ฒด์ ์ธ ํƒ€์ž„๋ผ์ธ์€ ๊ฐ ๊ธˆ์œต๊ธฐ๊ด€๊ณผ ๊ทœ์ œ ๋‹น๊ตญ์˜ ๊ณ ์œ ํ•œ ์ •์ฑ…์ , ๋ฆฌ์Šคํฌ์  ํŒ๋‹จ ์˜์—ญ์ด๋‹ค. ๋‹ค๋งŒ ๋ถ„๋ช…ํ•œ ์‚ฌ์‹ค์€ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ ์ง€ํ˜• ๋‚ด์—์„œ ์†”๋ผ๋‚˜๊ฐ€ ๊ฐ€์žฅ ์••๋„์ ์ธ ๋ฐ€๋„์˜ ๊ธฐ๊ด€ ํŒŒ์ผ๋Ÿฟ๊ณผ ์‹ค๊ฑฐ๋ž˜ ๋ ˆํผ๋Ÿฐ์Šค๋ฅผ ์ถ•์ ํ•ด ์™”๋‹ค๋Š” ์ ์ด๋‹ค. ์ด์— ๋ณธ ๋ณด๊ณ ์„œ๋Š” ํ”„๋ผ์ด๋น—์ด๋‚˜ ํ—ˆ๊ฐ€ํ˜• ๋ถ„์‚ฐ์›์žฅ๊ณผ์˜ ๋‹จ์ˆœ ๋น„๊ต๋ฅผ ๋ฐฐ์ œํ•˜๊ณ , ์‹ค์ œ ์ž๋ณธ์ด ์›€์ง์ด๋Š” ํผ๋ธ”๋ฆญ ์ธํ”„๋ผ ์ง€ํ˜•์—์„œ ์†”๋ผ๋‚˜๊ฐ€ ๊ฐ€์ง„ ์ƒ์—…์  ์‹คํšจ์„ฑ์„ ์ง‘์ค‘ ๋ถ„์„ํ•œ๋‹ค.


๐Ÿ“ฅ ๋ฆฌํฌํŠธ ๋‹ค์šด๋กœ๋“œํ•˜๊ธฐ



1. ์•”ํ˜ธํ™”ํ ์‹œ์žฅ, ์‹คํ—˜์—์„œ ์‚ฐ์—…์œผ๋กœ

์ธํ„ฐ๋„ท, ํ•€ํ…Œํฌ, AI ๋“ฑ ์ผ๋ฐ˜์ ์œผ๋กœ ์‹ ๊ธฐ์ˆ ์ด ์‹คํ—˜ ๋‹จ๊ณ„๋ฅผ ์ง€๋‚˜ ํ•˜๋‚˜์˜ ์‚ฐ์—…์ด ๋˜๋Š” ๊ณผ์ •์€ ์ผ์ •ํ•œ ๋‹จ๊ณ„๋ฅผ ๋”ฐ๋ฅธ๋‹ค.

  1. ์‹คํ—˜๊ธฐ: ๊ทœ์ œ ๊ณต๋ฐฑ ์†์—์„œ ์†Œ์ˆ˜์˜ ๊ฐœ๋ฐœ์ž์™€ ์ดˆ๊ธฐ ์‚ฌ์šฉ์ž๊ฐ€ ๊ธฐ์ˆ ์„ ๊ฒ€์ฆํ•œ๋‹ค.

  2. ๊ณผ์—ด๊ธฐ: ๊ฐ€๋Šฅ์„ฑ์ด ๋Œ€์ค‘์— ์•Œ๋ ค์ง€๋ฉฐ ์ž๋ณธ์ด ๋ชฐ๋ฆฌ๊ณ  ๊ณผ์—ด๊ณผ ๋ถ•๊ดด๊ฐ€ ๋ฐ˜๋ณต๋œ๋‹ค.

  3. ๊ทœ์ œ ๊ฐœ์ž…๊ธฐ: ์‹œ์žฅ์ด ๊ทœ๋ชจ์— ์ด๋ฅด๋ฉด ๋‹น๊ตญ์ด ๊ฐœ์ž…ํ•ด ์ œ๋„์  ๊ฒฝ๊ณ„๋ฅผ ์„ค์ •ํ•œ๋‹ค.

  4. ์‚ฐ์—… ํ˜•์„ฑ๊ธฐ: ๊ทœ์ œ์  ๋ฆฌ์Šคํฌ ๋ฐ ํšจ์šฉ ํ™•์ธํ•˜๋ฉฐ, ๊ธฐ์กด ์‚ฐ์—…๊ณผ ๊ฒฐํ•ฉ์œผ๋กœ ์‚ฐ์—…์ด ํ˜•์„ฑ๋œ๋‹ค.

๊ฐ€์žฅ ๋Œ€ํ‘œ์ ์ธ ์‹ ๊ธฐ์ˆ ์ธ ์ธํ„ฐ๋„ท์€ 1990๋…„๋Œ€ ์‹คํ—˜๊ณผ ๋‹ท์ปด ๋ฒ„๋ธ”์˜ ๊ณผ์—ด์„ ๊ฑฐ์ณ, ๋ฒ„๋ธ” ๋ถ•๊ดด ํ›„ ๊ทœ์ œ์™€ ํ‘œ์ค€์ด ์ •๋น„๋˜๋ฉด์„œ ์˜ค๋Š˜๋‚ ์˜ ์‚ฐ์—…์œผ๋กœ ์ž๋ฆฌ ์žก์•˜๋‹ค. ๋˜ํ•œ ํ•€ํ…Œํฌ๋Š” ์ดˆ๊ธฐ ์Šคํƒ€ํŠธ์—…์˜ ์‹คํ—˜๊ณผ ํˆฌ์ž ๊ณผ์—ด์„ ์ง€๋‚˜, ๊ฐ๊ตญ์ด ์ „์ž๊ธˆ์œต ๋ฐ ๊ฐ„ํŽธ๊ฒฐ์ œ ์ œ๋„๋ฅผ ๋งˆ๋ จํ•˜๋ฉด์„œ ์ œ๋„๊ถŒ ๊ธˆ์œต์— ํŽธ์ž…๋๋‹ค. ๋งˆ์ง€๋ง‰์œผ๋กœ AI๋Š” ์ƒ์„ฑํ˜• ๋ชจ๋ธ์„ ๋‘˜๋Ÿฌ์‹ผ ๊ธฐ๋Œ€๊ฐ€ ์ •์ ์— ์ด๋ฅธ ๊ณผ์—ด๊ธฐ๋ฅผ ์ง€๋‚˜, ์ง€๊ธˆ ๊ฐ๊ตญ์ด ๊ทœ์ œ ํ‹€์„ ์งœ๋Š” ๊ฐœ์ž…๊ธฐ์— ๋“ค์–ด์„œ ์žˆ๋‹ค. ๊ฐ๊ฐ์˜ ๋‹จ๊ณ„์˜ ์†๋„์™€ ์–‘์ƒ์€ ๋‹ค๋ฅด์ง€๋งŒ ๊ฐ™์€ ๊ฒฝ๋กœ๋ฅผ ๋ฐŸ์œผ๋ฉฐ ์‹คํ—˜ ๋‹จ๊ณ„์—์„œ ์‚ฐ์—…์œผ๋กœ ์„ฑ์žฅํ•œ๋‹ค.

ํ˜„์žฌ ์•”ํ˜ธํ™”ํ๋Š” 3๋‹จ๊ณ„์™€ 4๋‹จ๊ณ„ ์‚ฌ์ด์— ์žˆ๋‹ค. ๋น„ํŠธ์ฝ”์ธ ๋“ฑ์žฅ ์ดํ›„ ์†Œ์ˆ˜์˜ ๊ฐœ๋ฐœ์ž๊ฐ€ ๊ฒฐ์ œ์™€ ์ •์‚ฐ์ด๋ผ๋Š” ์“ฐ์ž„์„ ์‹œํ—˜ํ–ˆ๊ณ (์‹คํ—˜๊ธฐ), 2017๋…„ ICO ๋ถ๊ณผ 2021๋…„ ๋””ํŒŒ์ด ์—ดํ’์ฒ˜๋Ÿผ ๊ฐ€๋Šฅ์„ฑ์ด ์•Œ๋ ค์งˆ ๋•Œ๋งˆ๋‹ค ํˆฌ์ž์ž๋“ค์ด ๋ชฐ๋ ธ๋‹ค๊ฐ€ ๋น ์ ธ๋‚˜๊ฐ€๊ธฐ๋ฅผ ๋ฐ˜๋ณตํ–ˆ๋‹ค(๊ณผ์—ด๊ธฐ). 2022๋…„ FTX ๋ถ•๊ดด๋Š” ๊ทธ ์ •์ ์ด์ž ๋ถ„๊ธฐ์ ์ด์—ˆ๋‹ค. ๋ฐ˜๋ณต๋œ ๋ถ•๊ดด๋ฅผ ๊ฑฐ์น˜๋ฉฐ ํˆฌ๊ธฐ ์ˆ˜์š”๋Š” ๊ฑธ๋Ÿฌ์ง€๊ณ  ์‹ค์ œ ์‚ฌ์šฉ ์‚ฌ๋ก€๊ฐ€ ์ฆ๋ช…๋์œผ๋ฉฐ, ์‹œ์žฅ์ด ์‹œ์Šคํ…œ์  ๊ทœ๋ชจ์— ์ด๋ฅด์ž ๋ฏธ๊ตญ ๊ทœ์ œ ๋‹น๊ตญ์€ ๋ฐฉ์น˜๋„ ๋‹จ์†๋„ ์•„๋‹Œ ์ œ๋„ํ™”๋กœ ๋ฐฉํ–ฅ์„ ํ‹€์—ˆ๋‹ค(๊ทœ์ œ ๊ฐœ์ž…๊ธฐ).

๋‹ค๋งŒ ์•”ํ˜ธํ™”ํ๋Š” ์ •์‚ฐยท๊ฒฐ์ œยท๋ฐœํ–‰์ด๋ผ๋Š” ๊ธˆ์œต์˜ ํ•ต์‹ฌ ๊ธฐ๋Šฅ์„ ์ง์ ‘ ๋Œ€์ฒดํ•˜๊ณ ์ž ํ•ด ์ „ํ†ต ๊ธˆ์œต๊ธฐ๊ด€๊ณผ์˜ ๋งˆ์ฐฐ์ด ์žˆ์—ˆ๊ณ , ๊ทธ๋งŒํผ ํŽธ์ž…์— ๋” ๊ธด ์‹œ๊ฐ„์ด ๊ฑธ๋ ธ๋‹ค. ๋•Œ๋ฌธ์— ์•”ํ˜ธํ™”ํ๋Š” ์ด์ œ์•ผ ๊ทœ์ œ ๊ฐœ์ž…๊ธฐ์™€ ์‚ฐ์—… ํ˜•์„ฑ๊ธฐ ์‚ฌ์ด์˜ ๋‹จ๊ณ„์— ์„ค ์ˆ˜ ์žˆ์—ˆ๋‹ค.

๋จผ์ € ๊ทœ์ œ ์ธก๋ฉด์—์„œ ์ตœ๊ทผ ํฐ ์•ฝ์ง„์ด ๋ณด์ธ๋‹ค. ๋ฏธ๊ตญ ์˜ํšŒ๊ฐ€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์˜ ๋ฒ•์  ์ง€์œ„๋ฅผ ๊ทœ์ •ํ•œ GENIUS Act๋ฅผ ํ†ต๊ณผ์‹œ์ผฐ๊ณ , 2026๋…„ 3์›” ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ์™€ ์ƒํ’ˆ์„ ๋ฌผ๊ฑฐ๋ž˜์œ„์›ํšŒ๊ฐ€ SOL์„ ํฌํ•จํ•œ 16๊ฐœ ์ž์‚ฐ์„ ๋””์ง€ํ„ธ ์ƒํ’ˆ์œผ๋กœ ํ™•์ •ํ–ˆ๋‹ค. ์ž๋ณธ ์œ ์ž…์„ ๊ฐ€๋กœ๋ง‰๋˜ ๊ทœ์ œ ๋ถˆํ™•์‹ค์„ฑ์ด ์ƒ๋‹น ๋ถ€๋ถ„ ๊ฑทํžŒ ๊ฒƒ์ด๋‹ค. ๋‹ค๋งŒ ์‹œ์žฅ ๊ตฌ์กฐ ์ „๋ฐ˜์„ ๊ทœ์œจํ•  CLARITY Act๋ฅผ ๋น„๋กฏํ•œ ํ•ต์‹ฌ ๊ทœ์ œ๋Š” ์—ฌ์ „ํžˆ ๋…ผ์˜ ์ค‘์ด๋‹ค.

๋˜ํ•œ ์‚ฐ์—… ํ˜•์„ฑ๊ธฐ์— ๋“ค์–ด์„œ๋ฉฐ ๊ธฐ๊ด€๊ณผ ์•”ํ˜ธํ™”ํ์˜ ๊ฒฐํ•ฉ์ด ๋Š˜๊ณ  ์žˆ๋‹ค. ์ž์‚ฐ์šด์šฉ์‚ฌ๋Š” ํŽ€๋“œ๋ฅผ ์˜จ์ฒด์ธ์— ์˜ฌ๋ฆฌ๊ณ , ์€ํ–‰์€ ์ž๊ธˆ์„ ์˜จ์ฒด์ธ์—์„œ ์ •์‚ฐํ•œ๋‹ค. ๊ตฌ์ฒด์ ์œผ๋กœ ์‹ค๋ฌผ์ž์‚ฐ ํ† ํฐํ™”(RWA) ์‹œ์žฅ์€ 2025๋…„ ์ดˆ 54์–ต ๋‹ฌ๋Ÿฌ์—์„œ 2026๋…„ 3์›” ๋ง 193์–ต ๋‹ฌ๋Ÿฌ๋กœ 15๊ฐœ์›” ๋งŒ์— ์•ฝ 257% ์ปค์กŒ๊ณ , ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ๊นŒ์ง€ ๋”ํ•˜๋ฉด ์˜จ์ฒด์ธ ์ž์‚ฐ์€ ์•ฝ 3,000์–ต ๋‹ฌ๋Ÿฌ์— ์ด๋ฅธ๋‹ค. ์•„์ง ๋Œ€๊ทœ๋ชจ ์‚ฐ์—…์ด๋ผ๊ณ  ๋งํ•˜๊ธด ์–ด๋ ค์šด ๊ทœ๋ชจ์ด์ง€๋งŒ, ๊ทœ์ œ ๊ตฌ์ถ•๊ณผ ํ•จ๊ป˜ ์‚ฐ์—…์˜ ํ˜•์„ฑ์ด ์‹œ์ž‘๋˜๊ณ  ์žˆ๋‹ค.

2. ์•”ํ˜ธํ™”ํ ์‚ฐ์—…์˜ ๋ฏธ๋ž˜, ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ(ICM)

์‚ฐ์—…์˜ ๋‹จ๊ณ„์— ๋“ค์–ด์„  ์•”ํ˜ธํ™”ํ๊ฐ€ ํ–ฅํ•˜๋Š” ๋ฏธ๋ž˜๋Š” ์ž๋ณธ์‹œ์žฅ ๊ทธ ์ž์ฒด์˜ ์žฌ๊ตฌ์„ฑ์ด๋‹ค. ์ด๋Ÿฌํ•œ ๋ฏธ๋ž˜๋Š” ์ž์‚ฐ์˜ ๋ฐœํ–‰๊ณผ ๊ฑฐ๋ž˜, ์ •์‚ฐ์ด ํ•˜๋‚˜์˜ ๊ณต๊ฐœ ๋ธ”๋ก์ฒด์ธ ์œ„์—์„œ ์ด๋ฃจ์–ด์ง€๋Š” โ€˜์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ(ICM)โ€™์œผ๋กœ ์ •์˜ํ•  ์ˆ˜ ์žˆ๋‹ค.

์˜ค๋Š˜๋‚ ์˜ ์ž๋ณธ์‹œ์žฅ์€ ์ธํ„ฐ๋„ท ์ด์ „์— ์„ค๊ณ„๋œ ๊ตฌ์กฐ ์œ„์—์„œ ์›€์ง์ธ๋‹ค. ์ฃผ์‹ ํ•œ ์ฃผ๋ฅผ ์‚ฌ๊ณ ํŒ”์•„๋„ ์ฒด๊ฒฐ ์ˆœ๊ฐ„ ์ž์‚ฐ๊ณผ ํ˜„๊ธˆ์ด ๋ฐ”๋กœ ์˜ค๊ฐ€์ง€ ์•Š๋Š” ๊ณผ์ •์ด ๋‹จ์ ์ธ ์˜ˆ๋‹ค. ์ฒญ์‚ฐ์†Œ๊ฐ€ ๋งค์ˆ˜์ž์™€ ๋งค๋„์ž ์‚ฌ์ด์— ๊ฐœ์ž…ํ•ด ์–ด๋А ํ•œ์ชฝ์ด ์ •์‚ฐ ์ „์— ๊ณ„์•ฝ์„ ์ดํ–‰ํ•˜์ง€ ๋ชปํ•  ์œ„ํ—˜์„ ๋Œ€์‹  ๋ถ€๋‹ดํ•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ๊ทธ ๋Œ€๊ฐ€๋กœ ์ฒญ์‚ฐ์†Œ๋Š” ์–‘์ธก์— ์ฆ๊ฑฐ๊ธˆ์„ ์š”๊ตฌํ•˜๋ฉฐ, ์ด ์ž๊ธˆ์€ ๊ฒฐ์ œ๊ฐ€ ์™„๋ฃŒ๋  ๋•Œ๊นŒ์ง€ ๋ฌถ์ธ๋‹ค. ๋ฏธ๊ตญ ์‹œ์žฅ์„ ๊ธฐ์ค€์œผ๋กœ ์ฒด๊ฒฐ ๋‹ค์Œ ์˜์—…์ผ์—์•ผ ์˜ˆํƒ๊ธฐ๊ด€์—์„œ ์žฅ๋ถ€ ์ด์ „์ด ๋งˆ๋ฌด๋ฆฌ๋˜๋Š” ๊ตฌ์กฐ๋‹ค.

๋ธŒ๋กœ์ปค, ๊ฑฐ๋ž˜์†Œ, ์ฒญ์‚ฐ์†Œ, ์˜ˆํƒ๊ธฐ๊ด€, ์ˆ˜ํƒ๊ธฐ๊ด€์ด ๊ฐ์ž์˜ ์žฅ๋ถ€๋ฅผ ๋”ฐ๋กœ ์šด์˜ํ•˜๋ฏ€๋กœ ๋งค ์˜์—…์ผ ๊ธฐ๊ด€ ๊ฐ„ ๋ฐ์ดํ„ฐ ๋Œ€์กฐ๊ฐ€ ํ•„์ˆ˜์ ์ด๋ฉฐ, ๋ถˆ์ผ์น˜๊ฐ€ ๋ฐœ์ƒํ•˜๋ฉด ๊ฒฐ์ œ๊ฐ€ ์ง€์—ฐ๋œ๋‹ค. ๊ตญ๊ฒฝ์„ ๋„˜๋Š” ๊ฑฐ๋ž˜๋ผ๋ฉด ํ†ตํ™” ํ™˜์ „๊ณผ ๊ฐ๊ตญ ์˜ˆํƒ๊ธฐ๊ด€์˜ ๊ณต์ •์ด ์ถ”๊ฐ€๋˜์–ด ์ •์‚ฐ ๊ธฐ๊ฐ„์ด T+3 ์ด์ƒ์œผ๋กœ ๋Š˜์–ด๋‚˜๊ธฐ๋„ ํ•œ๋‹ค. ์ด ๊ตฌ์กฐ๋Š” ์ƒ๋Œ€๋ฐฉ์„ ์‹ ๋ขฐํ•  ์ˆ˜ ์—†๋˜ ์‹œ๋Œ€์— ์„ค๊ณ„๋˜์—ˆ์œผ๋ฉฐ, ๊ทธ ์„ค๊ณ„ ์ž์ฒด๊ฐ€ ํ˜„์žฌ๋Š” ๋น„์šฉ์œผ๋กœ ์ž‘์šฉํ•˜๊ณ  ์žˆ๋‹ค.

์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์—์„œ๋Š” ์ฒญ์‚ฐ์†Œ๊ฐ€ ํ•˜๋˜ ์—ญํ• ์„ ์ฝ”๋“œ๊ฐ€ ๋Œ€์ฒดํ•œ๋‹ค. ๋งค์ˆ˜์ž์˜ ๋Œ€๊ธˆ๊ณผ ๋งค๋„์ž์˜ ์ž์‚ฐ์ด ์Šค๋งˆํŠธ์ปจํŠธ๋ž™ํŠธ ์•ˆ์— ๋™์‹œ์— ์˜ˆ์น˜๋˜๊ณ , ๋‘ ์ด์ „์ด ํ•˜๋‚˜์˜ ํŠธ๋žœ์žญ์…˜์œผ๋กœ ๋ฌถ์—ฌ ์‹คํ–‰๋œ๋‹ค. ์–ด๋А ํ•œ์ชฝ ์กฐ๊ฑด์ด ์ถฉ์กฑ๋˜์ง€ ์•Š์œผ๋ฉด ํŠธ๋žœ์žญ์…˜ ์ „์ฒด๊ฐ€ ์ทจ์†Œ๋œ๋‹ค. ๋งค์ˆ˜์ž์˜ ๋Œ€๊ธˆ๋งŒ ๋น ์ ธ๋‚˜๊ฐ€๊ฑฐ๋‚˜ ์ž์‚ฐ๋งŒ ์ด์ „๋˜๋Š” ๊ฒฝ์šฐ๋Š” ๊ธฐ์ˆ ์ ์œผ๋กœ ๋ฐœ์ƒํ•˜์ง€ ์•Š๋Š”๋‹ค. ๊ฑฐ๋ž˜ ์ƒ๋Œ€๋ฐฉ์˜ ์ดํ–‰ ์œ„ํ—˜์ด ์ฝ”๋“œ ์ˆ˜์ค€์—์„œ ์ œ๊ฑฐ๋˜๋ฏ€๋กœ ์ฆ๊ฑฐ๊ธˆ์„ ์š”๊ตฌํ•  ์ฒญ์‚ฐ์†Œ๊ฐ€ ํ•„์š” ์—†๋‹ค. ๋ชจ๋“  ์ฐธ์—ฌ์ž๊ฐ€ ๋™์ผํ•œ ์›์žฅ์„ ์‹ค์‹œ๊ฐ„์œผ๋กœ ๊ณต์œ ํ•˜๋ฏ€๋กœ ๊ธฐ๊ด€ ๊ฐ„ ์žฅ๋ถ€ ๋Œ€์กฐ ๊ณต์ •๋„ ์‚ฌ๋ผ์ง„๋‹ค. ๊ฒฐ๊ณผ์ ์œผ๋กœ ์ฒด๊ฒฐ๊ณผ ์ •์‚ฐ์ด ์ˆ˜์ดˆ ๋‚ด์— ๋™์‹œ์— ์™„๊ฒฐ๋œ๋‹ค.

์ด ๋ณ€ํ™”๋ฅผ ์ฃผ๋„ํ•˜๋Š” ์ฃผ์ฒด๋Š” ์•”ํ˜ธํ™”ํ ์Šคํƒ€ํŠธ์—…์—์„œ ์ „ํ†ต ๊ธˆ์œต๊ธฐ๊ด€์œผ๋กœ ํ™•๋Œ€๋˜๋Š” ์ถ”์„ธ๋‹ค. ๋‹ค์ธต ์ค‘๊ฐœ ๊ตฌ์กฐ์—์„œ ์ˆ˜์ต์„ ์˜ฌ๋ฆฌ๋˜ ์ „ํ†ต ๊ธฐ๊ด€๋“ค์ด ์˜คํžˆ๋ ค ์ด ์›€์ง์ž„์— ์ ๊ทน์ ์œผ๋กœ ์ฐธ์—ฌํ•˜๊ณ  ์žˆ๋‹ค. ๋ณ€ํ™”์˜ ์ž„๊ณ„์ ๋งˆ๋‹ค ๋’ค๋Šฆ๊ฒŒ ์ง„์ž…ํ•œ ๊ธฐ๊ด€์€ ๋” ๋†’์€ ๋น„์šฉ์„ ์น˜๋ฅด๊ฑฐ๋‚˜ ์ฃผ๋„๊ถŒ์„ ์žƒ์—ˆ๋‹ค๋Š” ์—ญ์‚ฌ์  ๊ฒฝํ—˜ ํ•™์Šต์˜ ๊ฒฐ๊ณผ๋‹ค.

1990๋…„๋Œ€ ์ „์ž๊ฑฐ๋ž˜ ์ „ํ™˜์ด ๋Œ€ํ‘œ์ ์ด๋‹ค. ์žฅ๋‚ด ๊ฑฐ๋ž˜ ๊ธฐ๋ฐ˜์˜ ๋Œ€ํ˜• ๊ธฐ๊ด€๋“ค์€ Island ECN, Instinet ๊ฐ™์€ ์ „์ž๊ฑฐ๋ž˜ ํ”Œ๋žซํผ ๋„์ž…์— ์†Œ๊ทน์ ์ธ ํƒœ๋„๋ฅผ ๋ณด์˜€์œผ๋‚˜, ์ด๊ฒƒ์ด ํ‘œ์ค€์œผ๋กœ ์•ˆ์ฐฉํ•œ ์ดํ›„์—์•ผ ์ธ์ˆ˜์™€ ํŽธ์ž…์„ ํ†ตํ•ด ํ•ด๋‹น ์ฒด์ œ๋ฅผ ์ˆ˜์šฉํ–ˆ๋‹ค. ํ•€ํ…Œํฌ ์ „ํ™˜๊ธฐ ์—ญ์‹œ ์˜ˆ์™ธ๋Š” ์•„๋‹ˆ์—ˆ๋‹ค. ๋””์ง€ํ„ธ ๋ฑ…ํ‚น์ด ๊ณ ๊ฐ์„ ๊ฐ€์ ธ๊ฐ„ ๋’ค์—์•ผ ์ „ํ†ต ์€ํ–‰๋“ค์€ ์ž์ฒด ์•ฑ์„ ์ถœ์‹œํ•˜๊ฑฐ๋‚˜ ํ•€ํ…Œํฌ ๊ธฐ์—…์„ ์ธ์ˆ˜ํ–ˆ๋‹ค. ์„ ํƒ์ง€๋Š” ๋งค๋ฒˆ ๊ฐ™์•˜๋‹ค. ์ƒˆ๋กœ์šด ์ธํ”„๋ผ๋ฅผ ์ง์ ‘ ์„ค๊ณ„ํ•ด ์—ญํ• ์„ ์žฌ์ •์˜ํ•˜๊ฑฐ๋‚˜, ํƒ€์ธ์ด ์„ค๊ณ„ํ•œ ๊ตฌ์กฐ๋ฅผ ์ˆ˜์šฉํ•˜๊ฑฐ๋‚˜. ์ž„๊ณ„์ ์„ ๋„˜์€ ์ธํ”„๋ผ ๊ต์ฒด๋Š” ๋˜๋Œ๋ฆฌ๊ธฐ ์–ด๋ ต๋‹ค. ์ง€๊ธˆ ๊ธฐ๊ด€๋“ค์ด ์›€์ง์ด๋Š” ๊ฒƒ์€ ๊ทธ ๋Œ€๊ฐ€๋ฅผ ์•Œ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

์ด๋Ÿฌํ•œ ์ธํ”„๋ผ ์ง€ํ˜• ๋ณ€ํ™”๋ฅผ ์ฃผ๋„ํ•˜๋Š” ํ•ต์‹ฌ ์ถ•์€ ๋ฏธ๊ตญ์ด๋‹ค. ์ž๋ณธ์‹œ์žฅ์˜ ์ค‘์‹ฌ์ธ ๋ฏธ๊ตญ์€ ๊ธˆ์œต ์ธํ”„๋ผ ํ‘œ์ค€์„ ์„ ์ ํ•œ ์ฃผ์ฒด๊ฐ€ ์‹œ์žฅ์˜ ๊ทœ์น™์„ ์ •์˜ํ•œ๋‹ค๋Š” ์‚ฌ์‹ค์„ ์—ญ์‚ฌ์ ์œผ๋กœ ๋ณด์—ฌ์ค€๋‹ค.

์‹ค์ œ๋กœ 1944๋…„ ๋ธŒ๋ ˆํ„ด์šฐ์ฆˆ ์ฒด์ œ ์ถœ๋ฒ” ์ดํ›„ ๋ฏธ ๋‹ฌ๋Ÿฌํ™”๊ฐ€ ๊ธ€๋กœ๋ฒŒ ๊ธฐ์ถ•ํ†ตํ™”๋กœ ์ž๋ฆฌ ์žก์Œ์— ๋”ฐ๋ผ, ์ „ ์„ธ๊ณ„ ๋ฌด์—ญ๊ณผ ๊ธˆ์œต ๊ฑฐ๋ž˜์˜ ๊ฐ€๊ฒฉ ์ฑ…์ • ๋ฐ ์ •์‚ฐ์€ ๋‹ฌ๋Ÿฌ๋ฅผ ์ค‘์‹ฌ์œผ๋กœ ์žฌํŽธ๋˜์—ˆ๋‹ค. ๋ฏธ๊ตญ ๋ฏผ๊ฐ„ ์€ํ–‰๋“ค์ด ์„ค๊ณ„ํ•œ ๋‰ด์š•์ฒญ์‚ฐ์†Œ๊ฒฐ์ œ์‹œ์Šคํ…œ(CHIPS)์€ ๋งค ์˜์—…์ผ 2์กฐ 2,000์–ต ๋‹ฌ๋Ÿฌ ์ด์ƒ์˜ ๊ตญ๋‚ด์™ธ ๊ฒฐ์ œ๋ฅผ ์ฒ˜๋ฆฌํ•˜๊ณ  ์žˆ์œผ๋ฉฐ, ๋‰ด์š•์ฆ๊ถŒ๊ฑฐ๋ž˜์†Œ(NYSE)์™€ ๋‚˜์Šค๋‹ฅ์€ ๊ธ€๋กœ๋ฒŒ ๊ธฐ์—…๋“ค์˜ ํ‘œ์ค€์ ์ธ ์ž๋ณธ ์กฐ๋‹ฌ ๋ฌด๋Œ€๋กœ ๊ธฐ๋Šฅํ•˜๊ณ  ์žˆ๋‹ค(๋” ํด๋ฆฌ์–ด๋ง ํ•˜์šฐ์Šค, 2026๋…„ 6์›”). ๋˜ํ•œ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ์˜ ๊ณต์‹œ ๊ธฐ์ค€์€ ๊ฐ๊ตญ ์ž๋ณธ์‹œ์žฅ ์ œ๋„ ์„ค๊ณ„์˜ ์ค€๊ฑฐ๊ฐ€ ๋˜์—ˆ๋‹ค. ๊ธˆ์œต ์ธํ”„๋ผ์˜ ํ‘œ์ค€์„ ์„ ์ ํ•œ ์ฃผ์ฒด๊ฐ€ ์‹œ์žฅ์˜ ๊ทœ์น™์„ ์ง€๋ฐฐํ•˜๊ณ , ๋‚˜๋จธ์ง€๋Š” ์ด๋“ค์ด ์ •ํ•œ ์กฐ๊ฑด์„ ๋”ฐ๋ฅผ ์ˆ˜๋ฐ–์— ์—†์Œ์„ ๋ณด์—ฌ์ฃผ๋Š” ์—ญ์‚ฌ์  ์‚ฌ๋ก€๋‹ค.

๋ฏธ๊ตญ์€ ์ด๋Ÿฌํ•œ ํŒจ๊ถŒ์  ํŒจํ„ด์„ ์ฐจ์„ธ๋Œ€ ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์—์„œ๋„ ๊ทธ๋Œ€๋กœ ์žฌํ˜„ํ•˜๊ณ ์ž ํ•˜๋ฉฐ, ๊ด€๋ จ ์›€์ง์ž„์€ ์ด๋ฏธ ๋ณธ๊ฒฉํ™”๋˜์—ˆ๋‹ค. ๋‹น๊ตญ์ด ๋ช…ํ™•ํ•œ ๊ทœ์ œ ๊ธฐ์ค€์„ ์„ ์ œ์ ์œผ๋กœ ํ™•๋ฆฝํ•˜์ž ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์ด ๊ทธ ์œ„์—์„œ ์‹ค๋ฌด ๋ ˆํผ๋Ÿฐ์Šค๋ฅผ ๋น ๋ฅด๊ฒŒ ๊ตฌ์ถ•ํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ์‹ค์ œ๋กœ ํ˜„์žฌ ์ „ ์„ธ๊ณ„ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์˜ 99% ์ด์ƒ์ด ๋‹ฌ๋Ÿฌํ™” ์—ฐ๋™ ์ž์‚ฐ์ด๋ฉฐ, ์˜จ์ฒด์ธ ๊ฑฐ๋ž˜์˜ ๊ธฐ๋ณธ ํ†ตํ™” ๋‹จ์œ„ ์—ญ์‹œ ๋‹ฌ๋Ÿฌ๊ฐ€ ๋…์ ํ•˜๊ณ  ์žˆ๋‹ค(rwa.xyz, 2026๋…„ 6์›” 10์ผ ๊ธฐ์ค€).

ํ† ํฐํ™” ์‹ค๋ฌผ์ž์‚ฐ ์‹œ์žฅ์—์„œ๋„ ๋ฏธ๊ตญ ๊ตญ์ฑ„๊ฐ€ ๊ฐ€์žฅ ๋จผ์ €, ๊ฐ€์žฅ ๋Œ€๊ทœ๋ชจ๋กœ ์˜จ์ฒด์ธ์— ์œ ์ž…๋˜์—ˆ์œผ๋ฉฐ, ๊ธ€๋กœ๋ฒŒ ๋Œ€ํ˜• ๊ธˆ์œต๊ธฐ๊ด€๋“ค์˜ ์˜จ์ฒด์ธ ์‹ค๋ฌด ์ฐธ์—ฌ ์—ญ์‹œ ๋ฏธ๊ตญ ์‹œ์žฅ์„ ์ค‘์‹ฌ์œผ๋กœ ์ „๊ฐœ๋˜๊ณ  ์žˆ๋‹ค. ๊ฒฐ๊ณผ์ ์œผ๋กœ ํ† ํฐํ™” ๋Œ€์ƒ ์ž์‚ฐ์˜ ๋ฒ”์œ„, ์ •์‚ฐ ๋ฐ ์ฒญ์‚ฐ ๊ธฐ์ค€, ํˆฌ์ž์ž ๋ณดํ˜ธ ์š”๊ฑด ๋“ฑ ์ƒˆ๋กœ์šด ์‹œ์žฅ์˜ ํ•ต์‹ฌ ์กฐ๊ฑด๋“ค์ด ๋ชจ๋‘ ๋ฏธ๊ตญ์—์„œ ๋จผ์ € ๊ฒฐ์ •๋˜๋ฉฐ ์ฐจ์„ธ๋Œ€ ์ž๋ณธ์‹œ์žฅ์˜ ๊ธ€๋กœ๋ฒŒ ํ‘œ์ค€์„ ์„ ์ ํ•ด ๋‚˜๊ฐ€๋Š” ์–‘์ƒ์ด๋‹ค.

์•„์‹œ์•„ ๊ธˆ์œต ๋‹น๊ตญ๋„ ์ด ๋ณ€ํ™”๋ฅผ ์ฃผ๋„์ ์œผ๋กœ ์ธ์ง€ํ•˜๊ณ  ์žˆ๋‹ค. ์‹ฑ๊ฐ€ํฌ๋ฅด, ํ™์ฝฉ, ์ผ๋ณธ์˜ ๊ธˆ์œต ๋‹น๊ตญ์ด ๊ทœ์ œ ์ฒด๊ณ„๋ฅผ ์ •๋น„ํ•˜๊ณ  ์žˆ๊ณ , ์—ญ๋‚ด ๋Œ€ํ˜• ๊ธฐ๊ด€๋“ค๋„ ์˜จ์ฒด์ธ ์ธํ”„๋ผ ๋„์ž…์„ ๊ฒ€ํ† ํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ๊ทœ์ œ ๋ช…ํ™•ํ™”์˜ ์†๋„์™€ ๊ธฐ๊ด€ ์‹ค๋ฌด ๋ ˆํผ๋Ÿฐ์Šค์˜ ๋ฐ€๋„ ๋ฉด์—์„œ ๋ฏธ๊ตญ์ด ํ™•์‹คํžˆ ์•ž์„œ ์žˆ๋‹ค.

์•„์‹œ์•„ ๊ธฐ๊ด€๋“ค์ด ๋ฏธ๊ตญ ํ˜„์ง€๋ฅผ ์ง์ ‘ ์ฐพ๋Š” ๋นˆ๋„๊ฐ€ ๋Š˜์–ด๋‚˜๋Š” ๋ฐฐ๊ฒฝ์ด ์—ฌ๊ธฐ์— ์žˆ๋‹ค. ํ‘œ์ค€์ด ํ˜•์„ฑ๋˜๋Š” ๊ณผ์ •์— ์ฐธ์—ฌํ•˜์ง€ ๋ชปํ•œ ๊ธฐ๊ด€์€ ๊ฒฐ๊ตญ ์™„์„ฑ๋œ ํ‘œ์ค€์„ ๊ฐ•์ œ๋กœ ์ˆ˜์šฉํ•ด์•ผ ํ•œ๋‹ค. ์ด์ œ ์ด ๋ณ€ํ™”๋Š” ์„ ํƒ์˜ ๋ฌธ์ œ๊ฐ€ ์•„๋‹ˆ๋ผ ์†๋„์˜ ๋ฌธ์ œ๊ฐ€ ๋˜์—ˆ๋‹ค.

3. ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์˜ ํ˜„์žฅ, ์†”๋ผ๋‚˜

๋ฏธ๊ตญ ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์˜ ๊ตฌ์ฒด์ ์ธ ๊ตฌํ˜„ ์‚ฌ๋ก€๋ฅผ ๋ณด์—ฌ์ฃผ๋Š” ๋„คํŠธ์›Œํฌ๋Š” ์†”๋ผ๋‚˜๋‹ค. ํ•˜๋‚˜์˜ ์ƒํƒœ๊ณ„ ๋‚ด๋ถ€์—์„œ ๊ธฐ๊ด€ ์‹ค๋ฌด ๋ ˆํผ๋Ÿฐ์Šค ๊ตฌ์ถ•๊ณผ ๊ทœ์ œ ํ”„๋ ˆ์ž„์›Œํฌ ์„ค๊ณ„๊ฐ€ ๋™์‹œ์— ์ง„ํ–‰๋˜๊ณ  ์žˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

์†”๋ผ๋‚˜๋Š” ๋Œ€๊ทœ๋ชจ ๋ฆฌํ…Œ์ผ ํŠธ๋ž˜ํ”ฝ ์ฒ˜๋ฆฌ๋ฅผ ํ†ตํ•ด ๊ธฐ์ˆ ์  ์•ˆ์ •์„ฑ์„ ์„ ์ œ์ ์œผ๋กœ ํ™•๋ณดํ–ˆ๋‹ค. 2021๋…„ ๋””ํŒŒ์ด ์ˆ˜์š” ์ง‘์ค‘์œผ๋กœ ๋ฐœ์ƒํ•œ ๋„คํŠธ์›Œํฌ ํ˜ผ์žก์„ ์•„ํ‚คํ…์ฒ˜ ๊ณ ๋„ํ™”์˜ ๊ณ„๊ธฐ๋กœ ์‚ผ์•˜์œผ๋ฉฐ, 2023๋…„ ๋ฐˆ์ฝ”์ธ ์‚ฌ์ดํด์—์„œ๋Š” ์žฅ๊ธฐ๊ฐ„์˜ ๊ณ ์šฉ๋Ÿ‰ ํŠธ๋ž˜ํ”ฝ์„ ๋ฌด์ค‘๋‹จ์œผ๋กœ ์†Œํ™”ํ•˜๋ฉฐ ์‹ค์ œ ์šด์˜ ํ™˜๊ฒฝ์—์„œ์˜ ์„ฑ๋Šฅ์„ ๊ฒ€์ฆํ–ˆ๋‹ค.

ํŠนํžˆ ๊ฑฐ์‹œ ์‹œ์žฅ์˜ ๊ธ‰๋ฝ๊ณผ ํด๋ผ์šฐ๋“œ ์ธํ”„๋ผ ์žฅ์• ๊ฐ€ ๋งž๋ฌผ๋ ธ๋˜ 2025๋…„ 10์›”์˜ ์„ฑ๊ณผ๋Š” ์ƒ์ง•์ ์ด๋‹ค. ํƒ€ ๋ธ”๋ก์ฒด์ธ ๋„คํŠธ์›Œํฌ์˜ ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๊ฑด๋‹น 100๋‹ฌ๋Ÿฌ๊นŒ์ง€ ํญ๋“ฑํ•˜๋Š” ์ŠคํŠธ๋ ˆ์Šค ์ƒํ™ฉ์—์„œ๋„, ์†”๋ผ๋‚˜๋Š” ๊ฑด๋‹น 0.0013๋‹ฌ๋Ÿฌ ์ˆ˜์ค€์˜ ๊ทน์†Œ ๋น„์šฉ์œผ๋กœ ๋„คํŠธ์›Œํฌ ๊ฐ€๋™์„ ์œ ์ง€ํ–ˆ๋‹ค. ๊ธฐ๊ด€ ๊ธˆ์œต์ด ์š”๊ตฌํ•˜๋Š” ์—„๊ฒฉํ•œ ์ธํ”„๋ผ ์•ˆ์ •์„ฑ์„ ๊ทนํ•œ์˜ ๋ฆฌํ…Œ์ผ ์ŠคํŠธ๋ ˆ์Šค ํ…Œ์ŠคํŠธ๋ฅผ ํ†ตํ•ด ์ž…์ฆํ•œ ์…ˆ์ด๋‹ค.

์ด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ 2025๋…„ ์†”๋ผ๋‚˜๋Š” โ€˜์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ ๊ตฌ์ถ•โ€™์„ ๊ณต์‹ํ™”ํ•˜๋ฉฐ ๊ธฐ๊ด€ ๊ฒฐ์ œ์™€ ์ž์‚ฐ ํ† ํฐํ™”๋กœ ๋น„์ฆˆ๋‹ˆ์Šค ์ดˆ์ ์„ ์ „๋ฉด ์ „ํ™˜ํ–ˆ๋‹ค. ์ด๋ฅผ ๋’ท๋ฐ›์นจํ•˜๋Š” ํ•ต์‹ฌ ์ธํ”„๋ผ๊ฐ€ โ€˜Token-2022โ€™ ํ‘œ์ค€์ด๋‹ค. ์ž์‚ฐ์˜ ์••๋ฅ˜, ๋™๊ฒฐ, ํ—ˆ์šฉ ๋ชฉ๋ก ๊ด€๋ฆฌ, ๊ธฐ๋ฐ€ ์ž”์•ก ๋“ฑ์˜ ๊ธฐ๋Šฅ์„ ํ† ํฐ ์ž์ฒด์— ์ฝ”๋“œ๋กœ ๋‚ด์žฅํ•จ์œผ๋กœ์จ, ๋ฐœํ–‰์‚ฌ๊ฐ€ ์™ธ๋ถ€ ์‹œ์Šคํ…œ์„ ๊ฑฐ์น˜์ง€ ์•Š๊ณ  ๊ทœ์ œ ์ค€์ˆ˜ ์š”๊ฑด์„ ์ž์ฒด ๊ตฌํ˜„ํ•  ์ˆ˜ ์žˆ๊ฒŒ ํ–ˆ๋‹ค. ์ž์‚ฐ ๋ณด์œ  ๋ฐ ๊ฑฐ๋ž˜ ์ž๊ฒฉ์ด๋ผ๋Š” ๊ธˆ์œต๊ถŒ์˜ ํ•„์ˆ˜ ์š”๊ตฌ์‚ฌํ•ญ์„ ํ”„๋กœํ† ์ฝœ ์ธต์œ„์—์„œ ์ง์ ‘ ํ•ด๊ฒฐํ•œ ๊ฒƒ์ด๋‹ค.

์ด๋Ÿฌํ•œ ๊ธฐ์ˆ ์  ์„ฑ์ˆ™๋„๋ฅผ ๊ธฐ๋ฐ˜์œผ๋กœ ๊ธ€๋กœ๋ฒŒ ๋Œ€ํ˜• ๊ธˆ์œต๊ธฐ๊ด€๋“ค์˜ ์˜จ์ฒด์ธ ์‹ค๊ฑฐ๋ž˜๊ฐ€ ๋ณธ๊ฒฉํ™”๋˜์—ˆ๋‹ค. JP๋ชจ๊ฑด, ์Šคํ…Œ์ดํŠธ ์ŠคํŠธ๋ฆฌํŠธ, ์‹œํ‹ฐ, ํ”„๋žญํด๋ฆฐ ํ…œํ”Œํ„ด, ๋น„์ž, ํŽ˜์ดํŒ”, ์›จ์Šคํ„ด ์œ ๋‹ˆ์˜จ ๋“ฑ 7๊ฐœ ๋Œ€ํ˜• ๊ธฐ๊ด€์ด ์†”๋ผ๋‚˜ ๋„คํŠธ์›Œํฌ ์œ„์—์„œ ํŒŒ์ผ๋Ÿฟ ๋ฐ ์ •์‚ฐ์„ ์™„๋ฃŒํ–ˆ๋‹ค. ํŠนํžˆ ์ด ์ค‘ 3๊ณณ์€ ๋ฏธ๊ตญ์˜ 8๋Œ€ ๊ธ€๋กœ๋ฒŒ ์‹œ์Šคํ…œ์  ์ค‘์š” ์€ํ–‰(G-SIB)์— ํ•ด๋‹นํ•œ๋‹ค.

์ธํ”„๋ผ ์ œ๊ณต์„ ๋„˜์–ด ๊ทœ์ œ ์„ค๊ณ„ ๊ณผ์ •์—๋„ ์ฃผ๋„์ ์œผ๋กœ ๊ฐœ์ž…ํ•˜๊ณ  ์žˆ๋‹ค. 2025๋…„ ๋ด„ ์›Œ์‹ฑํ„ด D.C.์— ์„ค๋ฆฝ๋œ ์†”๋ผ๋‚˜ ์ •์ฑ… ์—ฐ๊ตฌ์†Œ๋Š” ๋””ํŒŒ์ด ๊ต์œก ๊ธฐ๊ธˆ ๋ฐ ๋ธ”๋ก์ฒด์ธํ˜‘ํšŒ ์ถœ์‹ ์˜ ํ•ต์‹ฌ ์ธ์‚ฌ๋“ค์„ ์˜์ž…ํ•˜์—ฌ ์ ๊ทน์ ์ธ ์ •์ฑ… ์ž…์•ˆ ํ™œ๋™์„ ์ „๊ฐœ ์ค‘์ด๋‹ค.

๊ฐ€์žฅ ์ฃผ๋ชฉํ•  ์ „๋žต์  ํ–‰๋ณด๋Š” ์ˆ˜๋™์ ์ธ ๊ทœ์ œ ๋Œ€์‘์„ ํƒˆํ”ผํ–ˆ๋‹ค๋Š” ์ ์ด๋‹ค. ๋ฒ•์•ˆ ํ†ต๊ณผ๋ฅผ ๊ธฐ๋‹ค๋ฆฌ๋Š” ๋Œ€์‹  โ€˜ํ”„๋กœ์ ํŠธ ์˜คํ”ˆ(Project Open)โ€™์ด๋ผ๋Š” ์ž์ฒด ํŒŒ์ผ๋Ÿฟ ํ”„๋ ˆ์ž„์›Œํฌ๋ฅผ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ์— ์„ ์ œ์ ์œผ๋กœ ์ œ์ถœํ–ˆ๋‹ค. ๊ทœ์ œ ์„ ๋ก€๋ฅผ ์ง์ ‘ ์ œ์•ˆํ•˜์—ฌ ๋น„์ฆˆ๋‹ˆ์Šค ๋ถˆํ™•์‹ค์„ฑ์„ ํ•ด์†Œํ•˜๊ณ  ์‹œ์žฅ์˜ ๊ทœ์น™์„ ์œ ๋ฆฌํ•˜๊ฒŒ ์ •๋ฆฝํ•˜๋ ค๋Š” ์ ๊ทน์ ์ธ ์ „๋žต์ด๋‹ค.

์š”์ปจ๋Œ€ ์†”๋ผ๋‚˜๋Š” ์••๋„์ ์ธ ๊ธฐ์ˆ ์  ์•ˆ์ •์„ฑ, ๋Œ€ํ˜• ๊ธˆ์œต๊ธฐ๊ด€์˜ ์‹ค๊ฑฐ๋ž˜ ๋ ˆํผ๋Ÿฐ์Šค, ๊ทธ๋ฆฌ๊ณ  ์„ ์ œ์ ์ธ ๊ทœ์ œ ํ”„๋ ˆ์ž„์›Œํฌ ๊ตฌ์ถ•์ด๋ผ๋Š” ์„ธ ๊ฐ€์ง€ ํ•ต์‹ฌ ์ถ•์„ ๋‹จ์ผ ์ƒํƒœ๊ณ„ ๋‚ด์—์„œ ์™„์„ฑํ•ด ๋‚˜๊ฐ€๊ณ  ์žˆ๋‹ค. ๋ฏธ๊ตญ ์ค‘์‹ฌ์˜ ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ ์ง€ํ˜•๊ณผ ํ–ฅํ›„ ๊ทœ์ œ ๋ฐฉํ–ฅ์„ฑ์„ ๋ถ„์„ํ•  ๋•Œ ์†”๋ผ๋‚˜๊ฐ€ ๊ฐ€์žฅ ํ•ต์‹ฌ์ ์ธ ๋ฒค์น˜๋งˆํฌ๋กœ ๊ธฐ๋Šฅํ•˜๋Š” ๋ฐฐ๊ฒฝ์ด๋‹ค.

4. ์†”๋ผ๋‚˜ ์œ„์˜ ๊ธฐ๊ด€๋“ค: ๋ถ€๋ฌธ๋ณ„ ์‚ฌ๋ก€ ๋ถ„์„

์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜์˜ ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ ์ง„์ž… ์‚ฌ๋ก€๋Š” ๋‹ค๊ฐ๋„๋กœ ์ „๊ฐœ๋˜๊ณ  ์žˆ๋‹ค. ๊ฐ ๊ธฐ๊ด€์˜ ์ „๋žต์  ๋ชฉํ‘œ์™€ ์ฒ˜ํ•œ ํ™˜๊ฒฝ์— ๋”ฐ๋ผ ์˜จ์ฒด์ธ ์ง„์ž… ์–‘์ƒ์€ ๋šœ๋ ทํ•œ ์ฐจ์ด๋ฅผ ๋ณด์ธ๋‹ค. ์ด๋Ÿฌํ•œ ๋‹ค์ธต์  ๋™ํ–ฅ์„ ๊ตฌ์กฐ์ ์œผ๋กœ ์ง„๋‹จํ•˜๊ธฐ ์œ„ํ•ด ๋‘ ๊ฐ€์ง€ ํ•ต์‹ฌ ์ถ•์œผ๋กœ ๊ตฌ์„ฑ๋œ ๋ถ„์„ ํ”„๋ ˆ์ž„์›Œํฌ๋ฅผ ์ œ์‹œํ•œ๋‹ค.

์ฒซ ๋ฒˆ์งธ ์ถ•: ๊ทœ์ œ ๋Œ€์‘ ๋ฐฉ์‹

  • ๊ทœ์ œ ์•ˆ์ฐฉํ˜• (Compliance-Driven): ํ˜„ํ–‰ ์ œ๋„๊ถŒ ๊ฐ€์ด๋“œ๋ผ์ธ์„ ์ˆ˜์šฉํ•˜์—ฌ ์‹ ์†ํ•˜๊ฒŒ ์ž๋ณธ ํšจ์œจ์„ฑ์„ ํ™•๋ณดํ•˜๋Š” ์ „๋žต (์˜ˆ: JP๋ชจ๊ฑด ๊ธฐ์—…์–ด์Œ ๋™์‹œ ์ •์‚ฐ)

  • ๊ทœ์ œ ๊ฐœ์ฒ™ํ˜• (Frontier-Defining): ๋ช…ํ™•ํ•œ ๊ทœ์ œ ๊ธฐ์ค€์ด ๋ถ€์žฌํ•œ ์˜์—ญ์—์„œ ํ”„๋กœ๊ทธ๋ž˜๋จธ๋ธ” ์ปดํ”Œ๋ผ์ด์–ธ์Šค(๊ทœ์ œ ์š”๊ฑด์˜ ์ฝ”๋“œํ™”)๋ฅผ ์„ ์ œ์ ์œผ๋กœ ๊ตฌํ˜„ํ•˜์—ฌ ์ƒˆ๋กœ์šด ์‹œ์žฅ ์„ ๋ก€๋ฅผ ์ฐฝ์ถœํ•˜๋Š” ์ „๋žต (์˜ˆ: ์˜ค๋ฅด์นด ํผ๋ฏธ์…˜๋“œ ํ’€)

๋‘ ๋ฒˆ์งธ ์ถ•: ๊ฐ€์น˜์‚ฌ์Šฌ ํ†ตํ•ฉ์˜ ๊นŠ์ด

  • ๋‹จ์ˆœ ํ† ํฐํ™” (Wrapper): ๊ธฐ์กด ๊ธˆ์œต ์ธํ”„๋ผ๋ฅผ ์œ ์ง€ํ•œ ์ฑ„ ํ† ํฐ์„ ๋‹จ์ˆœ ๊ถŒ๋ฆฌ ์ฆ์„œ๋กœ๋งŒ ํ™œ์šฉํ•˜๋Š” ์ดˆ๊ธฐ ์ ‘๊ทผ๋ฒ•

  • ํ’€์Šคํƒ ์ˆ˜๋ ด (Native): ์ž์‚ฐ์˜ ๋ฐœํ–‰ยท์ฒญ์‚ฐยท์ •์‚ฐ์„ ๋‹จ์ผ ์›์žฅ์—์„œ ์™„๊ฒฐํ•˜๋Š” ๊ณ ๋„ํ™” ๋ชจ๋ธ. ๋‹ค์ธต์  ์ค‘๊ฐœ ๊ตฌ์กฐ๋ฅผ ์Šค๋งˆํŠธ์ปจํŠธ๋ž™ํŠธ๋กœ ๋Œ€์ฒดํ•˜์—ฌ ์ฆ‰์‹œ ๊ฒฐ์ œ(T+0) ๋ฐ ๊ฑฐ๋ž˜ ์ƒ๋Œ€๋ฐฉ ์ดํ–‰ ์œ„ํ—˜์˜ ์›์ฒœ ์ฐจ๋‹จ์„ ์‹คํ˜„ํ•จ

์ด ๋‘ ์ถ•์œผ๋กœ ๊ตฌ์„ฑ๋œ ๋งคํŠธ๋ฆญ์Šค๋Š” ๊ฐœ๋ณ„ ๊ธฐ๊ด€์˜ ์˜จ์ฒด์ธ ํฌ์ง€์…”๋‹์„ ํ‰๊ฐ€ํ•˜๋Š” ํ•ต์‹ฌ ๊ธฐ์ค€์ ์ด๋‹ค. ๋ณธ ๋ณด๊ณ ์„œ๋Š” ํ•ด๋‹น ๋ถ„์„ ํ‹€์„ 1) ์€ํ–‰ยท์ž๋ณธ์‹œ์žฅ, 2) ๊ฒฐ์ œยท์Šคํ…Œ์ด๋ธ”์ฝ”์ธ, 3) ์‹ค๋ฌผ์ž์‚ฐ ํ† ํฐํ™”, 4) ์ธํ”„๋ผ ํ™•์‚ฐ ๋“ฑ ์ž๋ณธ์‹œ์žฅ์˜ 4๋Œ€ ํ•ต์‹ฌ ์˜์—ญ์— ์ ์šฉํ•œ๋‹ค. ์ด๋ฅผ ํ†ตํ•ด ๊ฐ ๊ธฐ๊ด€์ด ์ „ํ†ต ๊ธˆ์œต ์ธํ”„๋ผ์˜ ๋น„์šฉ ๊ตฌ์กฐ์™€ ์ œ์•ฝ์„ ์–ด๋–ป๊ฒŒ ๊ทน๋ณตํ–ˆ๋Š”์ง€ ์ž…์ฒด์ ์œผ๋กœ ์กฐ๋ช…ํ•˜๊ณ , ๊ทธ ์„ ํƒ์ด ๋‚ดํฌํ•˜๋Š” ์ „๋žต์  ์‹œ์‚ฌ์ ์„ ๋„์ถœํ•œ๋‹ค.

4.1. ์€ํ–‰ยท์ž๋ณธ์‹œ์žฅ

์€ํ–‰ยท์ž๋ณธ์‹œ์žฅ ๋ถ€๋ฌธ์€ ์ฑ„๊ถŒ ๋ฐœํ–‰, ๋ฌด์—ญ๊ธˆ์œต, ํ˜„๊ธˆ๊ด€๋ฆฌ๋ฅผ ํฌ๊ด„ํ•œ๋‹ค. ๊ธฐ๊ด€์ด ์ž๊ธˆ์„ ์กฐ๋‹ฌํ•˜๊ณ , ๋ฌด์—ญ ๋Œ€๊ธˆ์„ ์ฃผ๊ณ ๋ฐ›์œผ๋ฉฐ, ์œ ํœด ์ž๋ณธ์„ ์šด์šฉํ•˜๋Š” ์ผ๋ จ์˜ ๊ณผ์ •์ด๋‹ค. ์ „ํ†ต ๊ธˆ์œต๊ธฐ๊ด€์˜ ํ•ต์‹ฌ ์ˆ˜์ต์›์ธ ๋™์‹œ์—, ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ ์ „ํ™˜์— ๋”ฐ๋ฅธ ๋น„์šฉ ์ ˆ๊ฐ ํšจ๊ณผ๊ฐ€ ๊ฐ€์žฅ ๋จผ์ €, ๊ฐ€์žฅ ์ง์ ‘์ ์œผ๋กœ ๋‚˜ํƒ€๋‚˜๋Š” ์˜์—ญ์ด๋‹ค.

ํ•ด๋‹น ์˜์—ญ์˜ ๊ณ ์งˆ์  ํ•œ๊ณ„๋Š” ๊ฑฐ๋ž˜ ์ฒด๊ฒฐ๊ณผ ์ตœ์ข… ์ •์‚ฐ ์‚ฌ์ด์˜ ๋ฌผ๋ฆฌ์  ์‹œ์ฐจ๋‹ค. ์ด ๊ฐ„๊ทน์€ ์‹œ์Šคํ…œ ๋ฆฌ์Šคํฌ์™€ ์ž๋ณธ ๋น„ํšจ์œจ์„ฑ์„ ์•ผ๊ธฐํ•˜๋Š” ๊ทผ๋ณธ ์›์ธ์ด๋‹ค.

  • ์ฑ„๊ถŒ ๋ฐœํ–‰: ์ฃผ์„ ์‚ฌ, ์ฒญ์‚ฐ์†Œ, ์˜ˆํƒ๊ธฐ๊ด€ ๊ฐ„ ๋ถ„์ ˆ๋œ ์žฅ๋ถ€ ๊ธฐ๋ก๊ณผ ์‚ฌํ›„ ๋Œ€์กฐ๋กœ ์ธํ•ด ๋ง‰๋Œ€ํ•œ ํ–‰์ • ๋น„์šฉ์ด ๋ฐœ์ƒํ•œ๋‹ค.

  • ๋ฌด์—ญ๊ธˆ์œต: ์‹ค๋ฌผ ์„œ๋ฅ˜ ๊ธฐ๋ฐ˜์˜ ๋‹ค๋‹จ๊ณ„ ๊ฒ€์ฆ ์ ˆ์ฐจ๋กœ ์ž๊ธˆ ์ง‘ํ–‰๊นŒ์ง€ ๋ถˆํ•„์š”ํ•œ ์œ ํœด ์‹œ๊ฐ„์ด ์†Œ์š”๋œ๋‹ค.

  • ํ˜„๊ธˆ๊ด€๋ฆฌ: ์ „ํ†ต์  ์˜์—…์‹œ๊ฐ„์˜ ์ œ์•ฝ์œผ๋กœ ์•ผ๊ฐ„ ๋ฐ ์ฃผ๋ง ์œ ๋™์„ฑ์ด ๋งˆ๋น„๋˜์–ด ์ˆ˜์ต ์ฐฝ์ถœ ๊ธฐํšŒ๊ฐ€ ์ƒ์‹ค๋œ๋‹ค.

์ด๋Ÿฌํ•œ ์ •์‚ฐ ์ง€์—ฐ์€ ๊ณ ๊ธˆ๋ฆฌ ํ™˜๊ฒฝ์—์„œ ์ž๋ณธ์‹œ์žฅ ์ „์ฒด์˜ ์ž๊ธˆ์„ ๋ฌถ์–ด๋‘๋Š” ๊ฑฐ๋Œ€ํ•œ ๊ธฐํšŒ๋น„์šฉ ์†์‹ค์„ ๋‚ณ๋Š”๋‹ค. ํ•˜๋ฃจ์˜ ์ •์‚ฐ ์‹œ์ฐจ(T+1) ๋™์•ˆ ๋ง‰๋Œ€ํ•œ ์ž๊ธˆ์ด ์ธํ”„๋ผ์— ๊ณ ์—ฌ ์›€์ง์ด์ง€ ๋ชปํ•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

์ž์ฒด ๋ถ„์„์— ์˜ํ•˜๋ฉด, ์ด๋Ÿฌํ•œ ์ •์‚ฐ ์ง€์—ฐ์œผ๋กœ ์ธํ•ด ํ™œ์šฉ๋˜์ง€ ๋ชปํ•˜๊ณ  ๋ฌถ์ด๋Š” ์ž๋ณธ ๋น„์šฉ์€ ๋ฏธ๊ตญ ๊ตญ์ฑ„ ์‹œ์žฅ์—์„œ๋งŒ ์—ฐ๊ฐ„ ์•ฝ 320์–ต ๋‹ฌ๋Ÿฌ์— ๋‹ฌํ•œ๋‹ค. ๋ฒ”์œ„๋ฅผ ๋ฏธ๊ตญ ์ฑ„๊ถŒ ๋ฐ ๊ณ ์ •์ˆ˜์ต ์ž์‚ฐ ์‹œ์žฅ ์ „์ฒด๋กœ ๋„“ํ˜€๋ณด๋ฉด, ์ด๋กœ ์ธํ•ด ๋ฐœ์ƒํ•˜๋Š” ์—ฐ๊ฐ„ ๊ธฐํšŒ๋น„์šฉ์€ 450์–ต ๋‹ฌ๋Ÿฌ๋ฅผ ์ƒํšŒํ•˜๋Š” ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚ฌ๋‹ค. ๊ฒฐ๊ตญ ๊ธฐ์กด ๊ธˆ์œต ์‹œ์Šคํ…œ์ด ์ง€๋‹Œ ์†๋„์˜ ํ•œ๊ณ„๊ฐ€ ์‹œ์žฅ ์ฐธ์—ฌ์ž๋“ค์—๊ฒŒ ๋ง‰๋Œ€ํ•œ ๊ทœ๋ชจ์˜ ์ˆจ์€ ๋น„์šฉ์„ ์ง€์šฐ๊ณ  ์žˆ๋Š” ๊ฒƒ์ด๋‹ค.

์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ ์ธํ”„๋ผ์—์„œ๋Š” ์ด ๊ณ ์งˆ์ ์ธ ์‹œ์ฐจ๊ฐ€ ์™„์ „ํžˆ ์†Œ๋ฉธ๋œ๋‹ค. ์ž์‚ฐ ์ด์ „๊ณผ ๋Œ€๊ธˆ ์ง€๊ธ‰์ด ํ•˜๋‚˜์˜ ํŠธ๋žœ์žญ์…˜์œผ๋กœ ๋ฌถ์—ฌ ์‹ค์‹œ๊ฐ„์œผ๋กœ ์ฒ˜๋ฆฌ๋˜๋Š” ๋™์‹œ์ •์‚ฐ(DVP, Delivery-versus-Payment) ๋ฉ”์ปค๋‹ˆ์ฆ˜ ๋•๋ถ„์ด๋‹ค. ๊ฑฐ๋ž˜ ํ•œ์ชฝ์ด ์ดํ–‰๋˜์ง€ ์•Š์œผ๋ฉด ๋ฐ˜๋Œ€์ชฝ๋„ ์‹คํ–‰๋˜์ง€ ์•Š๊ธฐ ๋•Œ๋ฌธ์—, ์ค‘๊ฐ„์—์„œ ์ดํ–‰ ์œ„ํ—˜์„ ํก์ˆ˜ํ•˜๋˜ ์ฒญ์‚ฐ์†Œ๊ฐ€ ํ•„์š” ์—†์–ด์ง€๊ณ  ๊ฐ ๊ธฐ๊ด€์ด ๋”ฐ๋กœ ๊ด€๋ฆฌํ•˜๋˜ ์žฅ๋ถ€ ๋Œ€์กฐ ๊ณต์ •๋„ ์‚ฌ๋ผ์ง„๋‹ค. ๊ฒฐ๊ณผ์ ์œผ๋กœ ๊ฑฐ๋ž˜ ์ฒด๊ฒฐ๊ณผ ์ฒญ์‚ฐ์ด ์ˆ˜์ดˆ ์•ˆ์— ์™„๊ฒฐ(T+0)๋œ๋‹ค.

์Šคํ…Œ์ดํŠธ ์ŠคํŠธ๋ฆฌํŠธ ร— ๊ฐค๋Ÿญ์‹œ: ์˜จ์ฒด์ธ ํ˜„๊ธˆ๊ด€๋ฆฌ(SWEEP)

2026๋…„ 5์›” 5์ผ ์†”๋ผ๋‚˜์—์„œ ์ถœ์‹œ๋œ โ€˜State Street Galaxy Onchain Liquidity Sweep Fund(์ดํ•˜ SWEEP)โ€™๋Š” ๊ธฐ๊ด€ ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ(PYUSD, USDC) ๋˜๋Š” ๋ฒ•์ • ํ™”ํ๋ฅผ ๋ฐ›์•„ ๋‹จ๊ธฐ ๋ฏธ๊ตญ์ฑ„ ๋“ฑ ์•ˆ์ „ ์ž์‚ฐ์— ํˆฌ์žํ•ด ์ˆ˜์ต์„ ๋‚ด๋Š” ์˜จ์ฒด์ธ ํŽ€๋“œ๋‹ค. ์ „ํ†ต ๊ธˆ์œต๊ณผ ์›น3 ์ƒํƒœ๊ณ„์˜ ์„ ๋„ ๊ธฐ๊ด€๋“ค์ด ๊ฐ ์˜์—ญ์˜ ์ „๋ฌธ์„ฑ์„ ๋ฐ”ํƒ•์œผ๋กœ ๋ถ„๋ฆฌ ์ˆ˜ํƒ ๋ฐ ์šด์˜ ๊ตฌ์กฐ๋ฅผ ํ™•๋ฆฝํ•ด ์‹ ๋ขฐ์„ฑ์„ ๋†’์˜€์œผ๋ฉฐ, ๊ตฌ์ฒด์ ์ธ ์—ญํ•  ๋ถ„๋‹ด์€ ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

  • ์Šคํ…Œ์ดํŠธ ์ŠคํŠธ๋ฆฌํŠธ: ์ „ํ†ต ์ž์‚ฐ(๋‹จ๊ธฐ ๋ฏธ๊ตญ์ฑ„ ๋“ฑ)์˜ ์ˆ˜ํƒ ๋ฐ ํŽ€๋“œ ๊ด€๋ฆฌ ์—…๋ฌด๋ฅผ ๋‹ด๋‹นํ•˜๋ฉฐ, ๊ธฐ์„ฑ ์ž๊ธˆ ์šด์šฉ ์—ญ๋Ÿ‰์„ ์˜จ์ฒด์ธ ํ™˜๊ฒฝ์— ์ตœ์ ํ™”ํ•˜์—ฌ ๊ตฌํ˜„

  • ๊ฐค๋Ÿญ์‹œ ๋””์ง€ํ„ธ: ๋””์ง€ํ„ธ ์ž์‚ฐ ์ „๋ฌธ ๊ธˆ์œต์‚ฌ๋กœ์„œ ํŽ€๋“œ์˜ ๋ฐœํ–‰๊ณผ ์˜จ์ฒด์ธ ์œ ๋™์„ฑ ๊ตฌ์กฐํ™” ์ฃผ๋„

  • ์•ต์ปค๋ฆฌ์ง€ ๋””์ง€ํ„ธ: ์ œ๋„๊ถŒ ๊ฐ€์ƒ์ž์‚ฐ ์ˆ˜ํƒ๊ธฐ๊ด€์œผ๋กœ์„œ ์˜จ์ฒด์ธ ์ž์‚ฐ(์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ฐ ๋ฐœ๊ธ‰ ํ† ํฐ)์˜ ์•ˆ์ „ํ•œ ๋ถ„๋ฆฌ ์ˆ˜ํƒ ์ „๋‹ด

ํŽ€๋“œ์˜ ๋ช…์นญ์—์„œ ํ™•์ธํ•  ์ˆ˜ ์žˆ๋“ฏ์ด ํ•ด๋‹น ํŽ€๋“œ๋Š” ์ „ํ†ต ๊ธˆ์œต์˜ ์Šค์œ„ํ”„(Sweep) ๊ณ„์ขŒ ๊ฐœ๋…์—์„œ ์ฐฉ์•ˆํ–ˆ๋‹ค. ์Šค์œ„ํ”„ ๊ณ„์ขŒ๋ž€ ๊ธฐ์—…์ด๋‚˜ ๊ธฐ๊ด€์˜ ์ž๊ธˆ์„ ๊ณ„์ขŒ์— ๋„ฃ์œผ๋ฉด ๋‹จ๊ธฐ ์ฑ„๊ถŒ์ด๋‚˜ ๋จธ๋‹ˆ๋งˆ์ผ“ํŽ€๋“œ์— ์ž๋™ ํˆฌ์žํ•ด ์ˆ˜์ต์„ ๋‚ด๋Š” ๊ธˆ์œต ์„œ๋น„์Šค๋‹ค. ์ด๋ฒˆ์— ์ถœ์‹œ๋œ SWEEP์€ ์ด๋Ÿฌํ•œ ์ž๊ธˆ ๋Œ€๋ฆฌ ๊ด€๋ฆฌ ๊ธฐ๋Šฅ์„ ๋ธ”๋ก์ฒด์ธ์ƒ์— ์˜จ์ฒด์ธ ํŽ€๋“œ ํ˜•ํƒœ๋กœ ๊ตฌํ˜„ํ•˜์—ฌ ๊ธฐ๊ด€์˜ ๊ณ ๋„ํ™”๋œ ์ž๊ธˆ ๊ด€๋ฆฌ๋ฅผ ์ง€์›ํ•œ๋‹ค.

์ด๋Š” ๋Œ€๊ทœ๋ชจ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์ž์‚ฐ์œผ๋กœ ๋ณด์œ ํ•˜๊ณ  ์žˆ๋Š” ์›น3 ์žฌ๋‹จ๋“ค์— ํŠนํžˆ ๋งค๋ ฅ์ ์ธ ์ƒˆ๋กœ์šด ์žฌ๋ฌด ๊ด€๋ฆฌ ๊ธฐํšŒ๋ฅผ ์ œ๊ณตํ•œ๋‹ค.

๊ธฐ์กด ์ธํ”„๋ผ ์ฒด์ œ์—์„œ๋Š” ์ „ํ†ต ๊ธˆ์œต ์„œ๋น„์Šค๋ฅผ ์ด์šฉํ•˜๊ธฐ ์œ„ํ•ด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๋จผ์ € ๋ฒ•์ •ํ™”ํ(๋‹ฌ๋Ÿฌ)๋กœ ํ™˜์ „ํ•œ ๋’ค ์ƒํ’ˆ์— ๊ฐ€์ž…ํ•ด์•ผ ํ–ˆ๋‹ค. ์ด ๊ณผ์ •์—์„œ ํ™˜์ „ ๋ฐ ์†ก๊ธˆ ์ˆ˜์ˆ˜๋ฃŒ ํ˜•ํƒœ์˜ โ€˜๋งˆ์ฐฐ ๋น„์šฉ(Friction Costs)โ€™์€ ๋ฌผ๋ก , ๋ถˆํ•„์š”ํ•œ โ€˜์‹œ๊ฐ„ ์ง€์—ฐโ€™์ด ํ•„์—ฐ์ ์œผ๋กœ ์ˆ˜๋ฐ˜๋˜์—ˆ๋‹ค.

ํ–ฅํ›„ ๊ธ€๋กœ๋ฒŒ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ณต๊ธ‰๋Ÿ‰์ด ๋”์šฑ ํ™•๋Œ€๋  ๊ฑฐ์‹œ์  ํ™˜๊ฒฝ์„ ๊ณ ๋ คํ•  ๋•Œ, SWEEP์€ ๊ธฐ๊ด€์ด ์ž์ฒด ์ง€๊ฐ‘์—์„œ ๋ฏธ ๊ตญ์ฑ„ ์ˆ˜์ต๋ฅ  ์—ฐ๋™ ์ž์‚ฐ์œผ๋กœ ์ง์ ‘ ์ž…์ถœ๊ธˆํ•  ์ˆ˜ ์žˆ๋Š” ๋ ˆ์ผ์„ ์ œ๊ณตํ•œ๋‹ค. ์ด๋•Œ ๋ฐœํ–‰ ์ฃผ์ฒด๊ฐ€ ํ†ต์ œํ•˜๋Š” ํˆฌ์ž์ž ์ ๊ฒฉ์„ฑ ๊ฒ€์ฆ(Eligibility) ๊ทœ์ •์€ ์˜จ์ฒด์ธ ์Šค๋งˆํŠธ ๊ณ„์•ฝ์„ ํ†ตํ•ด ํ”„๋กœ๊ทธ๋ž˜๋ฐ ๋ฐฉ์‹์œผ๋กœ ์ž๋™ ๊ฐ•์ œ๋œ๋‹ค.

๋ฌผ๋ก  ๋ธ”๋ž™๋ก์˜ BUIDL์ด๋‚˜ ํ”„๋žญํด๋ฆฐ ํ…œํ”Œํ„ด์˜ BENJI ๊ฐ™์€ ๊ธฐ์กด ๊ตญ์ฑ„ ํ† ํฐํ™” ์ƒํ’ˆ์„ ํ†ตํ•ด์„œ๋„ ์žฌ๋ฌด ๊ด€๋ฆฌ๋Š” ๊ฐ€๋Šฅํ•˜๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ๋‹จ์ˆœํžˆ ํŠน์ • ๋‹จ์ผ ์ž์‚ฐ์— ์ˆ˜๋™์ ์œผ๋กœ ํˆฌ์žํ•˜๋Š” ๊ฒƒ๊ณผ, ์‹œ์Šคํ…œ์ด ์•Œ๊ณ ๋ฆฌ์ฆ˜์— ๋”ฐ๋ผ ์Šค์Šค๋กœ ์ž๊ธˆ์„ ์ตœ์ ํ™”ํ•˜๋Š” โ€˜์ž๋™ํ™”๋œ ์žฌ๋ฌด ๊ด€๋ฆฌโ€™๋Š” ์ž๋ณธ ํšจ์œจ์„ฑ ์ธก๋ฉด์—์„œ ๋ช…ํ™•ํ•œ ์ฐจ์ด๋ฅผ ๋ณด์ธ๋‹ค.

SWEEP์˜ ํ•ต์‹ฌ ์šด์šฉ ๋ฉ”์ปค๋‹ˆ์ฆ˜์€ ํฌ๊ฒŒ ๋‹ค์Œ์˜ 3๋‹จ๊ณ„ ํ”„๋กœ์„ธ์Šค๋กœ ๊ตฌํ˜„๋œ๋‹ค.

  • 1๋‹จ๊ณ„(์ž…๊ธˆ): 24์‹œ๊ฐ„ ๋™์•ˆ ํˆฌ์ž์ž๊ฐ€ ์˜จ์ฒด์ธ ์ง€๊ฐ‘์—์„œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ(PYUSD, USDC)์„ ์˜ˆ์น˜ํ•˜๊ฑฐ๋‚˜ ๋‹ฌ๋Ÿฌ๋ฅผ ์†ก๊ธˆํ•˜๋ฉด ๊ทธ ์‹œ์ ์˜ ๊ฐ€์น˜์— ๋น„๋ก€ํ•œ SWEEP ํ† ํฐ์ด ๋ฐœ๊ธ‰

  • 2๋‹จ๊ณ„(์šด์šฉ): ์ž…๊ธˆ์•ก์˜ ๋Œ€๋ถ€๋ถ„์€ ๋‹จ๊ธฐ ๋ฏธ๊ตญ์ฑ„ ๋“ฑ ์•ˆ์ „ ์ž์‚ฐ์— ํˆฌ์ž๋˜์–ด ์•ˆ์ •์ ์ธ ์ˆ˜์ต์„ ๋‚ธ๋‹ค. ๋™์‹œ์— 24/7 ์ƒ์‹œ ํ™˜๋งค ์š”์ฒญ์— ์ฆ‰๊ฐ ๋Œ€์‘ํ•  ์ˆ˜ ์žˆ๋„๋ก ์ผ์ • ๋น„์œจ์€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋“ฑ ์œ ๋™์„ฑ ๋ฒ„ํผ๋กœ ๋ณด์œ ํ•˜๋ฉฐ, ์ „ํ†ต ์ž์‚ฐ์€ ์Šคํ…Œ์ดํŠธ ์ŠคํŠธ๋ฆฌํŠธ์ด, ์˜จ์ฒด์ธ ์ž์‚ฐ์€ ์•ต์ปค๋ฆฌ์ง€ ๋””์ง€ํ„ธ์ด ๋ถ„๋ฆฌ ์ˆ˜ํƒํ•œ๋‹ค.

  • 3๋‹จ๊ณ„(๋””ํŒŒ์ด ํ™œ์šฉ): ๋ฐœ๊ธ‰๋œ SWEEP ํ† ํฐ์„ ์™ธ๋ถ€ ๋””ํŒŒ์ด ํ”„๋กœํ† ์ฝœ์˜ ๋‹ด๋ณด๋‚˜ ๋Œ€์ถœ ์ž์‚ฐ์œผ๋กœ ํ™œ์šฉํ•ด ์ž๋ณธ์„ ์ถ”๊ฐ€ ์œ ๋™ํ™”ํ•œ๋‹ค. ์ด๋Š” ํ–ฅํ›„ ์—ฐ๊ณ„๋˜๋Š” ๋””ํŒŒ์ด ์ƒํƒœ๊ณ„์˜ ํ™•์žฅ ์–‘์ƒ์— ๋”ฐ๋ผ ๊ตฌ์ฒด์ ์ธ ํ™œ์šฉ๋„์™€ ์‹œ๋„ˆ์ง€๊ฐ€ ๋‹ค๋ณ€ํ™”๋  ์˜์—ญ์ด๋‹ค.

๋Œ€ํ‘œ์ ์ธ ์‹ค๋ฌด ๋ ˆํผ๋Ÿฐ์Šค๋กœ ์˜จ๋„ ํŒŒ์ด๋‚ธ์Šค์˜ ์ฃผ๋ ฅ ํŽ€๋“œ์ธ OUSG๋Š” SWEEP ์ถœ์‹œ ๋‹น์‹œ ์•ฝ 2์–ต ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์˜ ์•ต์ปค ํˆฌ์ž๋ฅผ ์ง‘ํ–‰ํ–ˆ๋‹ค. ์ด๋Š” ๋‹น์‹œ OUSG ์ด์˜ˆ์น˜์ž์‚ฐ(TVL)์˜ 26%๋ฅผ ์ฐจ์ง€ํ•˜๋Š” ํ•ต์‹ฌ ๋น„์ค‘์ด๋‹ค(์Šคํ…Œ์ดํŠธ ์ŠคํŠธ๋ฆฌํŠธ IR, 2025๋…„ 12์›”).

์ด๋Ÿฌํ•œ ๊ณผ๊ฐํ•œ ์ž๋ณธ ๋ฐฐ์ •์€ ์˜จ์ฒด์ธ ํ˜„๊ธˆ ๊ด€๋ฆฌ ์ƒํ’ˆ์œผ๋กœ์„œ ํ•ด๋‹น ์ž์‚ฐ์ด ํ™•๋ณดํ•œ ์‹ ๋ขฐ์„ฑ์„ ๋ช…ํ™•ํžˆ ๋ฐฉ์ฆํ•˜๋ฉฐ, ํ–ฅํ›„ ์ด๋Ÿฌํ•œ ์œ ์šฉ์„ฑ์ด ์‹œ์žฅ์— ์™„์ „ํžˆ ์•ˆ์ฐฉ๋จ์— ๋”ฐ๋ผ ์ƒํƒœ๊ณ„ ๋‚ด ์‹œ๋„ˆ์ง€ ํšจ๊ณผ๋Š” ๋”์šฑ ๊ด‘๋ฒ”์œ„ํ•˜๊ฒŒ ํ™•๋Œ€๋  ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค.

์—ฌ๊ธฐ์„œ ์ฃผ๋ชฉํ•  ํ•ต์‹ฌ์€ ์†”๋ผ๋‚˜ ๋ ˆ์ผ ์œ„์—์„œ ์ด๋ฃจ์–ด์ง€๋Š” ์ด๋Ÿฌํ•œ ์›€์ง์ž„๋“ค์ด ๋‹จ์ˆœํ•œ ๊ฐœ๋… ์ฆ๋ช…(PoC)์„ ๋„˜์–ด, ์‹ค์ œ ๋Œ€๊ทœ๋ชจ ์ž๋ณธ์ด ์œ ์ž…๋˜์–ด ๊ตฌ๋™๋˜๋Š” โ€˜์ƒ์šฉํ™” ๊ฒ€์ฆโ€™ ๋‹จ๊ณ„์— ์ง„์ž…ํ–ˆ๋‹ค๋Š” ์ ์ด๋‹ค. ํ˜„์žฌ ์ƒ๋‹น์ˆ˜๊ฐ€ ์—ฌ์ „ํžˆ ํŒŒ์ผ๋Ÿฟ ๋‹จ๊ณ„์— ๋จธ๋ฌผ๋Ÿฌ ์žˆ๋Š” ์•„์‹œ์•„ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์€ ์ด๋ฅผ ์ฐจ์„ธ๋Œ€ ์ธํ”„๋ผ ๊ตฌ์ถ•์„ ์œ„ํ•œ ๊ฐ€์žฅ ๊ฐ•๋ ฅํ•œ ์‹ค์‹œ๊ฐ„ ์šด์˜ ๋ ˆํผ๋Ÿฐ์Šค๋กœ ์‚ผ์„ ์ˆ˜ ์žˆ๋‹ค.

๊ทธ๋Ÿฌ๋‚˜ ์ด์ฒ˜๋Ÿผ ๊ฒ€์ฆ๋œ ์‹œ์Šคํ…œ์ด ์›ํ™œํ•˜๊ฒŒ ์ž‘๋™ํ•˜๊ธฐ ์œ„ํ•ด์„œ๋Š” ๊ทœ์ œ์  ๊ธฐ๋ฐ˜์˜ ํ™•๋ฆฝ์ด ์ ˆ๋Œ€์ ์ธ ์„ ๊ฒฐ ๊ณผ์ œ๋‹ค. ๊ฒฐ๊ตญ ์ž๋ณธ์‹œ์žฅ ํŒจ๋Ÿฌ๋‹ค์ž„ ์ „ํ™˜์˜ ๋ณธ์งˆ์€ ๊ธฐ์ˆ  ๊ฒฝ์Ÿ ๊ทธ ์ž์ฒด๊ฐ€ ์•„๋‹ˆ๋ผ, ๊ทœ์ œ๊ฐ€ ์ œ๋„ํ™”๋˜๋Š” ์†๋„์— ์žˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์•„์‹œ์•„ ์‹œ์žฅ์—์„œ ์ด์™€ ๋Œ€๋“ฑํ•œ ์ˆ˜์ค€์˜ ํ˜์‹  ์ƒํ’ˆ์ด ๋“ฑ์žฅํ•˜๋Š” ์‹œ์  ์—ญ์‹œ, ๊ฐ๊ตญ ๊ทœ์ œ๋‹น๊ตญ์ด ํ˜„์ง€๋ฒ• ์Šน์ธ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ๊ณผ ์˜จ์ฒด์ธ ๊ตญ์ฑ„ ๊ด€๋ฆฌ์— ๋Œ€ํ•œ ๋ฒ•์  ๊ทผ๊ฑฐ๋ฅผ ์–ธ์ œ ์„ ์ œ์ ์œผ๋กœ ๋งˆ๋ จํ•˜๋А๋ƒ์— ๋”ฐ๋ผ ๊ฒฐ์ •๋  ๊ฒƒ์ด๋‹ค.

์‹œํ‹ฐ ร— PwC: ๋ฌด์—ญ๊ธˆ์œต ํ† ํฐํ™”(ํ™˜์–ด์Œ)

๊ธฐ์กด ๋ฌด์—ญ๊ธˆ์œต์€ ์ˆ˜๋งŽ์€ ์ข…์ด ์„œ๋ฅ˜ ์ž‘์—…๊ณผ ๋‹ค๋‹จ๊ณ„ ์ค‘๊ฐœ๊ธฐ๊ด€์„ ๊ฑฐ์น˜๋ฉฐ ์‹ค์ œ ์ž๊ธˆ์ด ์ง‘ํ–‰๋˜๊ธฐ๊นŒ์ง€ ์ˆ˜์ผ์—์„œ ์ˆ˜์ฃผ์ผ์ด ์†Œ์š”๋˜๋Š” ์ €ํšจ์œจ ๊ตฌ์กฐ๋ฅผ ์œ ์ง€ํ•ด ์™”๋‹ค. ์ด ๊ณผ์ •์—์„œ ๋ฐœ์ƒํ•˜๋Š” ์‹œ๊ฐ„ ์ง€์—ฐ๊ณผ ์ค‘๊ฐœ ์ˆ˜์ˆ˜๋ฃŒ๋Š” ๊ธฐ์—…์˜ ์ž์‚ฐ ์ƒ์‚ฐ์„ฑ์„ ์ €ํ•˜์‹œํ‚ค๋Š” ์ฃผ๋œ ์š”์ธ์ด์—ˆ์œผ๋ฉฐ, ๋™์‹œ์— ์ž๊ธˆ ์ง‘ํ–‰์˜ ๊ธฐ์ค€์ด ๋˜๋Š” ํ˜„๊ธˆ ํ๋ฆ„์˜ ๊ฐ€์‹œ์„ฑ์„ ํ™•๋ณดํ•˜๋Š” ๋ฐ ํฐ ๊ฑธ๋ฆผ๋Œ์ด์—ˆ๋‹ค.

ํŠนํžˆ ๊ตญ์ œ ๋ฌด์—ญ์˜ ์ค‘์‹ฌ์ถ•์ธ ํ™˜์–ด์Œ(Bill of Exchange)์€ ์ˆ˜์ถœ์ž๊ฐ€ ์ˆ˜์ž…์ž์—๊ฒŒ ๋Œ€๊ธˆ ์ง€๊ธ‰์„ ์ฒญ๊ตฌํ•˜๋Š” ์œ ๊ฐ€์ฆ๊ถŒ์ด์ž ํ•ต์‹ฌ ์‹ ์šฉ ๊ฒฐ์ œ ์ˆ˜๋‹จ์ด๋‹ค.

์‰ฝ๊ฒŒ ๋งํ•ด, ์ˆ˜์ถœ์ž๊ฐ€ ๋ฌผ๊ฑด์„ ๋ณด๋‚ธ ํ›„ ์ˆ˜์ž…์ž์—๊ฒŒ โ€œ์–ธ์ œ๊นŒ์ง€ ๋ˆ์„ ๋‹ฌ๋ผโ€๊ณ  ๋ฐœํ–‰ํ•˜๋Š” ์ฆ์„œ๋‹ค. ์ˆ˜์ถœ์ž๋Š” ์ด ์ฆ์„œ๋ฅผ ์€ํ–‰์— ๋ณด์—ฌ์ฃผ๊ณ  ๋งŒ๊ธฐ ์ „์— ๋ฏธ๋ฆฌ ๋ˆ์„ ๋นŒ๋ ค ์“ธ ์ˆ˜ ์žˆ๊ธฐ ๋•Œ๋ฌธ์— ๋ฌด์—ญ ์ž๊ธˆ์„ ํ™•๋ณดํ•˜๋Š” ๊ฐ€์žฅ ์ค‘์š”ํ•œ ์ˆ˜๋‹จ์œผ๋กœ ์“ฐ์ธ๋‹ค. ๋”ฐ๋ผ์„œ ์ด ํ™˜์–ด์Œ์ด ์ฒ˜๋ฆฌ๋˜๋Š” ์‹œ๊ฐ„์„ ์ค„์ด๋Š” ๊ฒƒ์€ ๊ธฐ์—… ํ˜„๊ธˆ ํ๋ฆ„ ๊ด€๋ฆฌ์˜ ํ•ต์‹ฌ์ด๋‹ค.

๊ทธ๋Ÿฌ๋‚˜ ์ข…์ด ์„œ๋ฅ˜ ๊ธฐ๋ฐ˜์˜ ํ˜„ํ–‰ ์ฒด๊ณ„์—์„œ๋Š” ์–ด์Œ์ด ์˜ค๊ณ  ๊ฐ€๊ณ , ์€ํ–‰์ด ์ด๋ฅผ ํ™•์ธํ•ด ๋ˆ์„ ๋‚ด์ฃผ๊ธฐ๊นŒ์ง€ ๋ชจ๋“  ๊ณผ์ •์— ๋ฌผ๋ฆฌ์ ์ธ ์‹œ์ฐจ๊ฐ€ ๋ฐœ์ƒํ•ด ์ž๊ธˆ์ด ๋ฌถ์ผ ์ˆ˜๋ฐ–์— ์—†์—ˆ๋‹ค. ๋งŒ์•ฝ ์ด ํ™˜์–ด์Œ์„ ๋””์ง€ํ„ธ ์›์žฅ ์œ„์—์„œ ์ฆ‰๊ฐ์ ์œผ๋กœ ๊ฒ€์ฆํ•˜๊ณ  ์œ ํ†ตํ•  ์ˆ˜ ์žˆ๋‹ค๋ฉด, ๊ธฐ์—…์€ ๊ธฐ๋‹ค๋ฆฌ๋Š” ์‹œ๊ฐ„ ์—†์ด ํ•„์š”ํ•œ ํ˜„๊ธˆ์„ ์‹ค์‹œ๊ฐ„์œผ๋กœ ํ™•๋ณดํ•  ์ˆ˜ ์žˆ๊ฒŒ ๋œ๋‹ค.

์‹œํ‹ฐ๋Š” ์ด๋Ÿฌํ•œ ๊ตฌ์กฐ์  ์ž๋ณธ ๋งˆ์ฐฐ์„ ํ•ด๊ฒฐํ•˜๊ณ  ๊ณต๊ธ‰๋ง ์ „๋ฐ˜์— ๊ฑธ์นœ ์‹ค์‹œ๊ฐ„ ์œ ๋™์„ฑ ๊ณต๊ธ‰ ๊ฐ€๋Šฅ์„ฑ์„ ๊ฒ€์ฆํ•˜๊ณ ์ž, PwC ๋ฐ ์†”๋ผ๋‚˜์™€ ํ˜‘๋ ฅํ•˜์—ฌ ์ „ํ†ต ํ™˜์–ด์Œ์„ ํ† ํฐํ™”๋œ ๋””์ง€ํ„ธ ์ž์‚ฐ์œผ๋กœ ์ „ํ™˜ํ•˜๋Š” ๋‚ด๋ถ€ ๊ฐœ๋… ์ฆ๋ช…์„ ์™„๋ฃŒํ–ˆ๋‹ค. ์ฐธ์—ฌ ๊ธฐ๊ด€์˜ ๊ตฌ์ฒด์ ์ธ ์—ญํ• ์€ ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

  • ์‹œํ‹ฐ: ํ”„๋กœ์ ํŠธ๋ฅผ ์ฃผ๋„ํ•˜๋ฉฐ, ํ™˜์–ด์Œ์˜ ์˜จ์ฒด์ธ ๋ผ์ดํ”„์‚ฌ์ดํด ์ „ ๋‹จ๊ณ„(๋ฐœํ–‰ยท๊ธˆ์œต ์ง€์›ยท์œ ํ†ตยท์ •์‚ฐ)๋ฅผ ์‹œ๋ฎฌ๋ ˆ์ด์…˜ ํ™˜๊ฒฝ์—์„œ ์„ค๊ณ„ยท์‹คํ–‰

  • PwC: ํ˜‘๋ ฅ ํŒŒํŠธ๋„ˆ๋กœ์„œ ํ”„๋กœ์ ํŠธ ์‹œ๋ฎฌ๋ ˆ์ด์…˜ ๊ณผ์ • ์ „๋ฐ˜์„ ์ง€์›

ํ•ด๋‹น ์‹œ๋ฎฌ๋ ˆ์ด์…˜ ํ™˜๊ฒฝ์—์„œ๋Š” ํ™˜์–ด์Œ์˜ ์ „ ์ฃผ๊ธฐ๊ฐ€ ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜์˜ ์Šค๋งˆํŠธ์ปจํŠธ๋ž™ํŠธ๋กœ ์ž๋™ํ™”๋œ๋‹ค. ๊ทธ ๊ฒฐ๊ณผ ์ˆ˜์ผ์ด ์†Œ์š”๋˜๋˜ ์ •์‚ฐ ์ฃผ๊ธฐ๋ฅผ ์ˆ˜๋ถ„ ์ด๋‚ด๋กœ ๋‹จ์ถ•ํ•˜๊ณ , ์ˆ˜์ž‘์—… ๋Œ€์กฐ์— ๋”ฐ๋ฅธ ์šด์˜ ๋น„์šฉ์„ ์›์ฒœ์ ์œผ๋กœ ์ œ๊ฑฐํ–ˆ๋‹ค.

์ด๋ฒˆ ์‚ฌ๋ก€๋Š” PoC ๋ฌด์—ญ๊ธˆ์œต์˜ ๊ฐ€์žฅ ์˜ค๋ž˜๋œ ๋ณ‘๋ชฉ์ด์—ˆ๋˜ ํ™˜์–ด์Œ ์ •์‚ฐ ์ฃผ๊ธฐ๋ฅผ ๋ถ„ ๋‹จ์œ„๋กœ ๋‹จ์ถ•ํ•˜๊ณ  ์ˆ˜์ž‘์—… ๋Œ€์กฐ ํ”„๋กœ์„ธ์Šค๋ฅผ ์ œ๊ฑฐํ•  ์ˆ˜ ์žˆ์Œ์„ ์‹ค์ฆํ–ˆ๋‹ค๋Š” ์ ์—์„œ ์˜์˜๊ฐ€ ํฌ๋‹ค. ์˜คํ”„์ฒด์ธ ์ž์‚ฐ์˜ ํ† ํฐํ™”๊ฐ€ ๊ธฐ์—… ์žฌ๋ฌด ์ž์‚ฐ์˜ ์œ ๋™์„ฑ ๋ฐ ์ž๊ธˆ ๊ด€๋ฆฌ ํšจ์œจ์„ฑ์„ ์–ด๋””๊นŒ์ง€ ๋Œ์–ด์˜ฌ๋ฆด ์ˆ˜ ์žˆ๋Š”์ง€ ๋ณด์—ฌ์ฃผ๋Š” ํ•ต์‹ฌ ์ง€ํ‘œ๋‹ค.

๋‹ค๋งŒ ๋ณธ ํ”„๋กœ์ ํŠธ๊ฐ€ ์‹œ๋ฎฌ๋ ˆ์ด์…˜ ํ™˜๊ฒฝ ๊ธฐ๋ฐ˜์˜ ๋‚ด๋ถ€ ๊ฐœ๋… ์ฆ๋ช…(PoC) ๋‹จ๊ณ„์ธ ๋งŒํผ, ์‹ค์ œ ์ƒ์—…์  ์šด์šฉ(Operational Deployment)์œผ๋กœ ์ „ํ™˜๊นŒ์ง€๋Š” ์‹œ๊ฐ„์ด ์†Œ์š”๋  ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค.

์˜คํžˆ๋ ค ํ•ด๋‹น ๊ตฌ์กฐ๋Š” ๊ธ€๋กœ๋ฒŒ ๋ฌด์—ญ ํ—ˆ๋ธŒ๊ฐ€ ๋ฐ€์ง‘ํ•œ ์•„์‹œ์•„ ๊ธˆ์œต๊ถŒ์—๋„ ์‹œ์‚ฌํ•˜๋Š” ๋ฐ”๊ฐ€ ํด ๊ฒƒ์ด๋‹ค. ์ฐจ์„ธ๋Œ€ ๊ณต๊ธ‰๋ง ๊ธˆ์œต ๋ฐ ๋ฌด์—ญ ์ž๋ณธ์‹œ์žฅ ๋„์ž…์„ ์ค€๋น„ํ•˜๋Š” ์—ญ๋‚ด ๊ธˆ์œต๊ธฐ๊ด€๋“ค์— ๋ณธ PoC์˜ ๊ธฐ์ˆ ์  ์„ฑ๊ณผ์™€ ์›์žฅ ํ†ตํ•ฉ ๋ฉ”์ปค๋‹ˆ์ฆ˜์€ ํ–ฅํ›„ ์˜จ์ฒด์ธ ์ธํ”„๋ผ ๊ตฌ์ถ• ๋ฐฉํ–ฅ์˜ ๊ตฌ์ฒด์ ์ธ ๊ธฐ์ค€์ ์ด ๋  ๊ฒƒ์ด๋‹ค.

JP๋ชจ๊ฑด ร— ๊ฐค๋Ÿญ์‹œ: ๊ธฐ์—…์–ด์Œ(USCP) ๋ฐœํ–‰

๋ฏธ๊ตญ ๊ธฐ์—…์–ด์Œ(USCP, US Commercial Paper)์€ ๊ธฐ์—…์ด ๋‹จ๊ธฐ ์šด์˜ ์ž๊ธˆ์„ ์กฐ๋‹ฌํ•  ๋•Œ ๊ฐ€์žฅ ๋„๋ฆฌ ์“ฐ์ด๋Š” ํ•ต์‹ฌ ๊ธˆ์œต ์ƒํ’ˆ์ด๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ๊ธฐ์กด์˜ ๋ฐœํ–‰ ๋ฐ ์œ ํ†ต ์‹œ์žฅ์€ ์ฒญ์‚ฐ์†Œ์™€ ๋ณด๊ด€๊ธฐ๊ด€ ๋“ฑ ๋‹ค์ˆ˜์˜ ์ค‘๊ฐœ๊ธฐ๊ด€์„ ๊ฑฐ์ณ์•ผ๋งŒ ํ•ด, ์‹ค์ œ ์ž๊ธˆ์ด ์ž…๊ธˆ๋˜๊ณ  ์žฅ๋ถ€๊ฐ€ ๋งž์ถฐ์ง€๊ธฐ๊นŒ์ง€(์ •์‚ฐ ๋ฐ ๋Œ€์กฐ) ๋ณดํ†ต 1~2์ผ(T+1~2)์ด ๊ฑธ๋ฆฌ๋Š” ๊ตฌ์กฐ์  ๋น„ํšจ์œจ์„ ์•ˆ๊ณ  ์žˆ์—ˆ๋‹ค.

์ด๋Ÿฌํ•œ ๋งˆ์ฐฐ์„ ํ•ด์†Œํ•˜๊ธฐ ์œ„ํ•ด 2025๋…„ 12์›”, JP๋ชจ๊ฑด์€ ์†”๋ผ๋‚˜ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ ์œ„์—์„œ 5,000๋งŒ ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์˜ ๋ฏธ๊ตญ ๊ธฐ์—…์–ด์Œ ๋ฐœํ–‰์„ ์ฃผ์„ ํ–ˆ๋‹ค. ์ด๋Š” ๋‹จ์ˆœ ์‹œ๋ฎฌ๋ ˆ์ด์…˜(PoC)์ด ์•„๋‹Œ, ์‹ค์ œ ๊ธฐ๊ด€ ์ž๋ณธ๊ณผ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ(USDC) ์ •์‚ฐ์„ ๊ฒฐํ•ฉํ•ด ์™„๋ฃŒ๋œ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ ์ตœ์ดˆ ์ˆ˜์ค€์˜ ์ฑ„๋ฌด์ฆ๊ถŒ ์‹ค๊ฑฐ๋ž˜ ์‚ฌ๋ก€๋‹ค. ์ฐธ์—ฌ ๊ธฐ๊ด€์˜ ๋ช…ํ™•ํ•œ ์—ญํ•  ๋ถ„๋‹ด์€ ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

  • JP๋ชจ๊ฑด(์ฃผ์„ ์ธ): ๋ณธ ๊ฑฐ๋ž˜์˜ ์ฃผ์„ ์ธ(Arranger)์œผ๋กœ์„œ ์†”๋ผ๋‚˜ ๋ธ”๋ก์ฒด์ธ์ƒ์— USCP ํ† ํฐ์„ ์ง์ ‘ ์ƒ์„ฑ(Created)ํ•˜๊ณ , 1์ฐจ ๋ฐœํ–‰์˜ ๋™์‹œ์ •์‚ฐ(DvP, Delivery-versus-Payment) ์ฒ˜๋ฆฌ๋ฅผ ์ด๊ด„ํ–ˆ๋‹ค.

  • ๊ฐค๋Ÿญ์‹œ(๋ฐœํ–‰์ธ ๋ฐ ๊ตฌ์กฐํ™” ๋Œ€๋ฆฌ์ธ): ๋ชจ๊ธฐ์—…์ธ Galaxy Digital Holdings LP๊ฐ€ ์–ด์Œ์˜ ์‹ค์ œ ๋ฐœํ–‰์ธ(Issuer)์„ ๋งก์•˜์œผ๋ฉฐ, ์‚ฐํ•˜ ํˆฌ์ž์€ํ–‰ ๊ณ„์—ด์‚ฌ์ธ Galaxy Digital Partners LLC๊ฐ€ ๋ณธ ๊ฑฐ๋ž˜์˜ ๊ตฌ์กฐํ™” ๋Œ€๋ฆฌ์ธ(Structuring Agent) ์—ญํ• ์„ ์ˆ˜ํ–‰ํ•ด ์—ญํ•  ์ฃผ์ฒด๋ฅผ ๋ช…ํ™•ํžˆ ๋ถ„๋ฆฌํ–ˆ๋‹ค.

  • ์ฝ”์ธ๋ฒ ์ด์Šค & ํ”„๋žญํด๋ฆฐ ํ…œํ”Œํ„ด (๋งค์ˆ˜์ธ ๋ฐ ์ธํ”„๋ผ ์ง€์›): ๋ฆฌ๋“œ ํˆฌ์ž์ž๋กœ ๋‚˜์„  ์ฝ”์ธ๋ฒ ์ด์Šค์™€ ํ”„๋žญํด๋ฆฐ ํ…œํ”Œํ„ด์ด ๋งค์ˆ˜์ธ์œผ๋กœ์„œ ์ฐธ์—ฌํ–ˆ๋‹ค. ํŠนํžˆ ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ์ƒˆ๋กœ ๋ฐœํ–‰๋œ USCP ํ† ํฐ์˜ ํ”„๋ผ์ด๋น— ํ‚ค ์ˆ˜ํƒ ๋ฐ ์ง€๊ฐ‘ ์„œ๋น„์Šค๋ฅผ ์ œ๊ณตํ•˜๊ณ , USDC ์˜จ์˜คํ”„๋žจํ”„(On/Off-ramp) ์ธํ”„๋ผ๋ฅผ ์ „๋‹ดํ–ˆ๋‹ค.

JP๋ชจ๊ฑด์€ ์ด๋Ÿฌํ•œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฒฐ์ œ๋ง์„ ์˜จ์ฒด์ธ ๋™์‹œ์ •์‚ฐ(DvP) ๊ตฌ์กฐ์™€ ๊ฒฐํ•ฉํ•จ์œผ๋กœ์จ, ๊ธฐ์กด ๊ธˆ์œต๋ง์—์„œ ์ˆ˜์ผ์ด ์†Œ์š”๋˜๋˜ ๊ธฐ์—…์˜ ์ž๊ธˆ ์กฐ๋‹ฌ ์ฃผ๊ธฐ๋ฅผ ์ฆ‰๊ฐ์ ์ธ ์‹ค์‹œ๊ฐ„ ๊ฒฐ์ œ ์ฒด๊ณ„๋กœ ๋ฐ”๊ฟ€ ์ˆ˜ ์žˆ์—ˆ๋‹ค.

  • 1๋‹จ๊ณ„(์˜จ์ฒด์ธ ํ† ํฐ ์ƒ์„ฑ): ๊ตฌ์กฐํ™” ๋Œ€๋ฆฌ์ธ(Galaxy Digital Partners LLC)์ด ์„ค๊ณ„ํ•œ ์กฐ๊ฑด์— ๋”ฐ๋ผ, ์ฃผ์„ ์ธ์ธ JP๋ชจ๊ฑด์ด ์†”๋ผ๋‚˜ ๋ธ”๋ก์ฒด์ธ ์ƒ์— ์˜จ์ฒด์ธ USCP ํ† ํฐ์„ ์ง์ ‘ ์ƒ์„ฑ

  • 2๋‹จ๊ณ„(๊ฒฐ์ œ ์ž๊ธˆ ์กฐ๋‹ฌ): ๋ฆฌ๋“œ ํˆฌ์ž์ž์ธ ์ฝ”์ธ๋ฒ ์ด์Šค์™€ ๋งค์ˆ˜์ธ ํ”„๋žญํด๋ฆฐ ํ…œํ”Œํ„ด์€ ์–ด์Œ ๋งค์ž… ๋Œ€๊ธˆ์œผ๋กœ ์„œํด์ด ๋ฐœํ–‰ํ•œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ(USDC)์„ ์กฐ๋‹ฌํ•˜์—ฌ ๊ฒฐ์ œ๋ฅผ ์ค€๋น„ํ•œ๋‹ค. ํ–ฅํ›„ ์ƒํ™˜ ๋Œ€๊ธˆ ์—ญ์‹œ USDC๋กœ ์ง€๊ธ‰

  • 3๋‹จ๊ณ„(์ž์‚ฐ ์ˆ˜ํƒ ๋ฐ ์ธํ”„๋ผ ์ง€์›): ์ฝ”์ธ๋ฒ ์ด์Šค ์ธํ„ฐ๋‚ด์…”๋„์ด ์ƒˆ๋กœ ๋ฐœํ–‰๋œ USCP ํ† ํฐ์˜ ํ”„๋ผ์ด๋น— ํ‚ค ์ˆ˜ํƒ ๋ฐ ์ง€๊ฐ‘ ์„œ๋น„์Šค๋ฅผ ์ œ๊ณตํ•˜๋ฉฐ, ์‹ค๊ฑฐ๋ž˜ ๊ฒฐ์ œ์— ํ•„์ˆ˜์ ์ธ USDC์˜ ์˜จ์˜คํ”„๋žจํ”„(On/Off-ramp) ์ธํ”„๋ผ๋ฅผ ์ „๋‹ด ์ง€์›

  • 4๋‹จ๊ณ„(์˜จ์ฒด์ธ ๋™์‹œ์ •์‚ฐ): JP๋ชจ๊ฑด์˜ ์ฃผ์„  ํ•˜์— USCP ํ† ํฐ์˜ ์ธ๋„์™€ USDC ๋Œ€๊ธˆ์˜ ์ง€๊ธ‰์ด ๋™์‹œ์ •์‚ฐ(DvP, Delivery-versus-Payment) ๋ฐฉ์‹์œผ๋กœ ์ฒ˜๋ฆฌ. ์ด๋ฅผ ํ†ตํ•ด ๊ธฐ์กด ์—ฌ๋Ÿฌ ์ค‘๊ฐœ๊ธฐ๊ด€์„ ๊ฑฐ์น˜๋ฉฐ ํ†ต์ƒ T+1~2์ผ์ด ์†Œ์š”๋˜๋˜ ์ฒญ์‚ฐ ํ”„๋กœ์„ธ์Šค๊ฐ€ ์˜จ์ฒด์ธ ํ™˜๊ฒฝ์—์„œ ์ฆ‰๊ฐ์ ์œผ๋กœ ์™„๋ฃŒ

ํ•ด๋‹น ์‚ฌ๋ก€๋Š” ์•ž์„œ ์‚ดํŽด๋ณธ ์‹œํ‹ฐ์˜ ๋ฌด์—ญ๊ธˆ์œต PoC์™€ ๋‹ฌ๋ฆฌ, ์‹ค์ œ ๊ธฐ๊ด€ ์ž๋ณธ์œผ๋กœ ์–ด์Œ์˜ ๋ฐœํ–‰๋ถ€ํ„ฐ ์ƒํ™˜๊นŒ์ง€ ์ „ ๊ณผ์ •์„ ์‹ค์ œ ์‹œ์žฅ์—์„œ ์™„๋ฃŒํ•œ โ€˜์‹ค๊ฑฐ๋ž˜โ€™๋ผ๋Š” ์ ์—์„œ ์‹คํšจ์„ฑ์„ ์ง€๋‹Œ๋‹ค.

์ด๋Ÿฌํ•œ ์‹ค๊ฑฐ๋ž˜์˜ ์„ฑ์‚ฌ๋Š” ์•ž์„  ์˜จ์ฒด์ธ ์ž๊ธˆ ๊ด€๋ฆฌ(SWEEP) ์‚ฌ๋ก€์™€ ๋งž๋ฌผ๋ ค, ์ „ํ†ต ์ž๋ณธ์‹œ์žฅ์˜ ํ•ต์‹ฌ์ธ ์ฑ„๊ถŒ ๋ฐœํ–‰ ์—…๋ฌด๊ฐ€ ๊ธฐ์กด์˜ ๋ณต์žกํ•œ ์ฒญ์‚ฐ ์‹œ์Šคํ…œ์„ ๊ฑฐ์น˜์ง€ ์•Š๊ณ ๋„ ์˜จ์ฒด์ธ ๋™์‹œ์ •์‚ฐ(DvP)์„ ํ†ตํ•ด ์ƒ์—…์  ์šด์šฉ(Operational Deployment) ๋‹จ๊ณ„๋กœ ์ง„์ž…ํ–ˆ์Œ์„ ์ง์ ‘์ ์œผ๋กœ ๋ณด์—ฌ์ค€๋‹ค.

๋‚˜์•„๊ฐ€ ๋ณธ ์‚ฌ๋ก€๋Š” ๋‹จ์ˆœํžˆ ์ž์‚ฐ์„ ํ† ํฐํ™”ํ•˜๋Š” ๋‹จ๊ณ„๋ฅผ ๋„˜์–ด ์‹ค์ œ ์ž๋ณธ์˜ ์กฐ๋‹ฌ๊ณผ ๊ฒฐ์ œ๊นŒ์ง€ ํ•˜๋‚˜๋กœ ์—ฐ๊ฒฐํ•ด ๋‚ธ ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์˜ ๋Œ€ํ‘œ์  ์‚ฌ๋ก€์ด๊ธฐ์—, ๋‹ค์Œ ๋‹จ๊ณ„๋ฅผ ์ค€๋น„ํ•˜๋Š” ์•„์‹œ์•„ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์˜ ํ•ต์‹ฌ ๋ฒค์น˜๋งˆํ‚น ๋Œ€์ƒ์ด ๋  ๊ฒƒ์ด๋‹ค.

4.2. ๊ฒฐ์ œยท์Šคํ…Œ์ด๋ธ”์ฝ”์ธ

๊ฒฐ์ œยท์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ถ€๋ฌธ์€ ๊ตญ๊ฒฝ ๊ฐ„ ์†ก๊ธˆ, ๊ธฐ์—… ๊ฐ„ ์ •์‚ฐ, ์†Œ๋น„์ž ๊ฒฐ์ œ๋ฅผ ํฌ๊ด„ํ•˜๋Š” ๊ธˆ์œต ์ธํ”„๋ผ ์˜์—ญ์œผ๋กœ ์ •์˜๋œ๋‹ค. ์ด๋Š” ๊ฐœ์ธ์ด ๊ตญ์™ธ๋กœ ์ž๊ธˆ์„ ์†ก๊ธˆํ•˜๊ณ , ๊ธฐ์—… ๋ฐ ๊ธฐ๊ด€์ด ํ•ด์™ธ ๊ฑฐ๋ž˜์ฒ˜์— ๋Œ€๊ธˆ์„ ์ง€๊ธ‰ํ•˜๋ฉฐ, ์†Œ๋น„์ž๊ฐ€ ์ƒํ’ˆ์„ ๊ตฌ๋งคํ•˜๋Š” ์ผ๋ จ์˜ ํ”„๋กœ์„ธ์Šค๋ฅผ ์˜๋ฏธํ•œ๋‹ค.

๋ณธ ๋ถ€๋ฌธ์€ ์ „ํ†ต ๊ธˆ์œต ์ธํ”„๋ผ์˜ ์ฃผ์š” ์ˆ˜์ต์›์ธ ๋™์‹œ์—, ์†๋„ ์ง€์—ฐ๊ณผ ์ค‘๊ฐœ ์ˆ˜์ˆ˜๋ฃŒ ๋“ฑ์˜ ๊ตฌ์กฐ์  ๋น„ํšจ์œจ์ด ๊ฐœ์ธ๊ณผ ๊ธฐ์—…์˜ ์ผ์ƒ์— ๊ฐ€์žฅ ๊ด‘๋ฒ”์œ„ํ•˜๊ฒŒ ๋ˆ„์ ๋˜์–ด ์žˆ๋Š” ์˜์—ญ์ด๊ธฐ๋„ ํ•˜๋‹ค. ๋ธ”๋ก์ฒด์ธ๊ณผ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์˜ ๋„์ž…์€ ์ด๋Ÿฌํ•œ ๋‹ค๋‹จ๊ณ„ ์ค‘๊ฐœ ๊ตฌ์กฐ๋ฅผ ์ถ•์†Œํ•˜๊ณ  ์‹ค์‹œ๊ฐ„ ์ •์‚ฐ ์ฒด๊ณ„๋ฅผ ๊ตฌ์ถ•ํ•˜๋Š” ๊ฒƒ์„ ๊ณจ์ž๋กœ ํ•œ๋‹ค.

  • ๊ตญ๊ฒฝ ๊ฐ„ ์†ก๊ธˆ์˜ ๋ณ‘๋ชฉ: ํ•ด์™ธ์†ก๊ธˆ์˜ ์ฒ˜๋ฆฌ ์†๋„์™€ ์ถ”์  ๊ฐ€์‹œ์„ฑ์„ ๊ฐœ์„ ํ•œ ๊ธ€๋กœ๋ฒŒ ํ‘œ์ค€๋ง์ธ Swift GPI(Global Payment Innovation) ๋„์ž…์œผ๋กœ ๋Œ€ํ˜• ์€ํ–‰ ๊ฐ„ ์†ก๊ธˆ์€ ์ˆ˜ ์‹œ๊ฐ„ ๋‚ด๋กœ ๋‹จ์ถ•๋˜์—ˆ์œผ๋‚˜, ์ค‘์†Œํ˜• ๊ธˆ์œต๊ธฐ๊ด€์„ ๊ฒฝ์œ ํ•˜๊ฑฐ๋‚˜ ๋น„์ฃผ๋ฅ˜ ํ†ตํ™”(Exotic Currency) ๊ฒฐ์ œ ์‹œ์—๋Š” ์—ฌ์ „ํžˆ ๋‹ค๋‹จ๊ณ„ ํ™˜๊ฑฐ๋ž˜ ์€ํ–‰(Correspondent Bank)๋ง์„ ๊ฑฐ์ณ์•ผ ํ•œ๋‹ค. ์ด ๊ณผ์ •์—์„œ ๋ฐœ์ƒํ•˜๋Š” ์ค‘๊ฐœ ์ˆ˜์ˆ˜๋ฃŒ(๊ฑด๋‹น 30~100๋‹ฌ๋Ÿฌ ์„ )์™€ ๊ทœ์ œ ์ค€์ˆ˜(AML/CFT) ๊ฒ€ํ† ์— ๋”ฐ๋ฅธ ๊ฐ„ํ—์  ์ง€์—ฐ์€ ๊ตญ๊ฒฝ ๊ฐ„ ์ž๊ธˆ ์ด๋™์˜ ์˜ˆ์ธก ๊ฐ€๋Šฅ์„ฑ์„ ์ €ํ•ดํ•˜๋Š” ์‹ค๋ฌด์  ๋ณ‘๋ชฉ์ด๋‹ค.

  • ๊ธฐ์—… ์ •์‚ฐ์˜ ์œ ๋™์„ฑ ํŒŒํŽธํ™”: ๊ธ€๋กœ๋ฒŒ ๊ธฐ์—…๋“ค์€ ํ†ตํ™”๋ณ„ ๊ฒฐ์ œ ์‹œ์ฐจ์™€ ์™ธํ™˜(FX) ๋ณ€๋™์„ฑ์— ๋Œ€์‘ํ•˜๊ธฐ ์œ„ํ•ด, ๊ฐ๊ตญ ํ™˜๊ฑฐ๋ž˜ ์€ํ–‰์˜ ์˜ˆ์น˜๊ธˆ ๊ณ„์ขŒ(Nostro Account)์— ํ˜„์ง€ ํ†ตํ™” ์ž๊ธˆ์„ ์ƒ์‹œ ๋ถ„์‚ฐ ์˜ˆ์น˜ํ•ด ๋‘์–ด์•ผ ํ•œ๋‹ค. ์ด๋Š” ๊ฒฐ์ œ ๊ธฐ์ˆ ์˜ ๋ถ€์กฑ ๋•Œ๋ฌธ์ด ์•„๋‹ˆ๋ผ ๊ธฐ์„ฑ ๋ฑ…ํ‚น ์‹œ์Šคํ…œ์˜ ๊ตฌ์กฐ์  ํ•œ๊ณ„๋กœ, ๊ณ ๊ธˆ๋ฆฌ ๋งคํฌ๋กœ ํ™˜๊ฒฝ์—์„œ ๋ง‰๋Œ€ํ•œ ์ž๋ณธ์ด ์ด์ž ์ˆ˜์ต์„ ๋‚ด์ง€ ๋ชปํ•˜๋Š” ์œ ํœด ์ƒํƒœ๋กœ ๋ฌถ์ด๋Š” ์ž๋ณธ ํšจ์œจ์„ฑ ์ €ํ•˜๋ฅผ ์•ผ๊ธฐํ•œ๋‹ค.

  • ๊ฒฐ์ œ ๊ฐ€์šฉ์„ฑ์˜ ํ•œ๊ณ„: ๋ฆฌํ…Œ์ผ ๊ฒฐ์ œ๋ง(Visa, Mastercard)์€ 24/7 ์‹ค์‹œ๊ฐ„ ๊ฐ€๋™๋˜๋Š” ๊ฒƒ์œผ๋กœ ๋ณด์ด๋‚˜, ์ด๋Š” ํ”„๋ก ํŠธ์—”๋“œ์˜ โ€˜๊ฑฐ๋ž˜ ์Šน์ธ(Authorization)โ€™ ๋‹จ๊ณ„์— ๊ตญํ•œ๋œ๋‹ค. ๊ธˆ์œต๊ธฐ๊ด€ ๊ฐ„ ์‹ค์งˆ์  ์ž๊ธˆ์ด ์ด๋™ํ•˜๋Š” โ€˜์ตœ์ข… ์ •์‚ฐโ€™์€ ๊ธฐ์„ฑ ์€ํ–‰ ์˜์—…์ผ(9-to-5) ์ฒด์ œ ํ•˜์—์„œ๋งŒ ์ฒ˜๋ฆฌ๋˜๋ฏ€๋กœ, ์ฃผ๋ง์ด๋‚˜ ๊ณตํœด์ผ ๊ฒฐ์ œ ์‹œ ๋ฐœ์ƒํ•˜๋Š” 2~3์ผ์˜ ์‹œ์ฐจ ๋™์•ˆ ๊ฐ€๋งน์ ๊ณผ ๊ธˆ์œต์‚ฌ๊ฐ€ ์œ ๋™์„ฑ ๊ณต๋ฐฑ ๋ฐ ์‹ ์šฉ ๋ฆฌ์Šคํฌ๋ฅผ ์ „์ ์œผ๋กœ ๋ถ€๋‹ดํ•ด์•ผ ํ•œ๋‹ค.

์ „ํ†ต ๊ธˆ์œต๋ง์˜ ์ด๋Ÿฌํ•œ ๊ตฌ์กฐ์  ์‹œ์ฐจ๋Š” ๊ณ ๊ธˆ๋ฆฌ ๋งคํฌ๋กœ ํ™˜๊ฒฝ์—์„œ ์œ ๋™์„ฑ ๊ณ ๋ฆฝ๊ณผ ๊ธฐํšŒ๋น„์šฉ์„ ๊ฐ€์ค‘์‹œํ‚จ๋‹ค. ๋ฐ˜๋ฉด ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜์˜ ์˜จ์ฒด์ธ ์ธํ”„๋ผ๋Š” ๋‹จ์ผ ๋ถ„์‚ฐ์›์žฅ๊ณผ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๊ฒฐํ•ฉํ•˜์—ฌ ์ค‘๊ฐœ ๊ธฐ๊ด€ ์—†๋Š” ์‹ค์‹œ๊ฐ„ ์ •์‚ฐ์„ ๊ตฌํ˜„ํ•จ์œผ๋กœ์จ ์ž๋ณธ ๋งˆ์ฐฐ์„ ์ตœ์†Œํ™”ํ•œ๋‹ค. ๊ธฐ์„ฑ ๊ธˆ์œต๊ถŒ๊ณผ ๋น…ํ…Œํฌ ๊ธฐ์—…๋“ค์ด ์ด ๋ ˆ์ผ์„ ํ™œ์šฉํ•ด ๊ตฌ์ถ•ํ•œ ๊ตฌ์ฒด์ ์ธ ์ƒ์šฉํ™” ์‚ฌ๋ก€๋Š” ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

์›จ์Šคํ„ด ์œ ๋‹ˆ์˜จ: ๊ธ€๋กœ๋ฒŒ ์†ก๊ธˆ(USDPT)

2026๋…„ 5์›” 4์ผ, ๊ธ€๋กœ๋ฒŒ ์†ก๊ธˆ ๊ธฐ์—… ์›จ์Šคํ„ด์œ ๋‹ˆ์˜จ์€ ๋ฏธ ๋‹ฌ๋Ÿฌํ™” ์—ฐ๋™ ๊ฒฐ์ œ์šฉ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ธ โ€˜USDPT(US Dollar Payment Token)โ€™๋ฅผ ์ถœ์‹œํ–ˆ๋‹ค.

์ด๋Š” ๊ธฐ์กด ํ™˜๊ฑฐ๋ž˜ ์€ํ–‰ ์ฒด๊ณ„์˜ ๊ณ ์งˆ์ ์ธ ์ •์‚ฐ ์‹œ์ฐจ์™€ ์™ธํ™˜ ๋ฆฌ์Šคํฌ ๋ฐฉ์–ด์šฉ ์˜ˆ์น˜๊ธˆ ๋™๊ฒฐ ๋ฌธ์ œ๋ฅผ ์†”๋ผ๋‚˜ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ ๋ ˆ์ผ๋กœ ํ•ด๊ฒฐํ•˜๊ณ ์ž ํ•˜๋Š” ์‹ค์ฆ ์‚ฌ๋ก€๋‹ค. ๊ธฐ์กด ํ™˜๊ฑฐ๋ž˜ ์€ํ–‰ ์ฒด๊ณ„๋Š” ๊ตญ์ œ ์†ก๊ธˆ์ด ์ถœ๋ฐœ์ง€ ์€ํ–‰์—์„œ ์‹œ์ž‘ํ•ด ์ค‘๊ฐ„ ๊ฑฐ๋ž˜ ์€ํ–‰์„ ํ•œ๋‘ ๊ณณ ๊ฒฝ์œ ํ•œ ๋’ค ์ˆ˜์ทจ์ง€ ์€ํ–‰์— ๋„๋‹ฌํ•˜๋Š” ๋‹ค๋‹จ๊ณ„ ๊ตฌ์กฐ๋กœ ์ž‘๋™ํ•œ๋‹ค.

๋ฌธ์ œ๋Š” ๊ฐ ์ค‘๊ฐ„ ์€ํ–‰์€ ์ž์ฒด ์‹œ์Šคํ…œ๊ณผ ์˜์—… ์‹œ๊ฐ„ ์•ˆ์—์„œ๋งŒ ์ฒ˜๋ฆฌ๋ฅผ ์ง„ํ–‰ํ•˜๊ธฐ ๋•Œ๋ฌธ์—, ์ •์‚ฐ๊นŒ์ง€ ํ†ต์ƒ 1~2์˜์—…์ผ์ด ์†Œ์š”๋œ๋‹ค๋Š” ์ ์ด๋‹ค. ์ฃผ๋งยท๊ณตํœด์ผ์—๋Š” ๋ชจ๋“  ์ฒ˜๋ฆฌ๊ฐ€ ๋ฉˆ์ถ˜๋‹ค. ๋•Œ๋ฌธ์— ๊ฐ ๊ฑฐ์  ๊ตญ๊ฐ€์—์„œ ์‹ค์‹œ๊ฐ„ ์ง€๊ธ‰ ์š”์ฒญ์— ์ฆ‰์‹œ ๋Œ€์‘ํ•˜๋ ค๋ฉด, ํ˜„์ง€ ์€ํ–‰ ๊ณ„์ขŒ์— ์ˆ˜์š”๋ฅผ ์˜ˆ์ธกํ•œ ๋งŒํผ์˜ ๋‹ฌ๋Ÿฌ๋ฅผ ๋ฏธ๋ฆฌ ๋ฌถ์–ด๋‘์–ด์•ผ ํ•œ๋‹ค.

์ด ์‚ฌ์ „ ์˜ˆ์น˜ ์ž๊ธˆ์€ ์†ก๊ธˆ์ด ๋ฐœ์ƒํ•˜๊ธฐ ์ „๊นŒ์ง€ ์ˆ˜์ต์„ ๋‚ด์ง€ ๋ชปํ•œ ์ฑ„ ๋ฌถ์—ฌ ์žˆ๋‹ค. 175๋…„์˜ ์—ญ์‚ฌ ๋™์•ˆ 200๊ฐœ๊ตญ ์ด์ƒ์—์„œ ์—ฐ๊ฐ„ 1,500์–ต ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์˜ ์†ก๊ธˆ์„ ์ฒ˜๋ฆฌํ•˜๋Š” ์›จ์Šคํ„ด์œ ๋‹ˆ์˜จ ๊ฐ™์€ ๊ธฐ์—…์—๊ฒŒ ์ด ์œ ๋™์„ฑ ๊ณ ์ฐฉ ๋น„์šฉ์€ ๊ตฌ์กฐ์ ์œผ๋กœ ํ•ด์†Œํ•˜๊ธฐ ์–ด๋ ค์› ๋‹ค.

  • ์›จ์Šคํ„ด ์œ ๋‹ˆ์˜จ: ํ”„๋กœ์ ํŠธ ์ด๊ด„ ๋ฐ ์ž์ฒด ๋Œ€๋ฆฌ์ ๋ง ์ฒญ์‚ฐ ์‹œ์Šคํ…œ๊ณผ ๋””์ง€ํ„ธ์ž์‚ฐ ๋„คํŠธ์›Œํฌ ์ธํ”„๋ผ ํ†ตํ•ฉ ๋‹ด๋‹น

  • ์•ต์ปค๋ฆฌ์ง€ ๋””์ง€ํ„ธ ์€ํ–‰: ๋ฏธ๊ตญ ํ†ตํ™”๊ฐ๋…์ฒญ(OCC) ์ธ๊ฐ€ ๋ฐ 1:1 ๋ฏธ ๋‹ฌ๋Ÿฌํ™” ๋‹ด๋ณด ๊ธฐ๋ฐ˜์˜ USDPT ๋ฐœํ–‰์„ ์ „๋‹ดํ•˜๋ฉฐ, ์˜จ์ฒด์ธ ์ƒ์—์„œ KYC(์‹ ์›ํ™•์ธ) ๋ฐ ํˆฌ์ž์ž ์ ๊ฒฉ์„ฑ ๊ฒ€์ฆ์ด ํ”„๋กœ๊ทธ๋ž˜๋ฐ ๋ฐฉ์‹์œผ๋กœ ์ž๋™ ๊ฐ•์ œ๋˜๋„๋ก ์ฒ˜๋ฆฌ

  • ํฌ๋กœ์Šค๋ฏผํŠธ: ์ธํ”„๋ผ ํŒŒํŠธ๋„ˆ๋กœ์„œ ์—”ํ„ฐํ”„๋ผ์ด์ฆˆ ๋ฏผํŒ… API ๋ฐ ๋ถ„์‚ฐ ๋ณด๊ด€ ๋ ˆ์ผ์„ ํ†ตํ•œ USDPT์˜ ๋ฐœํ–‰ยท๋ฐฐํฌ ๊ธฐ์ˆ  ์ธํ”„๋ผ ๊ณต๊ธ‰.

์›จ์Šคํ„ด์œ ๋‹ˆ์˜จ์˜ USDPT ๋„์ž…์€ ์œ„์™€ ๊ฐ™์€ ๋ณ‘๋ชฉ์„ ํƒ€๊ฐœํ•˜๊ธฐ ์œ„ํ•ด ์ •์‚ฐ ํ”„๋กœ์„ธ์Šค๋ฅผ ๊ทผ๋ณธ์ ์œผ๋กœ ์žฌ์„ค๊ณ„ํ–ˆ๋‹ค. ์†”๋ผ๋‚˜ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ๊ณผ USDPT์˜ ๋„์ž…์€ ์ž๊ธˆ์„ ๋ฏธ๋ฆฌ ์Œ“์•„๋‘๋Š” ๊ตฌ์กฐ์—์„œ โ€˜ํ•„์š”ํ•  ๋•Œ ์‹ค์‹œ๊ฐ„์œผ๋กœ ๊ณต๊ธ‰ํ•˜๋Š” ๊ตฌ์กฐโ€™๋กœ ์ •์‚ฐ ํŒจ๋Ÿฌ๋‹ค์ž„์„ ์ „ํ™˜ํ•œ๋‹ค.

  • 1๋‹จ๊ณ„(์‹ค์‹œ๊ฐ„ ์ˆ˜์š” ๊ฐ์ง€): ํŠน์ • ๊ตญ๊ฐ€(์˜ˆ: ์ฃผ๋ง์— ์†ก๊ธˆ ์ˆ˜์š”๊ฐ€ ํญ๋ฐœํ•˜๋Š” ์‹ ํฅ๊ตญ) ๋Œ€๋ฆฌ์ ์˜ ํ˜„๊ธˆ ์žฌ๊ณ ๊ฐ€ ์ž„๊ณ„์น˜ ์ดํ•˜๋กœ ๋–จ์–ด์ง€๋ฉด, ๋ณธ์‚ฌ ์žฌ๋ฌด ์šด์˜ ์‹œ์Šคํ…œ์— ์‹ค์‹œ๊ฐ„ ์•Œ๋ฆผ์ด ๋ฐœ์ƒํ•œ๋‹ค.

  • 2๋‹จ๊ณ„(์ดˆ๊ณ ์† ์˜จ์ฒด์ธ ์ •์‚ฐ): ๋ฏธ๊ตญ ๋ณธ์‚ฌ ์žฌ๋ฌดํŒ€์€ ์•ต์ปค๋ฆฌ์ง€ ๋””์ง€ํ„ธ์„ ํ†ตํ•ด ๋ฐœํ–‰๋œ USDPT๋ฅผ ํ•ด๋‹น ํ˜„์ง€ ๋Œ€๋ฆฌ์ ์˜ ๊ธฐ๊ด€์šฉ ์˜จ์ฒด์ธ ์ง€๊ฐ‘์œผ๋กœ ์ฆ‰๊ฐ ์ „์†กํ•œ๋‹ค. ์ด ๊ณผ์ •์€ ์ฃผ๋ง, ์•ผ๊ฐ„, ๊ณตํœด์ผ ์ƒ๊ด€์—†์ด ์†”๋ผ๋‚˜ ๋„คํŠธ์›Œํฌ ์ƒ์—์„œ 0.4์ดˆ์˜ ๋ธ”๋ก ํƒ€์ž„์„ ๊ธฐ๋ฐ˜์œผ๋กœ ์‹ ์†ํ•˜๊ฒŒ ์ตœ์ข… ์ •์‚ฐ๋œ๋‹ค.

  • 3๋‹จ๊ณ„(์˜์—…์‹œ๊ฐ„ ์ข…์†์„ฑ ํƒˆํ”ผ): ํ˜„์ง€ ๋Œ€๋ฆฌ์ ์€ ์€ํ–‰ ๋ฌธ์ด ๋‹ซํžŒ ์ฃผ๋ง์—๋„ ๋ณธ์‚ฌ๊ฐ€ ๋ณด๋‚ธ USDPT๋ฅผ ์˜จ์ฒด์ธ์ƒ์—์„œ ์‹ค์‹œ๊ฐ„์œผ๋กœ ์ˆ˜์ทจํ•˜์—ฌ ์ž์‚ฌ ์žฅ๋ถ€์— ๋ฐ˜์˜ํ•œ๋‹ค.

ํ•ด๋‹น ๋ฉ”์ปค๋‹ˆ์ฆ˜ ๋„์ž…์„ ํ†ตํ•ด ์›จ์Šคํ„ด ์œ ๋‹ˆ์˜จ์€ ์ˆ˜์–ต ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์— ๋‹ฌํ•˜๋˜ ๊ธฐ์กด์˜ ์‚ฌ์ „ ์ž๊ธˆ ์˜ˆ์น˜ ๋ฒ„ํผ๋ฅผ ์ž์‚ฌ ์šด์˜ ๊ทœ๋ชจ์— ๋งž์ถ”์–ด ์ตœ์†Œ ์ˆ˜์ค€์œผ๋กœ ์ถ•์†Œํ•˜๊ณ  ์œ ํœด ์ž๋ณธ์„ ํšŒ์ˆ˜ํ•  ์ˆ˜ ์žˆ๋Š” ๊ธฐ๋ฐ˜์„ ๋งˆ๋ จํ–ˆ๋‹ค.

๋‚˜์•„๊ฐ€ ์›จ์Šคํ„ด ์œ ๋‹ˆ์˜จ์€ ๋‹ค์Œ ๋‹จ๊ณ„๋กœ ๋ณธ๊ฒฉ์ ์ธ ๋น„์ฆˆ๋‹ˆ์Šค ํ™•์žฅ์„ ์ถ”์ง„ํ•˜๊ณ  ์žˆ๋‹ค. ๊ฐ€์ƒ์ž์‚ฐ ์ƒํƒœ๊ณ„์™€ ์ž์‚ฌ์˜ ์˜คํ”„๋ผ์ธ ๋Œ€๋ฆฌ์  ๋„คํŠธ์›Œํฌ๋ฅผ ์—ฐ๋™ํ•˜๋Š” ๋””์ง€ํ„ธ ์ž์‚ฐ ๋„คํŠธ์›Œํฌ(DAN)๋ฅผ ๊ตฌ์ถ•ํ•˜์—ฌ, ์˜จ์ฒด์ธ ์ž์‚ฐ์ธ USDPT๋ฅผ ํ˜„์ง€ ๋ฒ•์ •ํ™”ํ๋กœ ์ฆ‰๊ฐ ํ™˜์ „ ๋ฐ ํ˜„๊ธˆํ™”ํ•  ์ˆ˜ ์žˆ๋„๋ก ์ง€์›ํ•  ์˜ˆ์ •์ด๋‹ค. ์ด์™€ ํ•จ๊ป˜ ์ผ๋ฐ˜ ์†Œ๋น„์ž๊ฐ€ ์˜คํ”„๋ผ์ธ ์‹ค๋ฌผ ๊ฐ€๋งน์ ์—์„œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ์ง์ ‘ ๊ฒฐ์ œํ•  ์ˆ˜ ์žˆ๋Š” B2C ์„œ๋น„์Šค์ธ โ€˜์Šคํƒœ๋ธ” ๋ฐ”์ด ์›จ์Šคํ„ด ์œ ๋‹ˆ์˜จโ€™ ์ถœ์‹œ๋ฅผ ๊ณ„ํšํ•˜๊ณ  ์žˆ์œผ๋ฉฐ, ์ด๋ฅผ 2026๋…„ ๋‚ด ์ „ ์„ธ๊ณ„ 40๊ฐœ๊ตญ ์ด์ƒ์œผ๋กœ ํ™•๋Œ€ํ•ด ์ตœ์ „์„ ์˜ ๋ฆฌํ…Œ์ผ ์ ‘์ ๊นŒ์ง€ ํ•˜๋‚˜์˜ ๋‹จ์ผ ๊ฒฐ์ œ๋ง์œผ๋กœ ํ†ตํ•ฉํ•˜๊ณ ์ž ํ•œ๋‹ค.

๋ณธ ์‚ฌ๋ก€๋Š” ์†”๋ผ๋‚˜ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ์ด ๋‹จ์ˆœํ•œ ์ž์‚ฐ ๊ฑฐ๋ž˜์šฉ ๋„คํŠธ์›Œํฌ๋ฅผ ๋„˜์–ด, ์ œ๋„๊ถŒ ๊ธˆ์œต์˜ ํ•ต์‹ฌ ๊ฒฐ์ œ ์ธํ”„๋ผ๋กœ ๊ธฐ๋Šฅํ•  ์ˆ˜ ์žˆ์Œ์„ ๋ช…ํ™•ํžˆ ๋ฐฉ์ฆํ•œ๋‹ค.

ํŒŒ์ด์„œ๋ธŒ: ๊ธˆ์œต๊ธฐ๊ด€์šฉ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ(FIUSD)

2025๋…„ 6์›” 23์ผ, ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต ๊ธฐ์ˆ  ๊ธฐ์—… ํŒŒ์ด์„œ๋ธŒ๋Š” ๊ฐ€๋งน ๊ธˆ์œต๊ธฐ๊ด€๋“ค์ด ์ž์ฒด ๊ฒฐ์ œ ๋ฐ ์†ก๊ธˆ ์„œ๋น„์Šค์— ๋„์ž…ํ•  ์ˆ˜ ์žˆ๋Š” ๊ธˆ์œต๊ธฐ๊ด€์šฉ ํ™”์ดํŠธ๋ผ๋ฒจ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ โ€˜FIUSDโ€™์™€ ๋””์ง€ํ„ธ ์ž์‚ฐ ํ”Œ๋žซํผ ์ถœ์‹œ ๊ณ„ํš์„ ๋ฐœํ‘œํ–ˆ๋‹ค. ํ™”์ดํŠธ๋ผ๋ฒจ ๊ตฌ์กฐ๋ž€ ํŒŒ์ด์„œ๋ธŒ๊ฐ€ ๊ธฐ์ˆ  ์ธํ”„๋ผ์™€ ๋‹ฌ๋Ÿฌ ๋‹ด๋ณด ์ฒด๊ณ„๋ฅผ ๊ณต๊ธ‰ํ•˜๊ณ , ๊ฐœ๋ณ„ ๊ธˆ์œต๊ธฐ๊ด€์ด ์ž์‚ฌ ๋ธŒ๋žœ๋“œ๋กœ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๋ฐœํ–‰ยท์ œ๊ณตํ•˜๋Š” ๋ฐฉ์‹์ด๋‹ค. ์€ํ–‰์€ ๋ณ„๋„์˜ ๋ธ”๋ก์ฒด์ธ ์ธํ”„๋ผ๋ฅผ ๊ตฌ์ถ•ํ•˜์ง€ ์•Š๊ณ ๋„ ์ž์ฒด ๋””์ง€ํ„ธ ๋‹ฌ๋Ÿฌ๋ฅผ ๊ณ ๊ฐ์—๊ฒŒ ์ œ๊ณตํ•  ์ˆ˜ ์žˆ๋‹ค.

ํ•ด๋‹น ํ”Œ๋žซํผ์€ ์†”๋ผ๋‚˜๋ฅผ ๊ธฐ๋ฐ˜์œผ๋กœ ๊ตฌ๋™๋˜๋ฉฐ, ์ •์‹ ์ถœ์‹œ๋Š” 2026๋…„ 7์›”๋กœ ์˜ˆ์ •๋˜์–ด ์žˆ๋‹ค. ์ธํ”„๋ผ ๊ตฌ์ถ•์„ ์œ„ํ•œ ์ฐธ์—ฌ ๊ธฐ๊ด€์˜ ์—ญํ• ์€ ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

  • ํŒŒ์ด์„œ๋ธŒ: ํ”Œ๋žซํผ ์ด๊ด„ ๋ฐ ์ธํ”„๋ผ ์ œ๊ณต ์ฃผ์ฒด. ์ž์ฒด ๊ธ€๋กœ๋ฒŒ ๊ฒฐ์ œ ๋„คํŠธ์›Œํฌ์™€ ๋ฑ…ํ‚น ์†”๋ฃจ์…˜์„ ์ œ๊ณตํ•˜์—ฌ ์ธํ”„๋ผ ๊ตฌ๋™ ์ด๊ด„

  • ํŒ์†Œ์Šค: ๋Œ€๊ทœ๋ชจ ๊ธฐ์—…์šฉ ๊ธฐ์ˆ  ์ธํ”„๋ผ๋ฅผ ์ง€์›ํ•˜๊ณ , ์ž์‚ฌ์˜ ๊ทœ์ œ ํ”„๋ ˆ์ž„์›Œํฌ ํ•˜์—์„œ FIUSD์˜ ๋ฐœํ–‰ ๋ฐ ๊ด€๋ฆฌ๋ฅผ ์ „๋‹ด

  • ์„œํด: ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ธฐ์ˆ  ์ธํ”„๋ผ๋ฅผ ์ œ๊ณตํ•˜์—ฌ ํƒ€ ์ฃผ์š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ƒํƒœ๊ณ„์™€์˜ ์ƒํ˜ธ์šด์šฉ์„ฑ ํ™•๋ณด๋ฅผ ์ง€์›

์‹ค์ œ๋กœ ์ฑ„ํƒ๋œ ์‚ฌ๋ก€๋„ ์กด์žฌํ•œ๋‹ค. ๋ฏธ๊ตญ ์œ ์ผ์˜ ์ฃผ๋ฆฝ ์€ํ–‰์ธ ๋…ธ์Šค๋‹ค์ฝ”ํƒ€ ์€ํ–‰(Bank of North Dakota)์ด FIUSD ํ”Œ๋žซํผ์„ ๊ธฐ๋ฐ˜์œผ๋กœ โ€˜Roughrider Coinโ€™์„ ์ถœ์‹œํ•˜๊ธฐ๋กœ ๋ฐœํ‘œํ–ˆ๋‹ค. ์ด๋Š” ์•„๋ž˜์™€ ๊ฐ™์ด ๊ตฌ๋™๋œ๋‹ค.

  • ์ฝ”์–ด ๋ฑ…ํ‚น ์›์žฅ ๊ฒฐํ•ฉ (Core Processing & Orchestration): ํŒŒ์ด์„œ๋ธŒ์˜ ์ƒˆ๋กœ์šด ๋””์ง€ํ„ธ ์ž์‚ฐ ํ”Œ๋žซํผ์€ ์ž์ฒด โ€˜Finxactโ€™ ์ฝ”์–ด ํ”„๋กœ์„ธ์‹ฑ ํ”Œ๋žซํผ์„ ๊ธฐ์ดˆ ์›์žฅ์œผ๋กœ ํ™œ์šฉํ•˜๋ฉฐ, ํด๋ผ์šฐ๋“œ ๋„ค์ดํ‹ฐ๋ธŒ ์˜ค์ผ€์ŠคํŠธ๋ ˆ์ด์…˜, ๊ฒฐ์ œ ๋ฐ ๋ฑ…ํ‚น ํ”Œ๋žซํผ๊ณผ ์—ฐ๊ฒฐ๋œ๋‹ค. ์ด๋ฅผ ํ†ตํ•ด ์ƒํ˜ธ์šด์šฉ ๊ฐ€๋Šฅํ•œ ์—”๋“œํˆฌ์—”๋“œ ๋ฒ•์ •ํ™”ํ ๋ฐ ๋””์ง€ํ„ธ ์ƒํƒœ๊ณ„๋ฅผ ๊ตฌ์„ฑํ•œ๋‹ค.

  • ๋„คํŠธ์›Œํฌ ํ†ตํ•ฉ ๊ธฐ๋ฐ˜์˜ ๋„์ž… ๋น„์šฉ ์ œ๊ฑฐ (Network Scale): ํŒŒ์ด์„œ๋ธŒ์˜ ๋ฉ€ํ‹ฐ์‚ฌ์ด๋“œ ๋„คํŠธ์›Œํฌ๋Š” ์•ฝ 1๋งŒ ๊ฐœ์˜ ๊ธˆ์œต๊ธฐ๊ด€ ํด๋ผ์ด์–ธํŠธ์™€ 600๋งŒ ๊ฐœ์˜ ๊ฐ€๋งน์ ์„ ํฌํ•จํ•˜๋ฉฐ ์—ฐ๊ฐ„ 900์–ต ๊ฑด์˜ ๊ฑฐ๋ž˜๋ฅผ ์ฒ˜๋ฆฌํ•œ๋‹ค. ํŒŒ์ด์„œ๋ธŒ๋Š” ๊ธฐ์กด ๊ธฐ์ˆ ์„ ํ™œ์šฉํ•ด ๊ฐ€๋งน ๊ธˆ์œต๊ธฐ๊ด€ ํด๋ผ์ด์–ธํŠธ๋“ค์—๊ฒŒ ์ถ”๊ฐ€ ๋น„์šฉ ์—†์ด FIUSD๋ฅผ ์ œ๊ณตํ•  ๊ณ„ํš์ด๋‹ค.

  • ๊ธฐ์กด ๋‚ด์žฅ ๊ธฐ๋Šฅ์„ ํ†ตํ•œ ํ†ต์ œ ๋ฐ ํ™•์žฅ (Risk & Capital Efficiency): ๊ฐ€๋งน ๊ธˆ์œต๊ธฐ๊ด€๋“ค์€ ํŒŒ์ด์„œ๋ธŒ์˜ ๊ธฐ์กด ๋Œ€๊ณ ๊ฐ ๋ฑ…ํ‚น ํ”Œ๋žซํผ์„ ํ™œ์šฉํ•˜๋ฉฐ, ์‚ฌ๊ธฐ ๋ชจ๋‹ˆํ„ฐ๋ง, ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ, ์ •์‚ฐ ์ œ์–ด์™€ ๊ฐ™์€ ๊ธฐ์กด ๋‚ด์žฅ ๊ธฐ๋Šฅ์„ ํ†ตํ•ด ์ปดํ”Œ๋ผ์ด์–ธ์Šค๋ฅผ ์ง€์›๋ฐ›๋Š”๋‹ค. ์ด์— ๋”ํ•ด ์€ํ–‰์— ๋” ์ž๋ณธ ์นœํ™”์ ์ธ ๊ตฌ์กฐ๋ฅผ ์ œ๊ณตํ•˜๊ธฐ ์œ„ํ•ด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์˜ ์ด์ ์„ ์œ ์ง€ํ•˜๋Š” โ€˜์˜ˆ๊ธˆ ํ† ํฐ(Deposit Tokens)โ€™ ํ™œ์šฉ ๋ฐฉ์•ˆ์„ ํƒ์ƒ‰ ์ค‘์ด๋‹ค.

์ด๋Š” ์•„์‹œ์•„ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์ด ๋ฒค์น˜๋งˆํ‚นํ•˜๊ธฐ์— ๋งค์šฐ ์œ ์šฉํ•œ ๊ตฌ์กฐ๋‹ค. ํ˜„์žฌ ์ƒ๋‹น์ˆ˜ ์ง€์—ญ์—์„œ๋Š” ๊ทœ์ œ์  ์ œ์•ฝ์œผ๋กœ ์ธํ•ด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์ง์ ‘ ๋ฐœํ–‰ํ•˜๊ฑฐ๋‚˜ ์‹œ์žฅ์— ์ง„์ž…ํ•˜๋Š” ๊ฒƒ์ด ์–ด๋ ค์šด ์‹ค์ •์ด๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ธํ”„๋ผ ๊ธฐ์—…์ด ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜์˜ ํ™”์ดํŠธ๋ผ๋ฒจ ํ”Œ๋žซํผ์„ ์ œ๊ณตํ•˜๊ณ  ๊ธˆ์œต๊ธฐ๊ด€์ด ์ž์ฒด ๋ธŒ๋žœ๋“œ๋กœ ๋””์ง€ํ„ธ ๋‹ฌ๋Ÿฌ๋ฅผ ๋ฐœํ–‰ํ•˜๋Š” ์ด ๋ฐฉ์‹์€, ํ–ฅํ›„ ๊ทœ์ œ ํ™˜๊ฒฝ๋งŒ ์ •๋น„๋˜๋ฉด ์‹œ์žฅ์— ์ฆ‰์‹œ ์ ์šฉํ•  ์ˆ˜ ์žˆ๋‹ค.

ํŠนํžˆ ํ•œ๊ตญ์˜ ๊ฒฝ์šฐ, ์ด ํ™”์ดํŠธ๋ผ๋ฒจ ๋ชจ๋ธ์€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ฐœํ–‰ ์ฃผ์ฒด๋ฅผ ์€ํ–‰์œผ๋กœ ์ œํ•œํ•  ๊ฒƒ์ธ์ง€ ํ˜น์€ ๋น„์€ํ–‰ ๊ธฐ๊ด€๊นŒ์ง€ ํ—ˆ์šฉํ•  ๊ฒƒ์ธ์ง€์— ๋Œ€ํ•œ ํ˜„์žฌ์˜ ์ œ๋„๊ถŒ ๋…ผ์˜์™€ ๊ธด๋ฐ€ํžˆ ๋งž๋ฌผ๋ ค ์žˆ๋‹ค. ๋”ฐ๋ผ์„œ ๊ธˆ์œต์œ„์›ํšŒ๊ฐ€ ๋ฐœํ–‰ ์ฃผ์ฒด์˜ ๋ฒ”์œ„๋ฅผ ํ™•์ •ํ•˜๊ณ  ์›ํ™” ๊ธฐ๋ฐ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ทœ์ •์„ ์ˆ˜๋ฆฝํ•˜๋Š” ์‹œ์ ์— ์ด ๋ชจ๋ธ์€ ๋ณธ๊ฒฉ์ ์ธ ์‹คํšจ์„ฑ์„ ๊ฐ–๊ฒŒ ๋  ๊ฒƒ์ด๋‹ค.

4.3. ์‹ค๋ฌผ์ž์‚ฐ ํ† ํฐํ™”(RWA)

์‹ค๋ฌผ์ž์‚ฐ ํ† ํฐํ™” ์˜์—ญ์€ ๊ตญ์ฑ„, ์‚ฌ๋ชจ๋Œ€์ถœ, ๋จธ๋‹ˆ๋งˆ์ผ“ํŽ€๋“œ, ์ƒ์žฅ ์ฃผ์‹, ๋น„์ƒ์žฅ ์ฆ๊ถŒ ๋ฐ ์›์ž์žฌ ๋“ฑ์„ ํฌ๊ด„ํ•œ๋‹ค. ์ด๋Š” ์ „ํ†ต ์‹œ์žฅ์—์„œ ๊ฑฐ๋ž˜๋˜๋Š” ๊ธˆ์œต์ž์‚ฐ์„ ๋ธ”๋ก์ฒด์ธ์ƒ์˜ ํ† ํฐ์œผ๋กœ ๋ณ€ํ™˜ํ•˜์—ฌ ๋ฐœํ–‰, ์œ ํ†ต, ์ •์‚ฐ๋˜๋„๋ก ํ•˜๋Š” ์ผ๋ จ์˜ ๊ณผ์ •์„ ์˜๋ฏธํ•œ๋‹ค. ์•ž์„  ๋‘ ์˜์—ญ์ด โ€˜์ž๊ธˆ ์ด๋™์˜ ์†๋„โ€™๋ฅผ ๋‹ค๋ฃจ์—ˆ๋‹ค๋ฉด, ์ด ์˜์—ญ์€ โ€˜์ž์‚ฐ์˜ ์กด์žฌ ๋ฐฉ์‹โ€™ ์ž์ฒด๋ฅผ ๋‹ค๋ฃฌ๋‹ค.

์ด ์˜์—ญ์˜ ๊ตฌ์กฐ์  ๋ฌธ์ œ๋Š” ์ž์‚ฐ๋ณ„๋กœ ํŒŒํŽธํ™”๋œ ์ธํ”„๋ผ์—์„œ ๋น„๋กฏ๋œ๋‹ค. ๋™์ผํ•œ ํˆฌ์ž์ž๊ฐ€ ๊ตญ์ฑ„, ์‚ฌ๋ชจ๋Œ€์ถœ, ์ƒ์žฅ ์ฃผ์‹, ๋น„์ƒ์žฅ ์ฆ๊ถŒ ๋ฐ ์›์ž์žฌ์— ์ ‘๊ทผํ•˜๋ ค๋ฉด ๊ฐ ์ž์‚ฐ๊ตฐ๋งˆ๋‹ค ์„œ๋กœ ๋‹ค๋ฅธ ์ค‘๊ฐœ๊ธฐ๊ด€, ๊ณ„์ขŒ, ๊ทธ๋ฆฌ๊ณ  ์ •์‚ฐ ์ฒด๊ณ„๋ฅผ ๊ฑฐ์ณ์•ผ๋งŒ ํ•œ๋‹ค.

  • ์ ‘๊ทผ์„ฑ ์ œํ•œ: ์‚ฌ๋ชจ๋Œ€์ถœ๊ณผ ์‚ฌ๋ชจํŽ€๋“œ๋Š” ๋†’์€ ์ตœ์†Œ ํˆฌ์ž๊ธˆ์•ก๊ณผ ๊ธด ๋ฝ์—… ๊ธฐ๊ฐ„์œผ๋กœ ์ธํ•ด ๊ธฐ๊ด€๊ณผ ์ดˆ๊ณ ์•ก ์ž์‚ฐ๊ฐ€ ์œ„์ฃผ๋กœ ์šด์˜๋˜์–ด ์™”๋‹ค. ์ด๋Š” ์ผ๋ฐ˜ ํˆฌ์ž์ž์˜ ์ง„์ž…์„ ๊ตฌ์กฐ์ ์œผ๋กœ ์ฐจ๋‹จํ•˜๋Š” ์š”์ธ์œผ๋กœ ์ž‘์šฉํ•œ๋‹ค.

  • ์œ ํ†ต์‹œ์žฅ ๋ถ€์žฌ: ๋น„์œ ๋™ ์ž์‚ฐ์€ ๋ฐœํ–‰ ์ดํ›„ ๊ฑฐ๋ž˜ํ•  ์ˆ˜ ์žˆ๋Š” ์œ ํ†ต์‹œ์žฅ์ด ์‚ฌ์‹ค์ƒ ์กด์žฌํ•˜์ง€ ์•Š๋Š”๋‹ค. ํˆฌ์ž์ž๋Š” ๋งŒ๊ธฐ๊นŒ์ง€ ์ž์‚ฐ์— ๋ฌถ์ด๊ฒŒ ๋˜๋ฉฐ, ์ž์‚ฐ์˜ ๊ฐ€๊ฒฉ ๋ฐœ๊ฒฌ(Price Discovery) ๊ธฐ๋Šฅ ๋˜ํ•œ ์ž‘๋™ํ•˜๊ธฐ ์–ด๋ ต๋‹ค.

  • ์ •์‚ฐ ๋‹จ์ ˆ: ์ž์‚ฐ๊ตฐ๋งˆ๋‹ค ์ •์‚ฐ ์ฃผ๊ธฐ์™€ ์ธํ”„๋ผ๊ฐ€ ๋‹ฌ๋ผ ํฌํŠธํด๋ฆฌ์˜ค ์ฐจ์›์˜ ์‹ค์‹œ๊ฐ„ ์ž๊ธˆ ์šด์šฉ์ด ๋ถˆ๊ฐ€๋Šฅํ•˜๋‹ค. ๊ตญ์ฑ„๋ฅผ ๋งค๋„ํ•œ ๋Œ€๊ธˆ์œผ๋กœ ์‚ฌ๋ชจ๋Œ€์ถœ์— ํˆฌ์žํ•˜๋ ค๋ฉด ๋‘ ๊ฐœ์˜ ๋ถ„๋ฆฌ๋œ ์ •์‚ฐ ์ฒด๊ณ„๋ฅผ ์ˆœ์ฐจ์ ์œผ๋กœ ํ†ต๊ณผํ•ด์•ผ ํ•œ๋‹ค.

ํ† ํฐํ™”๋Š” ์ด๋Ÿฌํ•œ ๋‹จ์ ˆ์„ ๋‹จ์ผ ์›์žฅ ์œ„์—์„œ ํ•ด์†Œํ•œ๋‹ค. ์ž์‚ฐ์ด ํ† ํฐ์œผ๋กœ ์กด์žฌํ•˜๊ฒŒ ๋˜๋ฉด ๋ฐœํ–‰, ์œ ํ†ต, ์ •์‚ฐ์ด ๋ชจ๋‘ ๋™์ผํ•œ ์˜จ์ฒด์ธ ์ธํ”„๋ผ ์œ„์—์„œ ์ฒ˜๋ฆฌ๋œ๋‹ค.

์˜ˆ๋ฅผ ๋“ค์–ด ์‚ฌ๋ชจ๋Œ€์ถœ ํŽ€๋“œ์˜ ์ง€๋ถ„์ด 24์‹œ๊ฐ„ ์œ ํ†ต ๊ฐ€๋Šฅํ•œ ํ† ํฐ์œผ๋กœ ๋ณ€ํ™˜๋˜๊ณ  ์‚ฌ๋ชจ๋Œ€์ถœ์˜ ์ˆ˜์ต๊ถŒ์ด ์ง€๊ฐ‘ ๊ฐ„ ์ „์†ก ๊ฐ€๋Šฅํ•œ ์ž์‚ฐ์ด ๋œ๋‹ค. ํˆฌ์ž์ž๊ฐ€ ์„œ๋กœ ๋‹ค๋ฅธ ์ž์‚ฐ๊ตฐ์„ ๋„˜๋‚˜๋“ค๋ฉฐ ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ์žฌ์กฐ์ •ํ•  ๋•Œ ํ•„์š”ํ•œ ๊ฒƒ์€ ๋ณ„๋„์˜ ๊ณ„์ขŒ ๊ฐœ์„ค์ด ์•„๋‹ˆ๋ผ ๋‹จ ํ•œ ๋ฒˆ์˜ ์˜จ์ฒด์ธ ํŠธ๋žœ์žญ์…˜์ด๋‹ค.

์˜ค๋ฅด์นด ร— ์ŠคํŠธ๋ฆฌ๋งฅ์Šค: ๊ทœ์ œํ˜• RWA ์œ ํ†ต(GLDY)

ํ† ํฐํ™”๋œ ์ƒ์žฅ ์ฃผ์‹ ์‹œ์žฅ์€ ์˜ค๋žซ๋™์•ˆ ๋ฐœํ–‰๊ณผ ์œ ํ†ต์˜ ๋ถˆ์ผ์น˜ ๋ฌธ์ œ๋ฅผ ๊ฒช์–ด์™”๋‹ค. ํฌ๋ผ์ผ„์˜ xStocks ์‚ฌ๋ก€์ฒ˜๋Ÿผ ์ฃผ์‹ํ˜• ํ† ํฐํ™” ์ž์‚ฐ์€ ์—ฌ๋Ÿฌ ๊ฑฐ๋ž˜์†Œ๋ฅผ ํ†ตํ•ด 2์ฐจ ๊ฑฐ๋ž˜ ๊ฒฝ๋กœ๊ฐ€ ํ™•๋ณด๋˜์–ด ์žˆ์—ˆ์œผ๋‚˜, ์ฑ„๊ถŒยท์›์ž์žฌยท์‚ฌ๋ชจ ๋Œ€์ถœ ๋“ฑ ๋น„์ฃผ์‹ํ˜• ํ† ํฐํ™” ์ฆ๊ถŒ์€ ๋ฐœํ–‰ ์ดํ›„ ๋ฐœํ–‰์‚ฌ๊ฐ€ ๊ฑฐ๋ž˜๋ฅผ ํ†ต์ œํ•˜๊ฑฐ๋‚˜ ํˆฌ์ž์ž ์ž๊ฒฉ์„ ์ œํ•œํ•  ์ˆ˜ ์žˆ๋Š” ์œ ๋™์„ฑ ์ธํ”„๋ผ๊ฐ€ ๋ถ€์žฌํ–ˆ๋‹ค. ์ฆ‰, ๋ฐœํ–‰ ๊ธฐ์ˆ ์€ ์ง„๋ณดํ–ˆ์œผ๋‚˜ ์œ ํ†ต ์ธํ”„๋ผ๊ฐ€ ์ด๋ฅผ ๋’ท๋ฐ›์นจํ•˜์ง€ ๋ชปํ•œ ๊ตฌ์กฐ์  ํ•œ๊ณ„๊ฐ€ ์กด์žฌํ–ˆ๋‹ค.

์ด์— ๋Œ€์‘ํ•˜์—ฌ 2026๋…„ 5์›”, ์†”๋ผ๋‚˜์˜ ์„ ๋„์ ์ธ ์˜จ์ฒด์ธ ์ธํ”„๋ผ ์ œ๊ณต์—…์ฒด์ธ ์˜ค๋ฅด์นด(Orca)๋Š” ๋ฐœํ–‰์‚ฌ๊ฐ€ ๊ทœ์ œ ๋Œ€์ƒ ์ž์‚ฐ์˜ ์š”๊ฑด์— ๋งž์ถฐ ๋งž์ถคํ˜• ํ’€(Pool)์„ ์ƒ์„ฑํ•  ์ˆ˜ ์žˆ๋Š” ๋ฌดํ—ˆ๊ฐ€ํ˜•(Permissionless) ์ž๋™ ๋งˆ์ผ“ ๋ฉ”์ด์ปค(AMM) ์ธํ”„๋ผ๋ฅผ ์ถœ์‹œํ–ˆ๋‹ค. ๋‚˜์Šค๋‹ฅ ์ƒ์žฅ์‚ฌ ์ŠคํŠธ๋ฆฌ๋งฅ์Šค๋Š” ์ด ๊ทœ์ œ ์ž์‚ฐ์šฉ ๋งž์ถคํ˜• ์†”๋ฃจ์…˜์„ ์ตœ์ดˆ๋กœ ๋„์ž…ํ•˜์—ฌ, ์‹ค๋ฌผ ๊ธˆ ๊ธฐ๋ฐ˜์˜ ์ˆ˜์ตํ˜• ํ† ํฐ ์ฆ๊ถŒ์ธ โ€˜GLDYโ€™ ํ† ํฐ์˜ 2์ฐจ ์œ ๋™์„ฑ์„ ๊ณต๊ธ‰ํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ์ŠคํŠธ๋ฆฌ๋งฅ์Šค๊ฐ€ ์„ค์ •ํ•œ ์ž๊ฒฉ ์š”๊ฑด(์ฆ‰, ์ ๊ฒฉํˆฌ์ž์ž ์ž๊ฒฉ)์„ ์ถฉ์กฑํ•˜๋Š” ํˆฌ์ž์ž๋งŒ ์œ ๋™์„ฑ์„ ์ œ๊ณตํ•˜๊ฑฐ๋‚˜ GLDY๋ฅผ ๊ฑฐ๋ž˜ํ•  ์ˆ˜ ์žˆ๋‹ค.

  • ์ŠคํŠธ๋ฆฌ๋งฅ์Šค: GLDY ํ† ํฐ ๋ฐœํ–‰, KYC ๋ฐ ์ ๊ฒฉํˆฌ์ž์ž ๊ฒ€์ฆ, ํ™”์ดํŠธ๋ฆฌ์ŠคํŠธ ์˜จ๋ณด๋”ฉ์„ ๋‹ด๋‹นํ•œ๋‹ค. ์›์ž์žฌ ์ž์‚ฐ์˜ ํ† ํฐํ™”์— ํŠนํ™”๋œ ๋‚˜์Šค๋‹ฅ ์ƒ์žฅ ๋””์ง€ํ„ธ ์ž์‚ฐ ์ธํ”„๋ผ ๊ธฐ์—…์ด๋‹ค.

  • ์˜ค๋ฅด์นด: ์ŠคํŠธ๋ฆฌ๋งฅ์Šค์™€ ๊ฐ™์€ ๋ฐœํ–‰์‚ฌ๊ฐ€ ๊ทœ์ œ ๋Œ€์ƒ ์ž์‚ฐ์„ ์œ„ํ•ด ๋…๋ฆฝ๋œ ํ—ˆ๊ฐ€ํ˜• ํ’€(Ring-fenced permissioned pools)์„ ๊ตฌ์ถ•ํ•  ์ˆ˜ ์žˆ๋„๋ก ๋ฌดํ—ˆ๊ฐ€ํ˜• ์ž๋™ ๋งˆ์ผ“ ๋ฉ”์ด์ปค ๊ฑฐ๋ž˜ ์ธํ”„๋ผ๋ฅผ ์ œ๊ณตํ•œ๋‹ค. 2021๋…„ 2์›” ์šด์˜์„ ์‹œ์ž‘ํ•œ ์†”๋ผ๋‚˜ ์ตœ์žฅ์ˆ˜ ํƒˆ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ(DEX)๋กœ, ๋ˆ„์  ๊ฑฐ๋ž˜๋Œ€๊ธˆ 5,000์–ต ๋‹ฌ๋Ÿฌ ์ด์ƒ์„ ์ฒ˜๋ฆฌํ–ˆ์œผ๋ฉฐ ๋‹ค์ˆ˜์˜ ๋…๋ฆฝ์ ์ธ ๋ณด์•ˆ ๊ฐ์‚ฌ๋ฅผ ์™„๋ฃŒํ–ˆ๋‹ค.

  • ๋จธ๋‹ˆํ„ฐ๋ฆฌ ๋ฉ”ํƒˆ์Šค: ๊ธˆ ๋ฆฌ์Šค ๊ณ„์•ฝ์„ ํ†ตํ•ด GLDY ๋ณด์œ ์ž์—๊ฒŒ ์‹ค๋ฌผ ๊ธˆ ๊ธฐ๋ฐ˜ ์ˆ˜์ต์„ ์ฐฝ์ถœํ•˜๋Š” ๊ธฐ์ดˆ ์ž์‚ฐ ์šด์šฉ์„ ๋‹ด๋‹นํ•œ๋‹ค.

์ด ๋น„์ฆˆ๋‹ˆ์Šค์˜ ํ•ต์‹ฌ์€ ์ž์‚ฐ์˜ ์ข…๋ฅ˜๊ฐ€ ์•„๋‹ˆ๋ผ ๊ฑฐ๋ž˜ ํ†ต์ œ ๋ฐฉ์‹์— ์žˆ๋‹ค. ๊ทœ์ œ ์ค€์ˆ˜ ์š”๊ฑด์„ ์‚ฌ๋žŒ์˜ ์‹ฌ์‚ฌ ๊ณผ์ •์ด ์•„๋‹Œ ์ฝ”๋“œ๋กœ ๊ฐ•์ œํ•˜๋Š” ๊ตฌ์กฐ๋‹ค. GLDY ํ’€์€ ์„ธ ๋‹จ๊ณ„๋กœ ์ž‘๋™ํ•œ๋‹ค.

  1. ๊ธฐ๋ณธ ๋™๊ฒฐ ๋ฐ ์ž๊ฒฉ ๊ฒ€์ฆ (Default Freeze & KYC Verification): ๋ชจ๋“  ํˆฌ์ž์ž ์ง€๊ฐ‘์€ ๊ธฐ๋ณธ์ ์œผ๋กœ ๊ฑฐ๋ž˜๊ฐ€ ๋ถˆ๊ฐ€๋Šฅํ•œ ๋™๊ฒฐ ์ƒํƒœ๋กœ ์‹œ์ž‘ํ•œ๋‹ค. ์ŠคํŠธ๋ฆฌ๋งฅ์Šค์˜ KYC ๊ฒ€์ฆ์„ ํ†ต๊ณผํ•œ ์ง€๊ฐ‘๋งŒ ์˜จ์ฒด์ธ ์ ‘๊ทผ ํ†ต์ œ ๋ ˆ์ด์–ด์—์„œ ์ž๋™์œผ๋กœ ๋™๊ฒฐ์ด ํ•ด์ œ๋œ๋‹ค.

  2. ์ž๊ฒฉ ์ง€๊ฐ‘ ๋™๊ฒฐ ํ•ด์ œ ๋ฐ ๊ฑฐ๋ž˜ (Access Unlock & Trading): ๊ฒ€์ฆ๋œ ์ง€๊ฐ‘ ์‚ฌ์ด์—์„œ๋งŒ ์˜ค๋ฅด์นด AMM ํ’€ ์•ˆ์—์„œ GLDY ์‹ค์‹œ๊ฐ„ P2P ๊ฑฐ๋ž˜๊ฐ€ ์‹คํ–‰๋œ๋‹ค. ๋ธŒ๋กœ์ปค๋‚˜ ์‹ฌ์‚ฌ์ž๊ฐ€ ๊ฐœ์ž…ํ•˜์ง€ ์•Š๋Š”๋‹ค.

  3. 24์‹œ๊ฐ„ ์œ ํ†ต ๋ฐ ์ˆ˜์ต ์ง€๊ธ‰ (24/7 Secondary Market & Yield Distribution): ์ „ํ†ต ๊ธˆ ํˆฌ์ž ์ƒํ’ˆ์ด ๊ฑฐ๋ž˜์†Œ ์˜์—…์‹œ๊ฐ„์— ๋ฌถ์—ฌ ์žˆ๋Š” ๊ฒƒ๊ณผ ๋‹ฌ๋ฆฌ GLDY๋Š” ์†”๋ผ๋‚˜ ์œ„์—์„œ 24์‹œ๊ฐ„ 365์ผ ๊ฑฐ๋ž˜ ๊ฐ€๋Šฅํ•˜๋‹ค. ๋จธ๋‹ˆํ„ฐ๋ฆฌ ๋ฉ”ํƒˆ์Šค์˜ ๊ธˆ ๋ฆฌ์Šค ๊ณ„์•ฝ์—์„œ ๋ฐœ์ƒํ•œ ์ˆ˜์ต์ด GLDY ๋ณด์œ ์ž์—๊ฒŒ ์ง์ ‘ ์ง€๊ธ‰๋œ๋‹ค.

ํ† ํฐ ๋ ˆ๋ฒจ์˜ ๋™๊ฒฐยทํ•ด์ œ ํ†ต์ œ ๊ธฐ์ˆ ์€ ์ฃผ์‹, ์ฑ„๊ถŒ, ์›์ž์žฌ ๋“ฑ ์ž์‚ฐ์˜ ์ข…๋ฅ˜๋ฅผ ๊ฐ€๋ฆฌ์ง€ ์•Š๊ณ  ๋™์ผํ•˜๊ฒŒ ์ž‘๋™ํ•œ๋‹ค. GLDY๊ฐ€ ๊ธˆ ์ฆ๊ถŒ์„ ๋Œ€์ƒ์œผ๋กœ ์ด ๊ตฌ์กฐ๋ฅผ ์ฒ˜์Œ ์‹ค์ฆํ–ˆ์ง€๋งŒ, ๊ฐ™์€ ๋ฐฉ์‹์€ ๊ตญ์ฑ„, ํšŒ์‚ฌ์ฑ„, ์‚ฌ๋ชจ๋Œ€์ถœ ๋“ฑ ์–ด๋–ค ๊ทœ์ œ ์ž์‚ฐ์—๋„ ๊ทธ๋Œ€๋กœ ์ ์šฉ๋  ์ˆ˜ ์žˆ๋‹ค.

์˜ค๋ฅด์นด๊ฐ€ ์ด ๊ตฌ์กฐ๋ฅผ ํ”„๋กœ์ ํŠธ ์˜คํ”ˆ ํŒŒ์ผ๋Ÿฟ ํ”„๋ ˆ์ž„์›Œํฌ์˜ ๊ฑฐ๋ž˜ ์ธํ”„๋ผ๋กœ ์ œ์•ˆํ•œ ์ด์œ ๋„ ์—ฌ๊ธฐ์— ์žˆ๋‹ค. ๊ทœ์ œ์™€ ๊ฒฐํ•ฉ๋œ ์ธํ”„๋ผ ๋ ˆ์ด์–ด๊ฐ€ ๋  ์ˆ˜ ์žˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ๋ฐœํ–‰์„ ๋„˜์–ด์„œ ์–ด๋–ค ์‚ฌ์—…์ด ์‹ค์ฆ์ ์œผ๋กœ ๊ฐ€๋Šฅํ•œ์ง€์— ๋Œ€ํ•œ ์‚ฌ๋ก€์ด๋‹ค.

์•„ํด๋กœ: ์‚ฌ๋ชจ๋Œ€์ถœ ํ† ํฐํ™”(ACRED)

์ „ํ†ต ์‚ฌ๋ชจ๋Œ€์ถœ ์‹œ์žฅ์€ ๋†’์€ ์ˆ˜์ต๋ฅ ์—๋„ ๋ถˆ๊ตฌํ•˜๊ณ  ๋‘ ๊ฐ€์ง€ ๊ตฌ์กฐ์  ์žฅ๋ฒฝ์ด ์žˆ์—ˆ๋‹ค. ์ตœ์†Œ ํˆฌ์ž ๊ธˆ์•ก์ด ๋†’์•„ ๊ธฐ๊ด€๊ณผ ์ดˆ๊ณ ์•ก ์ž์‚ฐ๊ฐ€์—๊ฒŒ๋งŒ ์—ด๋ ค ์žˆ์—ˆ๊ณ , ํ•œ ๋ฒˆ ํˆฌ์žํ•˜๋ฉด ๋งŒ๊ธฐ๊นŒ์ง€ ์ž์‚ฐ์— ๋ฌถ์ด๋Š” ๋น„์œ ๋™์„ฑ ๋ฌธ์ œ๊ฐ€ ์žˆ์—ˆ๋‹ค.

๊ธ€๋กœ๋ฒŒ ์‚ฌ๋ชจํŽ€๋“œ ์•„ํด๋กœ๋Š” ์ด ์ œ์•ฝ์„ ์˜จ์ฒด์ธ์œผ๋กœ ํ•ด์†Œํ•˜๋Š” ์‹œ๋„๋ฅผ 2025๋…„ 1์›” ์‹œ์ž‘ํ–ˆ๋‹ค. ์ž์‚ฌ์˜ ๋‹ค๊ฐํ™” ํฌ๋ ˆ๋”ง ํŽ€๋“œ(ADCF)๋ฅผ ๊ธฐ๋ฐ˜์œผ๋กœ ํ•œ ํ† ํฐํ™” ํ”ผ๋” ํŽ€๋“œ ACRED๋ฅผ ์‹œํ๋ฆฌํƒ€์ด์ฆˆ๋ฅผ ํ†ตํ•ด ๋ฐœํ–‰ํ–ˆ๋‹ค.

ACRED๋Š” ์ ๊ฒฉํˆฌ์ž์ž ์ „์šฉ ์ œํ•œ ์ฆ๊ถŒ์œผ๋กœ, ์†”๋ผ๋‚˜๋ฅผ ํฌํ•จํ•œ ๋ณต์ˆ˜ ์ฒด์ธ์—์„œ ๋ฐœํ–‰๋๋‹ค. ์†”๋ผ๋‚˜ ์ƒํƒœ๊ณ„์—์„œ๋Š” ๋„ค ์ฃผ์ฒด๊ฐ€ ๊ฒฐํ•ฉํ•ด ๊ธฐ๊ด€ ์ „์šฉ ์˜จ์ฒด์ธ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ๊ตฌ์กฐ๋ฅผ ๊ตฌํ˜„ํ•œ๋‹ค.

  • ์‹œํ๋ฆฌํƒ€์ด์ฆˆ: ACRED ๋ฐœํ–‰ ํ”Œ๋žซํผ์œผ๋กœ, ์ ๊ฒฉํˆฌ์ž์ž KYCยทAML ๊ฒ€์ฆ๊ณผ sACRED ๋ž˜ํ•‘ ๊ตฌ์กฐ๋ฅผ ๋‹ด๋‹นํ•œ๋‹ค. ACRED๋Š” ์ „ํ†ต ํŽ€๋“œ ์ง€๋ถ„์ด๋ผ ๋””ํŒŒ์ด์— ์ง์ ‘ ์‚ฌ์šฉํ•  ์ˆ˜ ์—†์–ด, ์Šค๋งˆํŠธ์ปจํŠธ๋ž™ํŠธ ๊ธฐ๋ฐ˜ ๋ž˜ํ•‘ ํ† ํฐ sACRED๋กœ ์ „ํ™˜ํ•˜๋Š” ๊ตฌ์กฐ๊ฐ€ ๋„์ž…๋๋‹ค. ์ „ํ™˜ ๊ณผ์ •์—์„œ๋„ ์ ๊ฒฉํˆฌ์ž์ž ๊ฒ€์ฆ์ด ์Šค๋งˆํŠธ์ปจํŠธ๋ž™ํŠธ๋กœ ๊ฐ•์ œ๋œ๋‹ค.

  • ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜ ์˜จ์ฒด์ธ ๋Œ€์ถœ ํ”„๋กœํ† ์ฝœ: sACRED๋ฅผ ๋‹ด๋ณด๋กœ ๋ฐ›๋Š” ๊ธฐ๊ด€ ์ „์šฉ ๋Œ€์ถœ ํ’€์„ ์šด์˜ํ•œ๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ฐจ์ž… ์ฐฝ๊ตฌ๋ฅผ ์ œ๊ณตํ•œ๋‹ค.

  • ๊ฑดํ‹€๋ฆฟ: ๋ ˆ๋ฒ„๋ฆฌ์ง€ ์ „๋žต์˜ ๋ฆฌ์Šคํฌ๋ฅผ ์ž๋™ํ™” ์—”์ง„์œผ๋กœ ๊ด€๋ฆฌํ•œ๋‹ค. ์‹œ์žฅ ๊ธˆ๋ฆฌ์™€ ๋ฆฌ์Šคํฌ ํ•œ๋„์— ๋งž์ถฐ ์ฐจ์ž… ๊ทœ๋ชจ๋ฅผ ์‹ค์‹œ๊ฐ„์œผ๋กœ ์กฐ์ ˆํ•œ๋‹ค.

  • ๋ ˆ๋“œ์Šคํ†ค: ACRED ์‹ค์‹œ๊ฐ„ ๊ฐ€๊ฒฉ ๋ฐ์ดํ„ฐ๋ฅผ ์˜ค๋ผํด๋กœ ๊ณต๊ธ‰ํ•œ๋‹ค. ๋‹ด๋ณด ํ‰๊ฐ€์™€ ์ฒญ์‚ฐ ์กฐ๊ฑด ํŒ๋‹จ์˜ ๊ธฐ์ˆ ์  ๊ธฐ๋ฐ˜์ด๋‹ค.

์‹ค๋ฌด ์ ˆ์ฐจ๋Š” ์ตœ์†Œ 5๋งŒ ๋‹ฌ๋Ÿฌ ์ง„์ž… ์กฐ๊ฑด์œผ๋กœ ๋‹ค์Œ๊ณผ ๊ฐ™์ด ์‹คํ–‰๋œ๋‹ค.

  1. ํ† ํฐํ™” ๋ฐ ๋ž˜ํ•‘ (Tokenization & Wrapping): ์ ๊ฒฉํˆฌ์ž์ž๊ฐ€ ACRED๋ฅผ ๊ตฌ๋งคํ•˜๋ฉด ์ „ํ†ต ํŽ€๋“œ ์ง€๋ถ„์— ํ•ด๋‹นํ•˜๋Š” ํ† ํฐ์„ ๋ณด์œ ํ•˜๊ฒŒ ๋œ๋‹ค. ์ด๋ฅผ ๋””ํŒŒ์ด์—์„œ ํ™œ์šฉํ•˜๋ ค๋ฉด ์‹œํ๋ฆฌํƒ€์ด์ฆˆ์˜ ์Šค๋งˆํŠธ์ปจํŠธ๋ž™ํŠธ๋ฅผ ํ†ตํ•ด sACRED๋กœ ์ „ํ™˜ํ•œ๋‹ค. ์ ๊ฒฉ ๊ฒ€์ฆ๋œ ์ง€๊ฐ‘ ์‚ฌ์ด์—์„œ๋งŒ sACRED ์ „์†ก์ด ํ—ˆ์šฉ๋œ๋‹ค.

  2. ๋‹ด๋ณด ๋Œ€์ถœ ๋ฐ ๋ ˆ๋ฒ„๋ฆฌ์ง€ (Collateralized Borrowing & Leverage): sACRED๋ฅผ ๊ธฐ๊ด€ ์ „์šฉ ๋Œ€์ถœ ํ’€์— ์˜ˆ์น˜ํ•˜๊ณ  ๋‹ด๋ณด ๊ฐ€์น˜์˜ ์•ฝ 60%์— ํ•ด๋‹นํ•˜๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์ฐจ์ž…ํ•œ๋‹ค. ์ฐจ์ž… ๋น„์šฉ์€ ์•ฝ 3~4% ์ˆ˜์ค€์ด๋‹ค. ์ด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ACRED๋ฅผ ์žฌ๋งค์ˆ˜ํ•ด ๋‹ค์‹œ sACRED๋กœ ์ „ํ™˜ ํ›„ ์žฌ์˜ˆ์น˜ํ•˜๋Š” ๊ณผ์ •์„ ๋ฐ˜๋ณตํ•˜๋ฉด ์œ ํšจ ๋ ˆ๋ฒ„๋ฆฌ์ง€๊ฐ€ 2.5๋ฐฐ ์•ˆํŒŽ๊นŒ์ง€ ์˜ฌ๋ผ๊ฐ„๋‹ค. ์—ฐ 7.3~7.5%(๊ณต์‹ ํŽ€๋“œ ์ˆ˜์ต๋ฅ  7.36% ๊ธฐ์ค€) ์ˆ˜์ค€์˜ ๊ธฐ๋ณธ ์ˆ˜์ต๋ฅ ์ด ๋ณด์ˆ˜์  ์ „๋ง ์‹œ ์•ฝ 12%, ์‹œํ๋ฆฌํƒ€์ด์ฆˆ์˜ ๋ฃจํ•‘ ์ˆ˜์ต๋ฅ  ํˆฌ์˜ ์‹œ ์ตœ๋Œ€ 16% ์ˆ˜์ค€๊นŒ์ง€ ์ฆํญ๋œ๋‹ค.

  3. ์‹ค์‹œ๊ฐ„ ๋‹ด๋ณด ๊ด€๋ฆฌ (Real-Time Collateral Management): ๋ ˆ๋“œ์Šคํ†ค ์˜ค๋ผํด์ด ACRED ์‹ค์‹œ๊ฐ„ ๊ฐ€๊ฒฉ ๋ฐ์ดํ„ฐ๋ฅผ ๊ณต๊ธ‰ํ•˜๊ณ , ๊ฑดํ‹€๋ฆฟ์ด ์ด๋ฅผ ๊ธฐ๋ฐ˜์œผ๋กœ ์ฒญ์‚ฐ ์กฐ๊ฑด๊ณผ ๋ฆฌ๋ฐธ๋Ÿฐ์‹ฑ ์‹œ์ ์„ ์ž๋™์œผ๋กœ ํŒ๋‹จํ•œ๋‹ค. ๋‹ด๋ณด ์„ค์ •๊ณผ ํ•ด์ œ๊ฐ€ ์†”๋ผ๋‚˜ ์œ„์—์„œ ์ˆ˜์ดˆ ์•ˆ์—, ๊ฑด๋‹น 0.001๋‹ฌ๋Ÿฌ ๋ฏธ๋งŒ์˜ ์ˆ˜์ˆ˜๋ฃŒ๋กœ ์ฒ˜๋ฆฌ๋œ๋‹ค.

์ด ๋ ˆ๋ฒ„๋ฆฌ์ง€ ๊ตฌ์กฐ๊ฐ€ ์„ฑ๋ฆฝํ•˜๋ ค๋ฉด ๋‹ด๋ณด ์„ค์ •๊ณผ ํ•ด์ œ๊ฐ€ ๋น ๋ฅด๊ณ  ์ €๋ ดํ•˜๊ฒŒ ๋ฐ˜๋ณต๋ผ์•ผ ํ•œ๋‹ค. ์ •์‚ฐ์— ์ˆ˜์ผ์ด ๊ฑธ๋ฆฌ๊ฑฐ๋‚˜ ํšŒ์ „๋งˆ๋‹ค ๋†’์€ ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๋ถ™๋Š” ์ธํ”„๋ผ์—์„œ๋Š” ๊ฐ™์€ ๊ตฌ์กฐ๊ฐ€ ์ž‘๋™ํ•˜๊ธฐ ์–ด๋ ต๋‹ค. ์†”๋ผ๋‚˜์˜ ์ฒ˜๋ฆฌ ์„ฑ๋Šฅ์€ ์ด ์ „๋žต์˜ ๊ฒฝ์ œ์„ฑ์„ ๊ฐ€์žฅ ์ž˜ ๋’ท๋ฐ›์นจํ•˜๋Š” ์กฐ๊ฑด์„ ์ถฉ์กฑํ•œ๋‹ค.

๋ฌผ๋ก  ๋ฌด์œ„ํ—˜ ์ˆ˜์ต์€ ์•„๋‹ˆ๋‹ค. ์ฐจ์ž… ๊ธˆ๋ฆฌ๊ฐ€ ์˜ค๋ฅด๋ฉด ๋งˆ์ง„์€ ์ถ•์†Œ๋œ๋‹ค. ๋ถ„๊ธฐ๋ณ„๋กœ๋งŒ ํ™˜๋งค ๊ฐ€๋Šฅํ•œ ์ œํ•œ์  ์œ ๋™์„ฑ, 1์–ต ๋‹ฌ๋Ÿฌ ์•ˆํŒŽ(2026๋…„ ์ดˆ ๊ธฐ์ค€)์— ๋จธ๋ฌด๋Š” ACRED์˜ ์‹œ๊ฐ€์ด์•ก, ์˜ค๋ผํด ๋ฐ˜์˜ ๊ฐ€๊ฒฉ์— ๋”ฐ๋ฅธ ์ฒญ์‚ฐ ์œ„ํ—˜๋„ ํ•จ๊ป˜ ๋ด์•ผ ํ•œ๋‹ค.

์•„์‹œ์•„ ๊ธฐ๊ด€ ์ž…์žฅ์—์„œ ์ด ์‚ฌ๋ก€๊ฐ€ ์˜๋ฏธํ•˜๋Š” ๋ฐ”๋Š” ์ž์‚ฐ ์ ‘๊ทผ์„ฑ์˜ ๋ฌธ์ œ๋‹ค. ์‚ฌ๋ชจ๋Œ€์ถœ, ์ธํ”„๋ผ ํŽ€๋“œ, ๋ถ€๋™์‚ฐ ํŽ€๋“œ ๋“ฑ ์•„์‹œ์•„ ์—ญ๋‚ด ๊ธฐ๊ด€๋“ค์ด ์ „ํ†ต์ ์œผ๋กœ ์ ‘๊ทผํ•˜๊ธฐ ์–ด๋ ค์› ๋˜ ์ž์‚ฐ๊ตฐ์ด ํ† ํฐํ™”์™€ ์˜จ์ฒด์ธ ์œ ๋™ํ™”๋ฅผ ํ†ตํ•ด ๊ตฌ์กฐ์ ์œผ๋กœ ๊ฐœ๋ฐฉ๋  ์ˆ˜ ์žˆ๋‹ค. ACRED๊ฐ€ ์ฆ๋ช…ํ•œ ๊ฒƒ์€ ์‚ฌ๋ชจ๋Œ€์ถœ ํŽ€๋“œ ์ง€๋ถ„์„ ์˜จ์ฒด์ธ ๋‹ด๋ณด๋กœ ์ „ํ™˜ํ•˜๊ณ  ์‹ค์‹œ๊ฐ„์œผ๋กœ ํšŒ์ „์‹œํ‚ค๋Š” ๊ตฌ์กฐ๊ฐ€ ์‹ค์ œ๋กœ ์ž‘๋™ํ•œ๋‹ค๋Š” ์ ์ด๋‹ค.

ํ”ผ๊ฒจ ํ…Œํฌ๋†€๋กœ์ง€ ์†”๋ฃจ์…˜์Šค(Figure Technology Solutions) - ์ฃผํƒ๋‹ด๋ณด๋Œ€์ถœ(HELOC) ์œ ๋™ํ™”

ํ”ผ๊ฒจ ํ…Œํฌ๋†€๋กœ์ง€ ์†”๋ฃจ์…˜์Šค(์ดํ•˜, ํ”ผ๊ฒจ)๋Š” ๋ฏธ๊ตญ ์ตœ๋Œ€ ๋น„์€ํ–‰ ์ฃผํƒ๋‹ด๋ณด์‹ ์šฉ๋Œ€์ถœ(HELOC) ๋ฐœํ–‰์‚ฌ๋‹ค. 2025๋…„ 12์›” ๊ธฐ์ค€ ๋ˆ„์  ์˜จ์ฒด์ธ ๋Œ€์ถœ ๊ทœ๋ชจ 190์–ต ๋‹ฌ๋Ÿฌ ์ด์ƒ์„ ๋ณด์œ ํ•˜๊ณ  ์žˆ๋‹ค. ๊ณจ๋“œ๋งŒ์‚ญ์Šค, JP๋ชจ๊ฑด, ์ œํผ๋ฆฌ์Šค, ๋ฐ”ํด๋ ˆ์ด์Šค๊ฐ€ ์–ธ๋”๋ผ์ดํ„ฐ๋กœ ์ฐธ์—ฌํ•œ AAA ๋“ฑ๊ธ‰ ์ฆ๊ถŒํ™” ํŠธ๋žœ์น˜๋ฅผ ๋ฐ˜๋ณต์ ์œผ๋กœ ๋ฐœํ–‰ํ•ด ์˜จ ์ œ๋„๊ถŒ ํ•€ํ…Œํฌ ํ”Œ๋ ˆ์ด์–ด๋‹ค.

ํ”ผ๊ฒจ๋Š” ๋ณธ๋ž˜ ์ž์ฒด ์•ฑ์ฒด์ธ ํ”„๋กœ๋น„๋„Œ์Šค(Provenance)์—์„œ HELOC์„ ํ† ํฐํ™”ํ•˜๊ณ  ์œ ๋™ํ™”ํ•ด์™”๋‹ค. HELOC(Home Equity Line of Credit)์€ ์ฃผํƒ ์ž์‚ฐ๊ฐ€์น˜๋ฅผ ๋‹ด๋ณด๋กœ ์„ค์ •ํ•œ ๋ฏธ๊ตญํ˜• ์ฃผํƒ๋‹ด๋ณด ์—ฌ์‹  ์ƒํ’ˆ์ด๋‹ค.

ํ”ผ๊ฒจ์˜ ์‚ฌ์—… ๊ตฌ์กฐ๋Š” ์ด๋ ‡๋‹ค. ์ง‘์„ ๋‹ด๋ณด๋กœ ๋Œ€์ถœ์„ ๋‚ด์–ด์ฃผ๊ณ , ๊ทธ ๋Œ€์ถœ ์ฑ„๊ถŒ์„ ๋ธ”๋ก์ฒด์ธ์— ์˜ฌ๋ฆฐ ๋’ค, ์ผ์ •๋Ÿ‰์ด ์Œ“์ด๋ฉด ๋ฌถ์–ด์„œ ๊ธฐ๊ด€ ํˆฌ์ž์ž์—๊ฒŒ ํŒ๋‹ค. ์นด๋“œ์‚ฌ๊ฐ€ ๊ฐœ์ธ์—๊ฒŒ ์นด๋“œ ๋Œ€์ถœ์„ ๋‚ด์–ด์ฃผ๊ณ , ๊ทธ ์ฑ„๊ถŒ์„ ๋ชจ์•„ ์ฆ๊ถŒ์‚ฌ์— ํ†ต์งธ๋กœ ํŒŒ๋Š” ๊ตฌ์กฐ์™€ ๊ฐ™๋‹ค. ์นด๋“œ์‚ฌ ์ž…์žฅ์—์„œ๋Š” ๋Œ€์ถœ๊ธˆ์„ ์˜ค๋ž˜ ๋“ค๊ณ  ์žˆ์ง€ ์•Š์•„๋„ ๋œ๋‹ค. ํŒ”์•„์„œ ํšŒ์ˆ˜ํ•œ ๋ˆ์œผ๋กœ ๋‹ค์‹œ ๋Œ€์ถœ์„ ๋‚ด์–ด์ค€๋‹ค.

ํ”ผ๊ฒจ๋„ ๊ฐ™์€ ๋ฐฉ์‹์œผ๋กœ ๋ˆ์„ ํšŒ์ „์‹œํ‚จ๋‹ค. ์ƒˆ๋กœ ๋ฐœํ–‰ํ•œ HELOC ์ฑ„๊ถŒ์„ โ€˜Demo Primeโ€™์ด๋ผ๋Š” ์˜จ์ฒด์ธ ํ’€์— ๋ชจ์•„๋‘๋ฉด, ๊ธฐ๊ด€ ํˆฌ์ž์ž๋“ค์ด ๊ทธ ํ’€์— ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๊ณต๊ธ‰ํ•˜๊ณ  ์ด์ž๋ฅผ ๋ฐ›๋Š”๋‹ค. ์•ฝ 42์ผ์ด ์ง€๋‚˜๋ฉด ํ’€ ์•ˆ์˜ ์ฑ„๊ถŒ๋“ค์€ AAA ๋“ฑ๊ธ‰ ์ฆ๊ถŒํ™” ์ƒํ’ˆ์œผ๋กœ ๋ฌถ์—ฌ ์›”์ŠคํŠธ๋ฆฌํŠธ ์ž์‚ฐ์šด์šฉ์‚ฌ, ์—ฐ๊ธˆ๊ธฐ๊ธˆ, ๋ณดํ—˜์‚ฌ, ์€ํ–‰์— ํŒ”๋ฆฐ๋‹ค. ๋งค๊ฐ ๋Œ€๊ธˆ์ด ๋‹ค์‹œ ํ’€๋กœ ๋Œ์•„์˜ค๋ฉด ์ƒˆ ์ฑ„๊ถŒ์ด ์ฑ„์›Œ์ง€๊ณ  ์‚ฌ์ดํด์ด ๋ฐ˜๋ณต๋œ๋‹ค. ํšŒ์ „์ด ๋น ๋ฅผ์ˆ˜๋ก ์ž๋ณธ ํšจ์œจ์ด ๋†’์•„์ง€๋Š” ๊ตฌ์กฐ๋‹ค.

๋ฌธ์ œ๋Š” ์ด ๊ตฌ์กฐ๊ฐ€ ํ”„๋กœ๋น„๋„Œ์Šค๋ผ๋Š” ํ์‡„์  ์ฒด์ธ ์•ˆ์— ๊ฐ‡ํ˜€ ์žˆ์—ˆ๋‹ค๋Š” ์ ์ด๋‹ค. ๋†’์€ ์‹ ์šฉ ํ’ˆ์งˆ์˜ ๋‹ด๋ณด ์ž์‚ฐ์ž„์—๋„ ๋””ํŒŒ์ด ์ƒํƒœ๊ณ„์™€ ๋‹จ์ ˆ๋ผ ์ž๋ณธ ํšŒ์ „์œจ์„ ๋†’์ด๋Š” ๋ฐ ํ•œ๊ณ„๊ฐ€ ์žˆ์—ˆ๋‹ค. 2025๋…„ 12์›” ํ”ผ๊ฒจ๋Š” PRIME ํ† ํฐ์„ ์ถœ์‹œํ•˜๋ฉฐ ์ž๋ณธ ํšŒ์ „์œจ ๋ฌธ์ œ๋ฅผ ํ•ด๊ฒฐํ•˜๊ณ ์ž ํ–ˆ๋‹ค. ํ”„๋กœ๋น„๋„Œ์Šค์˜ ๋Œ€์ถœ ์ˆ˜์ต๊ถŒ์„ ์†”๋ผ๋‚˜๋กœ ์—ฐ๊ฒฐํ•ด ํผ๋ธ”๋ฆญ ๋””ํŒŒ์ด ์ƒํƒœ๊ณ„์˜ ์œ ๋™์„ฑ๊ณผ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ์ธํ”„๋ผ๋ฅผ ํก์ˆ˜ํ•˜๋Š” ๊ตฌ์กฐ๋‹ค.

์ด ํฌ๋กœ์Šค์ฒด์ธ ํ™•์žฅ ๊ตฌ์กฐ๋Š” ์„ธ ์ธํ”„๋ผ๊ฐ€ ๊ฒฐํ•ฉํ•ด ์ž‘๋™ํ•œ๋‹ค.

  • ํ”„๋กœ๋น„๋„Œ์Šค: ๊ธฐ์ดˆ ์ž์‚ฐ์ธ HELOC์˜ ์˜จ์ฒด์ธ ํ† ํฐํ™”์™€ Demo Prime ํ’€ ์šด์˜์„ ๋‹ด๋‹นํ•œ๋‹ค. ๋Œ€์ถœ ๋ฐœํ–‰๋ถ€ํ„ฐ ๋‹ด๋ณด ๊ด€๋ฆฌ, ์ฆ๊ถŒํ™”๊นŒ์ง€ ์ „ ๊ณผ์ •์ด ํ”„๋กœ๋น„๋„Œ์Šค ์ฒด์ธ ์œ„์—์„œ ์ฒ˜๋ฆฌ๋œ๋‹ค.

  • ํ•˜์ŠคํŠธ๋ผ: ํ”ผ๊ฒจ์™€ ํ”„๋กœ๋น„๋„Œ์Šค ์žฌ๋‹จ์ด ๊ณต๋™ ์ธํ๋ฒ ์ดํŒ…ํ•œ ์ˆ˜์ต ๋ถ„๋ฐฐ ํ”„๋กœํ† ์ฝœ์ด๋‹ค. ํ”„๋กœ๋น„๋„Œ์Šค Demo Prime์—์„œ ๋ฐœ์ƒํ•œ ์ˆ˜์ต์„ ์†”๋ผ๋‚˜ ๋””ํŒŒ์ด ์ƒํƒœ๊ณ„๋กœ ์—ฐ๊ฒฐํ•˜๋Š” ์œ ๋™์„ฑ ๋ ˆ์ด์–ด ์—ญํ• ์„ ๋‹ด๋‹นํ•˜๋ฉฐ, ์ฒด์ธ๋งํฌ CCIP๊ฐ€ ํฌ๋กœ์Šค์ฒด์ธ ๋ฐ์ดํ„ฐ ๋ฌด๊ฒฐ์„ฑ์„ ๋ณด์žฅํ•œ๋‹ค.

  • ์นด๋ฏธ๋…ธ: ์†”๋ผ๋‚˜์—์„œ PRIME ํ† ํฐ์˜ ๋Œ€์ถœ ํ’€ ๊ตฌ์„ฑ๊ณผ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ์ „๋žต์„ ๋‹ด๋‹นํ•˜๋Š” ๋…์  ์˜จ์ฒด์ธ ๋Œ€์ถœ ํŒŒํŠธ๋„ˆ๋‹ค. PRIME/USDC ๊ฒฉ๋ฆฌ ๋งˆ์ผ“์„ ์šด์˜ํ•˜๋ฉฐ ์ตœ๋Œ€ 9๋ฐฐ ๋ ˆ๋ฒ„๋ฆฌ์ง€(Multiply)๋ฅผ ์ง€์›ํ•œ๋‹ค.

  • ์˜ค๋ฅด์นด: PRIME ํ† ํฐ์„ ์œ„ํ•œ ์†”๋ผ๋‚˜์˜ ํ•ต์‹ฌ ํ˜„๋ฌผ ๊ฑฐ๋ž˜์†Œ๋กœ, ๊ฐœ์ธ ๋ฐ ๊ธฐ๊ด€์ด ์œ ๋™์„ฑ์„ ๊ณต๊ธ‰ํ•˜๊ณ  ์ด์šฉํ•  ์ˆ˜ ์žˆ๋Š” PRIME/PYUSD ํ’€์„ ์šด์˜ํ•œ๋‹ค. ์นด๋ฏธ๋…ธ(Kamino)๊ฐ€ ๋Œ€์ถœ๊ณผ ๋ ˆ๋ฒ„๋ฆฌ์ง€๋ฅผ ๋‹ด๋‹นํ•œ๋‹ค๋ฉด, ์˜ค๋ฅด์นด๋Š” PRIME์˜ ๊ฑฐ๋ž˜๋ฅผ ๊ฐ€๋Šฅํ•˜๊ฒŒ ํ•˜๊ณ  ์˜จ์ฒด์ธ ๊ฐ€๊ฒฉ ํšจ์œจ์„ฑ์„ ์œ ์ง€ํ•˜๊ธฐ ์œ„ํ•œ AMM(์ž๋™ ๋งˆ์ผ“ ๋ฉ”์ด์ปค) ์œ ๋™์„ฑ์„ ๊ณต๊ธ‰ํ•œ๋‹ค.

์‹ค๋ฌด์ ์ธ ์ž๋ณธ ํ™•์žฅ ์ ˆ์ฐจ๋Š” ์ด๋ ‡๊ฒŒ ์งœ์ธ๋‹ค.

  1. ํ† ํฐํ™”: ํ”ผ๊ฒจ๊ฐ€ ํ”„๋กœ๋น„๋„Œ์Šค ์ฒด์ธ์—์„œ ์ฃผํƒ๋‹ด๋ณด๋Œ€์ถœ์„ ํ† ํฐํ™”ํ•˜๊ณ , ๊ฑฐ๊ธฐ์„œ ๋‚˜์˜ค๋Š” ์ˆ˜์ต๊ถŒ์„ ๊ธฐ๋ฐ˜์œผ๋กœ PRIME ํ† ํฐ์„ ์„ค๊ณ„ํ•œ๋‹ค.

  2. ๋ธŒ๋ฆฟ์ง•: ์ฒด์ธ๋งํฌ CCIP์™€ ํ•˜์ŠคํŠธ๋ผ ํ”„๋กœํ† ์ฝœ๋กœ ํ”„๋กœ๋น„๋„Œ์Šค์— ๋ฌถ์—ฌ ์žˆ๋˜ ์ž์‚ฐ์˜ ๊ฐ€์น˜์™€ ๋ฐ์ดํ„ฐ๋ฅผ ์†”๋ผ๋‚˜๋กœ ์•ˆ์ „ํ•˜๊ฒŒ ๋ธŒ๋ฆฟ์ง•ํ•œ๋‹ค.

  3. ๋‹ด๋ณดํ™”: ์†”๋ผ๋‚˜์— ์•ˆ์ฐฉํ•œ PRIME ํ† ํฐ์€ ์นด๋ฏธ๋…ธ ๋Œ€์ถœ ํ”„๋กœํ† ์ฝœ์— ์ƒ์žฅ๋ผ, ์ผ๋ฐ˜ ์œ ์ €์™€ ๊ธฐ๊ด€์ด ๋‹ด๋ณด๋กœ ์“ฐ๊ฑฐ๋‚˜ ์œ ๋™์„ฑ์„ ๊ณต๊ธ‰ํ•  ์ˆ˜ ์žˆ๋Š” ํ™œ์„ฑ ์ž์‚ฐ์œผ๋กœ ๊ธฐ๋Šฅํ•œ๋‹ค.

ํ”ผ๊ฒจ๊ฐ€ ์†”๋ผ๋‚˜๋ฅผ ์„ ํƒํ•œ ์ด์œ ๋Š” ๊ธฐ์ˆ ์  ์„ ํ˜ธ๊ฐ€ ์•„๋‹ˆ๋ผ ์ž๋ณธ ํšจ์œจ์˜ ๋ฌธ์ œ์˜€๋‹ค. ํ”„๋กœ๋น„๋„Œ์Šค๋Š” ๊ธฐ๊ด€ ์‹ ๋ขฐ๋„ ์ธก๋ฉด์—์„œ ๊ฒ€์ฆ๋œ ์ฒด์ธ์ด์ง€๋งŒ, ํ์‡„์  ์ƒํƒœ๊ณ„ ์•ˆ์—์„œ๋Š” ๋ ˆ๋ฒ„๋ฆฌ์ง€๋ฅผ ์˜ฌ๋ฆด ์œ ๋™์„ฑ ์ธํ”„๋ผ๊ฐ€ ์—†์—ˆ๋‹ค. Demo Prime ์ˆ˜์ต๋ฅ  9%์—์„œ ์นด๋ฏธ๋…ธ ์ฐจ์ž… ๋น„์šฉ 6%๋ฅผ ์ฐจ๊ฐํ•œ ์ˆœ์ฐจ์ต์€ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ๋ฐฐ์ˆ˜๋งŒํผ ์ฆํญ๋œ๋‹ค. ๋‹ด๋ณด ์„ค์ •๊ณผ ํ•ด์ œ๊ฐ€ ์†”๋ผ๋‚˜ ์œ„์—์„œ ์ˆ˜์ดˆ ์•ˆ์—, ๊ฑด๋‹น 0.001๋‹ฌ๋Ÿฌ ๋ฏธ๋งŒ์œผ๋กœ ์ฒ˜๋ฆฌ๋˜์ง€ ์•Š์œผ๋ฉด ์ด ์ „๋žต์˜ ๊ฒฝ์ œ์„ฑ์€ ์„ฑ๋ฆฝํ•˜์ง€ ์•Š๋Š”๋‹ค.

ํ”ผ๊ฒจ๋Š” ์ž์ฒด ์ฒด์ธ์„ ์ด๋ฏธ ๊ฐ–๊ณ  ์žˆ์—ˆ์Œ์—๋„ ์œ ๋™์„ฑ ํ™•์žฅ์„ ์œ„ํ•ด ์†”๋ผ๋‚˜๋ฅผ ํƒํ–ˆ๋‹ค. ์ž์ฒด ์ธํ”„๋ผ ๊ตฌ์ถ•๋„ ํ•˜๋‚˜์˜ ์„ ํƒ์ด์ง€๋งŒ ์—ฐ๊ฒฐ๋„ ๋ชป์ง€์•Š๊ฒŒ ์ค‘์š”ํ•˜๋‹ค๋Š” ๊ตํ›ˆ์„ ๋‚จ๊ธด๋‹ค.

4.4. ์ธํ”„๋ผ ํ™•์‚ฐ

์•ž์„  ์„ธ ๋ถ€๋ฌธ์ด ๊ฐœ๋ณ„ ์˜์—ญ์˜ ์ „ํ™˜์„ ๋‹ค๋ค˜๋‹ค๋ฉด, ์ด ๋ถ€๋ฌธ์€ ๊ทธ ์ „ํ™˜๋“ค์ด ์ˆ˜๋ ดํ•˜๋Š” ์ง€์ ์„ ๋‹ค๋ฃฌ๋‹ค. ์€ํ–‰์ด ์ฑ„๊ถŒ์„ ์˜จ์ฒด์ธ์œผ๋กœ ๋ฐœํ–‰ํ•˜๊ณ , ์†ก๊ธˆ ๊ธฐ์—…์ด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ์ •์‚ฐํ•˜๋ฉฐ, ์ž์‚ฐ์šด์šฉ์‚ฌ๊ฐ€ ํŽ€๋“œ๋ฅผ ํ† ํฐํ™”ํ•˜๋Š” ํ๋ฆ„์ด ๊ฐ๊ฐ ๋”ฐ๋กœ ์ง„ํ–‰๋˜๋Š” ๊ฒƒ์ด ์•„๋‹ˆ๋ผ, ๋™์ผํ•œ ์ธํ”„๋ผ ์œ„์—์„œ ๋™์‹œ์— ์ผ์–ด๋‚˜๊ณ  ์žˆ๋‹ค๋Š” ์‚ฌ์‹ค์ด๋‹ค.

ํ™•์‚ฐ์˜ ์–‘์ƒ์€ ์„ธ ๋ ˆ์ด์–ด๋กœ ๋‚˜๋‰œ๋‹ค.

  1. ๋ฐœํ–‰ ๋ ˆ์ด์–ด: ํŽ˜์ดํŒ”, ํŒŒ์ด์„œ๋ธŒ, ์„œํด, ํ…Œ๋”๊ฐ€ ์†”๋ผ๋‚˜ ์œ„์—์„œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๋ฐœํ–‰ํ•˜๊ฑฐ๋‚˜ ๋ฐœํ–‰ ์ธํ”„๋ผ๋ฅผ ์šด์˜ํ•œ๋‹ค. ๋‹จ์ผ ๊ธฐ์—…์˜ ์‹คํ—˜์ด ์•„๋‹ˆ๋ผ ๊ฒฝ์Ÿํ•˜๋Š” ๋ฐœํ–‰์‚ฌ๋“ค์ด ๊ฐ™์€ ๋„คํŠธ์›Œํฌ ์œ„์— ๊ณต์กดํ•˜๋Š” ๊ตฌ์กฐ๋‹ค.

  2. ์ •์‚ฐ ๋ ˆ์ด์–ด: ๋น„์ž๋Š” ๊ฐ€๋งน์  ๋งค์ž…์‚ฌ ๋Œ€์ƒ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ •์‚ฐ์„ ์†”๋ผ๋‚˜๋กœ ํ™•์žฅํ–ˆ๊ณ , ์›”๋“œํŽ˜์ด๋Š” ๊ฐ€๋งน์ ์˜ ๊ฑฐ๋ž˜ ์ •์‚ฐ์„ ์†”๋ผ๋‚˜ ๋„คํŠธ์›Œํฌ๋กœ ์ „ํ™˜ํ–ˆ๋‹ค. ์œ ํŠœ๋ธŒ๋Š” ๋ฏธ๊ตญ ํฌ๋ฆฌ์—์ดํ„ฐ ์ˆ˜์ต ์ง€๊ธ‰ ์ˆ˜๋‹จ์œผ๋กœ ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜ PYUSD๋ฅผ ๋„์ž…ํ–ˆ๋‹ค. ์ •์‚ฐ๋ง์„ ๋ณด์œ ํ•œ ๊ธฐ์—…๋“ค์ด ๊ทธ ๋ง์˜ ์ผ๋ถ€๋ฅผ ์˜จ์ฒด์ธ ๋ ˆ์ผ๋กœ ๊ต์ฒดํ•˜๊ณ  ์žˆ๋‹ค.

  3. ์ ‘์  ๋ ˆ์ด์–ด: ๋ฏธ๊ตญ ์—ฐ๋ฐฉ ์ธ๊ฐ€ ์€ํ–‰ SoFi๋Š” 1,470๋งŒ ๊ณ ๊ฐ์ด ์€ํ–‰ ๊ณ„์ขŒ์—์„œ ์†”๋ผ๋‚˜๋ฅผ ์ง์ ‘ ๋งค์ˆ˜ํ•  ์ˆ˜ ์žˆ๋„๋ก ํ–ˆ๊ณ , ์€ํ–‰ ๋ฐœํ–‰ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ SoFiUSD๋ฅผ ์†”๋ผ๋‚˜ ์œ„์—์„œ ์šด์šฉํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ๊ธฐ๊ด€ ๊ฑฐ๋ž˜์†Œ ๋ถˆ๋ฆฌ์‹œ๋Š” 50๊ฐœ ๊ด€ํ• ๊ถŒ์—์„œ ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์ •์‚ฐ ์ฃผ ๋ ˆ์ผ๋กœ ์ฑ„ํƒํ•˜๊ณ , IPO ๋Œ€๊ธˆ 11์–ต 5,000๋งŒ ๋‹ฌ๋Ÿฌ๋ฅผ ์†”๋ผ๋‚˜ ๋„คํŠธ์›Œํฌ์—์„œ ์ฒ˜๋ฆฌํ–ˆ๋‹ค.

๋ฐœํ–‰, ์ •์‚ฐ, ์ ‘์ ์ด ๊ฐ™์€ ๋„คํŠธ์›Œํฌ ์œ„์—์„œ ์ž‘๋™ํ•  ๋•Œ ๋„คํŠธ์›Œํฌ ํšจ๊ณผ๊ฐ€ ๋ฐœ์ƒํ•œ๋‹ค. ์€ํ–‰์ด ๋ฐœํ–‰ํ•œ ํ† ํฐ์„ ๊ฒฐ์ œ ๊ธฐ์—…์ด ์ •์‚ฐํ•˜๊ณ , ๊ทธ ์ž์‚ฐ์„ ์†Œ๋น„์ž๊ฐ€ ์€ํ–‰ ์•ฑ์—์„œ ๋ณด์œ ํ•˜๋Š” ์ˆœํ™˜์ด๋‹ค. ์ฐธ์—ฌ์ž๊ฐ€ ๋Š˜์ˆ˜๋ก ๊ฐ ์ฐธ์—ฌ์ž์˜ ํšจ์šฉ์ด ๋†’์•„์ง„๋‹ค. ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์˜ ํ˜•์„ฑ์€ ์ด ์ˆœํ™˜์ด ์ž„๊ณ„์ ์„ ๋„˜๋Š” ์ˆœ๊ฐ„ ๊ฐ€์†๋œ๋‹ค.

์†ŒํŒŒ์ด - ๋ฆฌํ…Œ์ผยท๊ธฐ์—…๊ธˆ์œต ํ†ตํ•ฉ

์†ŒํŒŒ์ด๋Š” ์ƒ์žฅ ํ•€ํ…Œํฌ ์ง€์ฃผํšŒ์‚ฌ์ธ ์†ŒํŒŒ์ด ํ…Œํฌ๋†€๋กœ์ง€์Šค๋ฅผ ์ค‘์‹ฌ์œผ๋กœ ์šด์˜๋˜๋ฉฐ, ๊ทธ ์‚ฐํ•˜์— OCC ๊ฐ๋…์„ ๋ฐ›๋Š” ์—ฐ๋ฐฉ ์ธ๊ฐ€ ์€ํ–‰ SoFi Bank, N.A.๋ฅผ ๋‘๊ณ  ์žˆ๋‹ค. ํšŒ์› ์ˆ˜ 1,470๋งŒ ๋ช…, ์ด์ž์‚ฐ 537์–ต ๋‹ฌ๋Ÿฌ(2026๋…„ 1๋ถ„๊ธฐ ๊ธฐ์ค€)๋กœ, ํ•™์ž๊ธˆ ๋Œ€์ถœ ์žฌ์œต์ž์—์„œ ์ถœ๋ฐœํ•ด ์˜ˆ๊ธˆยท๋Œ€์ถœยทํˆฌ์žยท๋ณดํ—˜์„ ๋‹จ์ผ ์•ฑ์—์„œ ์ œ๊ณตํ•˜๋Š” ํ’€์Šคํƒ ๋ฆฌํ…Œ์ผ ๊ธˆ์œต ํ”Œ๋žซํผ์œผ๋กœ ์„ฑ์žฅํ–ˆ๋‹ค.

์†ŒํŒŒ์ด๋Š” 2025๋…„ 11์›” ์—ฐ๋ฐฉ ์ธ๊ฐ€ ์€ํ–‰ ์ตœ์ดˆ๋กœ ์†Œ๋น„์ž ๋Œ€์ƒ ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜๋ฅผ ๊ฐœ์‹œํ–ˆ๋‹ค. BTCยทETHยทSOL์„ ํฌํ•จํ•œ 28์ข…์˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์„ ์€ํ–‰ ๊ณ„์ขŒ์—์„œ ์ง์ ‘ ๋งค์ˆ˜ยท๋งค๋„ยท๋ณด์œ ํ•  ์ˆ˜ ์žˆ๋„๋ก ํ•œ ๊ฒƒ์ด๋‹ค.

์†ŒํŒŒ์ด๊ฐ€ ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜๋ฅผ ์ง์ ‘ ์ง€์›ํ•˜๋Š” ์ด์œ ๋Š” ์ ‘๊ทผ์„ฑ์œผ๋กœ ์ธํ•œ ์‚ฌ์šฉ์ž ์ดํƒˆ์„ ๋ง‰๊ธฐ ์œ„ํ•ด์„œ์ด๋‹ค. ๊ธฐ์กด ์€ํ–‰ ์ธํ”„๋ผ์—์„œ ๋””์ง€ํ„ธ ์ž์‚ฐ์€ ๋ณ„๋„ ๊ฑฐ๋ž˜์†Œ๋ผ๋Š” ๋ถ„๋ฆฌ๋œ ๊ฒฝ๋กœ๋ฅผ ํ†ตํ•ด์„œ๋งŒ ์ ‘๊ทผ ๊ฐ€๋Šฅํ–ˆ๋‹ค. ๊ณ ๊ฐ์ด SOL์„ ์‚ฌ๋ ค๋ฉด ์†ŒํŒŒ์ด ์•ฑ์„ ๋– ๋‚˜ ์ฝ”์ธ๋ฒ ์ด์Šค, ํฌ๋ผ์ผ„, ๋กœ๋นˆํ›„๋“œ ๋“ฑ ๋ณ„๋„ ํ”Œ๋žซํผ์— ๊ฐ€์ž…ํ•ด์•ผ ํ–ˆ๋‹ค. ๊ธˆ์œต ์•ฑ์˜ ๊ณ ๊ฐ ์ ‘์ ์ด ์™ธ๋ถ€๋กœ ์ดํƒˆํ•˜๋Š” ์ง€์ ์ด์—ˆ๋‹ค.

์†ŒํŒŒ์ด๋Š” ์ด ์ ‘์ ์„ ๋‹ค์‹œ ์€ํ–‰ ์•ฑ ์•ˆ์œผ๋กœ ๊ฐ€์ ธ์˜ค๋ ค๊ณ  ํ•œ๋‹ค. ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜ ์ง€์›์€ ๋””์ง€ํ„ธ ์ž์‚ฐ ์ ‘๊ทผ์„ฑ์„ ์€ํ–‰ ์•ฑ ์•ˆ์œผ๋กœ ํก์ˆ˜ํ•œ๋‹ค.

  • 1. ์ž์‚ฐ ๋งค์ˆ˜ (In-App Purchase): ๊ณ ๊ฐ์€ ์†ŒํŒŒ์ด ์•ฑ ์•ˆ์—์„œ SOL์„ ํฌํ•จํ•œ ๋””์ง€ํ„ธ ์ž์‚ฐ์„ ์ง์ ‘ ๋งค์ˆ˜ยท๋ณด์œ ํ•  ์ˆ˜ ์žˆ๋‹ค.

  • 2. ์˜จ์ฒด์ธ ์ˆ˜์‹  (Inbound Integration): ๊ณ ๊ฐ์€ ์†”๋ผ๋‚˜ ๋„คํŠธ์›Œํฌ ์ž…๊ธˆ ์ฃผ์†Œ๋ฅผ ๋ฐœ๊ธ‰๋ฐ›์•„ ์™ธ๋ถ€ ์ง€๊ฐ‘์˜ ์ž์‚ฐ์„ SoFi ์•ฑ์œผ๋กœ ๋ฐ›์„ ์ˆ˜ ์žˆ๋‹ค.

  • 3. ์ž์ฒด ์˜จ์ฒด์ธ ๋‹ฌ๋Ÿฌ ๋ฐœํ–‰ (SoFiUSD): ์†ŒํŒŒ์ด๋Š” ์€ํ–‰ ๋ฐœํ–‰ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ธ SoFiUSD๋ฅผ ํ†ตํ•ด ์ž์ฒด ๋””์ง€ํ„ธ ๋‹ฌ๋Ÿฌ ๋ ˆ์ผ์„ ๊ตฌ์ถ•ํ•œ๋‹ค.

  • 4. ๊ธฐ์—…๊ธˆ์œต ํ™•์žฅ (Enterprise Integration): ์†ŒํŒŒ์ด๋Š” Big Business Banking์„ ํ†ตํ•ด ์ด ๊ตฌ์กฐ๋ฅผ ๊ธฐ์—… ๊ณ ๊ฐ์˜ ๊ฒฐ์ œยท์ •์‚ฐยท์šด์šฉ ์ธํ”„๋ผ๋กœ ํ™•์žฅํ•œ๋‹ค.

์†ŒํŒŒ์ด๋Š” 2026๋…„ 1๋ถ„๊ธฐ SoFiUSD ๋ฐœํ–‰์„ ์‹œ์ž‘ํ–ˆ๊ณ , 5์›”์—๋Š” ์•ฑ ๋‚ด ๊ณ ๊ฐ์šฉ ์ƒํ’ˆ์œผ๋กœ ํ™•์žฅํ–ˆ๋‹ค. OCC ๊ฐ๋… ํ•˜์˜ ์—ฐ๋ฐฉ ์ธ๊ฐ€ ์€ํ–‰์ด ์ž๊ธฐ ๋ถ€์ฑ„๋ฅผ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ํ˜•ํƒœ๋กœ ์†”๋ผ๋‚˜ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ ์œ„์— ์˜ฌ๋ฆฐ ์ฒซ ์‚ฌ๋ก€๋‹ค. ๊ธฐ์ˆ  ์‹คํ—˜์ด ์•„๋‹ˆ๋ผ ๊ทœ์ œ ๊ธฐ๊ด€์˜ ์Šน์ธ ์•„๋ž˜ ์‹ค์ œ ์šด์šฉ ์ค‘์ธ ๊ตฌ์กฐ๋‹ค.

์ƒ๋‹น์ˆ˜ ์•„์‹œ์•„ ์ธํ„ฐ๋„ท์ „๋ฌธ์€ํ–‰์€ ์ด๋ฏธ ๊ฐ•๋ ฅํ•œ ๋ชจ๋ฐ”์ผ ์•ฑ ์ฑ„๋„, ์‹ ์†ํ•œ ์†ก๊ธˆ ์„œ๋น„์Šค, ๋†’์€ ๋””์ง€ํ„ธ ๊ธˆ์œต ์นจํˆฌ์œจ์„ ํ™•๋ณดํ•˜๊ณ  ์žˆ๋‹ค. ๋”ฐ๋ผ์„œ ์ด๋Ÿฌํ•œ ๊ตฌ์กฐ๋ฅผ ๋„์ž…ํ•˜๋Š” ๋ฐ ๋”ฐ๋ฅด๋Š” ์ œ์•ฝ์€ ๊ธฐ์ˆ ์  ํ•œ๊ณ„๊ฐ€ ์•„๋‹Œ ๊ทœ์ œ์  ์š”์ธ์— ๊ธฐ์ธํ•œ๋‹ค.

ํ˜„์žฌ ๊ฐ๊ตญ์€ ์€ํ–‰์˜ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ ๊ธฐ๋ฐ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ฐœํ–‰ ๊ฐ€๋Šฅ ์—ฌ๋ถ€๋‚˜ ํ† ํฐํ™”๋œ ์˜ˆ๊ธˆ์— ๋Œ€ํ•œ ์ด์ž ์ง€๊ธ‰ ๋ฐ ์˜ˆ๊ธˆ์ž ๋ณดํ˜ธ ์ ์šฉ ์—ฌ๋ถ€๋ฅผ ๊ทœ์ •ํ•˜๋Š” ์ œ๋„์  ๊ธฐ์ค€์ด ๋ฏธ๋น„ํ•œ ์‹ค์ •์ด๋‹ค. ์†ŒํŒŒ์ด๊ฐ€ ์ด๋ฅผ ์‹คํ–‰ํ•  ์ˆ˜ ์žˆ์—ˆ๋˜ ์›๋™๋ ฅ์€ ๋ฏธ๊ตญ์ด ์„ ์ œ์ ์œผ๋กœ ๊ทœ์ œ๋ฅผ ์ •๋ฆฝํ•˜๊ณ  ์ง€์นจ์„ ์ œ๊ณตํ–ˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ํ–ฅํ›„ ๊ฐ๊ตญ ๊ธˆ์œต ๋‹น๊ตญ์ด ์ด์™€ ๋™๋“ฑํ•œ ๊ธฐ์ค€์„ ์„ ๋งˆ๋ จํ•œ๋‹ค๋ฉด ์•„์‹œ์•„ ์ธํ„ฐ๋„ท์ „๋ฌธ์€ํ–‰๋“ค ๋˜ํ•œ ๋™์ผํ•œ ๊ตฌ์กฐ๋ฅผ ์ฆ‰๊ฐ ์ ์šฉํ•  ์ˆ˜ ์žˆ์„ ๊ฒƒ์ด๋‹ค.

๋ถˆ๋ฆฌ์‹œ - ๊ธฐ๊ด€ ์ „์šฉ ๋””์ง€ํ„ธ ์ž์‚ฐ ๊ฑฐ๋ž˜

๋ถˆ๋ฆฌ์‹œ๋Š” ์ง€๋ธŒ๋กคํ„ฐ ๊ธˆ์œต์„œ๋น„์Šค์œ„์›ํšŒ(GFSC), ๋…์ผ ๊ธˆ์œต๊ฐ๋…์ฒญ(BaFin), ํ™์ฝฉ ์ฆ๊ถŒ์„ ๋ฌผ์œ„์›ํšŒ(SFC), ๋‰ด์š• ๊ธˆ์œต์„œ๋น„์Šค๊ตญ(NYDFS) ๋“ฑ 50๊ฐœ ์ด์ƒ์˜ ๊ด€ํ• ๊ถŒ์—์„œ ๊ทœ์ œ ์ธ๊ฐ€๋ฅผ ์ทจ๋“ํ•œ ๊ธฐ๊ด€ ์ „์šฉ ๋””์ง€ํ„ธ ์ž์‚ฐ ๊ฑฐ๋ž˜์†Œ๋‹ค.

๋ถˆ๋ฆฌ์‹œ๋Š” 2025๋…„ 7์›” ์†”๋ผ๋‚˜ ๋„คํŠธ์›Œํฌ์˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์ž์‚ฌ ๊ฑฐ๋ž˜์†Œ ๋ฐ ์ฒญ์‚ฐ ์„œ๋น„์Šค ์ „๋ฐ˜์˜ ์ˆ˜ํƒยท๊ฒฐ์ œยท๊ฑฐ๋ž˜ยท์ •์‚ฐ ์ฃผ ๋ ˆ์ผ๋กœ ์ฑ„ํƒํ•˜๊ฒ ๋‹ค๊ณ  ๊ณต์‹ ์„ ์–ธํ–ˆ๋‹ค. ๋ถˆ๋ฆฌ์‹œ๊ฐ€ ์†”๋ผ๋‚˜๋ฅผ ํƒํ•œ ์ด์œ ๋Š” ๋ช…ํ™•ํ•˜๋‹ค. ๊ธฐ๊ด€ ๊ฑฐ๋ž˜์†Œ๊ฐ€ 50๊ฐœ ์ด์ƒ ๊ด€ํ• ๊ถŒ์˜ ์ƒ๋Œ€๋ฐฉ๊ณผ ์ž๊ธˆ์„ ์ฃผ๊ณ ๋ฐ›์„ ๋•Œ, ๊ฐ๊ตญ ๋ฒ•์ •ํ™”ํ์™€ ํ™˜๊ฑฐ๋ž˜ ์€ํ–‰์„ ๊ฑฐ์น˜๋Š” ์ „ํ†ต ์ •์‚ฐ ๊ตฌ์กฐ๋Š” ๊ฑด๋‹น ์ˆ˜์‹ญ ๋‹ฌ๋Ÿฌ์˜ ์ˆ˜์ˆ˜๋ฃŒ์™€ 1~5์ผ์˜ ์ฒ˜๋ฆฌ ์ง€์—ฐ์„ ์ˆ˜๋ฐ˜ํ•œ๋‹ค.

์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์€ ์ด ๋‹ค๋‹จ๊ณ„ ์ฒญ์‚ฐ ๊ตฌ์กฐ๋ฅผ ๋‹จ์ผ ๋ ˆ์ผ๋กœ ๋Œ€์ฒดํ•œ๋‹ค. ์ด๋Š” ๋ถˆ๋ฆฌ์‹œ ์ž…์žฅ์—์„œ ๋น„์šฉ ์ ˆ๊ฐ์„ ๋„˜์–ด ์ˆ˜์ต ๊ธฐ๋ฐ˜์˜ ํ™•์žฅ์ด๋ผ๊ณ  ๋ณผ ์ˆ˜ ์žˆ๋‹ค. ๊ฑฐ๋ž˜ ์ˆ˜์ˆ˜๋ฃŒ ์™ธ์— ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ด์ž์ˆ˜์ต, ์œ ๋™์„ฑ ์„œ๋น„์Šค ์ˆ˜์ต, ๋””ํŒŒ์ด ํ”„๋กœํ† ์ฝœ ์ˆ˜์ต์ด ๋ชจ๋‘ ๋ถˆ๋ฆฌ์‹œ์˜ ์‹ค์  ์ •์˜์— ๋‚˜์™€์žˆ๋Š” ์„œ๋น„์Šค ์ˆ˜์ต์— ํฌํ•จ๋˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๋ถˆ๋ฆฌ์‹œ์˜ ์ •์‚ฐ ๊ตฌ์กฐ๋Š” ์„ธ ๋‹จ๊ณ„๋กœ ์ž‘๋™ํ•œ๋‹ค.

  • 1. ์ฃผ๋ฌธ ์ฒด๊ฒฐ (Order Matching): ๊ธฐ๊ด€ ํˆฌ์ž์ž๊ฐ€ ๋ถˆ๋ฆฌ์‹œ ํ”Œ๋žซํผ์—์„œ ๋งค์ˆ˜ยท๋งค๋„ ์ฃผ๋ฌธ์„ ์ œ์ถœํ•˜๋ฉด ๋‚ด๋ถ€ ์˜ค๋”๋ถ์—์„œ ์ฒด๊ฒฐ์ด ์ด๋ฃจ์–ด์ง„๋‹ค. ์™„์ „ ์ค€๋น„๊ธˆ(Full Reserve) ๊ตฌ์กฐ๋กœ ๊ณ ๊ฐ ์ž์‚ฐ์„ 1:1๋กœ ๋ถ„๋ฆฌ ์ˆ˜ํƒํ•˜๋ฉฐ, ๋ฉ”์ด์ปค ์ˆ˜์ˆ˜๋ฃŒ์™€ ์ˆ˜ํƒ ์ˆ˜์ˆ˜๋ฃŒ๋Š” ์—†๋‹ค. USD ๋ฐ ์ฃผ์š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์— ๋Œ€ํ•ด ๋ช…๋ชฉ ๊ธˆ์•ก 10์–ต ๋‹ฌ๋Ÿฌ๊นŒ์ง€ ๋‹ด๋ณด ํ—ค์–ด์ปท๋„ ์ ์šฉํ•˜์ง€ ์•Š๋Š”๋‹ค.

  • 2. ์˜จ์ฒด์ธ ์ •์‚ฐ (On-Chain Settlement): ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ์ˆ˜ํƒยท๊ฒฐ์ œยท๊ฑฐ๋ž˜ยท์ •์‚ฐ ์ „๋ฐ˜์˜ ์ฃผ ๋ ˆ์ผ๋กœ ์šด์˜๋œ๋‹ค. 50๊ฐœ ์ด์ƒ ๊ด€ํ• ๊ถŒ์˜ ์ƒ๋Œ€๋ฐฉ์ด ๊ฐ๊ธฐ ๋‹ค๋ฅธ ๋ฒ•์ •ํ™”ํ ์ฒด๊ณ„๋ฅผ ์“ฐ๋”๋ผ๋„ ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ๊ณตํ†ต ์ •์‚ฐ ๋‹จ์œ„๋กœ ์„ค๊ณ„๋๋‹ค.

  • 3. ์ธํ”„๋ผ ํ™•์žฅ (Infrastructure Deepening): ๋ถˆ๋ฆฌ์‹œ์˜ ์†”๋ผ๋‚˜ ํ™œ์šฉ์€ ๊ฒฐ์ œยท์ •์‚ฐ์„ ๋„˜์–ด ์ฆ๊ถŒํ˜• ์ž์‚ฐ์œผ๋กœ ํ™•์žฅ๋๋‹ค. 2026๋…„ 5์›” ์ž์‚ฌ ์ฃผ์‹ BLSH๋ฅผ ์†”๋ผ๋‚˜ ์œ„์—์„œ ํ† ํฐํ™”ํ–ˆ๋‹ค. ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ ๋“ฑ๋ก ์ด์ „ ๋Œ€๋ฆฌ์ธ EQ์™€ ํ•จ๊ป˜ ํ™”์ดํŠธ๋ฆฌ์ŠคํŠธ ์ฃผ์†Œ๋งŒ ํ—ˆ์šฉํ•˜๋Š” ๊ตฌ์กฐ๋กœ ์šด์˜ํ•˜๋ฉฐ, AMMยทDEX ๊ฑฐ๋ž˜๋Š” ํ˜„์žฌ ์—ด์ง€ ์•Š์€ ์ƒํƒœ๋‹ค.

๋ถˆ๋ฆฌ์‹œ ์‚ฌ๋ก€์˜ ํ•ต์‹ฌ์€ ์ˆ˜์‹ญ์–ต ๋‹ฌ๋Ÿฌ๊ธ‰ ๊ธฐ๊ด€ ๊ฑฐ๋ž˜๋ฅผ ์ฒ˜๋ฆฌํ•˜๋Š” ๊ทœ์ œ ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์šด์˜ ์ฝ”์–ด ๋ ˆ์ผ๋กœ ๋ฐฐ์น˜ํ•˜๊ณ , IPO ๋Œ€๊ธˆ ์ •์‚ฐ์ด๋ผ๋Š” ๋ฒ•์  ์ฑ…์ž„์ด ์ˆ˜๋ฐ˜๋˜๋Š” ์ด๋ฒคํŠธ๋ฅผ ์†”๋ผ๋‚˜ ์œ„์—์„œ ์‹ค์ œ๋กœ ์ฒ˜๋ฆฌํ–ˆ๋‹ค๋Š” ์ ์ด๋‹ค. ํ•ด๋‹น ๊ตฌ์กฐ๊ฐ€ ์‹ค์ œ๋กœ ์ž‘๋™ํ•œ๋‹ค๋Š” ์ฆ๊ฑฐ๋Š” IPO ์ด๋ฒคํŠธ์—์„œ ์‹ค์ œ๋กœ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ IPO ๋Œ€๊ธˆ์„ ์ˆ˜๋ นํ•œ ์ผ€์ด์Šค์—์„œ ๋‚˜์™”๋‹ค.

2025๋…„ 8์›” ๋ถˆ๋ฆฌ์‹œ๋Š” IPO ๋Œ€๊ธˆ 11์–ต 5,000๋งŒ ๋‹ฌ๋Ÿฌ๋ฅผ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ์ˆ˜๋ นํ–ˆ์œผ๋ฉฐ, ๊ทธ ๋Œ€๋ถ€๋ถ„์ด ์†”๋ผ๋‚˜ ๋„คํŠธ์›Œํฌ์—์„œ ๋ฐœํ–‰๋œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ์ฒ˜๋ฆฌ๋๋‹ค๊ณ  ๋ฐœํ‘œํ–ˆ๋‹ค. ์ œํผ๋ฆฌ์Šค๊ฐ€ ๊ฑฐ๋ž˜๋ฅผ ์กฐ์œจํ•˜๊ณ  ์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ ์ˆ˜ํƒ์„ ๋งก์•˜๋‹ค. ๋ฒ•์  ์ฑ…์ž„์ด ์ˆ˜๋ฐ˜๋˜๋Š” ๋Œ€ํ˜• ์ž๋ณธ์‹œ์žฅ ์ด๋ฒคํŠธ๊ฐ€ ์†”๋ผ๋‚˜ ๊ธฐ๋ฐ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ์ฒ˜๋ฆฌ๋œ ๊ฒƒ์ด๋‹ค. ์ž์‚ฌ ์ฃผ์‹ BLSH๋ฅผ ์†”๋ผ๋‚˜ ์œ„์—์„œ ํ† ํฐํ™”ํ•ด ํ™”์ดํŠธ๋ฆฌ์ŠคํŠธ ์ฃผ์†Œ๋งŒ ํ—ˆ์šฉํ•˜๋Š” ๊ตฌ์กฐ๋กœ ์šด์˜ํ•œ ์„ ๋ก€๋„ ์žˆ๋‹ค.

5. ์‚ฐ์—…์„ ํ’ˆ๋Š” ๊ทœ์ œ์  ๋ณ€ํ™”

์‚ฐ์—…์„ ๊ตฌ์ถ•ํ•˜๋Š” ์ฃผ์ฒด๋Š” ๊ธฐ์—…์ด์ง€๋งŒ, ๊ทธ ์‚ฐ์—…์˜ ์ •์˜์™€ ๊ฒฝ๊ณ„์„ ์„ ์ตœ์ข…์ ์œผ๋กœ ํ™•์ •ํ•˜๋Š” ๊ฒƒ์€ ๊ฒฐ๊ตญ ๊ทœ์ œ์˜ ๋ช…ํ™•์„ฑ์ด๋‹ค.

์•„์‹œ์•„์˜ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์€ ํ—ˆ๊ฐ€๋œ ์˜์—ญ ์™ธ์—๋Š” ์ง„์ž…์„ ์ œํ•œํ•˜๋Š” โ€˜ํฌ์ง€ํ‹ฐ๋ธŒ ๊ทœ์ œโ€™ ์ฒด์ œ ํ•˜์— ์šด์˜๋œ๋‹ค. ํŠนํžˆ ํ•œ๊ตญ์ด๋‚˜ ์ผ๋ณธ์ฒ˜๋Ÿผ ์ •๋ถ€ ์ฃผ๋„์˜ ์„ฑ์žฅ ๋ชจ๋ธ์„ ๊ณ ์ˆ˜ํ•ด ์˜จ ๊ตญ๊ฐ€์—์„œ๋Š” ๋ฒ•์  ๊ทผ๊ฑฐ๊ฐ€ ๋ถ€์žฌํ•œ ์‹ ์‚ฌ์—…์„ ๊ณง ์œ„๋ฒ•ํ•˜๊ฑฐ๋‚˜ ์œ„ํ—˜ํ•œ ๊ฒƒ์œผ๋กœ ์น˜๋ถ€ํ•˜๊ณค ํ•œ๋‹ค. ๋”ฐ๋ผ์„œ ์•„์‹œ์•„ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์€ ์ž๋ณธ์„ ํˆฌ์ž…ํ•˜๊ธฐ ์ „, ๊ธ€๋กœ๋ฒŒ ๊ทœ์ œ ํ™˜๊ฒฝ์„ ๋ฉด๋ฐ€ํžˆ ๊ฒ€ํ† ํ•˜๊ณ  ๋ฆฌ์Šคํฌ๋ฅผ ํ•„ํ„ฐ๋งํ•˜๋Š” ์‹ ์ค‘ํ•œ ์ ‘๊ทผ์ด ํ•„์ˆ˜์ ์ด๋‹ค.

์ด์™€ ๋Œ€์กฐ์ ์œผ๋กœ ์„œ๊ตฌ๊ถŒ์€ โ€˜๋„ค๊ฑฐํ‹ฐ๋ธŒ ๊ทœ์ œโ€™๋ผ๋Š” ์˜๋ฏธ๋ฒ•์  ์›์น™์„ ๋”ฐ๋ฅด๊ณ  ์žˆ๋‹ค. ์ด๋Š” ์‚ฌ์—…์„ ์„ ์ œ์ ์œผ๋กœ ํ—ˆ์šฉํ•˜๋˜, ๋ฆฌ์Šคํฌ๊ฐ€ ๊ฐ€์‹œํ™”๋˜๊ฑฐ๋‚˜ ์‚ฐ์—…์ด ์ผ์ • ๊ทœ๋ชจ์— ๋„๋‹ฌํ–ˆ์„ ๋•Œ ์ž…๋ฒ•๊ณผ ๊ทœ์ œ, ๋ฒ• ์ง‘ํ–‰ ๋“ฑ ์‚ฌํ›„์ ์ธ ์ •์ฑ… ๋Œ€์‘์„ ํ†ตํ•ด ๊ฒฝ๊ณ„๋ฅผ ์„ค์ •ํ•˜๋Š” ๋ฐฉ์‹์ด๋‹ค. ์ด๋Ÿฌํ•œ ๊ตฌ์กฐ๋Š” ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์— ๋งค์šฐ ์ค‘์š”ํ•œ ํ”„๋ ˆ์ž„์›Œํฌ๋กœ ์ž‘์šฉํ–ˆ๋Š”๋ฐ, ๊ทœ์ œ ํ‹€ ์•ˆ์œผ๋กœ ์™„์ „ํžˆ ํŽธ์ž…๋˜๊ธฐ ์ „ ์ž์œ ๋กœ์šด ํ™˜๊ฒฝ์—์„œ ํ˜์‹ ์ ์ธ ์„œ๋น„์Šค๋“ค์ด ๋จผ์ € ํƒœ๋™ํ•  ์ˆ˜ ์žˆ๋Š” ํ† ๋Œ€๊ฐ€ ๋˜์—ˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๊ฒฐ๊ตญ ์ œ๋„๊ถŒ ํŽธ์ž…๊ณผ ๋ฒ•์  ๋ชจํ˜ธํ•จ์ด ํ˜ผ์žฌ๋˜์–ด ์žˆ๋Š” ํ˜„์žฌ์˜ ์ „ํ™˜๊ธฐ์—๋Š”, ๋‹จ์ˆœํžˆ ๊ทœ์ œ ๋ณ€ํ™”๋ฅผ ๊ด€๋งํ•˜๋Š” ๊ฒƒ์„ ๋„˜์–ด ๊ทœ์ œ ๋ฆฌ์Šคํฌ๋ฅผ ์„ ์ œ์ ์œผ๋กœ ์˜ˆ์ธกํ•˜๊ณ  ๊ด€๋ฆฌํ•˜๋Š” ์—ญ๋Ÿ‰์ด ๊ธฐ์—…์˜ ํ•ต์‹ฌ์ ์ธ ์‹œ์žฅ ๊ฒฝ์Ÿ๋ ฅ์œผ๋กœ ๋ถ€์ƒํ•˜๊ณ  ์žˆ๋‹ค.

์ด๋Ÿฌํ•œ ๊ทœ์ œ ์„ค๊ณ„ ๊ณผ์ •์— ์†”๋ผ๋‚˜ ์ •์ฑ… ์—ฐ๊ตฌ์†Œ๊ฐ€ ๊นŠ์ˆ™์ด ๊ฐœ์ž…ํ•˜๊ณ  ์žˆ๋‹ค. 2025๋…„ 3์›” ์›Œ์‹ฑํ„ด D.C.์— ์„ค๋ฆฝ๋œ ๋น„์˜๋ฆฌ ์ •์ฑ… ๊ธฐ๊ตฌ๋กœ, ์†”๋ผ๋‚˜ ์ƒํƒœ๊ณ„๋ฅผ ๋„˜์–ด ์•”ํ˜ธํ™”ํ ์‚ฐ์—… ์ „๋ฐ˜์„ ๋Œ€๋ณ€ํ•˜๋ฉฐ ์ž…๋ฒ•๊ณผ ๊ทœ์ œ ๋…ผ์˜์— ๊ตฌ์ฒด์  ๋Œ€์•ˆ์„ ์ œ์‹œํ•ด ์™”๋‹ค. ์ฃผ์š” ํ™œ๋™์€ ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

  • ํ”„๋กœ์ ํŠธ ์˜คํ”ˆ ์ œ์•ˆ: 2025๋…„ 4์›” 30์ผ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ ์•”ํ˜ธํ™”ํ ํƒœ์Šคํฌํฌ์Šค์— ์˜ค๋ฅด์นด, ์Šˆํผ์Šคํ…Œ์ดํŠธ, ํŒฌํ…€ ๋“ฑ๊ณผ ๊ณต๋™์œผ๋กœ ์ œ์•ˆ์„œ๋ฅผ ์ œ์ถœํ–ˆ๋‹ค. ์ด๋Š” ์†”๋ผ๋‚˜์™€ ๊ฐ™์€ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ์ƒ์˜ ์˜ค๋ฅด์นด ๋“ฑ AMM ์ธํ”„๋ผ์—์„œ ์ฆ๊ถŒ์˜ 2์ฐจ ๊ฑฐ๋ž˜๋ฅผ ์ˆ˜ํ–‰ํ•˜๊ธฐ ์œ„ํ•œ ๋ฉด์ œ ํŒŒ์ผ๋Ÿฟ ํ”„๋ ˆ์ž„์›Œํฌ๋กœ, ๋“ฑ๋ก๋œ ๋ช…์˜๊ฐœ์„œ๋Œ€๋ฆฌ์ธ(transfer agent)์ด ๊ด€๋ฆฌํ•˜๋Š” ํ™”์ดํŠธ๋ฆฌ์ŠคํŠธ ์ง€๊ฐ‘ ํ”„๋ ˆ์ž„์›Œํฌ๋ฅผ ๊ธฐ๋ฐ˜์œผ๋กœ ํ•œ๋‹ค. ์†”๋ผ๋‚˜ ์ •์ฑ… ์—ฐ๊ตฌ์†Œ๋Š” ์ดํ›„ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ ์ง€๋„๋ถ€ ๋ฐ ์‹ค๋ฌด์ง„ ๋Œ€์ƒ ์„œ๋ฉด ์ œ์ถœ๊ณผ ํ”„๋ ˆ์  ํ…Œ์ด์…˜์„ ํฌํ•จํ•˜์—ฌ ์œ„์›ํšŒ์™€ ์ง€์†์ ์œผ๋กœ ๋Œ€ํ™”๋ฅผ ์ด์–ด์˜ค๊ณ  ์žˆ๋‹ค. ๋˜ํ•œ ์˜จ์ฒด์ธ ํŒŒ์ƒ์ƒํ’ˆ ๋ฐ ์„ ๋ฌผ ๊ฑฐ๋ž˜๋ฅผ ๊ทœ์ œ ํ‹€ ์•ˆ์œผ๋กœ ํŽธ์ž…ํ•˜๊ธฐ ์œ„ํ•ด ์ƒํ’ˆ์„ ๋ฌผ๊ฑฐ๋ž˜์œ„์›ํšŒ์—์„œ๋„ ์œ ์‚ฌํ•œ ํŒŒ์ผ๋Ÿฟ ํ”„๋กœ๊ทธ๋žจ์„ ์ถ”์ง„ ์ค‘์ด๋‹ค.

  • CLARITY Act ๋ฐ GENIUS Act ์ถ”์ง„: ์†”๋ผ๋‚˜ ์ •์ฑ… ์—ฐ๊ตฌ์†Œ๋Š” ์ž…๋ฒ• ๋…ผ์˜์˜ ํ•ต์‹ฌ ์ฃผ๋„๋กœ ์ฐธ์—ฌํ•˜๋ฉฐ, ์˜คํ”ˆ์†Œ์Šค ๊ฐœ๋ฐœ์ž ๋ณดํ˜ธ ์กฐํ•ญ(Blockchain Regulatory Certainty Act)์„ ํฌํ•จ์‹œํ‚ค๋Š” ๋ฐ ๊ฒฐ์ •์ ์ธ ์—ญํ• ์„ ํ–ˆ๋‹ค. ์ž‘๋…„ ์˜ํšŒ์˜ GENIUS Act ๊ฐœ๋ฐœ์„ ์ง€์›ํ–ˆ์œผ๋ฉฐ, ํ˜„์žฌ ํ•ด๋‹น ๋ฒ•์˜ ๊ทœ์ œ ์ง‘ํ–‰ ๊ณผ์ •์—๋„ ์ฐธ์—ฌํ•˜๊ณ  ์žˆ๋‹ค.

  • ์กฐ์„ธ ํ‘œ์ค€ ์ˆ˜๋ฆฝ: ๋ฏธ ์žฌ๋ฌด๋ถ€์— ์Šคํ…Œ์ดํ‚น ๋ฐ ์ฑ„๊ตด ๋ณด์ƒ ๊ณผ์„ธ ์‹œ์ ์„ โ€˜์ƒ์„ฑ ์‹œ์ โ€™์ด ์•„๋‹Œ โ€˜๋งค๋„ ์‹œ์ โ€™์œผ๋กœ ๋ณ€๊ฒฝํ•˜๋„๋ก IRS ๊ฐ€์ด๋˜์Šค ๊ฐœ์ •์„ ๊ณต์‹ ์š”์ฒญํ–ˆ๋‹ค. ํ˜„์žฌ ๋ฏธ ์˜ํšŒ๋Š” ์Šคํ…Œ์ดํ‚น ๋ณด์ƒ ๊ณผ์„ธ, 10๋‹ฌ๋Ÿฌ ๋ฏธ๋งŒ ๋””์ง€ํ„ธ ์ž์‚ฐ ๊ฑฐ๋ž˜์— ๋Œ€ํ•œ ์†Œ์•ก ๋ฉด์„ธ(de minimis exemption) ๋“ฑ ์‚ฐ์—… ๋ฐœ์ „์— ๋”ฐ๋ผ ๋ฐœ์ƒํ•œ ์—ฌ๋Ÿฌ ์„ธ๋ฌด ํ˜„์•ˆ์„ ํ•ด๊ฒฐํ•˜๊ธฐ ์œ„ํ•œ ์ž…๋ฒ•์„ ๊ฒ€ํ†  ์ค‘์ด๋‹ค.

  • ๊ฐœ๋ฐœ์ž ๋ณดํ˜ธ: ์ฝ”๋“œ ์ž‘์„ฑ ํ–‰์œ„ ์ž์ฒด๊ฐ€ ํ˜•์‚ฌ์  ์ฑ…์ž„์œผ๋กœ ๋น„ํ™”๋œ โ€˜ํ† ๋„ค์ด๋„ ์บ์‹œโ€™ ๊ฐœ๋ฐœ์ž ์‚ฌ๋ก€์— ๋Œ€์‘ํ•˜์—ฌ ๋ฒ•๋ฅ  ๋Œ€์‘ ํŽ€๋“œ์— 50๋งŒ ๋‹ฌ๋Ÿฌ๋ฅผ ๊ธฐ๋ถ€ํ–ˆ๋‹ค.

  • ์ •์ฑ… ๊ฒฐ์ง‘ ๋ฐ ๊ณต๋ก ํ™”(Convening power): 2026๋…„ 4์›” โ€˜์†”๋ผ๋‚˜ ์„œ๋ฐ‹ NYCโ€™์— ์—ฐ๋ฐฉ ์˜์›, ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ, ๋ฐฑ์•…๊ด€ ๊ด€๊ณ„์ž, ์›”์ŠคํŠธ๋ฆฌํŠธ ๊ธˆ์œต๊ธฐ๊ด€์„ ํ•œ์ž๋ฆฌ์— ์†Œ์ง‘ํ–ˆ๋‹ค. ๋˜ํ•œ 65๊ฐœ ์ด์ƒ์˜ ์•”ํ˜ธํ™”ํ ๋‹จ์ฒด์™€ ํ•จ๊ป˜ ๋ฐฑ์•…๊ด€์— ์ •์ฑ… ์šฐ์„ ์ˆœ์œ„ ์„œํ•œ์„ ์ œ์ถœํ–ˆ๋‹ค.

์ด๋Ÿฌํ•œ ํ™œ๋™๋“ค์€ ๋ฏธ๊ตญ ๊ทœ์ œ๊ฐ€ ์ •๋ถ€์˜ ์ผ๋ฐฉ์ ์ธ ์„ค๊ณ„๊ฐ€ ์•„๋‹ˆ๋ผ, ๋ฏผ๊ฐ„ ๋ถ€๋ฌธ๊ณผ ๋‹น๊ตญ ๊ฐ„์˜ ์ƒํ˜ธ์ž‘์šฉ์„ ํ†ตํ•ด ์‹ค์‹œ๊ฐ„์œผ๋กœ ๊ตฌ์ถ•๋˜๊ณ  ์žˆ์Œ์„ ๋ณด์—ฌ์ค€๋‹ค. ์ฆ‰, ์‚ฐ์—…๊ณ„๊ฐ€ ํ”„๋ ˆ์ž„์›Œํฌ๋ฅผ ์ œ์•ˆํ•จ์— ๋”ฐ๋ผ ๊ทœ์ œ์˜ ์œค๊ณฝ์ด ํ˜•์„ฑ๋˜๋Š” ๊ตฌ์กฐ์ด๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ ํ˜„์žฌ์˜ ๊ทœ์ œ ์ง€ํ˜•์€ ๋‘ ์˜์—ญ์œผ๋กœ ๋‚˜๋‰œ๋‹ค. ์ฆ๊ถŒ๊ณผ ๊ฐ™์€ ๊ทœ์ œ ์ž์‚ฐ์˜ ๋ณด์œ , ๋ฐœํ–‰, ์ •์‚ฐ์€ ์ด๋ฏธ ํ•ฉ๋ฒ•์ ์ธ ์ฒด์ œ๋กœ ํŽธ์ž…๋˜์—ˆ๋‹ค. ๋‚˜์•„๊ฐ€ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ๋Š” ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ์ƒ์˜ ๊ฑฐ๋ž˜ ํ”„๋กœํ† ์ฝœ์„ ํ†ตํ•ด ์ด๋Ÿฌํ•œ ์ฆ๊ถŒ์„ ๊ฑฐ๋ž˜ํ•  ์ˆ˜ ์žˆ๋„๋ก ํ•˜๋Š” ์™„์ „ํ•œ ํ˜•ํƒœ์˜ โ€˜ํ˜์‹  ๋ฉด์ œ(innovation exemption)โ€™ ๋„์ž…์„ ๋ชฉ์ „์— ๋‘๊ณ  ์žˆ๋‹ค. ๊ฑฐ์‹œ์ ์ธ ํƒ€์ž„๋ผ์ธ์„ ์˜ˆ์ธกํ•˜๋Š” ์ปดํ”Œ๋ผ์ด์–ธ์Šค ์—ญ๋Ÿ‰์€ ์ž๋ณธ ํˆฌ์ž…์˜ ์„ฑํŒจ๋ฅผ ๊ฒฐ์ •์ง“๋Š” ํ•ต์‹ฌ ์š”์†Œ๊ฐ€ ๋  ๊ฒƒ์ด๋‹ค.

5.1 ํ˜„์žฌ ๊ฐ€๋Šฅํ•œ ๊ฒƒ๋“ค: ๋ฏธ๊ตญ ๊ทœ์ œ๊ถŒ ๋‚ด๋กœ ํŽธ์ž…๋œ ํ™œ๋™๋“ค

์ง€๊ธˆ๊นŒ์ง€ ๊ทœ์ œ๊ถŒ ๋‚ด๋กœ ํŽธ์ž…๋œ ํ™œ๋™๋“ค์€ ๊ธฐ์กด ๊ธˆ์œต ์‹œ์žฅ ๋ฐ ์ž์‚ฐ๊ณผ์˜ ์ ‘์ ์„ ์šฐ์„ ์‹œํ–ˆ๋‹ค. ๋Œ€๋ถ€๋ถ„์˜ ํ™œ๋™์€ ์ „ํ†ต ๊ธˆ์œต๊ถŒ์ด ์ด๋ฏธ ์ถฉ๋ถ„ํ•œ ์—ญ๋Ÿ‰์„ ํ™•๋ณดํ•œ ์˜์—ญ๋“ค์ด๋‹ค. ๋ฐ˜๋ฉด, ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ์˜ ๊ฐ•์ ์ด ์˜จ์ „ํžˆ ๋ฐœํœ˜๋  ์ˆ˜ ์žˆ๋Š” ๋ถ„์•ผ๋Š” ์•„์ง ๋ฏธ์™„์˜ ์˜์—ญ์œผ๋กœ ๋‚จ์•„ ์žˆ๋‹ค.

์€ํ–‰์˜ ์•”ํ˜ธํ™”ํ ์ˆ˜ํƒ (SAB 121 ํ์ง€)

2025๋…„ 1์›” ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ์˜ ์ง์›ํšŒ๊ณ„์ง€์นจ ์ œ121ํ˜ธ(SAB 121)๊ฐ€ ๊ณต์‹ ํ์ง€๋˜๋ฉด์„œ ๋Œ€ํ˜• ์€ํ–‰์˜ ์‹œ์žฅ ์ง„์ž… ์žฅ๋ฒฝ์ด ์ œ๊ฑฐ๋˜์—ˆ๋‹ค. ๊ธฐ์กด ์ง€์นจ์€ ์€ํ–‰์ด ๊ณ ๊ฐ์˜ ์•”ํ˜ธํ™”ํ๋ฅผ ๋ณด๊ด€ํ•  ๋•Œ ํ•ด๋‹น ์ž์‚ฐ์„ ์€ํ–‰ ์žฅ๋ถ€์ƒ โ€˜๋ถ€์ฑ„(Liability)โ€™๋กœ ๋™์‹œ ๊ณ„์ƒํ•˜๋„๋ก ๊ฐ•์ œํ•ด ์™”๋‹ค. ์ด๋กœ ์ธํ•ด ์€ํ–‰์€ ์ž๋ณธ ์ ์ •์„ฑ(BIS ๋น„์œจ) ๊ธฐ์ค€์„ ๋งž์ถ”๊ธฐ ์œ„ํ•ด ๋ง‰๋Œ€ํ•œ ์ž์ฒด ์ž๋ณธ๊ธˆ์„ ๋ณด๊ด€์†Œ์— ์–ต์ง€๋กœ ๋ฌถ์–ด๋‘ฌ์•ผ ํ–ˆ๊ณ , ์ด๋Š” ์ˆ˜ํƒ ๋น„์ฆˆ๋‹ˆ์Šค๋ฅผ ํ•  ์ˆ˜ ์—†๊ฒŒ ํ•˜๋Š” ์š”์†Œ์˜€๋‹ค.

ํ์ง€ ์ดํ›„ ์•”ํ˜ธํ™”ํ๋Š” ์ผ๋ฐ˜ ์ฃผ์‹์ด๋‚˜ ์ฑ„๊ถŒ๊ณผ ๋™์ผํ•˜๊ฒŒ ์žฌ๋ฌด์ƒํƒœํ‘œ ์™ธ ์ž์‚ฐ(off-balance-sheet)์œผ๋กœ ๋ถ„๋ฅ˜๋˜๋ฉด์„œ, ์ˆ˜์ˆ˜๋ฃŒ ๊ธฐ๋ฐ˜์˜ ์ •์ƒ์ ์ธ ์ˆ˜ํƒ ๋น„์ฆˆ๋‹ˆ์Šค ๊ตฌ์กฐ๊ฐ€ ๋งˆ๋ จ๋˜์—ˆ๋‹ค. ์ด๋ฅผ ๋’ท๋ฐ›์นจํ•˜๊ธฐ ์œ„ํ•ด ์—ฐ๋ฐฉ ๊ทœ์ œ ๋‹น๊ตญ์€ ๋””์ง€ํ„ธ ์ž์‚ฐ ์ˆ˜ํƒ์— ๊ด€ํ•œ ์œ„ํ—˜ ๊ด€๋ฆฌ, ์ž๊ธˆ์„ธํƒ๋ฐฉ์ง€(AML), KYC ๊ณต๋™ ์ง€์นจ์„ ๋ฐœํ‘œํ–ˆ์œผ๋ฉฐ(์—ฐ๋ฐฉ์ค€๋น„์ œ๋„, 2025๋…„ 7์›” 14์ผ), ํ† ํฐํ™”๋œ ์ฆ๊ถŒ์—๋„ ๋™์ผํ•œ ์ž๋ณธ ์š”๊ฑด์„ ์ ์šฉํ•˜๋Š” ๊ธฐ์ˆ  ์ค‘๋ฆฝ์  ์ ‘๊ทผ ๋ฐฉ์‹์„ ๊ณต์‹ํ™”ํ–ˆ๋‹ค(์—ฐ๋ฐฉ์ค€๋น„์ œ๋„, 2026๋…„ 3์›” 5์ผ). ์ด์ฒ˜๋Ÿผ ๊ทœ์ œ ํ”„๋ ˆ์ž„์›Œํฌ๊ฐ€ ๋ช…ํ™•ํ•ด์ง์— ๋”ฐ๋ผ BNY ๋ฉœ๋ก , ์Šคํ…Œ์ดํŠธ ์ŠคํŠธ๋ฆฌํŠธ ๋“ฑ ์ฃผ์š” ์ˆ˜ํƒ ์€ํ–‰๋“ค์€ ์€ํ–‰ ๊ณ„์ขŒ์™€ ๊ฐœ๋ณ„ ์ง€๊ฐ‘์„ ์—ฐ๋™ํ•˜๋Š” ๋””์ง€ํ„ธ ์ž์‚ฐ ์‹ ํƒ ์„œ๋น„์Šค๋ฅผ ๋ณธ๊ฒฉ์ ์œผ๋กœ ์ถœ์‹œํ–ˆ๋‹ค.

๋””์ง€ํ„ธ ์ƒํ’ˆ ์ง€์œ„ ํš๋“ ๋ฐ ํ”„๋กœํ† ์ฝœ ์Šคํ…Œ์ดํ‚น ํ—ˆ์šฉ

2026๋…„ 3์›” 17์ผ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ์™€ ์ƒํ’ˆ์„ ๋ฌผ๊ฑฐ๋ž˜์œ„์›ํšŒ๋Š” ๊ณต๋™ ํ•ด์„ ์ง€์นจ์„ ๋ฐœํ‘œํ•˜๋ฉฐ ์†”๋ผ๋‚˜๋ฅผ ํฌํ•จํ•œ 16๊ฐœ ์ฃผ์š” ์ž์‚ฐ์„ โ€˜๋””์ง€ํ„ธ ์ƒํ’ˆ(Digital Commodities)โ€™์œผ๋กœ ํ™•์ •ํ–ˆ๋‹ค. ํ•ด๋‹น ์ง€์นจ์€ ์ž์‚ฐ์„ 5๊ฐœ ์œ ํ˜•์œผ๋กœ ์„ธ๋ถ„ํ™”ํ•˜์—ฌ ๊ณผ๊ฑฐ์˜ ์ฆ๊ถŒ์„ฑ ์ด๋ถ„๋ฒ•์„ ํ๊ธฐํ•˜๊ณ , ํ”„๋กœํ† ์ฝœ ์Šคํ…Œ์ดํ‚น์„ ์ฆ๊ถŒ๋ฒ• ๊ทœ์ œ ๋Œ€์ƒ์—์„œ ๊ณต์‹ ์ œ์™ธํ–ˆ๋‹ค. ์ด๋Š” ์•ž์„œ 1์›” ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ๊ฐ€ โ€œํ† ํฐํ™”๊ฐ€ ์ฆ๊ถŒ์˜ ๋ฒ•์  ๋ถ„๋ฅ˜๋ฅผ ๋ฐ”๊พธ์ง€ ์•Š์œผ๋ฉฐ ๊ฒฝ์ œ์  ์‹ค์งˆ์„ ๊ธฐ์ค€์œผ๋กœ ๋ฒ•์„ ์ ์šฉํ•œ๋‹คโ€๊ณ  ์„ ์–ธํ•œ ์›์น™์˜ ์—ฐ์žฅ์„ ์ด๋‹ค.

์ž์‚ฐ์˜ ๋ฒ•์  ์„ฑ๊ฒฉ์ด ๋ช…ํ™•ํ•ด์ง์— ๋”ฐ๋ผ ๊ธฐ๊ด€ ํˆฌ์ž์ž๋“ค์€ ์ฆ๊ถŒ๋ฒ• ์œ„๋ฐ˜ ๋ฆฌ์Šคํฌ ์—†์ด ์†”๋ผ๋‚˜๋ฅผ ํฌํ•จํ•œ 16๊ฐœ ์ฃผ์š” ์ž์‚ฐ์„ ๋งค์ž…ยท๋ณด์œ ยท์Šคํ…Œ์ดํ‚นํ•  ์ˆ˜ ์žˆ๋Š” ๋ฒ•์  ์•ˆ์ „์„ฑ์„ ํ™•๋ณดํ–ˆ๋‹ค. ๋‹ค๋งŒ ๊ทœ์ œ ํ•ด์ œ๊ฐ€ ๊ณง๋ฐ”๋กœ ๋Œ€๊ทœ๋ชจ ์ž๊ธˆ ์œ ์ž…์„ ๋ณด์žฅํ•˜๋Š” ๊ฒƒ์€ ์•„๋‹ˆ๋‹ค.

2026๋…„ 1๋ถ„๊ธฐ ํ˜„์ง€ ๊ธฐ๊ด€๋“ค์€ ์•ŒํŠธ์ฝ”์ธ ํ˜„๋ฌผ ์ž์ฒด์— ๋Œ€ํ•œ ๋…ธ์ถœ์„ ๋Š˜๋ฆฌ๊ธฐ๋ณด๋‹ค, ์Šคํ…Œ์ดํ‚น ์œ ๋™์„ฑ ์ธํ”„๋ผ ๋ฐ ํ”„๋กœํ† ์ฝœ ์ž์ฒด๋ฅผ ์ž์‚ฐํ™”ํ•˜๋Š” ์ •๊ตํ•œ ํฌ์ง€์…˜ ๋ฆฌ๋ฐธ๋Ÿฐ์‹ฑ์— ์ž๋ณธ์„ ์ง‘์ค‘ํ•˜๋Š” ์‹ ์ค‘ํ•œ ๊ธฐ์กฐ๋ฅผ ๋ณด์ด๊ณ  ์žˆ๋‹ค.

์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ์˜ ํˆฌ์ž ๊ณ„์•ฝ ํŒ๋‹จ ๊ธฐ์ค€ ๊ตฌ์ฒดํ™”

2025๋…„, ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ๋Š” ๋””์ง€ํ„ธ ์ž์‚ฐ ๊ฑฐ๋ž˜์— ํ•˜์œ„ ํ…Œ์ŠคํŠธ(Howey Test)๋ฅผ ์ ์šฉํ•˜๋Š” ๊ธฐ์ค€์„ ๋ช…ํ™•ํžˆ ํ•จ์œผ๋กœ์จ 2021~2024๋…„ ๋‹น์‹œ์˜ ํ•ต์‹ฌ์ ์ธ ๊ทœ์ œ ๋…ผ์Ÿ์„ ํ•ด๊ฒฐํ–ˆ๋‹ค. ๊ตฌ์ฒด์ ์œผ๋กœ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ๋Š” ์ค‘๋ฆฝ์ ์ธ ๊ธฐ์ดˆ ๊ธฐ์ˆ ๋กœ ์ธ์ •๋˜๋Š” ๋””์ง€ํ„ธ ์ž์‚ฐ ์ž์ฒด์™€, ํ•ด๋‹น ์ž์‚ฐ์ด ์ตœ์ดˆ ํŒ๋งค ์‹œ ์ ์šฉ๋˜๋Š” โ€˜ํˆฌ์ž ๊ณ„์•ฝ(investment contract)โ€™์„ ๋ฒ•์ ์œผ๋กœ ์—„๊ฒฉํžˆ ๊ตฌ๋ถ„ํ•˜๋Š” ๊ธฐ์ค€์„ ์ˆ˜๋ฆฝํ–ˆ๋‹ค.

์ด๋Ÿฌํ•œ ํ† ํฐ๋“ค์˜ 2์ฐจ ์‹œ์žฅ ๊ฑฐ๋ž˜๊ฐ€ ๋ณธ์งˆ์ ์œผ๋กœ ์ฆ๊ถŒ ๊ฑฐ๋ž˜์— ํ•ด๋‹นํ•˜์ง€ ์•Š์Œ์„ ํ™•์ธํ•จ์œผ๋กœ์จ, ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ๋Š” ์ฃผ์š” ๋ ˆ์ด์–ด-1 ํ”„๋กœํ† ์ฝœ๋“ค์„ ์žฅ๊ธฐ๊ฐ„ ์ง“๋ˆ„๋ฅด๋˜ ๋ฒ•์  ๋ถˆํ™•์‹ค์„ฑ์„ ์‚ฌ์‹ค์ƒ ํ•ด์†Œํ–ˆ๋‹ค. ์ด์ฒ˜๋Ÿผ ์ค‘์š”ํ•œ ๋ช…ํ™•ํ™” ์กฐ์น˜๋Š” ๊ธฐ๊ด€๋“ค์—๊ฒŒ ๊ทœ์ œ ํ”Œ๋žซํผ์—์„œ ์†”๋ผ๋‚˜์™€ ๊ฐ™์€ ์ž์‚ฐ์„ ์ฆ๊ถŒ๋ฒ• ์œ„๋ฐ˜ ๋ฆฌ์Šคํฌ ์—†์ด ์•ˆ์ „ํ•˜๊ฒŒ ๋ณด์œ ํ•˜๊ณ  ๊ฑฐ๋ž˜ํ•˜๋Š” ๋ฐ ํ•„์š”ํ•œ ๊ทœ์ œ ํ™•์‹ค์„ฑ์„ ์ œ๊ณตํ–ˆ๋‹ค(SEC, 2025๋…„ 10์›” ๊ธฐ์ค€).

GENIUS Act ๊ธฐ๋ฐ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ฐ ๊ตญ์ฑ„ ํ† ํฐํ™”

2025๋…„ ํ†ต๊ณผ๋œ ์—ฐ๋ฐฉ ๋ฒ•์•ˆ โ€˜GENIUS Actโ€™๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์ฆ๊ถŒ์ด๋‚˜ ์˜ˆ๊ธˆ์ด ์•„๋‹Œ ๋ณ„๊ฐœ์˜ ์ž์‚ฐ ์œ ํ˜•์œผ๋กœ ๋ช…์‹œํ•˜๊ณ  ๋ฐœํ–‰์ž์—๊ฒŒ ์—ฐ๋ฐฉ ๋ฉดํ—ˆ ๊ธฐ์ค€๊ณผ ์šด์šฉ ์š”๊ฑด์„ ๋ถ€์—ฌํ–ˆ๋‹ค. ๋ฐœํ–‰์ž์˜ ํ•ฉ๋ฒ•์  ์ง€์œ„๊ฐ€ ํ™•๋ฆฝ๋˜๋ฉด์„œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์€ ๊ธฐ๊ด€ ํฌํŠธํด๋ฆฌ์˜ค ๋‚ด์—์„œ ๋ฆฌ์Šคํฌ ์ž์‚ฐ์ด ์•„๋‹Œ ํ•ฉ๋ฒ•์ ์ด๊ณ  ๋ณ€๋™์„ฑ ๋‚ฎ์€ โ€˜์˜จ์ฒด์ธ ๊ฒฐ์ œ ๋ ˆ์ผโ€™๋กœ ์žฌ๋ถ„๋ฅ˜๋˜์—ˆ๋‹ค.

๋ฒ•์  ๋ฆฌ์Šคํฌ๊ฐ€ ํ•ด์†Œ๋˜๋ฉด์„œ ์„œํด ๋“ฑ ์ธํ”„๋ผ ๊ธฐ์—…์— ๋Œ€ํ•œ ์ „ํ†ต ๊ธˆ์œต์‚ฌ๋“ค์˜ ํ…Œ๋งˆ์  ๊ด€์‹ฌ๊ณผ ํˆฌ์ž๊ฐ€ ๊ฐ€์‹œํ™”๋˜์—ˆ๋‹ค. ๋‹ค๋งŒ ์ „์ฒด ์•”ํ˜ธํ™”ํ ์ž์‚ฐ ๋ถ„๋ฅ˜ ์ฒด๊ณ„๋ฅผ ์ข…๊ฒฐ์ง€์„ CLARITY Act์˜ ์ตœ์ข… ํ†ต๊ณผ๊นŒ์ง€ ์ด์–ด์ ธ์•ผ ๊ทœ์ œ ํŒจ๋Ÿฌ๋‹ค์ž„์ด ์™„์„ฑ๋  ์ „๋ง์ด๋‹ค.

๊ธฐ์กด ๊ฑฐ๋ž˜์†Œ ์ค‘์‹ฌ์˜ ์ฃผ์‹ ํ† ํฐํ™”

2026๋…„ 3์›” 18์ผ, ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ๋Š” ๋‚˜์Šค๋‹ฅ์ด ์ผ๋ถ€ ์ฆ๊ถŒ์„ ํ† ํฐํ™” ํ˜•ํƒœ๋กœ ๊ฑฐ๋ž˜ํ•˜๋„๋ก ์ตœ์ข… ์Šน์ธํ–ˆ๋‹ค(Rule Change SR-NASDAQ-2025-072 ์Šน์ธ). ์ ๊ฒฉ ์ฐธ์—ฌ์ž๋Š” ๊ธฐ์กด์˜ ๋ฌผ๋ฆฌ์  ์žฅ๋ถ€ ๋“ฑ์žฌ ๋Œ€์‹  ๋ธ”๋ก์ฒด์ธ ํ† ํฐ์œผ๋กœ ๊ฒฐ์ œ๋ฅผ ์ฒ˜๋ฆฌํ•˜๋ฉฐ, ํ† ํฐํ™” ์ฃผ์‹์€ ์ „ํ†ต ์ฃผ์‹๊ณผ ๋™์ผํ•œ ์˜ค๋”๋ถ์—์„œ ๋ณ‘๋ ฌ ๊ฑฐ๋ž˜๋˜๋ฉฐ ๋™์ผํ•œ ์‹œ์„ธ์™€ ์ฃผ์ฃผ ๊ถŒ๋ฆฌ๋ฅผ ๋ณด์žฅ๋ฐ›๋Š”๋‹ค. ์ด์— ๋ฐœ๋งž์ถฐ ๋ฏธ๊ตญ ์˜ˆํƒ๊ฒฐ์ œ์›์€ 2026๋…„ 7์›” ์ œํ•œ์  ํŒŒ์ผ๋Ÿฟ์„ ์‹œ์ž‘์œผ๋กœ 10์›” ์ „๋ฉด ์ถœ์‹œ๋ฅผ ํ™•์ •ํ–ˆ์œผ๋ฉฐ ๋Œ€์ƒ์€ ๋Ÿฌ์…€ 1000 ์ข…๋ชฉ, ์ฃผ์š” ์ง€์ˆ˜ ETF, ๋ฏธ๊ตญ ๊ตญ์ฑ„๋‹ค.

์ด๋Š” ๋ธ”๋ก์ฒด์ธ ๊ธฐ์ˆ ์„ ์ˆ˜์šฉํ•˜๋˜ ์žฅ๋ถ€์˜ ํ†ต์ œ๊ถŒ์€ ๊ธฐ์กด ๊ธˆ์œต๊ธฐ๊ด€์ด ์œ ์ง€ํ•˜๋Š” ๋ฐฉ์‹์ด๋‹ค. ๊ฑฐ๋ž˜ ์ž์ฒด๋Š” ๊ธฐ์กด์˜ T+1 ๊ฒฐ์ œ ์ฃผ๊ธฐ๋ฅผ ๋”ฐ๋ฅด๊ธฐ ๋•Œ๋ฌธ์—, ๊ธฐ์ˆ ์  ํ˜์‹ ์„ฑ๋ณด๋‹ค๋Š” ์ œ๋„๊ถŒ ๊ธˆ์œต๊ธฐ๊ด€ ๊ฐ„์˜ ๋งˆ์ง„ ๋‹ด๋ณด ํ™œ์šฉ์ด๋‚˜ ์žฅํ›„ ์ •์‚ฐ ํšจ์œจํ™”์— ์ดˆ์ ์ด ๋งž์ถฐ์ ธ ์žˆ๋‹ค. ํผ๋ธ”๋ฆญ ์ฒด์ธ ์ƒํƒœ๊ณ„์™€๋Š” ์ง์ ‘ ์—ฐ๋™๋˜์ง€ ์•Š๋Š” ํ์‡„์  ๋ชจ๋ธ๋กœ ํ–ฅํ›„ ์ž์œ  ๊ฑฐ๋ž˜ ๋ฐฉ์‹์˜ ํ™•์žฅ์— ์ดˆ์ ์„ ๋งž์ถฐ์•ผ ํ•œ๋‹ค.

๊ทœ์ œ ๊ฑฐ๋ž˜์†Œ์˜ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ(Perp) ๋„์ž…

2026๋…„ 5์›” 29์ผ, ์ƒํ’ˆ์„ ๋ฌผ๊ฑฐ๋ž˜์œ„์›ํšŒ๋Š” ๋ฏธ๊ตญ ๊ทœ์ œ ๊ฑฐ๋ž˜์†Œ ๋‚ด ๋น„ํŠธ์ฝ”์ธ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๊ฑฐ๋ž˜๋ฅผ ์ตœ์ดˆ๋กœ ์Šน์ธํ–ˆ๋‹ค. ์นผ์‹œ๊ฐ€ โ€˜BTCPERPโ€™ ๊ณ„์•ฝ ์Šน์ธ์„ ํš๋“ํ–ˆ์œผ๋ฉฐ, ๊ฐ™์€ ๋‚  ์ฝ”์ธ๋ฒ ์ด์Šค์—๋„ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์ƒํ’ˆ์„ ํ—ˆ์šฉํ•˜๋Š” ๋ฌด๋Œ€์‘ ์„œํ•œ(No-Action Letter)์ด ๋ฐœ์†ก๋˜์—ˆ๋‹ค.

๊ทธ๊ฐ„ ๋ฐ”์ด๋‚ธ์Šค, ๋ฐ”์ด๋น— ๋“ฑ ํ•ด์™ธ ๋ฏธ๋“ฑ๋ก(์˜คํ”„์‡ผ์–ด) ๊ฑฐ๋ž˜์†Œ์— ํŽธ์ค‘๋˜์–ด ์žˆ๋˜ ๊ฑฐ๋Œ€ํ•œ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์œ ๋™์„ฑ(2025๋…„ ๊ธฐ์ค€ ์—ฐ๊ฐ„ ์•ฝ 61์กฐ 7,000์–ต ๋‹ฌ๋Ÿฌ)์„ ๋ฏธ๊ตญ ์ œ๋„๊ถŒ ์•ˆ์œผ๋กœ ๋Œ์–ด๋“ค์ด๋ ค๋Š” ์ฒซ ์กฐ์น˜๋‹ค. ๋‹ค๋งŒ ํ•ด์™ธ ๋ฏธ๋™๋ก ๊ฑฐ๋ž˜์†Œ๋“ค์ด ์ œ๊ณตํ•˜๋Š” ์ˆ˜์ˆ˜๋ฃŒ์œจ์ด๋‚˜ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ์กฐ๊ฑด์„ ๊ณ ๋ คํ•  ๋•Œ, ๊ทœ์ œ๊ฐ€ ์—ด๋ฆฐ ๊ฒƒ๊ณผ ๋ณ„๊ฐœ๋กœ ์‹ค์ œ ๊ฑฐ๋ž˜๋Ÿ‰์ด ๋ฏธ๊ตญ์œผ๋กœ ์˜๋ฏธ ์žˆ๊ฒŒ ์ด๋™ํ• ์ง€๋Š” ์กฐ๊ธˆ ๋” ์ง€์ผœ๋ด์•ผ ํ•œ๋‹ค๋Š” ์‹ ์ค‘๋ก ์ด ๊ณต์กดํ•œ๋‹ค.

5.2. ์•„์ง ์•ˆ ๋˜๋Š” ๊ฒƒ: ์‚ฐ์—…ํ™”์˜ ํ‘œ์ค€์„ ๊ฐœ์ฒ™ํ•˜๋Š” ํ”„๋ก ํ‹ฐ์–ด ์˜์—ญ

์•ž์„œ ์‚ดํŽด๋ณธ ์˜์—ญ๋“ค์ด ์ „ํ†ต ๊ธˆ์œต์˜ ๋ฌธ๋ฒ•์— ๋ถ€ํ•ฉํ•˜๋Š” ํ™œ๋™๋“ค์„ ์ค‘์‹ฌ์œผ๋กœ ์ œ๋„ํ™”๋˜์—ˆ๋‹ค๋ฉด, ์ด๊ณณ์—์„œ ๋‹ค๋ฃฐ ๋ฏธํ•ด๊ฒฐ ๊ณผ์ œ๋“ค์€ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ์˜ ๊ณ ์œ ํ•œ ํŒŒ๊ดด์  ๊ฐ•์ ์ธ ํƒˆ์ค‘์•™ํ™”์™€ ์ž์œจ์„ฑ์„ ์˜จ์ „ํžˆ ํ™œ์šฉํ•˜๋ ค๋Š” ์‹œ๋„๋“ค์ด๋‹ค.

์ด๋Ÿฌํ•œ ๊ณผ์ œ๋“ค์€ โ€˜CLARITY Actโ€™์„ ํ†ตํ•ด ํฌ๊ด„์ ์œผ๋กœ ํ•ด๊ฒฐ๋  ์ „๋ง์ด๋‹ค. ์ด ๋ฒ•์•ˆ์€ ๋””์ง€ํ„ธ ์ž์‚ฐ์˜ ์ „๋ฐ˜์ ์ธ ์‹œ์žฅ ๊ตฌ์กฐ๋ฅผ ์ •์˜ํ•˜๊ณ , ๋””์ง€ํ„ธ ์ƒํ’ˆ์— ๋Œ€ํ•œ ํ˜„๋ฌผ ์‹œ์žฅ ๊ทœ์ œ ํ”„๋ ˆ์ž„์›Œํฌ๋ฅผ ๋งˆ๋ จํ•˜๋ฉฐ, ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ์™€ ์ƒํ’ˆ์„ ๋ฌผ๊ฑฐ๋ž˜์œ„์›ํšŒ๊ฐ€ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ์ƒ์—์„œ ์‚ฌ์—… ํ™œ๋™์„ ์ˆ˜ํ–‰ํ•  ์ˆ˜ ์žˆ๋„๋ก ๊ทœ์น™ ์ œ์ •์„ ์ง€์‹œํ•˜๊ณ , ๋ฏธ๊ตญ ์€ํ–‰๋“ค์˜ ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ ์šด์˜์„ ํ—ˆ์šฉํ•˜๋Š” ๋‚ด์šฉ์„ ๋‹ด๊ณ  ์žˆ๋‹ค. 2026๋…„ 3์›” ์–‘ ๊ธฐ๊ด€์€ ํ† ํฐ์„ ๋””์ง€ํ„ธ ์ƒํ’ˆ, ๋””์ง€ํ„ธ ์ฆ๊ถŒ, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ๋ถ„๋ฅ˜ํ•˜๊ณ  ๊ณต๋™ ํ•ด์„ ์ง€์นจ์„ ํ†ตํ•ด ๊ด€ํ• ๊ถŒ์„ ๋‚˜๋ˆด์œผ๋‚˜, ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ๋Š” ์ด ์ง€์นจ์„ ์˜ํšŒ๊ฐ€ ํฌ๊ด„์ ์ธ ํ”„๋ ˆ์ž„์›Œํฌ๋ฅผ ์ž…๋ฒ•ํ•˜๊ธฐ ์ „๊นŒ์ง€์˜ โ€˜์ž„์‹œ ๋‹ค๋ฆฌโ€™๋กœ ๊ทœ์ •ํ–ˆ๋‹ค. ์ฆ‰, CLARITY Act๋Š” ํ˜„์žฌ ๋ฐ ๋ฏธ๋ž˜ ํ–‰์ •๋ถ€์˜ ํ•ด์„์— ์˜์กดํ•˜๋˜ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ ๊ทœ์ œ์˜ ๊ฒฝ๊ณ„๋ฅผ ์˜ํšŒ๊ฐ€ ๋ฒ•๋ฅ ๋กœ ํ™•๊ณ ํžˆ ์ •๋ฆฝํ•˜๋Š” ์ž‘์—…์ด๋‹ค.

๊ธฐ๊ด€๋“ค์ด ๊ฑฐ์‹œ์ ์ธ ๊ทœ์ œ ๋ฆฌ์Šคํฌ๋ฅผ ์™„์ „ํžˆ ์ œ๊ฑฐํ•˜๊ณ  ์žฅ๊ธฐ ์ž๋ณธ์„ ํˆฌ์ž…ํ•˜๋ ค๋ฉด, ์ •์น˜์  ๋ณ€ํ™”์— ๋”ฐ๋ผ ๊ทœ์ œ ๊ธฐ๋Œ€์น˜๊ฐ€ ๊ธ‰๊ฒฉํžˆ ๋ฐ”๋€Œ์ง€ ์•Š์„ ๊ฒƒ์ด๋ผ๋Š” ํ™•์‹ ์ด ํ•„์š”ํ•˜๋ฉฐ, ์ด๋ฅผ ์œ„ํ•ด์„œ๋Š” ๋ฒ•๋ฅ (statute)์ด๋ผ๋Š” ๊ฒฌ๊ณ ํ•œ ํ† ๋Œ€๊ฐ€ ๋’ท๋ฐ›์นจ๋˜์–ด์•ผ ํ•œ๋‹ค.

์ด ๋ฒ•์•ˆ์˜ ๋ฒ”์œ„๋Š” ์•”ํ˜ธํ™”ํ ๋„ค์ดํ‹ฐ๋ธŒ ๊ธฐ์—…์— ๊ตญํ•œ๋˜์ง€ ์•Š๋Š”๋‹ค. ๊ธฐ์กด ์ค‘๊ฐœ๊ธฐ๊ด€๋“ค์ด ๋””์ง€ํ„ธ ๋ ˆ์ผ(digital rails)์„ ์ž์‚ฌ ์ œํ’ˆ์— ๋„์ž…ํ•  ๋•Œ ๋”ฐ๋ผ์•ผ ํ•  ํ‘œ์ค€๊นŒ์ง€ ํฌ๊ด„ํ•œ๋‹ค. ๊ธฐ์กด ์‹œ์žฅ ๊ทœ์น™์€ ๋ชจ๋“  ๊ฑฐ๋ž˜์— ๋ธŒ๋กœ์ปค๋‚˜ ์ˆ˜ํƒ ๊ฑฐ๋ž˜์†Œ์™€ ๊ฐ™์€ ์ค‘๊ฐœ์ž๊ฐ€ ์žˆ์Œ์„ ์ „์ œ๋กœ ํ•˜์ง€๋งŒ, ๋ธ”๋ก์ฒด์ธ์—์„œ๋Š” ์ด๋Ÿฌํ•œ ๊ฐ€์ •์ด ์„ฑ๋ฆฝํ•˜์ง€ ์•Š๋Š”๋‹ค. CLARITY Act๋Š” ์ค‘๊ฐœ์ž๊ฐ€ ์—†๋Š” ์‹œ์žฅ ๊ตฌ์กฐ๋ฅผ ์ „์ œ๋กœ ํ•œ ์ƒˆ๋กœ์šด ๊ทœ์น™์„ ์„ฑ๋ฌธํ™”ํ•  ๊ฒƒ์ด๋‹ค.

์†”๋ผ๋‚˜ ์ •์ฑ… ์—ฐ๊ตฌ์†Œ๋ฅผ ํฌํ•จํ•œ ์‚ฐ์—…๊ณ„๋Š” ์ž…๋ฒ• ๋…ธ๋ ฅ์„ ์ „๋ฐฉ์œ„์ ์œผ๋กœ ํŽผ์น˜๊ณ  ์žˆ์œผ๋‚˜, ์›Œ์‹ฑํ„ด ํ˜„์ง€์˜ ์ „๋ง์€ ์†Œ์…œ ๋ฏธ๋””์–ด์ƒ์˜ ๋‚™๊ด€๋ก ๊ณผ๋Š” ๊ฑฐ๋ฆฌ๊ฐ€ ๋ฉ€๋‹ค. ์ด ๋ฒ•์•ˆ์€ 2025๋…„ 7์›” ํ•˜์›์„ ํ†ต๊ณผ(294 ๋Œ€ 134)ํ–ˆ๊ณ , 2026๋…„ 5์›” 14์ผ ์ƒ์› ์€ํ–‰์œ„์›ํšŒ๋ฅผ ํ†ต๊ณผ(15 ๋Œ€ 9)ํ–ˆ์œผ๋‚˜, ์˜ฌํ•ด ๋ฒ•์ œํ™”๋  ๊ฐ€๋Šฅ์„ฑ์€ 50% ๋ฏธ๋งŒ์œผ๋กœ ์ ์ณ์ง„๋‹ค. ์–‘๋‹น์€ ์žฌ์ž„ ์ค‘์ธ ๋Œ€ํ†ต๋ น ๋ฐ ๊ณ ์œ„ ๊ด€๋ฃŒ๋“ค์ด ์•”ํ˜ธํ™”ํ ์‚ฌ์—…์œผ๋กœ ์ด์ต์„ ์–ป์ง€ ๋ชปํ•˜๋„๋ก ์ œํ•œํ•˜๋Š” ์œค๋ฆฌ ์กฐํ•ญ์„ ๋‘๊ณ  ๋Œ€๋ฆฝ ์ค‘์ด๋‹ค. 2026๋…„ 5์›” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ˆ˜์ต์— ๋Œ€ํ•œ ํ•ฉ์˜๊ฐ€ ์ž…๋ฒ• ๋™๋ ฅ์„ ์ผ๋ถ€ ํšŒ๋ณต์‹œ์ผฐ์œผ๋‚˜, ์€ํ–‰๊ถŒ์€ ์—ฌ์ „ํžˆ ํ•ต์‹ฌ ์กฐํ•ญ๋“ค์— ๋Œ€ํ•ด ๊ฐ•ํ•˜๊ฒŒ ๋ฐ˜๋Œ€ํ•˜๊ณ  ์žˆ๋‹ค.

๊ด€๊ฑด์€ โ€˜์‹œ๊ฐ„โ€™์ด๋‹ค. 7์›” ์ค‘์ˆœ๋ถ€ํ„ฐ 8์›” ์ดˆ ํœดํšŒ ์ „๊นŒ์ง€ ์ด์–ด์ง€๋Š” ์•ฝ 4์ฃผ๊ฐ„์˜ ์ƒ์› ์ž…๋ฒ• ๊ธฐ๊ฐ„์ด ์‚ฌ์‹ค์ƒ ์˜ฌํ•ด ๋ฒ•์•ˆ ํ†ต๊ณผ์˜ ๋งˆ๊ฐ ์‹œํ•œ์ด๋‹ค. ์ด ์‹œ๊ธฐ๋ฅผ ๋†“์น˜๋ฉด ๋…ผ์˜๋Š” 2026๋…„ ์ค‘๊ฐ„์„ ๊ฑฐ ๊ตญ๋ฉด์œผ๋กœ ๋„˜์–ด๊ฐ€๊ฒŒ ๋˜๋ฉฐ, ์„ ๊ฑฐ ์ „ ์ •์น˜์  ์ง€ํ˜•์—์„œ ํ•ฉ์˜๋Š” ๋”์šฑ ์–ด๋ ค์›Œ์ง„๋‹ค. ๊ฑฐ์‹œ์ ์ธ ์ž…๋ฒ• ์ž‘์—…์ด ์ง€์—ฐ๋˜๋Š” ๋™์•ˆ, ๊ทœ์ œ ๊ฒฝ๊ณ„์„ ์— ์ง๋ฉดํ•œ ์ฃผ์š” ๋น„์ฆˆ๋‹ˆ์Šค๋“ค์˜ ํ˜„ํ™ฉ๊ณผ ๊ธฐ์ˆ ์  ๋ŒํŒŒ๋ฅผ ์œ„ํ•œ ์‹œ๋„๋“ค์€ ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

ํผ๋ธ”๋ฆญ ์ฒด์ธ ์œ„์—์„œ์˜ ์ฃผ์‹ ์ž์œ  ๊ฑฐ๋ž˜

์ตœ๊ทผ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ๊ฐ€ ์ƒ์žฅ์‚ฌ ๋™์˜ ์—†๋Š” โ€˜์ œ3์ž ์ฃผ์‹ ํ† ํฐํ™”โ€™ ํ—ˆ์šฉ(ํ˜์‹  ๋ฉด์ œ)์„ ๋…ผ์˜ํ•˜๋ฉฐ ๊ธฐ๋Œ€๊ฐ์„ ๋†’์˜€์œผ๋‚˜, ์‹ค์ œ ์Šน์ธ๊นŒ์ง€๋Š” ๋‘ ๊ฐ€์ง€ ํ•ต์‹ฌ ํ—ˆ๋“ค์ด ๋‚จ์•„ ์žˆ๋‹ค. ์ฒซ์งธ, ๋‹จ์ˆœ โ€˜ํ•ฉ์„ฑ ์ฃผ์‹(Synthetic Stocks)โ€™์„ ๋ฐฐ์ œํ•˜๊ณ  ์‹ค์ œ ์ฃผ์ฃผ ๊ถŒ๋ฆฌ(์˜๊ฒฐ๊ถŒยท๋ฐฐ๋‹น๊ถŒ)๊ฐ€ ์™„๋ฒฝํžˆ ๋ณด์žฅ๋œ ์˜จ์ฒด์ธ ์ฃผ์‹๋งŒ ํ—ˆ์šฉํ•œ๋‹ค๋Š” ๋‹น๊ตญ์˜ ์—„๊ฒฉํ•œ ๊ธฐ์ค€์ด๋‹ค. ๋‘˜์งธ, ๋‹ค์ˆ˜ ๋ธ”๋ก์ฒด์ธ์œผ๋กœ์˜ ๊ฑฐ๋ž˜ ๋ถ„์‚ฐ์ด ๋ถ€๋ฅผ โ€˜์œ ๋™์„ฑ ํŒŒํŽธํ™”(Fragmentation)โ€™๋ฅผ ์šฐ๋ คํ•œ ์ „ํ†ต ๊ธˆ์œต๊ถŒ(๋‚˜์Šค๋‹ฅ, SIFMA ๋“ฑ)์˜ ๊ฐ•๋ ฅํ•œ ๊ฒฌ์ œ๋‹ค. ์ด๋กœ ์ธํ•ด ์ตœ์ข… ์Šน์ธ์€ ํ˜„์žฌ ํŒฝํŒฝํ•œ ๋Œ€๋ฆฝ ์†์— ์œ ์˜ˆ๋˜์–ด ์žˆ๋‹ค.

ํ˜„์žฌ์˜ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ ๊ทœ์ œ ์š”๊ฑด์„ ์ค€์ˆ˜ํ•ด์•ผ ํ•˜๋Š” ์ƒํ™ฉ์—์„œ, ์˜ค๋Š˜๋‚  ํผ๋ธ”๋ฆญ ์ฒด์ธ ๊ธฐ๋ฐ˜์˜ ํ† ํฐํ™” ์ฃผ์‹ ์„œ๋น„์Šค๋Š” ๋ฏธ๊ตญ ๋น„๊ฑฐ์ฃผ์ž(Reg S)๋‚˜ ๊ณ ์•ก์˜ ์ ๊ฒฉ ํˆฌ์ž์ž(Reg D)๋กœ๋งŒ ์ฐธ์—ฌ์ž๊ฐ€ ์—„๊ฒฉํžˆ ์ œํ•œ๋˜๋Š” โ€˜๋ฐ˜์ชฝ์งœ๋ฆฌ ์‹œ์žฅโ€™์— ๋จธ๋ฌผ๋Ÿฌ ์žˆ๋‹ค. ์ด๋Ÿฌํ•œ ํ•œ๊ณ„๋ฅผ ๋ŒํŒŒํ•˜๊ธฐ ์œ„ํ•ด ์†”๋ผ๋‚˜ ์ •์ฑ… ์—ฐ๊ตฌ์†Œ ๋“ฑ์€ โ€˜ํ”„๋กœ์ ํŠธ ์˜คํ”ˆ ํŒŒ์ผ๋Ÿฟ์„ ์ œ์•ˆํ–ˆ๋‹ค. ์ด๋Š” ์ „ํ†ต์ ์ธ ์ค‘๊ฐœ ๊ธฐ๊ด€ ์—†์ด ๋น„์ˆ˜ํƒ AMM(์˜ค๋ฅด์นด)์„ ํ†ตํ•ด KYC๊ฐ€ ์™„๋ฃŒ๋œ ์ง€๊ฐ‘ ๊ฐ„ ์‹ค์‹œ๊ฐ„ ๊ฒฐ์ œ(T+0)๋ฅผ ๊ตฌํ˜„ํ•จ์œผ๋กœ์จ, ํผ๋ธ”๋ฆญ ์ฒด์ธ ์ƒ์—์„œ ๋ˆ„๊ตฌ๋‚˜ ์ž์œ ๋กญ๊ฒŒ ์ฆ๊ถŒ ๊ฑฐ๋ž˜๋ฅผ ์ˆ˜ํ–‰ํ•  ์ˆ˜ ์žˆ๋Š” ํ™˜๊ฒฝ์„ ๋งˆ๋ จํ•˜๋ ค๋Š” ์‹œ๋„๋‹ค.

ํƒˆ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ(DEX)์˜ ๋ฉดํ—ˆ ๋“ฑ๋ก ์œ ์˜ˆ

2026๋…„ 4์›” 13์ผ, ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ ๊ฑฐ๋ž˜ยท์‹œ์žฅ ๋ถ€์„œ๋Š” ํŠน์ • ์กฐ๊ฑด์„ ์ถฉ์กฑํ•˜๋Š” ํƒˆ์ค‘์•™ํ™” ์ธํ„ฐํŽ˜์ด์Šค๊ฐ€ ๋ธŒ๋กœ์ปค-๋”œ๋Ÿฌ ๋“ฑ๋ก ์—†์ด ์šด์˜๋  ์ˆ˜ ์žˆ๋‹ค๋Š” ์ž„์‹œ ์ง€์นจ(Staff Statement)์„ ๋ฐœํ‘œํ–ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ด๋Š” 5๋…„ ๋’ค ๋งŒ๋ฃŒ๋˜๋Š” ์ผ๋ชฐ ์กฐํ•ญ์ด๋ฉฐ, ์ž๊ธˆ์„ธํƒ๋ฐฉ์ง€(AML/KYC) ์˜๋ฌด ์ฃผ์ฒด๋‚˜ ์ฃผ๋ฌธ ์ฒ˜๋ฆฌ ์ฑ…์ž„ ์†Œ์ง€ ๊ฐ™์€ ๋ณธ์งˆ์  ๊ทœ์ œ ๊ณต๋ฐฑ์ด ๋‚จ์•„ ์žˆ์–ด ๋Œ€๊ทœ๋ชจ ๊ธฐ๊ด€ ์ž๋ณธ์ด ๋‹น์žฅ ์œ ์ž…๋˜๊ธฐ์—๋Š” ๋ฆฌ์Šคํฌ๊ฐ€ ์žˆ๋‹ค.

์ด๋Ÿฌํ•œ ์ œ๋„์  ๊ณผ๋„๊ธฐ ์†์—์„œ, ํƒˆ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๋“ค์€ ๋งŒ๋ฃŒ ์‹œ์ ์„ ๋Œ€๋น„ํ•˜๊ธฐ ์œ„ํ•œ ๋ŒํŒŒ๊ตฌ๋ฅผ ์ฐพ๊ณ  ์žˆ๋‹ค. ๋Œ€ํ‘œ์ ์œผ๋กœ ํƒˆ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์ธ ์˜ค๋ฅด์นด(Orca)๋Š” ์ž์ฒด ํ”„๋ก ํŠธ์—”๋“œ ๋ฐ ์Šค๋งˆํŠธ ์ปจํŠธ๋ž™ํŠธ ๋ ˆ์ด์–ด์— ๊ธฐ๊ด€๊ธ‰ ์ปดํ”Œ๋ผ์ด์–ธ์Šค ํˆด๊ณผ ์‹ค์‹œ๊ฐ„ ์˜จ์ฒด์ธ ์Šคํฌ๋ฆฌ๋‹ ์ฒด๊ณ„๋ฅผ ๊ฒฐํ•ฉํ•˜์—ฌ ํˆฌ๋ช…ํ•œ ์ฃผ๋ฌธ ์ฒ˜๋ฆฌ ์ธํ”„๋ผ๋ฅผ ๊ณ ๋„ํ™”ํ•˜๊ณ  ์žˆ๋‹ค. ์œ ์˜ˆ ๊ธฐ๊ฐ„ ๋™์•ˆ ์ด๋“ค์ด ๊ตฌ์ถ•ํ•˜๋Š” ์ž์œจ์  ๊ทœ์ œ ์ค€์ˆ˜ ๋ชจ๋ธ์€ ํ–ฅํ›„ ์˜๊ตฌ์ ์ธ ์ž…๋ฒ• ํ”„๋ ˆ์ž„์›Œํฌ ์ˆ˜๋ฆฝ ์‹œ ํ‘œ์ค€ ๊ฐ€์ด๋“œ๋ผ์ธ(Reference)์œผ๋กœ ์ธ์šฉ๋  ๊ฐ€๋Šฅ์„ฑ์ด ๋†’๋‹ค.

์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์˜ ์ด์ž ์ง€๊ธ‰

์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ์ œ๋„๊ถŒ์— ํŽธ์ž…๋˜์—ˆ์Œ์—๋„ GENIUS Act๋Š” ๋ฐœํ–‰์ž๊ฐ€ ๋ณด์œ ์ž์—๊ฒŒ ์–ด๋– ํ•œ ํ˜•ํƒœ์˜ ์ด์ž๋‚˜ ์ˆ˜์ต๋„ ์ง€๊ธ‰ํ•˜์ง€ ๋ชปํ•˜๋„๋ก ์—„๊ฒฉํžˆ ์ œํ•œํ•˜๊ณ  ์žˆ๋‹ค. ์ด๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ๊ฒฝ์Ÿ๋ ฅ ์žˆ๋Š” ์ˆ˜์ต์„ ์ œ๊ณตํ•  ๊ฒฝ์šฐ ๊ฐ€๊ณ„ ์ž๊ธˆ์ด ์€ํ–‰ ์˜ˆ๊ธˆ์—์„œ ํ† ํฐ์œผ๋กœ ๋Œ€๊ฑฐ ์ด๋™ํ•  ์ˆ˜ ์žˆ๋‹ค๋Š” ์šฐ๋ ค ๋•Œ๋ฌธ์ด๋‹ค.

ํ˜„์žฌ ์ƒ์› ์€ํ–‰์œ„์›ํšŒ๋ฅผ ํ†ต๊ณผํ•œ CLARITY Act ํ•ฉ์˜์•ˆ์— ๋”ฐ๋ฅด๋ฉด, ๋ฐœํ–‰์ž๊ฐ€ ์•„๋‹Œ ๋ Œ๋”ฉ ํ”„๋กœํ† ์ฝœ์ด๋‚˜ ๊ฑฐ๋ž˜์†Œ ์˜ˆ์น˜ ์ƒํ’ˆ ๋“ฑ ์ œ3์ž ํ”Œ๋žซํผ์„ ํ†ตํ•œ ์ˆ˜์ต ์ฐฝ์ถœ์€ ๊ธˆ์ง€ ๋Œ€์ƒ์—์„œ ์ œ์™ธ๋œ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์€ํ–‰๊ถŒ์—์„œ๋Š” ์ด๋Ÿฌํ•œ ์ œํœด ๋ฐ ์ œ3์ž ํ†ต๋กœ๋งˆ์ € ์ฐจ๋‹จํ•ด์•ผ ํ•œ๋‹ค๋Š” ์••๋ฐ•์ด ๊ฑฐ์„ธ์ง€๊ณ  ์žˆ์–ด, ํผ๋ธ”๋ฆญ ์ฒด์ธ์ƒ์—์„œ ์ด์žํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์„ค๊ณ„ํ•˜๋ ค๋Š” ์‹œ๋„๋Š” ์—ฌ์ „ํžˆ ๊ทœ์ œ ๊ฒฝ๊ณ„์„ ์— ๋จธ๋ฌผ๋Ÿฌ ์žˆ๋‹ค. CLARITY Act์€ ์•„์ง ์™„๊ฒฐ๋˜์ง€ ์•Š์•˜์œผ๋ฉฐ, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์˜ ์ด์ž ์ง€๊ธ‰์„ ํฌํ•จํ•œ ์„ธ๋ถ€ ์Ÿ์ ๋“ค์ด ํ–ฅํ›„ ๋…ผ์˜ ๊ณผ์ œ๋กœ ๋‚จ์•„์žˆ๋‹ค.

6. ์†”๋ผ๋‚˜๊ฐ€ ๊ธฐ๊ด€์˜ ์„ ํƒ์„ ๋ฐ›๋Š” ๊ธฐ์ˆ ์  ์ด์œ 

์•ž์„  ์‚ฌ๋ก€๋“ค์—์„œ ๋‚˜ํƒ€๋‚œ ๋ฐ”์™€ ๊ฐ™์ด, ์„œ๋กœ ๋‹ค๋ฅธ ๋ชฉ์ ์„ ๊ฐ€์ง„ ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์ด ์†”๋ผ๋‚˜๋ฅผ ์„ ํƒํ•œ ์ด์œ ๋Š” ๋‹จ์ˆœํ•œ ์„ ํ˜ธ๊ฐ€ ์•„๋‹ˆ๋‹ค. ๋ณด์ˆ˜์ ์ธ ๊ธˆ์œต๊ถŒ์ด ์ด๋ก ์  ๊ฐ€๋Šฅ์„ฑ์ด ์•„๋‹Œ โ€˜์‹ค์ œ ์ž‘๋™ํ•˜๋Š”(Working)โ€™ ์‹œ์Šคํ…œ์— ์ž๋ณธ์„ ํˆฌ์ž…ํ•œ๋‹ค๋Š” ์ ์„ ๊ณ ๋ คํ•  ๋•Œ, ์†”๋ผ๋‚˜๊ฐ€ ๊ธฐ๊ด€ ๊ธˆ์œต์˜ ๊ธฐ์ˆ ์  ์š”๊ฑด์„ ์ถฉ์กฑํ–ˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

์ •์‚ฐ์˜ ๊ฒฝ์ œ์„ฑ: T+0์™€ ๋™์‹œ์„ฑ(Atomicity)

์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์˜ ํšจ์šฉ์€ ์ •์‚ฐ์˜ ํšจ์œจ์„ฑ์—์„œ ์‹œ์ž‘๋œ๋‹ค. ๊ธฐ์กด ๊ธˆ์œต ์‹œ์Šคํ…œ์€ ๊ฑฐ๋ž˜ ์ฒด๊ฒฐ๊ณผ ์ž๊ธˆ ๊ฒฐ์ œ ์‚ฌ์ด์— ๋ฌผ๋ฆฌ์  ์‹œ๊ฐ„ ์ฐจ๊ฐ€ ์กด์žฌํ•˜๋ฉฐ, ์ด ์‹œ์ฐจ๋ฅผ ๋ฉ”์šฐ๊ธฐ ์œ„ํ•ด ์ฒญ์‚ฐ์†Œ์™€ ์ค‘๊ฐœ๊ธฐ๊ด€์ด ์ž๋ฆฌ๋ฅผ ์ฐจ์ง€ํ•ด ์™”๋‹ค.

๋ธ”๋ก์ฒด์ธ ์ธํ”„๋ผ์—์„œ ์ž์‚ฐ ์ด์ „๊ณผ ๋Œ€๊ธˆ ์ง€๊ธ‰์€ ํ•˜๋‚˜์˜ ํŠธ๋žœ์žญ์…˜์œผ๋กœ ๋ฌถ์—ฌ ์‹คํ–‰๋œ๋‹ค. ํ•œ์ชฝ ์กฐ๊ฑด์ด ์ถฉ์กฑ๋˜์ง€ ์•Š์œผ๋ฉด ๊ฑฐ๋ž˜ ์ „์ฒด๊ฐ€ ์ทจ์†Œ๋˜๋ฏ€๋กœ, ์ฒญ์‚ฐ์†Œ ์—†์ด๋„ ์ƒ๋Œ€๋ฐฉ ์ดํ–‰ ์œ„ํ—˜์ด ์ œ๊ฑฐ๋œ๋‹ค.

์†”๋ผ๋‚˜์˜ ์ฐจ๋ณ„์ ์€ ์ด ๊ตฌ์กฐ๊ฐ€ ์ž‘๋™ํ•˜๋Š” ์กฐ๊ฑด์— ์žˆ๋‹ค. ๊ฑฐ๋ž˜ ํ™•์ • ์‹œ๊ฐ„ ์•ฝ 0.5์ดˆ, ๊ฑด๋‹น ์ˆ˜์ˆ˜๋ฃŒ ํ‰๊ท  0.0013๋‹ฌ๋Ÿฌ. ๋‹ด๋ณด๋ฅผ ์„ค์ •ํ•˜๊ณ  ํ•ด์ œํ•˜๋Š” ๊ณต์ •์„ ๋ฐ˜๋ณตํ•  ๋•Œ๋งˆ๋‹ค ์ˆ˜ ๋‹ฌ๋Ÿฌ์˜ ๋น„์šฉ์ด ๋ถ™๊ฑฐ๋‚˜ ์ •์‚ฐ์— ํ•˜๋ฃจ๊ฐ€ ๊ฑธ๋ฆฐ๋‹ค๋ฉด, ๋ ˆ๋ฒ„๋ฆฌ์ง€ ์ „๋žต์€ ์ˆ˜์ต์„ ๋‚ด๊ธฐ ์ „์— ๋น„์šฉ์— ์ž ์‹๋œ๋‹ค. ์†๋„๊ฐ€ ์ด๋ฅผ ๋’ท๋ฐ›์นจํ•œ๋‹ค.

๊ทœ์ œ ์ค€์ˆ˜์˜ ๋‚ด์žฌํ™”: ํ”„๋กœ๊ทธ๋ž˜๋จธ๋ธ” ์ปดํ”Œ๋ผ์ด์–ธ์Šค

๊ธฐ๊ด€ ๊ธˆ์œต์—์„œ ๊ฐ€์žฅ ๋ฏผ๊ฐํ•œ ์˜์—ญ์€ ๊ทœ์ œ ์ค€์ˆ˜(Compliance)๋‹ค. ๊ธˆ์œต๊ธฐ๊ด€์€ ์ž์‚ฐ์˜ ๋ฐœํ–‰, ๋ณด์œ , ๊ฑฐ๋ž˜์— ์žˆ์–ด ์—„๊ฒฉํ•œ ํ†ต์ œ๊ถŒ์„ ์œ ์ง€ํ•ด์•ผ ํ•œ๋‹ค. ๊ธฐ์กด ๋ธ”๋ก์ฒด์ธ ํ™˜๊ฒฝ์—์„œ ๊ทœ์ œ ์ค€์ˆ˜๊ฐ€ ์™ธ๋ถ€ ์‹œ์Šคํ…œ์— ์˜์กดํ•œ ์‚ฌํ›„ ์กฐ์น˜์˜€๋‹ค๋ฉด, ์†”๋ผ๋‚˜๋Š” ์ด ์š”๊ฑด์„ ํ† ํฐ ํ‘œ์ค€(Token-2022)๊ณผ ํ”„๋กœํ† ์ฝœ ์ธต์œ„์— ์ง์ ‘ ๋‚ด์žฅํ–ˆ๋‹ค.

๋ฐœํ–‰์‚ฌ๋Š” ๊ฒ€์ฆ๋œ ์ง€๊ฐ‘๋งŒ ๊ฑฐ๋ž˜ํ•  ์ˆ˜ ์žˆ๋„๋ก ํ†ต์ œํ•  ์ˆ˜ ์žˆ์œผ๋ฉฐ, ๋ฒ•์  ์กฐ์น˜๊ฐ€ ํ•„์š”ํ•  ๋•Œ ์ž์‚ฐ์„ ์ฆ‰์‹œ ๋™๊ฒฐํ•˜๊ฑฐ๋‚˜ ํšŒ์ˆ˜(claw back)ํ•  ์ˆ˜ ์žˆ๋Š” ๊ถŒํ•œ์„ ์ฝ”๋“œ ์ˆ˜์ค€์—์„œ ๋ณด์œ ํ•œ๋‹ค. ๊ฑฐ๋ž˜ ๊ธˆ์•ก์€ ์˜์ง€์‹ ์ฆ๋ช…์œผ๋กœ ์•”ํ˜ธํ™”๋˜์–ด ํผ๋ธ”๋ฆญ ์›์žฅ์—๋Š” ์ถœ๋ฐœ์ง€์™€ ๋ชฉ์ ์ง€๋งŒ ๋‚จ๊ณ , ์†ก์‹ ์ž, ์ˆ˜์‹ ์ž, ๊ทธ๋ฆฌ๊ณ  ์ง€์ •๋œ ๊ฐ์‚ฌ์ธ๋งŒ ๊ธˆ์•ก์„ ๋ณผ ์ˆ˜ ์žˆ๋‹ค. ์ด๋Š” ์ต๋ช…์„ฑ์ด ์•„๋‹Œ ๊ฐ์‚ฌ ๊ฐ€๋Šฅ์„ฑ๊ณผ ๊ธฐ๋ฐ€์„ฑ์„ ๋™์‹œ์— ํ™•๋ณดํ•˜๋Š” ์„ค๊ณ„๋‹ค. ์ด๊ฒƒ์ด ๋ฐ”๋กœ ๊ทœ์ œ ์š”๊ฑด์„ ์ ์šฉ๋ฐ›๋Š” ๊ธฐ๊ด€๋“ค์ด ํผ๋ธ”๋ฆญ ์ฒด์ธ ์œ„์—์„œ ๊ธˆ์œต์„ ์šด์šฉํ•  ์ˆ˜ ์žˆ๋„๋ก ํ•˜๋Š” ๊ธฐ์ˆ ์  ๊ธฐ๋ฐ˜์ด๋‹ค.

๊ธฐ๊ด€๊ธ‰ ์•ˆ์ •์„ฑ๊ณผ ์ง„ํ™”ํ•˜๋Š” ์ธํ”„๋ผ

๊ธฐ๊ด€์ด ์‹ค๊ฑฐ๋ž˜ ์ž๋ณธ์„ ์˜ฌ๋ฆฌ๋ ค๋ฉด ๋„คํŠธ์›Œํฌ๊ฐ€ ๋ฉˆ์ถ”์ง€ ์•Š์•„์•ผ ํ•œ๋‹ค. ์†”๋ผ๋‚˜๋Š” ์‹œ์žฅ ๊ธ‰๋ฝ๊ณผ AWS ์žฅ์• ๊ฐ€ ๊ฒน์นœ 2025๋…„ 10์›”, ํƒ€ ์ฒด์ธ์ด ๋งˆ๋น„๋˜๋Š” ๋™์•ˆ ๋ฌด์ค‘๋‹จ์œผ๋กœ ์ž‘๋™ํ•˜๋ฉฐ ์ด ์กฐ๊ฑด์„ ๋ฆฌํ…Œ์ผ ํ™˜๊ฒฝ์—์„œ ๋จผ์ € ์ž…์ฆํ–ˆ๋‹ค.

๋‹ค์Œ ๊ณผ์ œ๋Š” ํด๋ผ์ด์–ธํŠธ ๋‹จ์ผ ๊ตฌ์กฐ์˜€๋‹ค. ํ•˜๋‚˜์˜ ๊ฒ€์ฆ์ธ ํด๋ผ์ด์–ธํŠธ์—๋งŒ ์˜์กดํ•˜๋Š” ๊ตฌ์กฐ์—์„œ๋Š” ๊ทธ ํด๋ผ์ด์–ธํŠธ์˜ ๊ฒฐํ•จ์ด ๋„คํŠธ์›Œํฌ ์ „์ฒด์˜ ์ •์ง€๋กœ ์ด์–ด์งˆ ์ˆ˜ ์žˆ๋‹ค. ์†”๋ผ๋‚˜๋Š” ๋ณต์ˆ˜์˜ ๋…๋ฆฝ์ ์ธ ๊ฒ€์ฆ์ธ ํด๋ผ์ด์–ธํŠธ๋ฅผ ์šด์˜ํ•˜๋Š” ๋‹ค์ค‘ ์•„ํ‚คํ…์ฒ˜๋กœ ์ „ํ™˜ํ•˜๋ฉฐ ์ด ์ทจ์•ฝ์ ์„ ์ค„์ด๊ณ  ์žˆ๋‹ค.

๊ธฐ์ˆ  ๋กœ๋“œ๋งต๋„ ๊ฐ™์€ ๋ฐฉํ–ฅ์„ ๊ฐ€๋ฆฌํ‚จ๋‹ค. ํ•ฉ์˜ ํ”„๋กœํ† ์ฝœ ์žฌ์„ค๊ณ„๋ฅผ ํ†ตํ•ด ์ตœ์ข… ํ™•์ • ์‹œ๊ฐ„์„ ํ˜„์žฌ ์•ฝ 0.5์ดˆ์—์„œ 150๋ฐ€๋ฆฌ์ดˆ ์ˆ˜์ค€์œผ๋กœ ๋‹จ์ถ•ํ•˜๊ณ , ๊ฑฐ๋ž˜ ์‹คํ–‰ ์ „ ๋‹จ๊ณ„์—์„œ ์‹ ์›์„ ๊ฒ€์ฆํ•˜๋Š” ๊ตฌ์กฐ๋ฅผ ํ”„๋กœํ† ์ฝœ ์ธต์œ„์— ๋„์ž…ํ•œ๋‹ค. ๊ธฐ๊ด€์ด ์š”๊ตฌํ•˜๋Š” ์ •๊ตํ•จ์„ ์ธํ”„๋ผ๊ฐ€ ๋”ฐ๋ผ๊ฐ€๊ณ  ์žˆ๋‹ค.

์™„์ „ํ•œ ์šด์˜ ์ž์ฃผ๊ถŒ: ์ฝ˜ํŠธ๋ผ(Contra)

ํผ๋ธ”๋ฆญ ๋„คํŠธ์›Œํฌ๊ฐ€ ๋งž์ง€ ์•Š๋Š” ๊ธฐ๊ด€์ด ์žˆ๋‹ค. ๋ชจ๋“  ๊ฑฐ๋ž˜์™€ ์ž”์•ก์ด ๊ณต๊ฐœ ์›์žฅ์— ๋…ธ์ถœ๋  ์ˆ˜ ์—†๊ฑฐ๋‚˜, ๊ด€ํ• ๊ถŒ์— ํŠนํ™”๋œ KYC/AML ์ฒด๊ณ„๋ฅผ ์ง์ ‘ ์„ค๊ณ„ํ•ด์•ผ ํ•˜๊ฑฐ๋‚˜, ๊ฒ€์ฆยท์ˆœ์„œ ๊ฒฐ์ •ยท๊ฑฐ๋ฒ„๋„Œ์Šค ์ „๋ฐ˜์˜ ํ†ต์ œ๊ถŒ์„ ๋‚ด๋ถ€์— ๋‘์–ด์•ผ ํ•˜๋Š” ๊ฒฝ์šฐ๋‹ค.

์†”๋ผ๋‚˜๋Š” ์ด๋Ÿฌํ•œ ๊ธฐ๊ด€์„ ์œ„ํ•ด ํผ๋ธ”๋ฆญ ๋ฉ”์ธ๋„ท๊ณผ ๋ณ„๋„๋กœ ์ฝ˜ํŠธ๋ผ๋ฅผ ์ œ๊ณตํ•œ๋‹ค. ๋ชจ๋“  ๊ฑฐ๋ž˜์™€ ์ž”์•ก์— ๋Œ€ํ•œ ํ”„๋ผ์ด๋ฒ„์‹œ, ๊ฒ€์ฆ๊ณผ ๋„คํŠธ์›Œํฌ ๊ฑฐ๋ฒ„๋„Œ์Šค์˜ ์™„์ „ํ•œ ์ž์œจ ํ†ต์ œ, ๊ด€ํ• ๊ถŒ๋ณ„ ๋งž์ถค ๊ทœ์ œ ํ”„๋ ˆ์ž„์›Œํฌ ์ ์šฉ, ์กฐ์ง ๊ณ ์œ ์˜ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ์™€ ๋ณด์•ˆ ๊ธฐ์ค€, ์ˆ˜์ˆ˜๋ฃŒ์™€ ์ˆ˜์ต ๋ฐฐ๋ถ„์˜ ์ž์ฒด ์„ค๊ณ„๊ฐ€ ๊ฐ€๋Šฅํ•˜๋‹ค.

ํ”„๋ผ์ด๋น— ์ฒด์ธ์„ ํƒํ•œ ๊ธฐ๊ด€์ด ์†”๋ผ๋‚˜ ์ƒํƒœ๊ณ„ ๋ฐ”๊นฅ์œผ๋กœ ๋‚˜๊ฐˆ ํ•„์š”๊ฐ€ ์—†๋‹ค. ํผ๋ธ”๋ฆญ ๋„คํŠธ์›Œํฌ์—์„œ ๊ฒ€์ฆ๋œ ์„ฑ๋Šฅ ๊ธฐ๋ฐ˜์„ ๊ทธ๋Œ€๋กœ ์“ฐ๋˜, ์šด์˜ ์กฐ๊ฑด๋งŒ ๊ธฐ๊ด€์˜ ์š”๊ฑด์— ๋งž๊ฒŒ ์žฌ์„ค์ •ํ•œ๋‹ค.

์—”ํ„ฐํ”„๋ผ์ด์ฆˆ ์ง„์ž… ์ธํ”„๋ผ: SDP

์†”๋ผ๋‚˜ ์œ„์—์„œ ์‹ค๋ฌด๋ฅผ ์‹œ์ž‘ํ•˜๋ ค๋ฉด ๋ธ”๋ก์ฒด์ธ ์ธํ”„๋ผ๋ฅผ ์ง์ ‘ ํ†ตํ•ฉํ•˜๋Š” ๊ธฐ์ˆ  ์—ญ๋Ÿ‰์ด ํ•„์š”ํ•˜๋‹ค. ์ด ์ง„์ž… ์žฅ๋ฒฝ์„ ๋‚ฎ์ถ”๊ธฐ ์œ„ํ•ด ์†”๋ผ๋‚˜ ์žฌ๋‹จ์€ 2026๋…„ 3์›” 24์ผ ์†”๋ผ๋‚˜ ๊ฐœ๋ฐœ์ž ํ”Œ๋žซํผ(SDP)์„ ์ถœ์‹œํ–ˆ๋‹ค.

SDP๋Š” API ๊ธฐ๋ฐ˜ ์—”ํ„ฐํ”„๋ผ์ด์ฆˆ ํ”Œ๋žซํผ์œผ๋กœ, 20๊ฐœ ์ด์ƒ์˜ ์ธํ”„๋ผ ์ œ๊ณต์‚ฌ๋ฅผ ๋‹จ์ผ ์ธํ„ฐํŽ˜์ด์Šค๋กœ ๋ฌถ๋Š”๋‹ค. ๋ฐœํ–‰ยท๊ฒฐ์ œยท๊ฑฐ๋ž˜ ์„ธ ๋ชจ๋“ˆ๋กœ ๊ตฌ์„ฑ๋˜๋ฉฐ, ์ถœ์‹œ ์‹œ์ ์—๋Š” ๋ฐœํ–‰ ๋ชจ๋“ˆ(ํ† ํฐํ™” ์˜ˆ๊ธˆยท์Šคํ…Œ์ด๋ธ”์ฝ”์ธยทRWA)๊ณผ ๊ฒฐ์ œ ๋ชจ๋“ˆ(๋ฒ•์ •ํ™”ํยท์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ํ๋ฆ„ ์กฐ์œจ)์ด ๋จผ์ € ์ง€์›๋๋‹ค.

์›์ž์  ์Šค์™‘๊ณผ ์˜จ์ฒด์ธ FX๋ฅผ ๋‹ค๋ฃจ๋Š” ๊ฑฐ๋ž˜ ๋ชจ๋“ˆ์€ 2026๋…„ ํ•˜๋ฐ˜๊ธฐ ์ถœ์‹œ๊ฐ€ ์˜ˆ์ •๋˜์–ด ์žˆ๋‹ค. ๋งˆ์Šคํ„ฐ์นด๋“œ, ์›”๋“œํŽ˜์ด, ์›จ์Šคํ„ด ์œ ๋‹ˆ์˜จ์ด ์ดˆ๊ธฐ ์‚ฌ์šฉ ๊ธฐ๊ด€์œผ๋กœ ์ด๋ฆ„์„ ์˜ฌ๋ ธ๋Š”๋ฐ, ์…‹ ๋ชจ๋‘ ์†”๋ผ๋‚˜ ์œ„์—์„œ ์ด๋ฏธ ์‹ค๋ฌด ์ •์‚ฐ์„ ์šด์˜ ์ค‘์ด๋‹ค.

์˜จ์ฒด์ธ ์œ ๋™์„ฑ์˜ ์™„๊ฒฐ: ์˜ค๋ฅด์นด

๋ฐœํ–‰์ด ์™„์„ฑ๋˜์–ด๋„ ๊ฑฐ๋ž˜ํ•  ์ˆ˜ ์žˆ๋Š” 2์ฐจ ์‹œ์žฅ์ด ์—†์œผ๋ฉด ์ž์‚ฐ์€ ์›์žฅ ์œ„์˜ ๊ธฐ๋ก์œผ๋กœ ๋‚จ๋Š”๋‹ค. ์•ž์„œ ์„ค๋ช…ํ•œ ์ •์‚ฐ ์„ฑ๋Šฅ, ํ”„๋กœ๊ทธ๋ž˜๋จธ๋ธ” ์ปดํ”Œ๋ผ์ด์–ธ์Šค, ์ธํ”„๋ผ ์•ˆ์ •์„ฑ์ด ๊ธฐ๋Šฅํ•˜๋ ค๋ฉด ์ž์‚ฐ์ด ์‹ค์ œ๋กœ ์œ ํ†ต๋˜๋Š” ์œ ๋™์„ฑ ๋ ˆ์ด์–ด๊ฐ€ ๋’ค๋”ฐ๋ผ์•ผ ํ•œ๋‹ค.

2021๋…„ 2์›”๋ถ€ํ„ฐ ์†”๋ผ๋‚˜์—์„œ ์šด์˜๋œ ์˜ค๋ฅด์นด๋Š” ๊ฐœ๋ฐฉํ˜• ์œ ๋™์„ฑ ๊ณต๊ธ‰๋ถ€ํ„ฐ ํ—ˆ๊ฐ€ํ˜• ๊ฑฐ๋ž˜ ํ™˜๊ฒฝ๊นŒ์ง€, ์ž์‚ฐ ์œ ํ˜•์— ๋งž๊ฒŒ ์กฐ์ • ๊ฐ€๋Šฅํ•œ ์œ ๋™์„ฑ ๋ ˆ์ด์–ด๋ฅผ ์ œ๊ณตํ•œ๋‹ค. ํผ๋ฏธ์…˜๋“œ ํ’€์€ ๊ทธ ํ•ต์‹ฌ์œผ๋กœ, ์˜จ์ฒด์ธ ์ ‘๊ทผ ํ†ต์ œ๋ฅผ ๋‚ด์žฅํ•ด ๋ฐœํ–‰์‚ฌ๊ฐ€ ํˆฌ์ž์ž ์ ๊ฒฉ์„ฑ์„ ์ฝ”๋“œ ์ˆ˜์ค€์—์„œ ์ง์ ‘ ๊ด€๋ฆฌํ•œ๋‹ค.

ํ”„๋กœ๊ทธ๋ž˜๋จธ๋ธ” ์ปดํ”Œ๋ผ์ด์–ธ์Šค๊ฐ€ ๋ฐœํ–‰์— ์ ์šฉ๋˜๋Š” ์›์น™์ด๋ผ๋ฉด, ํผ๋ฏธ์…˜๋“œ ํ’€์€ ๊ทธ ์›์น™์ด ์œ ํ†ต ๋‹จ๊ณ„๊นŒ์ง€ ์ด์–ด์ง€๋Š” ๊ตฌ์กฐ๋กœ ๋ฐœํ–‰๋ถ€ํ„ฐ ์˜จ์ฒด์ธ์˜ ์‹ค์งˆ์ ์ธ 2์ฐจ ๊ฑฐ๋ž˜๊นŒ์ง€ ์ง€์› ๊ฐ€๋Šฅํ•œ ๊ฒƒ์ด๋‹ค.

7. ์˜จ์ฒด์ธ ์ž๋ณธ์‹œ์žฅ์œผ๋กœ ๊ฐ€๋Š” ์•„์‹œ์•„์˜ ๊ธธ: ์ „๋žต์  ์‹คํ–‰ ํ”„๋ ˆ์ž„์›Œํฌ

๋ณธ ๋ณด๊ณ ์„œ๊ฐ€ ๋‹ค๋ฃฌ ์‚ฌ๋ก€๋“ค์€ ๋‹จ์ˆœํ•œ ์ „๋ง์ด ์•„๋‹Œ, ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต์‹œ์žฅ์˜ ๊ตฌ์กฐ์  ๋ณ€ํ™”๋ฅผ ๊ฐ€๋ฆฌํ‚ค๋Š” ํ˜„์žฌ์ง„ํ–‰ํ˜• ๋ ˆํผ๋Ÿฐ์Šค๋‹ค. ์ด์ œ ์‹œ์žฅ์˜ ํ™”๋‘๋Š” โ€œ์ „ํ™˜์˜ ๋‹น์œ„์„ฑโ€์—์„œ โ€œ์‹คํ–‰์˜ ํƒ€์ด๋ฐ๊ณผ ๋ฐฉ๋ฒ•๋ก โ€์œผ๋กœ ์˜ฎ๊ฒจ๊ฐ”๋‹ค.

์•„์‰ฝ์ง€๋งŒ, ์•„์‹œ์•„ ๊ธˆ์œต๊ธฐ๊ด€์€ ๋ชจ๋“  ์ธํ”„๋ผ๋ฅผ ๋ฌด์—์„œ ์„ค๊ณ„ํ•˜๋Š” โ€˜ํผ์ŠคํŠธ ๋ฌด๋ฒ„(First Mover)โ€™์˜ ๋‹จ๊ณ„๋Š” ์ง€๋‚ฌ๋‹ค. ๋ฏธ๊ตญ ์‹œ์žฅ์—์„œ ์ด๋ฏธ ๊ฒ€์ฆ๋œ ์ธํ”„๋ผ์™€ ๊ทœ์ œ ๋ ˆํผ๋Ÿฐ์Šค๋ฅผ ์ˆ˜์šฉํ•˜์—ฌ ์‹œํ–‰์ฐฉ์˜ค๋ฅผ ์ค„์ด๋Š” โ€˜์ „๋žต์  ํŒจ์ŠคํŠธ ํŒ”๋กœ์›Œ(Fast-follower)โ€™ ๊ด€์ ์ด ์•„์‹œ์•„ ๊ธฐ๊ด€์—๊ฒŒ๋Š” ํ˜„์‹ค์ ์ธ ๊ฒฝ๋กœ์ผ ๊ฒƒ์ด๋‹ค.

๋‹ค๋งŒ ์ง„์ž… ํŒ๋‹จ์˜ ๊ธฐ์ค€์€ ์ •์ฑ…์˜ ์กด์žฌ ์—ฌ๋ถ€๊ฐ€ ์•„๋‹ˆ๋ผ ์‹ค์ œ ์ง‘ํ–‰ ๊ฐ€๋Šฅ์„ฑ์ด๋‹ค. ๋ช…์‹œ์  ๋ฒ•ยท๊ฐ€์ด๋“œ๋ผ์ธ๊ณผ ๋ผ์ด์„ ์Šค ์ฒด๊ณ„๊ฐ€ ๊ฐ–์ถฐ์กŒ๋Š”์ง€, ์ˆ˜ํƒยท๊ฒฐ์ œยท๊ณต์‹œ ๊ฐ™์€ ์‹œ์žฅ ์ธํ”„๋ผ๊ฐ€ ๋ณ‘ํ–‰ํ•ด ๊ตฌ์ถ•๋๋Š”์ง€๊ฐ€ ์ง€๊ธˆ ์‚ฌ์—…ํ™”๊ฐ€ ๊ฐ€๋Šฅํ•œ์ง€๋ฅผ ๊ฐ€๋ฅธ๋‹ค. ์•„๋ž˜ ํ”„๋ ˆ์ž„์›Œํฌ๋Š” ์ง‘ํ–‰ ๊ฐ€๋Šฅ์„ฑ, ๋ผ์ด์„ ์Šค ๊ฒฝ๋กœ, ์‹œ์žฅ ์ธํ”„๋ผ๋ฅผ ๊ธฐ์ค€์œผ๋กœ ๊ทœ์ œ ์„ฑ์ˆ™๋„๋ฅผ ์„ธ ๋‹จ๊ณ„๋กœ ๋‚˜๋ˆ„๊ณ , ๊ฐ ๋‹จ๊ณ„์—์„œ ๊ธฐ๊ด€์ด ์ทจํ•ด์•ผ ํ•  ์ „๋žต๊ณผ ๊ทธ ์„ฑํŒจ ๊ธฐ์ค€๊นŒ์ง€ ์ œ์‹œํ•œ๋‹ค.

ํ™•์ • ์˜์—ญ์€ ๊ฒ€ํ† ๊ฐ€ ์•„๋‹ˆ๋ผ ์ง‘ํ–‰์˜ ๋ฌธ์ œ๋‹ค. ๋ช…์‹œ์  ๋ผ์ด์„ ์Šค ์ฒด๊ณ„์™€ ์‹œ์žฅ ์ธํ”„๋ผ๊ฐ€ ์ด๋ฏธ ๊ฐ–์ถฐ์ ธ ์žˆ์–ด, ์‹ฑ๊ฐ€ํฌ๋ฅดยทํ™์ฝฉยท์ผ๋ณธยทUAE์ฒ˜๋Ÿผ ํ”„๋ ˆ์ž„์›Œํฌ๊ฐ€ ์ •๋น„๋œ ๊ด€ํ• ๊ถŒ์˜ ๊ธฐ๊ด€์€ ๊ณง๋ฐ”๋กœ ์‚ฌ์—…ํ™”์— ๋“ค์–ด๊ฐˆ ์ˆ˜ ์žˆ๋‹ค. ์ด ์˜์—ญ์˜ ์œ„ํ—˜์€ ์ง„์ž…์ด ์•„๋‹ˆ๋ผ ์ง€์ฒด์— ์žˆ๋‹ค. ๋จผ์ € ๋“ค์–ด๊ฐ„ ๊ธฐ๊ด€์ด ์šด์˜ ํŠธ๋ž™ ๋ ˆ์ฝ”๋“œ์™€ ์œ ๋™์„ฑ ํŒŒํŠธ๋„ˆ๋ฅผ ์•ž์„œ ํ™•๋ณดํ•˜๊ณ , ํ›„๋ฐœ ์ฃผ์ž๋Š” ๊ทธ ๊ฒฉ์ฐจ๋ฅผ ๋น„์šฉ์œผ๋กœ ๋– ์•ˆ๋Š”๋‹ค.

ํ˜•์„ฑ ์ค‘ ์˜์—ญ์€ ์ง„์ž…์ด ์•„๋‹ˆ๋ผ ์ค€๋น„๋กœ ๋Œ€์‘ํ•œ๋‹ค. ์ •์ฑ… ๋ฐฉํ–ฅ์€ ๋ช…ํ™•ํ•˜๋‚˜ ์„ธ๋ถ€ ๊ทœ์ •๊ณผ ๋ผ์ด์„ ์Šค ์š”๊ฑด์ด ๋ฏธ์ •์ธ ๋‹จ๊ณ„์ด๋ฏ€๋กœ, ์ง€๊ธˆ ํ•„์š”ํ•œ ๊ฒƒ์€ ๋ณธ๊ฒฉ์ ์ธ ์‚ฌ์—…ํ™”๊ฐ€ ์•„๋‹ˆ๋ผ ๊ทœ์ œ๊ฐ€ ํ™•์ •๋˜๋Š” ์ˆœ๊ฐ„ ๊ณง๋ฐ”๋กœ ์ƒ์šฉํ™”๋กœ ์ „ํ™˜ํ•  ์ˆ˜ ์žˆ๋Š” ๊ตฌ์กฐ๋‹ค. ์ œ๋„ํ™”๊ฐ€ ์ง„ํ–‰ ์ค‘์ธ ํ•œ๊ตญ ๊ธฐ๊ด€์ด ์—ฌ๊ธฐ์— ํ•ด๋‹นํ•œ๋‹ค. ๊ทœ์ œ๊ฐ€ ํ™•์ •๋œ ๋‹ค์Œ์— ์ค€๋น„๋ฅผ ์‹œ์ž‘ํ•˜๋ฉด ๋Šฆ๋Š”๋‹ค. ๋ผ์ด์„ ์Šค์™€ ์‹œ์Šคํ…œ, ํŒŒํŠธ๋„ˆ์‹ญ๊ณผ ๋‚ด๋ถ€ ์ปดํ”Œ๋ผ์ด์–ธ์Šค๋ฅผ ๋ฏธ๋ฆฌ ๊ฐ–์ถฐ๋‘” ๊ธฐ๊ด€๊ณผ ๊ทธ๋ ‡์ง€ ์•Š์€ ๊ธฐ๊ด€์˜ ์ถœ๋ฐœ์„ ์€ ๊ฐ™์ง€ ์•Š๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๋ณธ๊ตญ ์ œ๋„๊ฐ€ ๋”๋””๊ฒŒ ์›€์ง์ด๋Š” ๊ธฐ๊ด€์—๊ฒŒ๋Š” ์—ญ์™ธ ๊ฒฝ๋กœ๊ฐ€ ์‹คํšจ์  ๋Œ€์•ˆ์ด๋‹ค. ๊ทœ์ œ๊ฐ€ ์—ด๋ฆฌ๊ธฐ๋ฅผ ๋ณธ๊ตญ์—์„œ ๊ธฐ๋‹ค๋ฆฌ๋Š” ๋Œ€์‹ , ์ œ๋„๊ฐ€ ์•ž์„  ๊ด€ํ• ๊ถŒ์— ๋ฒ•์ธ์„ ๋‘๊ณ  ๊ทธ๊ณณ์—์„œ ๋จผ์ € ์‹œ๋„ํ•œ๋‹ค. ์‹ฑ๊ฐ€ํฌ๋ฅด๋‚˜ UAE์˜ ๊ทœ์ œ ํ”„๋ ˆ์ž„ ์•ˆ์—์„œ ํŒŒ์ผ๋Ÿฟ์„ ์šด์˜ํ•ด ๊ฑฐ๋ž˜ ์ƒ๋Œ€๋ง๊ณผ ์ปดํ”Œ๋ผ์ด์–ธ์Šค ์ฒด๊ณ„๋ฅผ ์ถ•์ ํ•˜๊ณ , ๋ณธ๊ตญ ๊ทœ์ œ๊ฐ€ ์ •๋น„๋˜๋Š” ์†๋„์— ๋งž์ถฐ ๊ทธ ์—ญ๋Ÿ‰์„ ๊ตญ๋‚ด๋กœ ์ด์ „ํ•œ๋‹ค. ์ž…๋ฒ•์„ ๊ธฐ๋‹ค๋ฆฌ๋Š” ๋™์•ˆ์—๋„ ์‹œ๊ฐ„์„ ํ˜๋ ค๋ณด๋‚ด์ง€ ์•Š๊ณ , ๊ทœ์ œ๊ฐ€ ์—ด๋ฆฌ๋Š” ์ˆœ๊ฐ„ ๊ฒ€์ฆ์„ ๋งˆ์นœ ๊ตฌ์กฐ๋ฅผ ๊ทธ๋Œ€๋กœ ๋“ค์—ฌ์˜ฌ ์ˆ˜ ์žˆ๋‹ค.

๋ถˆํ™•์‹ค ์˜์—ญ์€ ๋ฒ ํŒ…์ด ์•„๋‹ˆ๋ผ ์„ ํƒ์ง€ ํ™•๋ณด์˜ ๋ฌธ์ œ๋‹ค. ๋ฒ•์  ์ •์˜์™€ ์ž์‚ฐ ๋ถ„๋ฅ˜์กฐ์ฐจ ์ •๋ฆฌ๋˜์ง€ ์•Š์€ ๋‹จ๊ณ„์—์„œ ํ•œ์ชฝ์— ์ž์›์„ ๋ชฐ์•„๋„ฃ๋Š” ๊ฒฐ์ •์€ ๊ทธ ์ž์ฒด๋กœ ๊ฐ€์žฅ ํฐ ์œ„ํ—˜์ด ๋œ๋‹ค. ์†Œ๊ทœ๋ชจ ์‹คํ—˜์œผ๋กœ ๊ธฐ์ˆ ๊ณผ ์‹œ์žฅ ๋ฐ์ดํ„ฐ๋ฅผ ์ถ•์ ํ•˜๋ฉฐ, ํ‘œ์ค€์ด๋‚˜ ๊ทœ์ œ ๋ฐฉํ–ฅ์ด ํ™•์ •๋  ๋•Œ ๋น ๋ฅด๊ฒŒ ํ™•์žฅํ•  ์—ฌ๋ ฅ์„ ๋‚จ๊ฒจ๋‘๋Š” ํŽธ์ด ๋‚ซ๋‹ค.

์ด ํ”„๋ ˆ์ž„์›Œํฌ๊ฐ€ ๊ฐ€๋ฆฌํ‚ค๋Š” ๊ฒฐ๋ก ์€ ํ•˜๋‚˜๋‹ค. ์•„์‹œ์•„ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์—๊ฒŒ ๋‚จ์€ ๋ณ€์ˆ˜๋Š” ์ง„์ž… ์—ฌ๋ถ€๊ฐ€ ์•„๋‹ˆ๋ผ ์ง„์ž… ์ˆœ์„œ์™€ ์‹œ์ ์ด๋‹ค. ์ฐธ์กฐํ•  ์ˆ˜ ์žˆ๋Š” ๋ ˆํผ๋Ÿฐ์Šค๋Š” ์ด๋ฏธ ๊ฒ€์ฆ๋˜์—ˆ๊ณ  ํ‘œ์ค€์€ ์•„์ง ๊ณ ์ •๋˜์ง€ ์•Š์•˜๋‹ค. ๊ฒ€์ฆ์€ ์™„๋ฃŒ๋˜์—ˆ์œผ๋‚˜ ํ‘œ์ค€์€ ์•„์ง ํ™•์ •๋˜์ง€ ์•Š์€ ์ด ๊ฐ„๊ทน์ด์•ผ๋ง๋กœ ํŒจ์ŠคํŠธ ํŒ”๋กœ์–ด(fast follower)๊ฐ€ ํ™œ์šฉํ•  ์ˆ˜ ์žˆ๋Š” ๊ธฐํšŒ์˜ ์ฐฝ์ด๋‹ค. ์ด ์ฐฝ์ด ์–ธ์ œ๊นŒ์ง€ ์—ด๋ ค ์žˆ์„์ง€๋Š” ์•Œ ์ˆ˜ ์—†๋‹ค.

8. ์†”๋ผ๋‚˜, ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์˜ ์‹ค์ฒด

๋‚จ์€ ๊ณผ์ œ๋Š” โ€˜์–ด๋А ์ธํ”„๋ผ๋ฅผ ํƒํ•  ๊ฒƒ์ธ๊ฐ€โ€™๋‹ค.

๊ธˆ์œต๊ธฐ๊ด€์€ ๋ณด์ˆ˜์ ์ธ ์ง‘๋‹จ์ด๋‹ค. ์ด๋ก ์  ๊ฐ€๋Šฅ์„ฑ์ด ์•„๋‹ˆ๋ผ ์‹ค์ œ๋กœ ์ž‘๋™ํ•˜๋Š” ์‹œ์Šคํ…œ์— ์ž๋ณธ์„ ํˆฌ์ž…ํ•œ๋‹ค. JP๋ชจ๊ฑด๊ณผ ์Šคํ…Œ์ดํŠธ ์ŠคํŠธ๋ฆฌํŠธ, ํ”„๋žญํด๋ฆฐ ํ…œํ”Œํ„ด์ฒ˜๋Ÿผ ์„œ๋กœ ๋‹ค๋ฅธ ๋ชฉ์ ์„ ๊ฐ€์ง„ ๊ธ€๋กœ๋ฒŒ ๊ธฐ๊ด€๋“ค์ด ๊ฐ™์€ ์‹œ๊ธฐ์— ์†”๋ผ๋‚˜๋ฅผ ํƒํ•œ ์ด์œ ๋Š” ๋‹จ์ˆœํ•œ ์„ ํ˜ธ๊ฐ€ ์•„๋‹ˆ๋ผ, ์ €๋งˆ๋‹ค์˜ ๊ธฐ์ˆ ์ ยท๊ตฌ์กฐ์  ์š”๊ตฌ๋ฅผ ์ถฉ์กฑํ–ˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ๊ทธ ์š”๊ตฌ๋Š” ์„ธ ๊ฐ€์ง€๋กœ ์ •๋ฆฌ๋œ๋‹ค.

์ฒซ์งธ, ๊ธฐ๊ด€์šฉ ์ปดํ”Œ๋ผ์ด์–ธ์Šค ๊ธฐ๋Šฅ์ด๋‹ค. ์ž์‚ฐ ์••๋ฅ˜์™€ ๋™๊ฒฐ, ์ž๊ฒฉ ํ†ต์ œ ๊ฐ™์€ ๊ทœ์ œ ์š”๊ฑด์„ ํ”„๋กœํ† ์ฝœ ์ˆ˜์ค€์—์„œ ์ฝ”๋“œ๋กœ ๋‚ด์žฅํ•  ์ˆ˜ ์žˆ๋Š” ๊ตฌ์กฐ(Token-2022)๋Š”, ๋ฐœํ–‰์ž๊ฐ€ ํ† ํฐ ์ž์ฒด์— ๊ทœ์ œ ๋Œ€์‘ ์žฅ์น˜๋ฅผ ์‹ฌ๋„๋ก ํ–ˆ๋‹ค. ์ปดํ”Œ๋ผ์ด์–ธ์Šค๋ฅผ ์‚ฌํ›„ ์ ˆ์ฐจ๊ฐ€ ์•„๋‹ˆ๋ผ ์ž์‚ฐ์˜ ์„ค๊ณ„์— ํฌํ•จ์‹œํ‚จ ๊ฒƒ์ด ๊ธฐ๊ด€์˜ ์ง„์ž… ๋ฌธํ„ฑ์„ ๋‚ฎ์ท„๋‹ค.

๋‘˜์งธ, ์‹ค์ฆ๋œ ์ฒ˜๋ฆฌ ๋Šฅ๋ ฅ์ด๋‹ค. ๊ทน์‹ฌํ•œ ํŠธ๋ž˜ํ”ฝ๊ณผ ์‹œ์žฅ ๊ธ‰๋ณ€ ์†์—์„œ๋„ ์ค‘๋‹จ ์—†์ด ์ž‘๋™ํ•œ ๊ธฐ๋ก์€ ๊ธˆ์œต ์ธํ”„๋ผ์˜ ๊ธฐ๋ณธ ์กฐ๊ฑด์ธ ๋ฌด์ค‘๋‹จ ์„œ๋น„์Šค๋ฅผ ์ž…์ฆํ–ˆ๋‹ค. ๊ธฐ๊ด€์—๊ฒŒ ์•ˆ์ •์„ฑ์€ ์„ ํƒ ์š”์†Œ๊ฐ€ ์•„๋‹ˆ๋ผ ์ „์ œ๋‹ค.

์…‹์งธ, ์ƒํƒœ๊ณ„ ์•ˆ์— ์ถ•์ ๋œ ์„ ๋ก€๋‹ค. ์›Œ์‹ฑํ„ด์˜ ์ •์ฑ… ํ˜‘๋ ฅ(SPI)๋ถ€ํ„ฐ ์‹ค๋ฌด ๊ฒฐ์ œยท์ •์‚ฐ ์ธํ”„๋ผ๊นŒ์ง€, ๋‹จ์ผ ์ƒํƒœ๊ณ„ ์•ˆ์— ์ด๋ฏธ ์ž‘๋™ํ•˜๋Š” ๊ตฌ์กฐ๊ฐ€ ์Œ“์—ฌ ์žˆ๋‹ค. ์•„์‹œ์•„ ๊ธฐ๊ด€์€ ์ด๋ฅผ ์ฒ˜์Œ๋ถ€ํ„ฐ ์„ค๊ณ„ํ•  ํ•„์š” ์—†์ด ๋ฐ›์•„ ์‘์šฉํ•  ์ˆ˜ ์žˆ๋‹ค. 7์žฅ์—์„œ ์ œ์‹œํ•œ ํŒจ์ŠคํŠธ ํŒ”๋กœ์›Œ ์ „๋žต์ด ๊ฐ€์žฅ ๋น ๋ฅด๊ฒŒ ์ž‘๋™ํ•˜๋Š” ์ง€์ ์ด ๋ฐ”๋กœ ์—ฌ๊ธฐ๋‹ค.

์ด ์„ธ ๊ฐ€์ง€๋Š” ์–ด๋А ์ธํ”„๋ผ๊ฐ€ ์šฐ์›”ํ•˜๋‹ค๋Š” ๋‹จ์ •์ด ์•„๋‹ˆ๋ผ, ๊ธฐ๊ด€ ์ž๋ณธ์ด ์‹ค์ œ๋กœ ๋ชจ์—ฌ๋“  ๊ณณ์ด ์–ด๋””์ธ์ง€๋ฅผ ๋ณด์—ฌ์ฃผ๋Š” ๊ด€์ฐฐ์ด๋‹ค. ๊ฒ€์ฆ์€ ๊ฐ€๊ฒฉ์ด ์•„๋‹ˆ๋ผ ๋ˆ„๊ฐ€, ๋ฌด์—‡์„, ์–ด๋””์— ์˜ฌ๋ ธ๋Š”์ง€๋กœ ๋“œ๋Ÿฌ๋‚œ๋‹ค. ๋ณธ ๋ณด๊ณ ์„œ๊ฐ€ ์ถ”์ ํ•œ ์ž๋ณธ์˜ ๊ถค์ ์€ ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ์ด ๋”๋Š” ๊ฐœ๋…์ด ์•„๋‹ˆ๋ผ ์ž‘๋™ํ•˜๋Š” ์‹ค์ฒด์ž„์„ ๊ฐ€๋ฆฌํ‚จ๋‹ค. ๊ทธ ์‹ค์ฒด๋ฅผ ๊ฐ€์žฅ ๋‘๊ป๊ฒŒ ๊ตฌํ˜„ํ•ด ๋‚ธ ๋ฌด๋Œ€๊ฐ€ ์†”๋ผ๋‚˜์˜€๋‹ค.

์ „ํ™˜์€ ์ด๋ฏธ ์‹œ์ž‘๋๊ณ , ์ธํ”„๋ผ๋Š” ๊ฒ€์ฆ์„ ๋งˆ์ณค๋‹ค. ๋‚จ์€ ๊ฒƒ์€ ์•„์‹œ์•„ ๊ธฐ๊ด€์ด ๊ทธ ์œ„์—์„œ ๋ฌด์—‡์„, ์–ธ์ œ ์˜ฌ๋ฆด ๊ฒƒ์ธ๊ฐ€๋ผ๋Š” ์‹คํ–‰์˜ ๋ฌธ์ œ๋‹ค.

๋ฆฌ๋”์‹ญ ์ธ์‚ฌ์ดํŠธ


๐Ÿ“ฅ ๋ฆฌํฌํŠธ ๋‹ค์šด๋กœ๋“œํ•˜๊ธฐ



23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์†”๋ผ๋‚˜ ์ •์ฑ… ์—ฐ๊ตฌ์†Œ(Solana Policy Institute)๋กœ๋ถ€ํ„ฐ ์ผ๋ถ€ ์›๊ณ ๋ฃŒ ์ง€์›์„ ๋ฐ›์•˜์œผ๋‚˜, ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ๋…๋ฆฝ์ ์ธ ์กฐ์‚ฌ๋ฅผ ํ†ตํ•ด ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ํ•˜์ง€๋งŒ ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด์— ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์œผ๋ฉฐ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[์ฝ”์ธ๋ฒ ์ด์Šค๋„ โ€œ๊ธˆ์œต ์Šˆํผ์•ฑโ€ ์„ ์–ธ, ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ์˜ ํ”ผ๋ฒ— ์—ดํ’]]>https://reports.tiger-research.com/p/coinbase-declares-itself-a-financial-korhttps://reports.tiger-research.com/p/coinbase-declares-itself-a-financial-korWed, 17 Jun 2026 10:37:17 GMTKey Takeaways
  • ์ฝ”์ธ๋ฒ ์ด์Šค์˜ 1:1 ์‹ค๋ฌผ ์—ฐ๋™ ํ† ํฐํ™” ์ฃผ์‹ ๋ฐœํ‘œ๋Š” ๋ฐ”์ด๋‚ธ์Šค(Binance)์— ์ด์–ด ์ฃผ์š” ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ๊ฐ€ ๊ธˆ์œต ์Šˆํผ์•ฑ์˜ ๋ฐฉํ–ฅ์œผ๋กœ ํ”ผ๋ฒ—ํ•˜๊ณ  ์žˆ์Œ์„ ํ™•์ธ์‹œํ‚จ๋‹ค.

  • ๋ฐ”์ด๋‚ธ์Šค์™€ ๋‹ฌ๋ฆฌ ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ์ž์‚ฌ ์˜จ์ฒด์ธ ๋ ˆ์ผ ์œ„์— ์‹ค์งˆ์  ์†Œ์œ ๊ถŒ์„ ์ง์ ‘ ์˜ฌ๋ฆฌ๋Š” ์ธํ”„๋ผ ์„ ์  ๋ฐฉ์‹์„ ์ทจํ•œ๋‹ค.

  • ๊ทœ์ œ๊ถŒ ๊ฑฐ๋ž˜์†Œ๋“ค์€ ๋ฌดํ—ˆ๊ฐ€ DEX์™€ ์ „ํ†ต ๋ธŒ๋กœ์ปค๋ฆฌ์ง€ ์•ฑ ์‚ฌ์ด์˜ ์ƒŒ๋“œ์œ„์น˜ ์••๋ฐ•์„ ํƒ€๊ฐœํ•˜๊ธฐ ์œ„ํ•ด โ€˜๊ทœ์ œ ์ž์‚ฐ์˜ ์˜จ์ฒด์ธํ™”โ€™๋ผ๋Š” ์ƒˆ๋กœ์šด ์ „์žฅ์„ ์—ด์—ˆ๋‹ค.


6์›” 16์ผ, ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ๋ฏธ๊ตญ ์ƒ์žฅ ์ฃผ์‹์„ ๊ธฐ์ดˆ์ž์‚ฐ์œผ๋กœ 1:1 ์‹ค๋ฌผ ์—ฐ๋™ํ•œ ํ† ํฐํ™” ์ฃผ์‹์„ ๋ฐœํ‘œํ–ˆ๋‹ค. ํŒŒ์ƒ์ƒํ’ˆ๋„, IOU๋„ ์•„๋‹Œ ์‹ค์ œ ์ฃผ์‹์ด ์˜จ์ฒด์ธ์— ์˜ฌ๋ผ์˜ค๋Š” ๊ตฌ์กฐ๋‹ค. ๋ฐฐ๋‹น๊ธˆ์€ ์ž๋™ ์ง€๊ธ‰๋˜๊ณ , ์˜จ์ฒด์ธ์—์„œ ์ง์ ‘ ์ „์†ก์ด ๊ฐ€๋Šฅํ•˜๋‹ค.

์ด๋ฒˆ ์ƒํ’ˆ์€ ๋ฏธ๊ตญ ์™ธ ์ง€์—ญ๋ถ€ํ„ฐ ์šฐ์„  ์ถœ์‹œ๋˜๋ฉฐ, ์ฝ”์ธ๋ฒ ์ด์Šค์˜ ์˜จ์ฒด์ธ ๋ ˆ์ผ ์œ„์—์„œ ์šด์˜๋œ๋‹ค. ์ž์‚ฌ ์˜จ์ฒด์ธ ์ธํ”„๋ผ ์œ„์— ์ด๋ฅผ ์˜ฌ๋ฆฐ๋‹ค๋Š” ๊ฒƒ์€ ๋‹จ์ˆœํžˆ ์ฃผ์‹ ๊ฑฐ๋ž˜ ๊ธฐ๋Šฅ์„ ์ถ”๊ฐ€ํ•˜๋Š” ์ฐจ์›์„ ๋„˜์–ด์„ ๋‹ค. ์ฃผ์‹๊ณผ ์ฝ”์ธ, ๊ฒฐ์ œ์™€ ์ „์†ก์„ ์ž์ฒด์ ์ธ ๊ธˆ์œต ๋ ˆ์ผ ์œ„์—์„œ ํ•˜๋‚˜๋กœ ๋ฌถ์–ด ์ƒํƒœ๊ณ„๋ฅผ ๋…์ ํ•˜๊ฒ ๋‹ค๋Š” ์ „๋žต์  ํฌ์„์ด๋‹ค. ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ์ด๋ฅผ โ€œEverything Exchangeโ€ ์ „๋žต์˜ ํ•ต์‹ฌ์œผ๋กœ ํ”„๋ ˆ์ด๋ฐํ–ˆ๋‹ค. ๋ธŒ๋กœ์ปค๋ฆฌ์ง€, ์–ด๋“œ๋ฐ”์ด์ €, ์€ํ–‰์„ ํ•˜๋‚˜์˜ ์•ฑ์œผ๋กœ ๋Œ€์ฒดํ•˜๊ฒ ๋‹ค๋Š” ์„ ์–ธ์ด๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


์™œ ์ง€๊ธˆ์ธ๊ฐ€

๊ฑฐ๋ž˜์†Œ๋“ค์˜ ์ด๋Ÿฌํ•œ ์„ ํƒ์—๋Š” ์„ธ ๊ฐ€์ง€ ๊ตฌ์กฐ์  ์š”์ธ์ด ์ž‘์šฉํ–ˆ๋‹ค.

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๊ฐ€ ์ง€๋‚œ 6์›” 9์ผ ๋ฐœ๊ฐ„ํ•œ โ€œCEX์—์„œ ๊ธˆ์œต ์Šˆํผ์•ฑ์œผ๋กœ? ์™ธ๋ฉด๋ฐ›๋Š” ์•ŒํŠธ์ฝ”์ธโ€œ ๋ฆฌํฌํŠธ์—์„œ ์ด ํ๋ฆ„์˜ ๊ตฌ์กฐ์  ๋ฐฐ๊ฒฝ์„ ์งš์€ ๋ฐ” ์žˆ๋‹ค. ํ˜„์žฌ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๋“ค์—๊ฒŒ ์—ฌ๋Ÿฌ ๋ฐฉํ–ฅ์—์„œ ์„ ํƒ์••์ด ๊ฐ€ํ•ด์ง€๊ณ  ์žˆ๋‹ค.

ํ•œํŽธ ์ตœ๊ทผ ์ฐฝํŽ‘์ž์˜ค(CZ)๊ฐ€ ๊ฐค๋Ÿญ์‹œ ๋ธŒ๋ ˆ์ธ์Šค(Galaxy Brains) ํŒŸ์บ์ŠคํŠธ์—์„œ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ๋ฅผ ๋‘๊ณ  ํ•œ ๋ฐœ์–ธ์ด ํ™”์ œ๋‹ค.

ํ•˜์ดํผ๋ฆฌํ€ด๋“œ๋Š” ๋ฐ”์ด๋‚ธ์Šค๊ฐ€ ๊ฒฝ์Ÿํ•  ์ˆ˜ ์—†๋Š” ํ‹ˆ์ƒˆ๋ฅผ ์ฐจ์ง€ํ•˜๊ณ  ์žˆ์ง€๋งŒ, KYC๋„ ์—†๊ณ , ํƒˆ์ค‘์•™ํ™”๋ฅผ ํ‘œ๋ฐฉํ•œ๋‹ค. ๊ทธ์˜ ๊ฒฝํ—˜์„ ํ† ๋Œ€๋กœ ์ ˆ๋Œ€ ์•ž์œผ๋กœ๋„ ๊ฐ™์€ ๋ฐฉ์‹์œผ๋กœ ์šด์˜ํ•˜์ง€ ๋ชปํ•  ๊ฒƒ์ด๋ผ๊ณ  ์ฃผ์žฅํ–ˆ๋‹ค.

์ด๋Š” ๊ทœ์ œ๊ถŒ ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์‹ธ์›Œ์•ผ ํ•  ๋ฌด๋Œ€๊ฐ€ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์™€ ๋‹ค๋ฅธ ๊ณณ์— ์žˆ๋‹ค๋Š” ๊ฒƒ์„ ๋ณด์—ฌ์ค€๋‹ค. ๋ฌดํ—ˆ๊ฐ€ DEX๋ฅผ ๋ฌด์ž‘์ • ๋ณต์ œํ•ด์„œ ์˜จ์ฒด์ธ ํŒŒ์ด ์‹ธ์›€์„ ํ•˜๋Š” ๋Œ€์‹ , ์ž์‹ ๋“ค์˜ ๊ฐ•์ ์ธ ๊ทœ์ œ ์ค€์ˆ˜ ์—ญ๋Ÿ‰๊ณผ ์ด๋ฏธ ํ™•๋ณด๋œ ์‚ฌ์šฉ์ž๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž์‚ฐ๊ตฐ ์ž์ฒด๋ฅผ ์ง€์›ํ•˜๋Š” ์ „๋žต์ด๋‹ค.

์‰ฝ๊ฒŒ ์ดํ•ดํ•˜๊ธฐ

๊ธฐ์กด ๊ฑฐ๋ž˜์†Œ ๊ฒฝ์Ÿ์€ ๋งˆํŠธ์˜ ๋งค๋Œ€ ๊ฒฝ์Ÿ๊ณผ ๊ฐ™์•˜๋‹ค. ๋ˆ„๊ฐ€ ๋” ์ธ๊ธฐ ์žˆ๋Š” ์•ŒํŠธ์ฝ”์ธ์„ ๋นจ๋ฆฌ ๋“ค์—ฌ์˜ค๊ณ , ๋ˆ„๊ฐ€ ๋” ๋งŽ์€ ๊ฑฐ๋ž˜๋Ÿ‰์„ ํ™•๋ณดํ•˜๋А๋ƒ๊ฐ€ ์Šน๋ถ€์ฒ˜์˜€๋‹ค. ํ•˜์ง€๋งŒ ๋‹จ์ˆœํžˆ ๋งค๋Œ€๋ฅผ ์ฑ„์šฐ๋Š” ๊ฒฝ์Ÿ์˜ ์‹œ๋Œ€๋Š” ์ง€๋‚ฌ๋‹ค.

์ด์ œ๋Š” ๋งˆํŠธ ์•ˆ์—์„œ ๊ฒฝ์Ÿํ•˜๋Š” ๊ฒŒ ์•„๋‹ˆ๋ผ, ์ƒˆ๋กœ์šด ๊ธˆ์œต ๋ ˆ์ผ์„ ๊น”์•„์•ผ ํ•˜๋Š” ์‹œ๋Œ€๋‹ค. ์˜จ์ฒด์ธ ์ž์‚ฐ์„ ๋„˜์–ด ์ „ํ†ต ์ž์‚ฐ๊นŒ์ง€ ์•„์šฐ๋ฅด๋Š” ์˜์—ญ ์žฅ์•…์ด ๊ฒฝ์Ÿ์˜ ๋ณธ์งˆ์ด ๋˜์—ˆ๋‹ค. ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜๊ฐ€ ๊ฐ€์ง„ ํšจ์œจ์„ฑ์„ ์ „ํ†ต ์ž์‚ฐ์œผ๋กœ ํ™•์žฅํ•˜๋Š” ๊ฒƒ์ด ์Šน๋ถ€์˜ ํ•ต์‹ฌ์ด๋ฉฐ, ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ์ด๋ฅผ ์ž์‹ ๋“ค์˜ ๊ฐ•์ ์ธ โ€˜๊ทœ์ œ ์ค€์ˆ˜โ€™๋กœ ํ’€์–ด๋‚ด๊ณ  ์žˆ๋‹ค.

๊ตฌ์กฐ์˜ ์ฐจ์ด

๋‹ค๋งŒ ๋ชจ๋“  ๊ฑฐ๋ž˜์†Œ๊ฐ€ ๊ฐ™์€ ๋ฐฉ์‹์œผ๋กœ TradFi๋ฅผ ์˜จ์ฒด์ธํ™”ํ•˜๋Š” ๊ฒƒ์€ ์•„๋‹ˆ๋‹ค. ํ† ํฐํ™” ์ฃผ์‹์ด๋ผ๋Š” ์ด๋ฆ„์€ ๊ฐ™์•„๋„, ๊ตฌ์ฒด์ ์ธ ๊ตฌํ˜„ ๋ฐฉ์‹๊ณผ ๊ถŒ๋ฆฌ ๊ตฌ์กฐ์— ๋”ฐ๋ผ ๊ฑฐ๋ž˜์†Œ๋งˆ๋‹ค ์ ‘๊ทผ๋ฒ•์ด ๊ฐˆ๋ฆฐ๋‹ค. ๋ฐ”์ด๋‚ธ์Šค์™€ ์ฝ”์ธ๋ฒ ์ด์Šค์˜ ๊ตฌ๋„๋Š” ํŠนํžˆ ๋Œ€์กฐ์ ์ด๋‹ค.

๋ฐ”์ด๋‚ธ์Šค๋Š” ์ฃผ์‹์˜ ์ˆ˜ํƒ, ๋ฐฐ๋‹น, ๊ธฐ์—…ํ–‰๋™ ์ฒ˜๋ฆฌ๋ฅผ ์™ธ๋ถ€ ์ฆ๊ถŒ ์ธํ”„๋ผ์— ๋งก๊ธฐ๊ณ , ๊ฑฐ๋ž˜์†Œ ์•ฑ์€ ์ ‘๊ทผ์„ฑ๊ณผ ์œ ํ†ต ์ธํ„ฐํŽ˜์ด์Šค๋ฅผ ์ œ๊ณตํ•˜๋Š” ๊ฐ„์ ‘ ๊ตฌ์กฐ๋ฅผ ํƒํ–ˆ๋‹ค. ADGM ๋ผ์ด์„ ์Šค๋ฅผ ๋ณด์œ ํ•œ Nest Trading์„ ํ†ตํ•ด Alpaca Securities๋กœ ์ฃผ๋ฌธ์„ ์ฒด๊ฒฐํ•˜๋ฉฐ, bStocks๋Š” ์ฃผ์‹์— ๋Œ€ํ•œ ์ง์ ‘ ์†Œ์œ ๊ถŒ์„ ์ œ๊ณตํ•˜์ง€ ์•Š๋Š”๋‹ค๊ณ  ๋ช…์‹œํ–ˆ๋‹ค. ์™ธ๋ถ€ ์ธํ”„๋ผ์— ์˜์กดํ•ด ๊ทœ์ œ ๊ฒฝ๊ณ„์„  ๋ฐ–์—์„œ ์„œ๋น„์Šค๋ฅผ ์šด์˜ํ•˜๋Š” ๋ฐฉ์‹์ด๋‹ค.

๋ฐ˜๋ฉด ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ํ† ํฐํ™” ์ฃผ์‹์„ ์ž์‚ฌ ๋ ˆ์ผ ์œ„์— ์ง์ ‘ ์˜ฌ๋ฆฌ๊ณ , ์ด๋ฅผ ์‹ค์งˆ์  ์ฃผ์‹ ์†Œ์œ ๊ถŒ์— ๊ฐ€๊นŒ์šด ์ƒํ’ˆ์œผ๋กœ ํฌ์ง€์…”๋‹ํ•˜๊ณ  ์žˆ๋‹ค. ์™ธ๋ถ€ ๋ธŒ๋กœ์ปค๋ฅผ ๊ฒฝ์œ ํ•ด ๊ฐ€๊ฒฉ ๋…ธ์ถœ๋งŒ ์ œ๊ณตํ•˜๋Š” ๊ฒƒ๊ณผ๋Š” ์‹ ๋ขฐ์˜ ์ฐจ์›์ด ๋‹ค๋ฅด๋‹ค.

๊ฒฐ๊ตญ ์ด๋Ÿฐ ์œ ๋ฆฌํ•œ ์ง€์ ์„ ํ™•์‹คํžˆ ํฌ์ง€์…”๋‹ํ•  ์ˆ˜ ์žˆ๊ธฐ ๋•Œ๋ฌธ์— ์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ ์ฃผ์‹์„ ์ง€์›ํ•˜๊ฒŒ ๋๋‹ค.

์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ ์ƒ์žฅ์‚ฌ์ด์ž ๊ทœ์ œ๊ถŒ ๊ฑฐ๋ž˜์†Œ๋ผ๋Š” ์ ์€ ์ดˆ๊ธฐ ์‹ ๋ขฐ ํ˜•์„ฑ์— ์œ ๋ฆฌํ•˜๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ด ํ† ํฐํ™” ์ฃผ์‹์˜ ์‹ค์งˆ์ ์ธ ์‹ ๋ขฐ ์—ฌ๋ถ€๋Š” ํ–ฅํ›„ ๊ณต๊ฐœ๋  ๊ตฌ์ฒด์ ์ธ ์ˆ˜ํƒ ๊ตฌ์กฐ, ๋ช…์˜ ๊ตฌ์กฐ, ๋ฐฐ๋‹น ์ฒ˜๋ฆฌ, ์˜๊ฒฐ๊ถŒ, ๊ทธ๋ฆฌ๊ณ  ์‹ค์ œ ํ™˜๋งค ๊ฐ€๋Šฅ์„ฑ์—์„œ ๊ฒฐ์ •๋  ๊ฒƒ์ด๋‹ค.

์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์˜ ๋ฏธ๋ž˜

๊ณผ๊ฑฐ์˜ ๊ฑฐ๋ž˜์†Œ๋Š” ์•ŒํŠธ์ฝ”์ธ์„ ์ƒ์žฅํ•˜๊ณ  ๋ฆฌํ…Œ์ผ์˜ ํˆฌ๊ธฐ์„ฑ ์œ ๋™์„ฑ์„ ๋งค์นญํ•ด์ฃผ๋Š” โ€˜์•”ํ˜ธํ™”ํ ๋งˆ์ผ“โ€™์— ๋จธ๋ฌผ๋ €๋‹ค. ๊ทธ๋ ‡๊ธฐ์— ํ•˜๋ฝ์žฅ์ด ์˜ค๋ฉด ์ฝ”์ธ ์ƒํƒœ๊ณ„์˜ ๋ถ€์นจ์— ๋™๊ธฐํ™”๋˜์–ด ๊ฑฐ๋ž˜์†Œ ์ „์ฒด๊ฐ€ ํ•จ๊ป˜ ํ”๋“ค๋ฆฌ๋Š” ๊ตฌ์กฐ์  ํ•œ๊ณ„๋ฅผ ๊ฐ€์งˆ ์ˆ˜๋ฐ–์— ์—†์—ˆ๋‹ค.

ํ•˜์ง€๋งŒ ์ด์ œ ๊ฑฐ๋ž˜์†Œ๋Š” ์ „ํ˜€ ๋‹ค๋ฅธ ์ง€ํ–ฅ์ ์„ ํ–ฅํ•˜๊ณ  ์žˆ๋‹ค ๊ฑฐ๋ž˜์†Œ๋“ค์ด ํ† ํฐํ™” ์ฃผ์‹, ETF, RWA, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ๋ฆฌ์†Œ์Šค๋ฅผ ๋Œ€๊ฑฐ ์ „ํ™˜ํ•˜๊ณ  ์žˆ๋‹ค.

๊ฒฐ๊ตญ ์ฝ”์ธ๋ฒ ์ด์Šค์˜ ํ† ํฐํ™” ์ฃผ์‹ ๋ฐœํ‘œ๋Š” โ€˜์•”ํ˜ธํ™”ํ ์ž์‚ฐ ๊ฑฐ๋ž˜์†Œโ€™์—์„œ โ€˜๊ธ€๋กœ๋ฒŒ ์ข…ํ•ฉ ๊ธˆ์œต ์ธํ”„๋ผโ€™๋กœ ์ „๋ฉด ๊ฐœํŽธํ•˜๋ ค๋Š” ์˜๋„์ด๋‹ค.

์ด ์˜๋„๊ฐ€ ํ†ตํ•œ๋‹ค๋ฉด ๋‹ค๊ฐ€์˜ฌ ๋ฏธ๋ž˜์˜ ๊ฑฐ๋ž˜์†Œ๋Š” ๊ทœ์ œ๊ถŒ ์•ˆ์—์„œ ์ž์‚ฐ์˜ ๋ฐœํ–‰, ์ˆ˜ํƒ, ์œ ํ†ต, ๊ฒฐ์ œ๋ฅผ ์˜จ์ฒด์ธ ์œ„์—์„œ ์ˆ˜์ง ๊ณ„์—ดํ™”ํ•˜์—ฌ ๊ธฐ์กด ๊ธˆ์œต ์‹œ์Šคํ…œ ์ „์ฒด๋ฅผ ๋Œ€์ฒดํ•˜๋Š” ๋…์ ์  ํ”Œ๋žซํผ์˜ ์ง€์œ„๋ฅผ ๋…ธ๋ฆฌ๊ฒŒ ๋  ์ˆ˜ ์žˆ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[DeFi ๋Œ€์ถœ ์‹œ์žฅ์€ ์™œ ๋ชจ๋“ˆํ™”๋˜๊ณ  ์žˆ๋Š”๊ฐ€: ๋ชจํฌ(Morpho), ์˜ค์ผ๋Ÿฌ(Euler), ์•„๋ฒ (Aave)์˜ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ ์ „์Ÿ]]>https://reports.tiger-research.com/p/defi-lending-is-modularizing-the-korhttps://reports.tiger-research.com/p/defi-lending-is-modularizing-the-korTue, 16 Jun 2026 13:03:50 GMT๊ธฐ๊ด€ ํˆฌ์ž์ž๊ฐ€ ์˜จ์ฒด์ธ ๋Œ€์ถœ ์‹œ์žฅ์— ์ง„์ž…ํ•˜๋ฉด์„œ, DeFi๋Š” ๋‹จ์ผ ํ’€ ๊ตฌ์กฐ์—์„œ ๋ฆฌ์Šคํฌ๋ฅผ ๋ถ„๋ฆฌํ•˜๊ณ  ์šด์šฉ ๋ ˆ์ด์–ด๋ฅผ ์ „๋ฌธํ™”ํ•˜๋Š” ๋ฐฉํ–ฅ์œผ๋กœ ์ง„ํ™”ํ•˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค.

Key Takeaways

  • ๋ฆฌ๋จผ ์‚ฌํƒœ์™€ ์ผˆํ”„ DAO ์‚ฌํƒœ๋Š” ๋‹จ์ผ ํ’€ ๊ตฌ์กฐ๊ฐ€ ํŠน์ • ์ž์‚ฐ์˜ ๋ถ€์‹ค์„ ์‹œ์Šคํ…œ ์ „์ฒด์˜ ์œ„๊ธฐ๋กœ ์ฆํญ์‹œํ‚ค๋Š” ๊ตฌ์กฐ์  ๊ฒฐํ•จ์„ ๋“œ๋Ÿฌ๋ƒ„

  • ์ „ํ†ต ๊ธˆ์œต์€ ๊ธˆ์œต์— ํ•„์š”ํ•œ ๊ฐ ๋ ˆ์ด์–ด๋ฅผ ๋ถ„๋ฆฌํ•˜๋Š” ๋ฐฉ์‹์„ ์„ ํƒ

  • DeFi ์ƒํƒœ๊ณ„ ์—ญ์‹œ ๋ฆฌ์Šคํฌ ๊ฒฉ๋ฆฌ ์ค‘์‹ฌ์˜ ๋ชจ๋“ˆํ˜• ์•„ํ‚คํ…์ฒ˜๋กœ ์ˆ˜๋ ด

  • ์ด๋Ÿฌํ•œ ๊ตฌ์กฐ๋Š” RWA ์ž์‚ฐ์ด ์œ ์ž…๋˜๊ธฐ ์‹œ์ž‘ํ•˜๋ฉด์„œ ๋”์šฑ ๊ฐ€์†ํ™”

  • ๋ชจ๋“ˆํ˜• ์•„ํ‚คํ…์ฒ˜์—์„œ ์‹ค์งˆ์ ์œผ๋กœ ์ƒํ’ˆ์„ ์šด์šฉํ•˜๋Š” โ€˜์šด์šฉ ๋ ˆ์ด์–ดโ€™์˜ ์—ญ๋Ÿ‰์ด ๋”์šฑ ๊ฐ•์กฐ๋  ๊ฒƒ


1. ๋ฆฌ๋จผ ์‚ฌํƒœ๊ฐ€ ๋˜์ง€๋Š” ๊ตํ›ˆ

Source: YPFS and Brookings Institution.

2008๋…„ 9์›”, ๋ฆฌ๋จผ ๋ธŒ๋ผ๋”์Šค ํŒŒ์‚ฐ์˜ ์—ฌํŒŒ๋กœ ์„ธ๊ณ„ 3์œ„ ๋จธ๋‹ˆ๋งˆ์ผ“ํŽ€๋“œ(MMF)์ธ ๋ฆฌ์ €๋ธŒ ํ”„๋ผ์ด๋จธ๋ฆฌ ํŽ€๋“œ(Reserve Primary Fund, ์ดํ•˜ RPF)๊ฐ€ ๋‹จ ํ•˜๋ฃจ ๋งŒ์— ์ธ์ถœ์„ ์ „๋ฉด ์ค‘๋‹จํ•˜๋Š” ์ดˆ์œ ์˜ ์‚ฌํƒœ๊ฐ€ ๋ฐœ์ƒํ–ˆ๋‹ค.

๋‹น์‹œ RPF๊ฐ€ ๋ณด์œ ํ–ˆ๋˜ ๋ฆฌ๋จผ ๋ธŒ๋ผ๋”์Šค ์ฑ„๊ถŒ์€ ์ „์ฒด ์šด์šฉ์ž์‚ฐ์˜ ๊ฒจ์šฐ 1.2%์— ๋ถˆ๊ณผํ–ˆ๋‹ค. ํ•˜์ง€๋งŒ ๋ฆฌ๋จผ์˜ ํŒŒ์‚ฐ์œผ๋กœ ์ด 1.2%์˜ ์ž์‚ฐ์ด ํšŒ์ˆ˜ ๋ถˆ๊ฐ€๋Šฅํ•œ ์ƒ๊ฐ ์ž์‚ฐ์œผ๋กœ ์ฒ˜๋ฆฌ๋˜๋ฉด์„œ, ํŽ€๋“œ๊ฐ€ ๋ณด์œ ํ•œ ์ „์ฒด ์ž์‚ฐ์˜ ์ด ๊ฐ€์น˜๋Š” 100%์—์„œ 98.8%๋กœ ๊ฐ์†Œํ•˜๊ฒŒ ๋˜์—ˆ๋‹ค. ์ด์— ๋”ฐ๋ผ ํˆฌ์ž ์›๊ธˆ๊ณผ ํŽ€๋“œ ๊ฐ€์น˜๋ฅผ ํ•ญ์ƒ โ€˜1๋‹ฌ๋Ÿฌ ๋Œ€ 1๋‹ฌ๋Ÿฌโ€™๋กœ ๋™์ผํ•˜๊ฒŒ ์œ ์ง€ํ•˜๋˜ MMF์˜ ์ ˆ๋Œ€ ์›์น™์ด ๋ฌด๋„ˆ์กŒ๊ณ , ์ฃผ๋‹น ๊ฐ€์น˜๊ฐ€ 1๋‹ฌ๋Ÿฌ ๋ฐ‘(0.97๋‹ฌ๋Ÿฌ)์œผ๋กœ ์ถ”๋ฝํ•˜๋Š” ์‚ฌํƒœ๊ฐ€ ์ผ์–ด๋‚ฌ๋‹ค.

์›๊ธˆ ์†์‹ค์ด ๊ฐ€์‹œํ™”๋˜์ž, ์‹œ์žฅ์€ ์ˆœ์‹๊ฐ„์— ๊ณตํฌ์— ํœฉ์‹ธ์˜€๋‹ค. โ€œ์ง€๊ธˆ ๋‹น์žฅ ๋ˆ์„ ๋นผ์ง€ ์•Š์œผ๋ฉด ๋‚จ์€ ์›๊ธˆ๋งˆ์ € ๋” ๊นŽ์ผ ์ˆ˜ ์žˆ๋‹คโ€๋Š” ๊ณตํฌ๋Š” ๊ฑฐ๋Œ€ํ•œ ๋ฑ…ํฌ๋Ÿฐ์œผ๋กœ ํ™•์‚ฐ๋˜์—ˆ์œผ๋ฉฐ, ๋ถˆ๊ณผ ์ดํ‹€ ๋งŒ์— $400์–ต์˜ ํ™˜๋งค ์š”์ฒญ์ด ๋ชฐ๋ฆฌ๋Š” ๊ฒฐ๊ณผ๋ฅผ ๋‚ณ์•˜๋‹ค. ๊ฒฐ๊ตญ ๋ฐ€๋ ค๋“œ๋Š” ์ธ์ถœ ์••๋ฐ•์„ ๊ฒฌ๋””์ง€ ๋ชปํ•œ ํŽ€๋“œ๊ฐ€ ๋งˆ๋น„๋˜๋ฉฐ ์ „๋ฉด์ ์ธ ์ธ์ถœ ์ค‘๋‹จ์„ ์„ ์–ธํ•˜๊ฒŒ ๋œ ๊ฒƒ์ด๋‹ค.

์ด ๋ฆฌ๋จผ ๋ธŒ๋ผ๋”์Šค ์‚ฌํƒœ๋Š” ์ „ํ†ต ์ž๋ณธ์‹œ์žฅ์˜ ๋Œ€๋Œ€์ ์ธ ๊ตฌ์กฐ ๊ฐœํŽธ์„ ์ด๋Œ์–ด๋ƒˆ๋‹ค. MMF ์˜์—ญ์—์„œ๋Š” ๋ฆฌ์Šคํฌ ๋“ฑ๊ธ‰๋ณ„ ์™„์ถฉ ์žฅ์น˜์™€ ํ™˜๋งค ์ œํ•œ ๊ฐ€์ด๋“œ๋ผ์ธ์ด ์žฌ์ •๋น„๋˜์—ˆ๊ณ , ํ—ค์ง€ํŽ€๋“œ ์˜์—ญ์—์„œ๋Š” ๋‹จ์ผ ์ค‘๊ฐœ๊ธฐ๊ด€์ด ์ž์‚ฐ์„ ๋…์ ํ•˜์—ฌ ๋ฐœ์ƒํ–ˆ๋˜ ๋ฆฌ๋จผ์˜ ์žฌ๋‹ด๋ณด(Rehypothecation) ๋ฆฌ์Šคํฌ๋ฅผ ํ•™์Šตํ–ˆ๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ ์ „ํ†ต ๊ธˆ์œต๊ธฐ๊ด€๋“ค์€ ๋‹จ์ผ ์ค‘๊ฐœ๊ธฐ๊ด€์— ์ž์‚ฐ๊ณผ ์‹ ์šฉ์„ ๋ชฐ์•„์ฃผ๋˜ ๊ด€ํ–‰์—์„œ ๋ฒ—์–ด๋‚˜, ์‹คํ–‰ ์ธํ”„๋ผ์™€ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ ์ฃผ์ฒด๋ฅผ ๋ถ„๋ฆฌํ•˜๊ณ  ๋ณต์ˆ˜์˜ ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค๋ฆฌ์ง€(Multi-prime)๋ฅผ ํ™œ์šฉํ•ด ์œ„ํ—˜์„ ๊ฒฉ๋ฆฌํ•˜๋Š” ๋ฐฉ์‹์„ ๊ธ€๋กœ๋ฒŒ ํ‘œ์ค€์œผ๋กœ ์ •์ฐฉ์‹œ์ผฐ๋‹ค. ์œ„๊ธฐ ์ƒํ™ฉ์—์„œ ์ธํ”„๋ผ์™€ ๋ฆฌ์Šคํฌ๋ฅผ ๋ถ„๋ฆฌํ•ด ๋ฆฌ์Šคํฌ ์ „์—ผ์„ ๋ง‰๋Š” ์ด ์ œ๋„์  ์•ˆ์ „์žฅ์น˜ ์œ„์—์„œ, ์ž์‚ฐ์šด์šฉ ์‚ฐ์—…์€ ๋น„๋กœ์†Œ ์ธํ”„๋ผ์  ์‹ ๋ขฐ๋ฅผ ํšŒ๋ณตํ•˜๊ณ  ์„ฑ์žฅ์„ ์ด์–ด๊ฐˆ ์ˆ˜ ์žˆ์—ˆ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ์ „ํ†ต ์ž๋ณธ์‹œ์žฅ์€ ์ด ๋ฌธ์ œ๋ฅผ ์–ด๋–ป๊ฒŒ ํ’€์—ˆ๋Š”๊ฐ€

2014๋…„ ๋ฏธ๊ตญ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ(SEC)๋Š” MMF ๊ตฌ์กฐ๋ฅผ ์†๋ดค๋‹ค. ์ž๊ธˆ ์„ฑ๊ฒฉ์— ๋”ฐ๋ผ ์œ ํ˜•์„ ๋ถ„๋ฆฌํ•˜๊ณ , ๊ฐ ์œ ํ˜•๋งˆ๋‹ค ๊ธฐ์ค€์„ ๋‹ค๋ฅด๊ฒŒ ์ ์šฉํ–ˆ๋‹ค. ํ•œ ์œ ํ˜•์—์„œ ๋ฑ…ํฌ๋Ÿฐ ๋“ฑ์˜ ๋ฌธ์ œ๊ฐ€ ์ƒ๊ฒจ๋„ ์‹œ์Šคํ…œ ์ „์ฒด๋‚˜ ๋‹ค๋ฅธ ์œ ํ˜•์˜ ํŽ€๋“œ๋กœ ์œ„ํ—˜์ด ์ „์—ผ๋˜๋Š” ๊ฒƒ์„ ๋ง‰๊ธฐ ์œ„ํ•ด ์œ ํ˜•๋ณ„ ์™„์ถฉ ์žฅ์น˜๋ฅผ ๋งˆ๋ จํ•œ ๊ฒƒ์ด๋‹ค.

์ด์ฒ˜๋Ÿผ ์ „ํ†ต ๊ธˆ์œต์ด ๋ฆฌ์Šคํฌ๋ฅผ ํ†ต์ œํ•˜๋Š” ํ•ต์‹ฌ ์ฒ ํ•™์€ โ€˜๋ถ„๋ฆฌโ€™์— ์žˆ๋‹ค. ์œ„ํ—˜์ด ํ•œ๊ณณ์— ๋ชจ์ด์ง€ ์•Š๋„๋ก ๊ธฐ๊ด€์˜ ๊ถŒํ•œ์„ ์ชผ๊ฐœ๊ณ , ์ž๊ธˆ์ด ์ด๋™ํ•˜๋Š” ๊ฒฝ๋กœ๋งˆ๋‹ค ๋…๋ฆฝ๋œ ๊ฒ€์ฆ ๋‹จ๊ณ„๋ฅผ ๋ผ์›Œ ๋„ฃ๋Š” ๋ฐฉ์‹์ด๋‹ค.

์ž๋ณธ์‹œ์žฅ์˜ โ€˜ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค๋ฆฌ์ง€โ€™๊ฐ€ ๋Œ€ํ‘œ์ ์ธ ๊ตฌ๋ถ„์˜ ์˜ˆ์‹œ๋‹ค. ์—ฌ๊ธฐ์„œ๋Š” ํˆฌ์ž(ํ—ค์ง€ํŽ€๋“œ)์™€ ์œ„ํ—˜ ๊ฐ์‹œ(๋ธŒ๋กœ์ปค)์˜ ๊ถŒํ•œ์„ ๋ถ„๋ฆฌํ•ด ๋ฆฌ์Šคํฌ๋ฅผ ์ฒด๊ณ„์ ์œผ๋กœ ๊ฒฉ๋ฆฌํ•œ๋‹ค. ์ผ๋ฐ˜ ๋Œ€์ถœ ์‹œ์žฅ ์—ญ์‹œ ์ž๊ธˆ์ด ์ด๋™ํ•˜๋Š” ๊ณผ์ • ์†์— ์‹ ์šฉํ‰๊ฐ€ยท์‹ฌ์‚ฌยท๋‹ด๋ณด๊ด€๋ฆฌยท์ˆ˜ํƒ ๋“ฑ์˜ ๋…๋ฆฝ๋œ ์ฃผ์ฒด๋“ค์„ ๊ตฌ๋ถ„ํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

๊ทธ๋Ÿฌ๋‚˜ ์ž์‚ฐ ์šด์šฉ๊ณผ ๋Œ€์ถœ ์˜์—ญ์ด DeFi๋กœ ์ „ํ™˜๋˜๋ฉด์„œ, ์ „ํ†ต ๊ธˆ์œต์ด ๊ตฌ์ถ•ํ•ด ์˜จ ์ด ๋ณต์žกํ•œ ์ค‘๊ฐ„ ๋ ˆ์ด์–ด๋“ค์€ ํ•˜๋‚˜๋กœ ํ•ฉ์ณ์ง€๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ์ดˆ๊ธฐ DeFi ํ”„๋กœํ† ์ฝœ๋“ค์€ ๋ถ„๋ฆฌ ๊ตฌ์กฐ์—์„œ ๋ฐœ์ƒํ•˜๋˜ ์ˆ˜๋งŽ์€ ์ค‘๊ฐœ์ž๋ฅผ ์—†์• ๊ณ , ๊ด€๋ จ ๋ฉ”์ปค๋‹ˆ์ฆ˜์„ ์ฝ”๋“œ ์•ˆ์œผ๋กœ ์••์ถ•ํ•˜์—ฌ ์ž๋™ํ™”ํ•ด ๋‚ด๋Š” ๊ฒƒ์— ์ง‘์ค‘ํ–ˆ๋‹ค.

3. ํ†ตํ•ฉ๋œ ํ’€์ด ๋ชจ๋“ˆํ˜• ํ’€๋กœ ๊ฐ€๊ธฐ๊นŒ์ง€

๋ชจ๋“  ๋Œ€์ถœ ๋ฉ”์ปค๋‹ˆ์ฆ˜์„ ํ•˜๋‚˜์˜ ์Šค๋งˆํŠธ ์ปจํŠธ๋ž™ํŠธ(ํ†ตํ•ฉํ˜• ํ’€)๋กœ ์••์ถ•ํ•œ ์ดˆ๊ธฐ DeFi์˜ ์‹œ๋„๋Š” ์ค‘๊ฐœ ๋น„์šฉ์„ ์ ˆ๊ฐํ–ˆ์œผ๋‚˜, ์—ญ์œผ๋กœ ๋ชจ๋“  ๋ฆฌ์Šคํฌ๊ฐ€ ๋‹จ์ผ ํ”„๋กœํ† ์ฝœ ๋‚ด๋กœ ์ง‘์ค‘๋˜๋Š” ๋ฌธ์ œ๋ฅผ ์•ผ๊ธฐํ–ˆ๋‹ค. ์ „ํ†ต ๊ธˆ์œต์ฒ˜๋Ÿผ ์‹ ์šฉํ‰๊ฐ€, ์‹ฌ์‚ฌ, ๋‹ด๋ณด๊ด€๋ฆฌ๊ฐ€ ๋ถ„๋ฆฌ๋˜์–ด ์žˆ์ง€ ์•Š๊ณ  ํ•˜๋‚˜์˜ ์ฝ”๋“œ ์•ˆ์—์„œ ์ž‘๋™ํ•˜๊ธฐ ๋•Œ๋ฌธ์—, ํŠน์ • ์ž์‚ฐ์˜ ๋ถ€์‹ค์ด๋‚˜ ์ฒญ์‚ฐ ์‹คํŒจ๊ฐ€ ์ „์ฒด ์‹œ์Šคํ…œ์˜ ์œ ๋™์„ฑ ๋งˆ๋น„๋กœ ์ง๊ฒฐ๋˜๋Š” ๊ตฌ์กฐ์  ์ทจ์•ฝ์„ฑ์„ ๊ฐ€์กŒ๋‹ค.

์ด๋Ÿฌํ•œ ์œ„ํ—˜ ์ „์ด ๊ฐ€๋Šฅ์„ฑ์œผ๋กœ ์ธํ•ด, ํ”„๋กœํ† ์ฝœ ๊ฑฐ๋ฒ„๋„Œ์Šค(DAO)๋Š” ์œ„ํ—˜ ํŒŒ๋ผ๋ฏธํ„ฐ๋ฅผ ๊ทน๋„๋กœ ๋ณด์ˆ˜์ ์œผ๋กœ ์„ค์ •ํ•  ์ˆ˜๋ฐ–์— ์—†์—ˆ๋‹ค. ๊ฒฐ๊ณผ์ ์œผ๋กœ ๋น„ํŠธ์ฝ”์ธ์ด๋‚˜ ์ด๋”๋ฆฌ์›€ ์™ธ์— ์ƒ๋Œ€์ ์œผ๋กœ ํŠธ๋ž™ ๋ ˆ์ฝ”๋“œ๊ฐ€ ๋ถ€์กฑํ•˜๊ฑฐ๋‚˜ ๋ณ€๋™์„ฑ์ด ํฐ ์‹ ๊ทœ ์•”ํ˜ธํ™”ํ๋“ค์€ ๋‹ด๋ณด ์ž์‚ฐ ๊ทœ๊ฒฉ์—์„œ ์ œ์™ธ๋˜์–ด ๋Œ€์ถœ ์‹œ์žฅ ์ง„์ž…์ด ๊ตฌ์กฐ์ ์œผ๋กœ ์ฐจ๋‹จ๋˜์—ˆ๋‹ค. ์ฝ”๋“œ์˜ ์••์ถ•์ด ์ž๋ณธ ํšจ์œจ์„ฑ์˜ ์ €ํ•˜์™€ ์ž์‚ฐ์˜ ๋‹ค๋ณ€ํ™” ์‹คํŒจ๋ผ๋Š” ํ•œ๊ณ„๋กœ ์ด์–ด์ง„ ๊ฒƒ์ด๋‹ค.

์ด๋Ÿฌํ•œ ํ†ตํ•ฉํ˜• ํ’€์˜ ๋ฆฌ์Šคํฌ ์ง‘์ค‘ ๋ฌธ์ œ๋ฅผ ํ•ด๊ฒฐํ•˜๊ธฐ ์œ„ํ•ด ์‚ฌ์ผ๋กœ ํŒŒ์ด๋‚ธ์Šค(Silo Finance)๋Š” ์ž์‚ฐ๋ณ„๋กœ ๋…๋ฆฝ๋œ ๋Œ€์ถœ ํ’€์„ ๊ตฌ์„ฑํ•˜๋Š” โ€˜๊ฒฉ๋ฆฌ ๊ตฌ์กฐโ€™๋ฅผ ๋„์ž…ํ–ˆ๋‹ค. ํŠน์ • ๋‹ด๋ณด ์ž์‚ฐ ํ’€์—์„œ ๊ฐ€๊ฒฉ ์กฐ์ž‘์ด๋‚˜ ๊ธ‰๊ฒฉํ•œ ๊ฐ€์น˜ ํ•˜๋ฝ์ด ๋ฐœ์ƒํ•˜๋”๋ผ๋„ ํ•ด๋‹น ์œ„ํ—˜์ด ํƒ€ ์ž์‚ฐ ํ’€๋กœ ๋ฒˆ์ง€์ง€ ์•Š๋„๋ก ์‹œ์Šคํ…œ์ ์œผ๋กœ ์ฐจ๋‹จํ•จ์œผ๋กœ์จ, ๊ฑฐ๋ฒ„๋„Œ์Šค์˜ ์‚ฌ์ „ ์‹ฌ์‚ฌ ํ—ˆ๋“ค์„ ๋‚ฎ์ถ”๊ณ  ๋‹ค์–‘ํ•œ ์ž์‚ฐ์˜ ๋Œ€์ถœ ์‹œ์žฅ์„ ์‹ ์†ํ•˜๊ฒŒ ๊ฐœ์„คํ•  ์ˆ˜ ์žˆ์Œ์„ ์ฆ๋ช…ํ–ˆ๋‹ค.

์ด๋Š” ๊ฑฐ๋Œ€ํ•œ ๋‹จ์ผ ํ’€์„ ํ•ด์ฒดํ•˜๊ณ  ์‹œ์žฅ ๋‹จ์œ„๋กœ ๋ฆฌ์Šคํฌ๋ฅผ ๊ฒฉ๋ฆฌํ•  ์ˆ˜ ์žˆ๋‹ค๋Š” ๊ธฐ์ˆ ์  ๊ฐ€๋Šฅ์„ฑ์„ ์ œ์‹œํ•˜๋ฉฐ ํ–ฅํ›„ ๋‹ค์‹œ๊ธˆ ๋ ˆ์ด์–ด๋ณ„๋กœ ์ชผ๊ฐœ์ง€๋Š” ๋ชจ๋“ˆํ™” ๊ตฌ์กฐ๋กœ ๋ฐœ์ „ํ•˜๊ฒŒ ๋˜์—ˆ๋‹ค.

์ด๋ ‡๊ฒŒ ์‚ฌ์ผ๋กœ๊ฐ€ ๊ฐœ์ฒ™ํ•œ ๋ชจ๋“ˆํ™” ์‹œ์Šคํ…œ์€ ํ† ํฐํ™” ๊ตญ์ฑ„, ์‚ฌ๋ชจ ํฌ๋ ˆ๋”ง ๋“ฑ ์‹ค๋ฌผ์ž์‚ฐ(RWA)์ด ์˜จ์ฒด์ธ์œผ๋กœ ๋Œ€๊ฑฐ ์œ ์ž…๋˜๋ฉฐ ์ž์‚ฐ์˜ ๋‹ค๋ณ€ํ™”๊ฐ€ ๋ณธ๊ฒฉํ™”๋จ์— ๋”ฐ๋ผ ์˜จ์ฒด์ธ ๋Œ€์ถœ ์‹œ์žฅ์˜ ํ•„์ˆ˜์ ์ธ ๊ทœ๊ฒฉ์œผ๋กœ ์ž๋ฆฌ ์žก๊ฒŒ ๋˜์—ˆ๋‹ค. ์˜จ์ฒด์ธ์œผ๋กœ ๋“ค์–ด์˜ค๋Š” RWA๋Š” ์ž์‚ฐ ์ข…๋ฅ˜์— ๋”ฐ๋ผ ๊ฑฐ๋ž˜ ๊ฐ€๋Šฅ ์‹œ๊ฐ„, ์˜ค๋ผํด(๊ฐ€๊ฒฉ ํ”ผ๋“œ)์˜ ์‹ ๋ขฐ๋„, ๊ทœ์ œ์  ์ œํ•œ(KYC/AML ์š”๊ตฌ์‚ฌํ•ญ), ์ฒญ์‚ฐ ์ ˆ์ฐจ๊ฐ€ ์™„์ „ํžˆ ์ƒ์ดํ•˜๋ฏ€๋กœ, ์ด์ฒ˜๋Ÿผ ๋ณ€์ˆ˜์™€ ๊ทœ๊ฒฉ์ด ๋ณต์žกํ•œ ์ž์‚ฐ๋“ค์„ ๊ณผ๊ฑฐ์˜ ํ†ตํ•ฉํ˜• ํ’€ ๊ตฌ์กฐ์ฒ˜๋Ÿผ ํ•˜๋‚˜์˜ ํ†ต์ผ๋œ ํŒŒ๋ผ๋ฏธํ„ฐ๋กœ ๊ด€๋ฆฌํ•˜๋Š” ๊ฒƒ์€ ๋ถˆ๊ฐ€๋Šฅํ•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๋‚˜์•„๊ฐ€ RWA์˜ ์œ ์ž…์€ ๋‹จ์ˆœํžˆ ์ž์‚ฐ์˜ ํŒŒํŽธํ™”๋œ ๊ฒฉ๋ฆฌ๋ฅผ ๋„˜์–ด, ์ „ํ†ต ๊ธˆ์œต ์ˆ˜์ค€์˜ ์ •๊ตํ•œ ๋ฆฌ์Šคํฌ ์ œ์–ด ์ฒด๊ณ„๋ฅผ ์˜จ์ฒด์ธ์— ์ด์‹ํ•ด์•ผ ํ•˜๋Š” ํ•„์—ฐ์„ฑ์„ ๋ฐœ์ƒ์‹œ์ผฐ๋‹ค. ์ž์‚ฐ์ด ๋‹ค๋ณ€ํ™”๋ ์ˆ˜๋ก ์˜จ์ฒด์ธ ํ™˜๊ฒฝ์—์„œ ๋ฐœ์ƒํ•˜๋Š” ๊ณ ๋„ํ™”๋œ ์œ„ํ—˜์„ ํ†ต์ œํ•ด์•ผ ํ•˜๋ฉฐ, ์ด๋ฅผ ์œ„ํ•ด์„œ๋Š” ์ฒญ์‚ฐ๊ณผ ๊ฒฐ์ œ๋งŒ์„ ์ „๋‹ดํ•˜๋Š” ๋ถˆ๋ณ€์˜ โ€˜์ธํ”„๋ผ ๋ ˆ์ด์–ดโ€™์™€ ์œ„ํ—˜ ํŒŒ๋ผ๋ฏธํ„ฐ๋ฅผ ์‹ค์‹œ๊ฐ„์œผ๋กœ ์กฐ์ •ํ•˜๊ณ  ์ฑ…์ž„์ง€๋Š” โ€˜์šด์šฉ ๋ ˆ์ด์–ดโ€™์˜ ๊ตฌ์กฐ์  ๋ถ„๋ฆฌ๊ฐ€ ์š”๊ตฌ๋˜์—ˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ ์ดˆ๊ธฐ DeFi๊ฐ€ ์ค‘๊ฐ„ ๋ ˆ์ด์–ด๋ฅผ ํ•˜๋‚˜์˜ ์ฝ”๋“œ๋กœ ์••์ถ•ํ•˜๋ฉฐ ์‹œ์ž‘๋˜์—ˆ๋‹ค๋ฉด, RWA์˜ ์œ ์ž…๊ณผ ๋Œ€์ถœ ์‹œ์žฅ์˜ ๊ณ ๋„ํ™” ๊ณผ์ •์—์„œ๋Š” ์ฒญ์‚ฐยท๊ฒฐ์ œ์˜ ํšจ์œจ์„ฑ์€ ๋ธ”๋ก์ฒด์ธ์— ๋งก๊ธฐ๋˜ ๋ฆฌ์Šคํฌ ๊ฐ์‹œ ๊ถŒํ•œ์€ ๋…๋ฆฝ๋œ ๋ ˆ์ด์–ด๋กœ ๋ถ„๋ฆฌํ•˜๋Š” ๊ฒฝ๋กœ๋ฅผ ๋ฐŸ๊ฒŒ ๋˜์—ˆ๋‹ค. ์ฆ‰, ์ž์‚ฐ์˜ ๋ณต์žก์„ฑ์„ ์ˆ˜์šฉํ•˜๋Š” ๊ณผ์ •์—์„œ ์œ„ํ—˜ ๊ฐ์‹œ์™€ ํˆฌ์ž๋ฅผ ๋ถ„๋ฆฌํ•˜๋˜ ์ „ํ†ต ๊ธˆ์œต์˜ ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค๋ฆฌ์ง€๋‚˜ ์‹ ์šฉํ‰๊ฐ€ ๋ถ„๋ฆฌ ์ฒด๊ณ„์™€ ์œ ์‚ฌํ•œ ํ˜•ํƒœ์˜ โ€˜๋ชจ๋“ˆํ˜•โ€™ ์•„ํ‚คํ…์ฒ˜๊ฐ€ ์˜จ์ฒด์ธ ๋Œ€์ถœ ์‹œ์žฅ์˜ ์ƒˆ๋กœ์šด ํ‘œ์ค€์œผ๋กœ ๋ถ€์ƒํ•˜๊ฒŒ ๋œ ๊ฒƒ์ด๋‹ค.

4. ๋ณธ๊ฒฉ์ ์ธ ๊ธฐ๊ด€ ๋งž์ถค ๋ฆฌ์Šคํฌ ๊ฒฉ๋ฆฌ ๊ทธ๋ฆฌ๊ณ  ์ˆ˜๋ ด

๋น„๋ก ์ถœ๋ฐœ์ ์€ ์ƒํƒœ๊ณ„ ๋‚ด๋ถ€์˜ ์ง„ํ™”์˜€์œผ๋‚˜, ๋ชจ๋“ˆํ˜• ์•„ํ‚คํ…์ฒ˜๋Š” ๊ฒฐ๊ณผ์ ์œผ๋กœ ์ œ๋„๊ถŒ ๊ธฐ๊ด€๋“ค์ด ์›ํ•˜๋˜ ๋ฆฌ์Šคํฌ ํ†ต์ œ ๊ธฐ์ค€๊ณผ ์ •ํ™•ํžˆ ๋งž๋ฌผ๋ ธ๋‹ค.

๊ธฐ์ดˆ ์ธํ”„๋ผ ๋ ˆ์ด์–ด์—์„œ ์ž๋ณธ ํšจ์œจ์„ฑ์„ ์ผ๋ถ€ ์–‘๋ณดํ•˜๋Š” ๋Œ€์‹  ์™„๋ฒฝํ•œ ๋ฆฌ์Šคํฌ ๊ฒฉ๋ฆฌ๋ฅผ ์ถ”๊ตฌํ•œ ๋ชจํฌ์˜ ์„ ํƒ์€ ๊ธฐ๊ด€์˜ ์ˆ˜์š”๋กœ ์ด์–ด์กŒ๊ณ , ์ด๋Š” ๊ฒฐ๊ตญ ์ž์‚ฐ ๊ณต์œ ํ˜• ๊ตฌ์กฐ๋กœ ์ถœ๋ฐœํ–ˆ๋˜ ๋‹ค๋ฅธ ์ฃผ์š” ๋Œ€์ถœ ํ”„๋กœํ† ์ฝœ๋“ค๊นŒ์ง€ ์œ ์‚ฌํ•œ ๋ฐฉํ–ฅ์œผ๋กœ ์ˆ˜๋ ดํ•˜๋„๋ก ์ด๋„๋Š” ๊ธฐ์ ์ด ๋˜์—ˆ๋‹ค.

4.1. ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค, ๋ชจํฌ ๋ธ”๋ฃจ(Morpho Blue)

์ถœ๋ฐœ ๋‹น์‹œ์˜ ๋ชจํฌ๋Š” ์•„๋ฒ (Aave), ์ปดํŒŒ์šด๋“œ(Compound) ๊ฐ™์€ 1์„ธ๋Œ€ DeFi ๋Œ€์ถœ ํ”„๋กœํ† ์ฝœ ์œ„์—์„œ ๊ธˆ๋ฆฌ๋ฅผ ์ตœ์ ํ™”ํ•˜๋Š” ์ค‘๊ฐœ ๋ ˆ์ด์–ด๋กœ ์‹œ์ž‘ํ–ˆ๋‹ค. ๊ทธ๋ ‡๊ธฐ ๋•Œ๋ฌธ์— ์ดˆ๊ธฐ ๋ชจํฌ๋Š” ๋Œ€์ถœ ํ”„๋กœํ† ์ฝœ ์—†์ด ํ˜ผ์ž์„œ ์กด์žฌํ•  ์ˆ˜ ์—†๋Š” ๊ตฌ์กฐ์˜€๋‹ค. ํ•˜์ง€๋งŒ 2023๋…„ ๋ชจํฌ ๋ธ”๋ฃจ(Morpho Blue) ๋ฐฑ์„œ๋ฅผ ๊ณต๊ฐœํ•˜๊ณ , 2024๋…„ ์ดˆ ๋ชจํฌ ๋ธ”๋ฃจ์™€ ๋ชจํฌ ๋ณผํŠธ๋ฅผ ์ •์‹ ์ถœ์‹œํ•˜๋ฉฐ ๋…๋ฆฝ์„ ์„ ์–ธํ–ˆ๋‹ค.

ํ•ด๋‹น ์ „ํ™˜์€ ๊ฑฐ๋ฒ„๋„Œ์Šค๊ฐ€ ๋ชจ๋“  ์‹œ์žฅ์˜ ๋ฆฌ์Šคํฌ๋ฅผ ์ผ๊ด„ ๊ฒฐ์ •ํ•˜๋Š” ๊ตฌ์กฐ์—์„œ ๋ฒ—์–ด๋‚˜, ์‹œ์žฅ ์ƒ์„ฑ๊ณผ ๋ฆฌ์Šคํฌ ํŒ๋‹จ์„ ํ”„๋กœํ† ์ฝœ ์™ธ๋ถ€๋กœ ๋ถ„๋ฆฌ(์™ธ๋ถ€ํ™”)ํ•˜๋Š” ๋ฐ ์žˆ์—ˆ๋‹ค. ์ด๋Š” ํ›—๋‚  ๊ธฐ๊ด€์ด ์ž์‹ ์˜ ์ปดํ”Œ๋ผ์ด์–ธ์Šค ๊ธฐ์ค€์— ๋งž์ถฐ ๋ฆฌ์Šคํฌ๋ฅผ ์„ ํƒํ•˜๊ณ  ํ†ต์ œํ•  ์ˆ˜ ์žˆ๋Š” ๊ตฌ์กฐ์  ๊ธฐ๋ฐ˜์ด ๋˜์—ˆ๋‹ค.

๊ตฌ์กฐ

  • ๋ชจํฌ ๋ธ”๋ฃจ(Morpho Blue): ๋ถˆ๋ณ€(Immutable) ํ”„๋กœํ† ์ฝœ. ๋‹ด๋ณด ์ž์‚ฐยท๋Œ€์ถœ ์ž์‚ฐยท๋‹ด๋ณด์ธ์ •๋น„์œจ(LLTV)ยท๊ฐ€๊ฒฉ ํ”ผ๋“œยท๊ธˆ๋ฆฌ ๋ชจ๋ธ ๋‹ค์„ฏ ๊ฐ€์ง€ ์กฐ๊ฑด์„ ๋งˆ์ผ“ ๊ฐœ์„ค ์‹œ ๊ณ ์ •ํ•œ๋‹ค. ํ—ˆ๊ฐ€ ์—†์ด(Permissionless) ๋ˆ„๊ตฌ๋‚˜ ๋งˆ์ผ“์„ ์ƒ์„ฑํ•  ์ˆ˜ ์žˆ์œผ๋ฉฐ, ํ”„๋กœํ† ์ฝœ ์ž์ฒด๋Š” ์˜ค์ง ์ฝ”๋“œ์˜ ๋ฌด๊ฒฐํ•œ ์‹คํ–‰๋งŒ ๋‹ด๋‹นํ•œ๋‹ค.

  • ๋ชจํฌ ๋ณผํŠธ(Morpho Vaults): ๋…๋ฆฝ ์šด์šฉ์‚ฌ(Curator)๊ฐ€ ํŽธ์ž… ๊ฐ€๋Šฅํ•œ ๋งˆ์ผ“์„ ์„ ๋ณ„ํ•˜๊ณ , ๊ณต๊ธ‰ ํ•œ๋„์™€ ์ž๋ณธ ๋ฐฐ๋ถ„์„ ์กฐ์ •ํ•˜๋Š” ๋ฆฌ์Šคํฌ ์šด์šฉ ๋ ˆ์ด์–ด. ๋ณผํŠธ๋งˆ๋‹ค ๋ฆฌ์Šคํฌ ํ”„๋กœํŒŒ์ผ์ด ๋‹ค๋ฅด๋‹ค.

  • ๋Œ€์ถœ์ž(Lenders): DAOยทํ”„๋กœํ† ์ฝœยท๊ฐœ์ธยทํ—ค์ง€ํŽ€๋“œ ๋“ฑ ๋ฆฌ์Šคํฌ ์„ฑํ–ฅ์ด ๋‹ค๋ฅธ ์˜ˆ์น˜์ž๋“ค์ด ์ž์‹ ์˜ ํ”„๋กœํŒŒ์ผ์— ๋งž๋Š” ๋ณผํŠธ๋ฅผ ์„ ํƒํ•ด ์ž๋ณธ์„ ๊ณต๊ธ‰ํ•œ๋‹ค.

๋ณธ๋ž˜ ์ „ํ†ต ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค์—๊ฒŒ ์š”๊ตฌ๋˜๋Š” ์—ญํ• ์€ ์ฒญ์‚ฐ, ์ˆ˜ํƒ, ๋ ˆ๋ฒ„๋ฆฌ์ง€ ๊ณต๊ธ‰, ๋ฆฌ์Šคํฌ ๋ชจ๋‹ˆํ„ฐ๋ง ๋„ค ๊ฐ€์ง€๋‹ค. ๋ชจํฌ๋Š” ์ฒญ์‚ฐ๊ณผ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ๊ณต๊ธ‰์„ ์Šค๋งˆํŠธ ๊ณ„์•ฝ์„ ํ†ตํ•ด ํ”„๋กœํ† ์ฝœ ๋‹จ์—์„œ ์ž๋™ํ™”ํ•œ ๋ฐ˜๋ฉด, ๋น„์ˆ˜ํƒ(Non-custodial) ๊ตฌ์กฐ์˜ ํ•œ๊ณ„์ƒ ๊ธฐ๊ด€์ด ๊ทœ์ œ์ƒ ์š”๊ตฌํ•˜๋Š” ์ˆ˜ํƒ ํ™˜๊ฒฝ์„ ์ž์ฒด์ ์œผ๋กœ ์ œ๊ณตํ•˜์ง€ ๋ชปํ•œ๋‹ค. ์ด ๋•Œ๋ฌธ์— ์ฝ”์ธ๋ฒ ์ด์Šค(Coinbase)๋‚˜ ์•ต์ปค๋ฆฌ์ง€(Anchorage) ๊ฐ™์€ ์™ธ๋ถ€ ์ „๋ฌธ ์ˆ˜ํƒ ๊ธฐ๊ด€๊ณผ์˜ ์—ฐ๊ฒฐ์ด ๋ณ„๋„๋กœ ํ•„์š”ํ•˜๋‹ค.

๋ฆฌ์Šคํฌ ๋ชจ๋‹ˆํ„ฐ๋ง ์—ญ์‹œ ํ”„๋กœํ† ์ฝœ์ด ์•„๋‹Œ ํ๋ ˆ์ดํ„ฐ์˜ ์ž์‚ฐ ์„ ๋ณ„ ๋ฐ ๋…ธ์ถœ ๊ด€๋ฆฌ ์—ญ๋Ÿ‰์— ์˜์กดํ•œ๋‹ค. ๊ทธ๋ ‡๊ธฐ ๋•Œ๋ฌธ์— ํ๋ ˆ์ดํ„ฐ์˜ ํ’ˆ์งˆ์ด ๊ท ์ผํ•˜์ง€ ์•Š๋‹ค๋Š” ๋ฆฌ์Šคํฌ๊ฐ€ ์ƒ์กดํ•œ๋‹ค. 2025๋…„ ๋ฐœ์ƒํ•œ xUSD/Stream Finance ์‚ฌํƒœ๋Š” ์ด ์ทจ์•ฝ์„ฑ์„ ๋‹จ์ ์œผ๋กœ ๋ณด์—ฌ์ค€ ์‚ฌ๋ก€๋‹ค.

๋‹น์‹œ ์ผ๋ถ€ Morpho ๋ณผํŠธ๊ฐ€ xUSD ๊ด€๋ จ ๋…ธ์ถœ์„ ๋ณด์œ ํ•˜๋ฉด์„œ ์†์‹ค(Bad Debt)์ด ๋ฐœ์ƒํ–ˆ๊ณ , ์ด ์‚ฌํƒœ ์ดํ›„ ์‹œ์žฅ์€ ํ๋ ˆ์ดํ„ฐ์˜ ์ž์‚ฐ ์„ ๋ณ„ ๋Šฅ๋ ฅ๊ณผ ์‹ค์‹œ๊ฐ„ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ ์—ญ๋Ÿ‰์„ ๋”์šฑ ์—„๊ฒฉํ•˜๊ฒŒ ๊ฒ€์ฆํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ์ด ๊ณผ์ •์—์„œ ๊ธฐ๊ด€ ํˆฌ์ž์ž๋“ค์€ ๋ฆฌ์Šคํฌ๋ฅผ ์•ˆ์ •์ ์œผ๋กœ ๊ด€๋ฆฌํ•ด ์˜จ ์Šคํ…Œ์ดํฌํ•˜์šฐ์Šค(Steakhouse), ๊ฑดํ‹€๋ฆฟ(Gauntlet), ์„ผํ† ๋ผ(Sentora)์™€ ๊ฐ™์€ ํƒ‘ํ‹ฐ์–ด ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ ์ฃผ๋ณ€์œผ๋กœ ์ง‘์ค‘๋˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

๊ฒฐ๊ตญ ์ „ํ†ต์˜ ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค๋ฆฌ์ง€๊ฐ€ ์ฒญ์‚ฐ, ์ˆ˜ํƒ, ๋ ˆ๋ฒ„๋ฆฌ์ง€, ๋‹ด๋ณด๊ด€๋ฆฌ ๊ธฐ๋Šฅ์„ ๋ฌถ์–ด ์ œ๊ณตํ•˜๋Š” ๋ฒˆ๋“คํ˜• ๋Œ€๋ฉด ์ฐฝ๊ตฌ์˜€๋‹ค๋ฉด, ๋ชจํฌ๋Š” ์ด๋ฅผ ํ•˜๋‚˜์˜ ๊ธฐ๊ด€์ด ๋ชจ๋‘ ๋– ์•ˆ๋Š” ๋Œ€์‹  ์ƒํƒœ๊ณ„ ์•ˆ์˜ ์ „๋ฌธ ์ฃผ์ฒด๋“ค์ด ๋‚˜๋ˆ„์–ด ๋งก๋Š” ๋ถ„์—… ๊ตฌ์กฐ๋ฅผ ์•ˆ์ฐฉ์‹œํ‚จ ์…ˆ์ด๋‹ค.

ํ˜„์žฌ ๋ชจํฌ๋ฅผ ์ค‘์‹ฌ์œผ๋กœ ๊ธฐ๊ด€์˜ ๋Œ€๊ทœ๋ชจ ์ฑ„ํƒ์ด ์ด์–ด์ง€๊ณ  ์žˆ๋‹ค. ๊ทธ๋ฆฌ๊ณ  ๊ทธ ๊ธฐ๊ด€ ์ฑ„ํƒ์€ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๋กœ๋ถ€ํ„ฐ ์‹œ์ž‘๋๋‹ค.

  • ์ฝ”์ธ๋ฒ ์ด์Šค: USDC ๋Œ€์ถœ ์„œ๋น„์Šค ๋’ท๋‹จ์œผ๋กœ ๋ชจํฌ ๋ธ”๋ฃจ ์ฑ„ํƒ. ์Šคํ…Œ์ดํฌํ•˜์šฐ์Šค ํ๋ ˆ์ด์…˜.

  • ๋ฐ”์ด๋‚ธ์Šค: ๊ฐ™์€ ๊ตฌ์กฐ๋กœ ํ•ฉ๋ฅ˜. ์Šคํ…Œ์ดํฌํ•˜์šฐ์Šค, ๊ฑดํ‹€๋ฆฟ ํ๋ ˆ์ด์…˜

์‚ฌ์šฉ์ž๋Š” ๋ชจํฌ๋‚˜ ์Šคํ…Œ์ดํฌํ•˜์šฐ์Šค์— ๋Œ€ํ•ด ๋ชฐ๋ผ๋„ ์•ฑ์—์„œ ๋Œ€์ถœ ๋ฒ„ํŠผ์„ ๋ˆ„๋ฅด๊ธฐ๋งŒ ํ•˜๋ฉด ๋Œ€์ถœ์„ ๋ฐ›์„ ์ˆ˜ ์žˆ๋‹ค. ์„ธ๊ณ„ ์ตœ๋Œ€ ๊ฑฐ๋ž˜์†Œ ๋‘ ๊ณณ์ด ๊ฐ™์€ ์ธํ”„๋ผ๋ฅผ ์„ ํƒํ–ˆ๋‹ค.

์ „ํ†ต ๊ธˆ์œต๊ธฐ๊ด€์˜ ์ฑ„ํƒ๋„ ์ด์–ด์กŒ๋‹ค.

  • SG-FORGE: MiCA ์ค€์ˆ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ EURCVยทUSDCV๋ฅผ ๋ชจํฌ์— ๋ฐฐํฌ

  • ์•„ํด๋กœ(Apollo): ์‚ฌ๋ชจ ํฌ๋ ˆ๋”ง ํŽ€๋“œ ACRED๋ฅผ ์˜จ์ฒด์ธ์œผ๋กœ ๊ฐ€์ ธ์™€ ๋ชจํฌ์—์„œ ๋‹ด๋ณด ์ž์‚ฐ์œผ๋กœ ํ™œ์šฉ

  • ๋น—์™€์ด์ฆˆ(Bitwitse): ๋ชจํฌ ๋ณผํŠธ ์œ„์—์„œ ์ง์ ‘ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ด์…˜

ํ† ํฐํ™”๊ฐ€ ์ž์‚ฐ์˜ ์ ‘๊ทผ๊ถŒ์„ ์—ด์—ˆ๋‹ค๋ฉด, ๋ชจํฌ๋Š” ๊ทธ ์ž์‚ฐ์„ ์‹ค์ œ๋กœ ์“ธ ์ˆ˜ ์žˆ๋Š” ์ž๋ณธ ํšจ์œจ์„ฑ์˜ ํ†ต๋กœ๋ฅผ ์—ด์—ˆ๋‹ค. ๋ชจํฌ๊ฐ€ ๊ฐ€์ ธ์˜จ ์ด ํ๋ฆ„์€ ์ถœ๋ฐœ์ ์ด ์ „ํ˜€ ๋‹ฌ๋ž๋˜ ๋Œ€์ถœ ํ”„๋กœํ† ์ฝœ๋“ค์—๊ฒŒ๋„ ๊ฑฐ๋ฅผ ์ˆ˜ ์—†๋Š” ๊ฐ™์€ ์ง„ํ™” ๋ฐฉํ–ฅ์„ ์ œ์‹œํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

4.2. ์œ ๋‹ˆ๋ฒ„์„ค ๋ฑ…ํฌ, ์•„๋ฒ (Aave) V4

์•„๋ฒ (Aave)๋Š” ๊ณผ๊ฑฐ P2P ๋Œ€์ถœ ๋งค์นญ ๋ชจ๋ธ์ด์—ˆ๋˜ ETHLend์—์„œ ์‹œ์ž‘ํ•ด, ๊ณต๋™ ํ’€ ๊ธฐ๋ฐ˜์˜ Aave V1๋ถ€ํ„ฐ V3๊นŒ์ง€ ์—…๊ทธ๋ ˆ์ด๋“œ๋ฅผ ๊ฑฐ์ณค๊ณ , 2026๋…„ 3์›” Ethereum ๋ฉ”์ธ๋„ท์—์„œ ๋ชจ๋“ˆํ˜• ์•„ํ‚คํ…์ฒ˜์ธ V4๋ฅผ ํ™œ์„ฑํ™”ํ–ˆ๋‹ค. ๋ชจํฌ๊ฐ€ ์ธํ”„๋ผ์™€ ์šด์šฉ์„ ๊ตฌ์กฐ์ ์œผ๋กœ ๋ถ„๋ฆฌํ•˜๋Š” ๋ฐฉํ–ฅ์„ ์„ ํƒํ–ˆ๋‹ค๋ฉด, ์•„๋ฒ  V4๋Š” ์œ ๋™์„ฑ ํšจ์œจ์„ ์œ ์ง€ํ•˜๋ฉด์„œ ๋ฆฌ์Šคํฌ๋ฅผ ํ†ต์ œํ•˜๋Š” ํ•˜์ด๋ธŒ๋ฆฌ๋“œ ๋ชจ๋ธ์„ ์„ ํƒํ–ˆ๋‹ค.

์•„๋ฒ ๋Š” ๋ฆฌ์Šคํฌ ๊ฒฉ๋ฆฌ์™€ ์ž๋ณธ ํšจ์œจ์„ฑ์ด ํŠธ๋ ˆ์ด๋“œ์˜คํ”„ ๊ด€๊ณ„์— ์žˆ๋‹ค๋Š” ์ ์„ ๋ช…ํ™•ํžˆ ์ธ์ง€ํ–ˆ๋‹ค. ๊ฒฉ๋ฆฌ ๋ฐฉํ–ฅ์œผ๋กœ ๊ฐˆ์ˆ˜๋ก ๋ถ€์‹ค์ฑ„๊ถŒ ์ „ํŒŒ๋Š” ๋ง‰์„ ์ˆ˜ ์žˆ์ง€๋งŒ ์œ ๋™์„ฑ ๋„คํŠธ์›Œํฌ ํšจ๊ณผ๊ฐ€ ์•ฝํ•ด์ง€๊ณ  ์ž๋ณธ ํšจ์œจ์„ฑ์ด ๋–จ์–ด์ง„๋‹ค. V4๋Š” ์ด ํŠธ๋ ˆ์ด๋“œ์˜คํ”„๋ฅผ ๊ตฌ์กฐ์ ์œผ๋กœ ํ•ด์†Œํ•˜๊ณ ์ž ์ถœ์‹œ๋˜์—ˆ๋‹ค.

๊ตฌ์กฐ

  • ํ—ˆ๋ธŒ(Hub): ์œ ๋™์„ฑ๊ณผ ํšŒ๊ณ„๋ฅผ ํ†ตํ•ฉ ๊ด€๋ฆฌํ•˜๋Š” ์ค‘์‹ฌ ๊ธฐ์ง€. ๊ฐ ์Šคํฌํฌ(Spoke)์— ํฌ๋ ˆ๋”ง ๋ผ์ธ(Credit Line)๊ณผ ๋””๋น— ๋ผ์ธ(Debit Line)์„ ๋ถ€์—ฌํ•ด, ์–ด๋–ค ์‹œ์žฅ์ด ์–ผ๋งˆ๋งŒํผ์˜ ์œ ๋™์„ฑ์„ ๋Œ์–ด๋‹ค ์“ธ ์ˆ˜ ์žˆ๋Š”์ง€ ํ•œ๋„๋ฅผ ์ œํ•œํ•œ๋‹ค. ๊ธฐ๋ณธ์ ์ธ ๋ฆฌ์Šคํฌ ๋ฐฉํ™”๋ฒฝ์€ ์ด ์Šคํฌํฌ๋ณ„ ํ•œ๋„์™€ ๋กœ์ปฌ ํŒŒ๋ผ๋ฏธํ„ฐ์—์„œ ํ˜•์„ฑ๋œ๋‹ค.

  • ์Šคํฌํฌ(Spoke): ์ž์‚ฐ๋ณ„ ๋…๋ฆฝ ํŒŒ๋ผ๋ฏธํ„ฐ๋ฅผ ๊ฐ€์ง„ ๊ฐœ๋ณ„ ์ฐจ์ž… ์‹œ์žฅ. ํŠน์ • ์Šคํฌํฌ๋‚˜ ์ž์‚ฐ์—์„œ ๋ฌธ์ œ๊ฐ€ ๋ฐœ์ƒํ•˜๋ฉด, ๊ฑฐ๋ฒ„๋„Œ์Šค์™€ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ์ž๋Š” ํ•ด๋‹น ์Šคํฌํฌ์˜ ํ•œ๋„ ์กฐ์ •, ์‹ ๊ทœ ์ฐจ์ž… ์ œํ•œ, ๋น„์ƒ ์ •์ง€(Emergency Controls) ๋“ฑ์„ ํ†ตํ•ด ์ต์Šคํฌ์ € ํ™•์‚ฐ์„ ์ œํ•œํ•  ์ˆ˜ ์žˆ๋‹ค. ์ตœ๋Œ€ ์œ„ํ—˜ ๋…ธ์ถœ๋„๊ฐ€ ํฌ๋ ˆ๋”ง ๋ผ์ธ ํ•œ๋„๋กœ ๊ณ ์ •๋˜๊ธฐ ๋•Œ๋ฌธ์— ์ „ํŒŒ ๋ฒ”์œ„๊ฐ€ ๊ตฌ์กฐ์ ์œผ๋กœ ์ œํ•œ๋˜๋Š” ์›๋ฆฌ๋‹ค.

์ „ํ†ต ๊ธˆ์œต์œผ๋กœ ์น˜๋ฉด ์œ ๋‹ˆ๋ฒ„์„ค ๋ฑ…ํฌ์˜ โ€˜๋‚ด๋ถ€ ์‹ ์šฉ ํ•œ๋„ ๋ฐฐ์ • ๊ตฌ์กฐโ€™์™€ ์œ ์‚ฌํ•˜๋‹ค. ๋ณธ์‚ฌ๊ฐ€ ๊ฐ ์‚ฌ์—…๋ถ€์— ์‹ ์šฉ ํ•œ๋„๋ฅผ ๋ฐฐ์ •ํ•˜๊ณ , ํ•œ ์‚ฌ์—…๋ถ€๊ฐ€ ๋ถ€์‹คํ™”๋˜๋ฉด ๋ณธ์‚ฌ๊ฐ€ ํ•œ๋„๋ฅผ ์กฐ์ ˆํ•ด ์ „ํŒŒ๋ฅผ ๋ง‰๋Š” ์‹์ด๋‹ค. ํ—ˆ๋ธŒ๊ฐ€ ๋ณธ์‚ฌ ์—ญํ• ์„ ํ•˜๊ณ  ์Šคํฌํฌ๊ฐ€ ๊ฐ ์‚ฌ์—…๋ถ€์ฒ˜๋Ÿผ ๋…๋ฆฝ์ ์œผ๋กœ ์šด์˜๋œ๋‹ค. ์ž์‚ฐ ์Œ๋งˆ๋‹ค ์ž๋ณธ์ด ์ฒ ์ €ํžˆ ๊ฐ‡ํžˆ๋Š” ๋ชจํฌ์˜ ์™„์ „ ๊ฒฉ๋ฆฌ ๊ตฌ์กฐ์™€ ๋‹ฌ๋ฆฌ, ํ—ˆ๋ธŒ ์•ค ์Šคํฌํฌ ์ฒด์ œ์—์„œ๋Š” ํŠน์ • ์Šคํฌํฌ์—์„œ ์‚ฌ์šฉ๋˜์ง€ ์•Š๊ณ  ๋‚จ์€ ์œ ๋™์„ฑ์ด ํ—ˆ๋ธŒ์˜ ํฌ๋ ˆ๋”ง ๋ผ์ธ์„ ํ†ตํ•ด ๋‹ค๋ฅธ ์ƒ์‚ฐ์ ์ธ ์Šคํฌํฌ๋กœ ์œ ์—ฐํ•˜๊ฒŒ ์žฌ๋ฐฐ๋ถ„๋˜๋ฏ€๋กœ ์ž๋ณธ ํšจ์œจ์„ฑ์ด ๋†’๋‹ค๋Š” ์žฅ์ ์ด ์žˆ๋‹ค.

์ด ๊ตฌ์กฐ๋Š” RWA ์‹œ์žฅ์—์„œ ๊ฐ•๋ ฅํ•œ ๋ฌด๊ธฐ๊ฐ€ ๋œ๋‹ค. ์‹ ์ƒ RWA ์‹œ์žฅ์€ ์ดˆ๊ธฐ ์œ ๋™์„ฑ ํ™•๋ณด๊ฐ€ ์–ด๋ ค์šธ ์ˆ˜ ์žˆ๋Š”๋ฐ, ์•„๋ฒ  V4 ๊ตฌ์กฐ์—์„œ๋Š” ๊ธฐ์กด์˜ ๊ฑฐ๋Œ€ํ•œ ์œ ๋™์„ฑ ํ—ˆ๋ธŒ๊ฐ€ ์ƒˆ๋กœ์šด ์Šคํฌํฌ ์‹œ์žฅ์˜ ๋งˆ์ค‘๋ฌผ ์—ญํ• ์„ ํ•  ์ˆ˜ ์žˆ๋‹ค.

ํ† ํฐํ™” ์ž์‚ฐ์„ ๋…๋ฆฝ๋œ ์Šคํฌํฌ๋กœ ๊ตฌ์„ฑํ•˜๊ณ  ํ—ˆ๋ธŒ์—์„œ ํฌ๋ ˆ๋”ง ๋ผ์ธ ํ•œ๋„๋ฅผ ์„ค์ •ํ•˜๋ฉด, ์•ˆ์ „ ์ž์‚ฐ์˜ ์œ ๋™์„ฑ์„ ๊ธฐ๋ฐ˜์œผ๋กœ ์ƒˆ๋กœ์šด ์ž์‚ฐ ํด๋ž˜์Šค๋ฅผ ๋” ๋‚ฎ์€ ๋ถ€ํŠธ์ŠคํŠธ๋ž˜ํ•‘ ๋น„์šฉ์œผ๋กœ ์‹œ์žฅ์— ์˜ฌ๋ฆฌ๋ฉด์„œ๋„, ์ดˆ๊ธฐ ์ต์Šคํฌ์ €๋ฅผ ํฌ๋ ˆ๋”ง ๋ผ์ธ ์•ˆ์—์„œ ์ œํ•œํ•  ์ˆ˜ ์žˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๊ธฐ๊ด€ ์ฑ„ํƒ์€ โ€˜ํ˜ธ๋ผ์ด์ฆŒ(Horizon)โ€™์„ ์ค‘์‹ฌ์œผ๋กœ ์ง„ํ–‰๋˜๊ณ  ์žˆ๋‹ค. ํ˜ธ๋ผ์ด์ฆŒ์€ ์ถœ์‹œ ๋‹น์‹œ Aave v3.3์„ ๊ธฐ๋ฐ˜์œผ๋กœ ํ•œ ๋ณ„๋„์˜ RWA ๋Œ€์ถœ ์ธ์Šคํ„ด์Šค๋กœ ์‹œ์ž‘ํ–ˆ์œผ๋‚˜, ์„ค๊ณ„ ์ฒ ํ•™์€ V4์˜ ํ†ตํ•ฉ ์œ ๋™์„ฑ ๋ฐ ๋ฆฌ์Šคํฌ ๋ถ„๋ฆฌ ๋ฐฉํ–ฅ๊ณผ ๋งž๋‹ฟ์•„ ์žˆ๋‹ค. ํ–ฅํ›„ V4์˜ ํฌ๋ ˆ๋”ง ๋ผ์ธ ๊ตฌ์กฐ์™€ ๊ฒฐํ•ฉ๋ ์ˆ˜๋ก ํ˜ธ๋ผ์ด์ฆŒ์€ ์•„๋ฒ ์˜ ๊ธฐ๊ด€์šฉ RWA ๋ ˆ์ด์–ด๋กœ ๋”์šฑ ๊นŠ๊ฒŒ ํ†ตํ•ฉ๋  ๊ฐ€๋Šฅ์„ฑ์ด ํฌ๋‹ค.

ํ˜ธ๋ผ์ด์ฆŒ์€ ๊ทœ์ œ๋ฅผ ์ค€์ˆ˜ํ•˜๋Š” ํ† ํฐํ™” ๊ตญ์ฑ„, MMF, ๊ธฐ๊ด€์šฉ ํŽ€๋“œ ๋“ฑ์„ ๋‹ด๋ณด๋กœ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์ฐจ์ž…ํ•  ์ˆ˜ ์žˆ๋„๋ก ์„ค๊ณ„๋˜์—ˆ์œผ๋ฉฐ, ํ–ฅํ›„ ํ† ํฐํ™” ์ฃผ์‹์ด๋‚˜ ETF ๊ฐ™์€ ์ž์‚ฐ๊ตฐ์œผ๋กœ ํ™•์žฅ๋  ์—ฌ์ง€๋„ ์—ด์–ด๋‘๊ณ  ์žˆ๋‹ค.

ํ˜ธ๋ผ์ด์ฆŒ ๋‚ด๋ถ€์—์„œ๋Š” ์Šน์ธ๋œ ๊ธฐ๊ด€์šฉ ์ž์‚ฐ๋“ค์ด ๋™์ผํ•œ ๊ธฐ๊ด€์šฉ ์œ ๋™์„ฑ ๋ ˆ์ด์–ด์— ์—ฐ๊ฒฐ๋˜๊ธฐ ๋•Œ๋ฌธ์—, ์ƒˆ๋กœ์šด RWA๊ฐ€ ์ถ”๊ฐ€๋˜๋Š” ์ฆ‰์‹œ ๊ธฐ์กด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์œ ๋™์„ฑ์„ ํ™œ์šฉํ•  ์ˆ˜ ์žˆ๋‹ค.

์ด ์œ ๋™์„ฑ ๋ ˆ์ด์–ด ์•ˆ์—์„œ์˜ ์—ญํ•  ๋ถ„๋ฆฌ๋Š” ๋‹ค์Œ๊ณผ ๊ฐ™์ด ์ฒ ์ €ํžˆ ๋ถ„์—…ํ™”๋œ๋‹ค.

  • ๋ฐœํ–‰์‚ฌ: ํˆฌ์ž์ž ์˜จ๋ณด๋”ฉ ๋ฐ ํ™”์ดํŠธ๋ฆฌ์ŠคํŠธ(KYC/AML) ๊ด€๋ฆฌ

  • ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ์ž(LlamaRisk): RWA ์ž์‚ฐ ์‹ค์‚ฌ ๋ฐ ๋ฆฌ์Šคํฌ ํ”„๋ ˆ์ž„์›Œํฌ/ํŒŒ๋ผ๋ฏธํ„ฐ ์ œ์•ˆ

  • ์˜ค๋ผํด(Chainlink): ์˜จ์ฒด์ธ ๊ฐ€๊ฒฉ ํ”ผ๋“œ ๊ณต๊ธ‰

  • ํ”„๋กœํ† ์ฝœ(Aave): ์Šค๋งˆํŠธ ๊ณ„์•ฝ ์‹คํ–‰

์ „ํ†ต์ ์ธ ์•„๋ฒ  ์‹œ์žฅ์—์„œ๋Š” ์ƒˆ๋กœ์šด ์ž์‚ฐ์„ ํŽธ์ž…ํ•  ๋•Œ๋งˆ๋‹ค DAO ๊ฑฐ๋ฒ„๋„Œ์Šค์˜ ์‹ฌ์˜์™€ ํˆฌํ‘œ ์ ˆ์ฐจ๋ฅผ ๊ฑฐ์ณ์•ผ ํ•˜๋ฏ€๋กœ ์†๋„๊ฐ€ ๋А๋ฆฌ๋‹ค.

ํ˜ธ๋ผ์ด์ฆŒ์€ ์ž์‚ฐ๋ณ„ ์ปดํ”Œ๋ผ์ด์–ธ์Šค๋Š” ๋ฐœํ–‰์‚ฌ๊ฐ€, ๋ฆฌ์Šคํฌ ์‹ค์‚ฌ๋Š” ๋ผ๋งˆ๋ฆฌ์Šคํฌ(LlamaRisk)๊ฐ€, ๊ฐ€๊ฒฉ ๊ฒ€์ฆ์€ ์ฒด์ธ๋งํฌ(Chainlink)๊ฐ€ ๋งก๋„๋ก ์—ญํ• ์„ ๋ถ„๋ฆฌํ–ˆ๋‹ค. ์ด๋ฅผ ํ†ตํ•ด ๋ชจ๋“  ํŒ๋‹จ์„ ์ผ๋ฐ˜ DAO ๊ฑฐ๋ฒ„๋„Œ์Šค์— ์ง์ ‘ ์˜ฌ๋ฆฌ๋Š” ๋ฐฉ์‹๋ณด๋‹ค ๊ธฐ๊ด€์šฉ ์ž์‚ฐ ํŽธ์ž…๊ณผ ๋ฆฌ์Šคํฌ ์กฐ์ •์˜ ์šด์˜ ์†๋„๋ฅผ ๋†’์ด๋Š” ๊ตฌ์กฐ๋ฅผ ๋งŒ๋“  ๊ฒƒ์ด๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ ๋ชจํฌ๊ฐ€ ๊ฑฐ๋ฒ„๋„Œ์Šค ๊ฐœ์ž…์„ ์ตœ์†Œํ™”ํ•˜๊ณ  ๋งˆ์ผ“ ์ƒ์„ฑ๊ณผ ๋ฆฌ์Šคํฌ ์šด์šฉ์„ ์™ธ๋ถ€ํ™”ํ•˜๋Š” ๋ฐฉ์‹์œผ๋กœ โ€˜์†๋„์™€ ์„ ํƒ๊ถŒโ€™์„ ํƒํ–ˆ๋‹ค๋ฉด, ์•„๋ฒ ๋Š” ํ†ต์ œ๋œ ๊ฑฐ๋ฒ„๋„Œ์Šค ์œ„์ž„๊ณผ ๊ณต์œ  ์œ ๋™์„ฑ์„ ํ†ตํ•ด โ€˜์ž๋ณธ ํšจ์œจ์„ฑ์„ ์ง€ํ‚ค๋Š” ์ค‘๋ฆฝ์ ์ธ ๋ฐฉํ–ฅโ€™์„ ํƒํ–ˆ๋‹ค.

๋‘ ์„ ํƒ ๋ชจ๋‘ ๋ฆฌ์Šคํฌ ๋ถ„์‚ฐ์ด๋ผ๋Š” ์ „ํ†ต ๊ธˆ์œต์˜ ์ฒ ํ•™์„ ์˜จ์ฒด์ธ์œผ๋กœ ์ด์‹ํ•˜๋Š” ๋…ผ๋ฆฌ์ ์ธ ํ•ด๋ฒ•์ด์ง€๋งŒ, ์‹ค์ œ RWA ์‹œ์žฅ์˜ ์ฃผ๋„๊ถŒ์ด ์–ด๋А ์ชฝ์œผ๋กœ ์ˆ˜๋ ดํ• ์ง€ ์ง€์ผœ๋ด์•ผ ํ•œ๋‹ค.

4.3. ๋ฉ€ํ‹ฐ ์ŠคํŠธ๋ž˜ํ‹ฐ์ง€ ํ—ค์ง€ํŽ€๋“œ, ์˜ค์ผ๋Ÿฌ(Euler) V2

2023๋…„ 3์›” ์˜ค์ผ๋Ÿฌ(Euler)๋Š” $197M ๊ทœ๋ชจ์˜ ์ต์Šคํ”Œ๋กœ์ž‡์„ ๊ฒช์—ˆ๋‹ค. ์Šค๋งˆํŠธ ๊ณ„์•ฝ ์ฝ”๋“œ์˜ ๊ฒฐํ•จ์„ ์ด์šฉํ•œ ๊ณต๊ฒฉ์ด์—ˆ๊ณ , ๋‹จ์ผ ํ”„๋กœํ† ์ฝœ ํšŒ๊ณ„ยท์ฒญ์‚ฐ ๊ตฌ์กฐ ์•ˆ์— ์—ฌ๋Ÿฌ ์ž์‚ฐ ์‹œ์žฅ์ด ์—ฐ๊ฒฐ๋˜์–ด ์žˆ์—ˆ๊ธฐ ๋•Œ๋ฌธ์— ํ”ผํ•ด๊ฐ€ ๋ณต์ˆ˜ ์ž์‚ฐ์œผ๋กœ ํ™•์‚ฐ๋๋‹ค.

์ดํ›„ ์•ฝ 3์ฃผ์— ๊ฑธ์นœ ํ˜‘์ƒ ๋์— ํƒˆ์ทจ ์ž์‚ฐ์€ ๋Œ€๋ถ€๋ถ„ ํšŒ์ˆ˜๋˜์—ˆ์œผ๋‚˜, ์˜ค์ผ๋Ÿฌ๋Š” ๋‹จ์ˆœ ๋ณด์ˆ˜๊ฐ€ ์•„๋‹Œ ์•„ํ‚คํ…์ฒ˜ ์žฌ๊ฑด์„ ์„ ํƒํ–ˆ๋‹ค. ์ดํ›„ ํ”„๋กœํ† ์ฝœ์„ ๊ณ ๋„ํ™”ํ•˜๋ฉฐ ์œ ์—ฐํ•œ ๊ธฐ๊ด€ ๋Œ€์ถœ ์ธํ”„๋ผ๋กœ ํฌ์ง€์…”๋‹์„ ๊ฐ•ํ™”ํ–ˆ๋‹ค.

์˜ค์ผ๋Ÿฌ๊ฐ€ RWA์™€ ๊ธฐ๊ด€ ์‹ ์šฉ(Institutional Credit) ์‹œ์žฅ์— ์ง„์ž…ํ•œ ๋ฐฐ๊ฒฝ์—๋Š” ์ „ํ†ต ๊ธˆ์œต์˜ ์ž์‚ฐ ํ† ํฐํ™”๊ฐ€ ๊ฐ€์ง„ ํ•œ๊ณ„๊ฐ€ ์žˆ์—ˆ๋‹ค. ๋‹น์‹œ ์€ํ–‰๋“ค์€ ํ† ํฐํ™” ์ฑ„๊ถŒ, ํŽ€๋“œ, ๊ตญ์ฑ„๋ฅผ ๋ฐœํ–‰ํ•˜๊ณ  ์žˆ์—ˆ์ง€๋งŒ, ์ด ์ž์‚ฐ๋“ค์€ ์˜จ์ฒด์ธ์—์„œ ๋Œ€์ถœ์ด๋‚˜ ์‹ ์šฉ ๊ณต๊ธ‰์— ํ™œ์šฉ๋  ์ธํ”„๋ผ๊ฐ€ ๋ถ€์กฑํ–ˆ๋‹ค.

์˜ค์ผ๋Ÿฌ๋Š” ๊ธฐ๊ด€ ์ˆ˜์š”๋ฅผ ๋ณ€๋™์„ฑ์ด ํฐ ๋กฑํ…Œ์ผ ์•”ํ˜ธ์ž์‚ฐ ์‹œ์žฅ์œผ๋กœ ๋Œ์–ด๋“ค์ด๊ธฐ๋ณด๋‹ค, ์ด ์ž์‚ฐ๋“ค์— ์œ ๋™์„ฑ์„ ๋ถ€์—ฌํ•˜๋Š” โ€˜์ œ๋„๊ถŒ ๊ธˆ์œต์˜ ์‹ ์šฉ ๋ ˆ์ด์–ด(Credit layer for finance)โ€™๋กœ ํฌ์ง€์…”๋‹ํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

๊ตฌ์กฐ

  • EVK(Euler Vault Kit): ์ฐจ์ž… ๊ธฐ๋Šฅ์ด ์ถ”๊ฐ€๋œ ERC-4626 ๊ธฐ๋ฐ˜ ์‹ ์šฉ ๋ณผํŠธ๋ฅผ ๋งŒ๋“ค ์ˆ˜ ์žˆ๋Š” ํ‚คํŠธ๋‹ค. ๊ฐ ๋ณผํŠธ๋Š” ํŠน์ • ์ž์‚ฐ๊ณผ ๋ฆฌ์Šคํฌ ์„ค์ •์„ ๋…๋ฆฝ์ ์œผ๋กœ ๊ฐ€์งˆ ์ˆ˜ ์žˆ๊ณ , EVC๋ฅผ ํ†ตํ•ด ๋‹ค๋ฅธ ๋ณผํŠธ์™€ ์—ฐ๊ฒฐ๋˜๋ฉฐ ๋Œ€์ถœ ์‹œ์žฅ์„ ํ˜•์„ฑํ•œ๋‹ค.

  • EVC(Ethereum Vault Connector): ์—ฌ๋Ÿฌ ๋ณผํŠธ์— ๋ถ„์‚ฐ๋œ ๋‹ด๋ณด์™€ ๋ถ€์ฑ„ ๊ด€๊ณ„๋ฅผ ํ•˜๋‚˜์˜ ๊ณ„์ • ๋‹จ์œ„์—์„œ ์—ฐ๊ฒฐํ•ด ๊ด€๋ฆฌํ•  ์ˆ˜ ์žˆ๊ฒŒ ํ•˜๋Š” ํ•ต์‹ฌ ์ด๋ฎคํ„ฐ๋ธ” ํ”„๋ฆฌ๋ฏธํ‹ฐ๋ธŒ(Primitive)๋‹ค. ์ „ํ†ต ๊ธˆ์œต์œผ๋กœ ์น˜๋ฉด ์—ฌ๋Ÿฌ ๋ถ„์‚ฐ๋œ ์ž์‚ฐ ๊ณ„์ขŒ๋ฅผ ํ•˜๋‚˜์˜ ๋งˆ์ง„ ๊ณ„์ขŒ(Margin Account)๋กœ ํ†ตํ•ฉํ•˜์—ฌ ๊ต์ฐจ ๋‹ด๋ณด๋ฅผ ์ œ๊ณตํ•˜๋Š” ๊ฒƒ๊ณผ ์œ ์‚ฌํ•˜๋‹ค.

EVK๊ฐ€ ์ž์‚ฐ๋ณ„ ๋…๋ฆฝ ์„ค๊ณ„๋ฅผ ๊ฐ€๋Šฅํ•˜๊ฒŒ ํ•œ๋‹ค๋ฉด, EVC๋Š” ํŒŒํŽธํ™”๋  ์ˆ˜ ์žˆ๋Š” ์ž์‚ฐ๋“ค์„ ํ•˜๋‚˜์˜ ๊ณ„์ •ยทํฌ์ง€์…˜ ๊ด€๋ฆฌ ์ฒด๊ณ„๋กœ ์—ฐ๊ฒฐํ•œ๋‹ค.

์ „ํ†ต ๊ธˆ์œต์— ๋น„์œ ํ•˜๋ฉด, ์˜ค์ผ๋Ÿฌ๋Š” ๋ฉ€ํ‹ฐ ์ŠคํŠธ๋ž˜ํ‹ฐ์ง€(Multi-strategy) ํ—ค์ง€ํŽ€๋“œ์˜ ํฌ๋“œ ๊ตฌ์กฐ์™€ ์ผ๋ถ€ ๋‹ฎ์•„ ์žˆ๋‹ค. ๋…๋ฆฝ๋œ ํฌ๋“œ(Pod)๊ฐ€ ๊ฐ์ž์˜ ์ „๋žต๊ณผ ๋ฆฌ์Šคํฌ ํ•œ๋„๋ฅผ ๊ฐ€์ง€๊ณ  ์šด์šฉ๋˜์ง€๋งŒ, ๊ธฐ์ˆ  ์ธํ”„๋ผ์™€ ์ž๋ณธ ๊ด€๋ฆฌ ์ฒด๊ณ„๋ฅผ ๊ณต์œ ํ•˜๋Š” ๊ตฌ์กฐ์™€ ์œ ์‚ฌํ•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๋‹ค๋งŒ ์˜ค์ผ๋Ÿฌ๋Š” ํ•˜๋‚˜์˜ ์šด์šฉ์‚ฌ ๋‚ด๋ถ€ ์กฐ์ง์ด ์•„๋‹ˆ๋ผ, ์—ฌ๋Ÿฌ ๋…๋ฆฝ ์ฃผ์ฒด๊ฐ€ ๋ณผํŠธ๋ฅผ ๋งŒ๋“ค๊ณ  ์—ฐ๊ฒฐํ•  ์ˆ˜ ์žˆ๋Š” ๊ฐœ๋ฐฉํ˜• ์ธํ”„๋ผ๋ผ๋Š” ์ ์—์„œ ๋‹ค๋ฅด๋‹ค.

๋น„์œ ์ ์œผ๋กœ ๋ณด๋ฉด, ๋ชจํฌ๊ฐ€ ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค๋ฆฌ์ง€ํ˜• ๋ถ„์—… ๋ชจ๋ธ์— ๊ฐ€๊น๊ณ , ์•„๋ฒ ๊ฐ€ ์œ ๋‹ˆ๋ฒ„์„ค ๋ฑ…ํฌ์‹ ๊ณต์œ  ์œ ๋™์„ฑ ๋ชจ๋ธ์— ๊ฐ€๊น๋‹ค๋ฉด, ์˜ค์ผ๋Ÿฌ๋Š” ๋ฉ€ํ‹ฐ ์ŠคํŠธ๋ž˜ํ‹ฐ์ง€ ํ—ค์ง€ํŽ€๋“œ์‹ ์—ฐ๊ฒฐํ˜• ๋ชจ๋“ˆ ๊ตฌ์กฐ์— ๊ฐ€๊น๋‹ค. ์œ ์—ฐ์„ฑ๊ณผ ์ž๋ณธ ํšจ์œจ์„ฑ์ด ๋†’์•„์ง€๋Š” ๋งŒํผ, ์—ฐ๊ฒฐ๋œ ๋ณผํŠธ ์ƒํƒœ๊ณ„ ์•ˆ์—์„œ ํŠน์ • ์ž์‚ฐ์˜ ์œ„ํ—˜์ด ๋‹ค๋ฅธ ํฌ์ง€์…˜์œผ๋กœ ๊ฐ„์ ‘ ์ „์ด๋  ๊ฐ€๋Šฅ์„ฑ๋„ ์กด์žฌํ•œ๋‹ค. ๋”ฐ๋ผ์„œ ํ๋ ˆ์ดํ„ฐ์˜ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ ์—ญ๋Ÿ‰์€ ์˜ค์ผ๋Ÿฌ V2 ์ƒํƒœ๊ณ„์˜ ํ•ต์‹ฌ ๊ณผ์ œ๋กœ ๋‚จ์•„ ์žˆ๋‹ค.

์˜ค์ผ๋Ÿฌ์˜ ๊ธฐ๊ด€ ์ฑ„ํƒ์€ ์ž์‚ฐ์˜ ํŠน์ˆ˜์„ฑ๊ณผ ๊ทœ์ œ ํ™˜๊ฒฝ์„ ์ˆ˜์šฉํ•˜๋Š” ๋ฐฉํ–ฅ์œผ๋กœ ์ „๊ฐœ๋˜๊ณ  ์žˆ๋‹ค. ์ฒซ ๋ฒˆ์งธ๋Š” ํ† ํฐํ™” ์ฃผ์‹์ด๋‹ค. ์ฃผ์‹ ์ž์‚ฐ์€ 24/5 ๊ฑฐ๋ž˜ ํ™˜๊ฒฝ์„ ๊ฐ€์ง€๋ฉฐ, ๋ฐฐ๋‹น๊ณผ ์ฃผ์‹ ๋ถ„ํ•  ๊ฐ™์€ ๊ธฐ์—… ์ด๋ฒคํŠธ๋ฅผ ๊ฐ€๊ฒฉ ์‚ฐ์ •์— ๋ฐ˜์˜ํ•  ์ˆ˜ ์žˆ๋Š” ๊ฐ€๊ฒฉ ํ”ผ๋“œ๊ฐ€ ํ•„์š”ํ•˜๋‹ค. ๊ธฐ์กด ๋‹จ์ผ ๊ณต์œ  ๋ฆฌ์Šคํฌ ๊ตฌ์กฐ์—์„œ๋Š” ์ด๋Ÿฌํ•œ ์กฐ๊ฑด์„ ์ถฉ์กฑํ•˜๋Š” ๋…๋ฆฝ ์‹œ์žฅ์„ ํ˜•์„ฑํ•˜๊ธฐ ์–ด๋ ค์› ์ง€๋งŒ, ์ž์‚ฐ๋ณ„ ๋…๋ฆฝ ์„ค๊ณ„๊ฐ€ ๊ฐ€๋Šฅํ•œ EVK๋Š” ์ด๋ฅผ ๊ฐ€๋Šฅํ•˜๊ฒŒ ํ–ˆ๋‹ค.

์˜ค์ผ๋Ÿฌ๋Š” Ondo ํŒŒ์ด๋‚ธ์Šค์™€ ํ˜‘๋ ฅํ•ด SPYon(S&P 500), QQQon(Nasdaq-100), TSLAon(Tesla) ๋“ฑ์„ ๋‹ด๋ณด๋กœ ์ˆ˜์šฉํ•˜๋Š” ๋Œ€์ถœ ๋งˆ์ผ“ โ€˜STEYโ€™๋ฅผ ์ถœ์‹œํ–ˆ๋‹ค.

STEY ๋งˆ์ผ“ ๊ตฌ์กฐ

  • ๋‹ด๋ณด ์ž์‚ฐ: Ondo ํ† ํฐํ™” ์ฃผ์‹(SPYon, QQQon, TSLAon)

  • ๋Œ€์ถœ ์ž์‚ฐ: PYUSD(PayPal ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ)

  • ๊ฐ€๊ฒฉ ํ”ผ๋“œ: Chainlink ์‹ค์‹œ๊ฐ„ ์ฃผ๊ฐ€ ํ”ผ๋“œ

  • ๋ฆฌ์Šคํฌ ์šด์šฉ: Sentora ํ๋ ˆ์ด์…˜

์ „ํ†ต ๊ธˆ์œต์—์„œ๋„ ์ฃผ์‹๋‹ด๋ณด๋Œ€์ถœ(Lombard Loan)์„ ํ†ตํ•ด ์ž๊ธˆ์„ ์กฐ๋‹ฌํ•˜๋Š” ๊ฐ€์น˜ ์ œ๊ณ  ๋ฐฉ์‹์ด ์กด์žฌํ•˜๋“ฏ, STEY ๋งˆ์ผ“์€ ์ด ๋ฉ”์ปค๋‹ˆ์ฆ˜์„ ์˜จ์ฒด์ธ ์ƒ์—์„œ ํšจ์œจํ™”ํ–ˆ๋‹ค. ํˆฌ์ž์ž๋Š” ํ† ํฐํ™” ์ฃผ์‹์— ๋Œ€ํ•œ ๊ฐ€๊ฒฉ ๋…ธ์ถœ์„ ์œ ์ง€ํ•˜๋ฉด์„œ, ์ฐจ์ž…ํ•œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์˜จ์ฒด์ธ ์ˆ˜์ต๋ฅ  ์ „๋žต์— ์žฌํˆฌ์ž…ํ•˜์—ฌ ์ž๋ณธ ํšจ์œจ์„ฑ์„ ๊ทน๋Œ€ํ™”ํ•  ์ˆ˜ ์žˆ๋‹ค.

๋‘ ๋ฒˆ์งธ ๋ฐฉํ–ฅ์€ โ€˜ํ† ํฐํ™” ๊ตญ์ฑ„์™€ CLO(๋Œ€์ถœ์ฑ„๊ถŒ๋‹ด๋ณด๋ถ€์ฆ๊ถŒ)โ€™์˜ ๊ฒฐํ•ฉ์ด๋‹ค. ์˜ค์ผ๋Ÿฌ๋Š” KPK์˜ โ€˜USDC Prime RWA Vaultโ€™๋ฅผ ์ถœ์‹œํ•˜๋ฉฐ ๊ตฌ์กฐ์  ์œ ์—ฐ์„ฑ์„ ์ž…์ฆํ–ˆ๋‹ค.

KPK USDC Prime RWA Vault ๊ตฌ์กฐ

  • ๋‹ด๋ณด ์ž์‚ฐ: VBILL (VanEck ํ† ํฐํ™” ๊ตญ์ฑ„), STAC (Securitize AAA ๋“ฑ๊ธ‰ CLO)

  • ๋Œ€์ถœ ์ž์‚ฐ: USDC

  • ๊ฐ€๊ฒฉ ํ”ผ๋“œ: ๋ ˆ๋“œ์Šคํ†ค(RedStone) ์ผ๋ณ„ NAV ํ”ผ๋“œ

  • ๋ฆฌ์Šคํฌ ์šด์šฉ: ์„ผํ† ๋ผ(Sentora) ํ๋ ˆ์ด์…˜

ํŠนํžˆ ์˜ค๋ผํด์„ ํ†ตํ•œ ์ •๊ธฐ์ ์ธ NAV ์‚ฐ์ •๊ณผ ์ž์‚ฐ ๊ณ ์œ ์˜ ์ฒญ์‚ฐ ๊ธฐ์ค€์ด ํ•„์š”ํ•œ CLO๋‚˜ ์—„๊ฒฉํ•œ ์ปดํ”Œ๋ผ์ด์–ธ์Šค ํ†ต์ œ๊ฐ€ ํ•„์š”ํ•œ ํ† ํฐํ™” ๊ตญ์ฑ„์˜ ๊ฒฝ์šฐ, ๋ณผํŠธ ๋‹จ์œ„๋กœ ๋…๋ฆฝ์ ์ธ ํ›…(Hooks)๊ณผ ํŒŒ๋ผ๋ฏธํ„ฐ๋ฅผ ์ปค์Šคํ…€ ์„ค๊ณ„ํ•  ์ˆ˜ ์žˆ๋Š” ๋ชจ๋“ˆํ˜• ์ธํ”„๋ผ๊ฐ€ ์—†์—ˆ๋‹ค๋ฉด ์˜จ์ฒด์ธ ๋Œ€์ถœ ์ž์‚ฐ์œผ๋กœ ํŽธ์ž…ํ•˜๊ธฐ ๋งค์šฐ ์–ด๋ ค์› ๋‹ค.

๋‹ค๋งŒ ๋™์ผ ์ž์‚ฐยท์˜ค๋ผํดยท๋‹ด๋ณด์— ๋Œ€ํ•œ ์ค‘๋ณต ๋…ธ์ถœ์—์„œ ๋ฐœ์ƒํ•˜๋Š” ๊ฐ„์ ‘์  ๋ฆฌ์Šคํฌ ์ „์ด ๊ฐ€๋Šฅ์„ฑ์€ ์กด์žฌํ•˜๋ฏ€๋กœ, ์˜ค์ผ๋Ÿฌ V2๋Š” ์ด ์œ ์—ฐ์„ฑ๊ณผ ํ†ต์ œ ์‚ฌ์ด์˜ ์ •๊ตํ•œ ๊ท ํ˜•์„ ๊ณผ์ œ๋กœ ๋งˆ์ฃผํ•˜๊ณ  ์žˆ๋‹ค.

์ด์ฒ˜๋Ÿผ ์„ธ ํ”„๋กœํ† ์ฝœ์€ ๊ฐ๊ธฐ ๋‹ค๋ฅธ ์ถœ๋ฐœ์ ๊ณผ ๋ฐฉ๋ฒ•๋ก ์œผ๋กœ ๊ธฐ๊ด€ ํˆฌ์ž์ž์˜ ์ง„์ž… ์žฅ๋ฒฝ์„ ํ•ด๊ฒฐํ•˜๊ณ  ์žˆ๋‹ค.

  • ๋ชจํฌ(Morpho): ๋งˆ์ผ“ ์ƒ์„ฑ๊ณผ ๋ฆฌ์Šคํฌ ์šด์šฉ์„ ์™„์ „ํžˆ ์™ธ๋ถ€ํ™”ํ•˜์—ฌ โ€˜์†๋„์™€ ์„ ํƒ๊ถŒโ€™์„ ๊ทน๋Œ€ํ™”ํ•˜๋˜, ๋ถ„์—…ํ™”๋œ ํ๋ ˆ์ดํ„ฐ ๋ ˆ์ด์–ด์˜ ํ’ˆ์งˆ์„ ๊ฒ€์ฆํ•˜๋Š” ๋ฐ ์ง‘์ค‘ํ•œ๋‹ค.

  • ์•„๋ฒ (Aave): ํ†ต์ œ๋œ ๊ฑฐ๋ฒ„๋„Œ์Šค ์œ„์ž„๊ณผ V4์˜ ํ—ˆ๋ธŒ ์•ค ์Šคํฌํฌ ์•„ํ‚คํ…์ฒ˜๋ฅผ ๊ฒฐํ•ฉํ•˜์—ฌ, โ€˜์ž๋ณธ ํšจ์œจ์„ฑโ€™์„ ํ›ผ์†ํ•˜์ง€ ์•Š์œผ๋ฉด์„œ ์•ˆ์ •์„ฑ์„ ์ง€ํ‚ค๋Š” ํ•˜์ด๋ธŒ๋ฆฌ๋“œ ๋…ธ์„ ์„ ์ทจํ•œ๋‹ค.

  • ์˜ค์ผ๋Ÿฌ(Euler): EVK์™€ EVC๋ฅผ ํ†ตํ•ด ์ž์‚ฐ๋ณ„ ๋…๋ฆฝ์„ฑ๊ณผ ํฌ๋กœ์Šค ๋‹ด๋ณด์˜ ์œ ์—ฐ์„ฑ์„ ๋™์‹œ์— ํ™•๋ณดํ•˜๊ณ , ๋ฉ€ํ‹ฐ ์ŠคํŠธ๋ž˜ํ‹ฐ์ง€ ๊ตฌ์กฐ ์•ˆ์—์„œ ์ตœ์ ์˜ โ€˜๋ฆฌ์Šคํฌ ๊ท ํ˜•โ€™์„ ๋ชจ์ƒ‰ํ•œ๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ ์ด๋“ค์˜ ํ•ด๊ฒฐ ๋ฐฉ์‹์€ ์ƒ์ดํ•˜์ง€๋งŒ, ๊ธฐ์ดˆ ์‹คํ–‰ ์ธํ”„๋ผ์™€ ๋ฆฌ์Šคํฌ ํŒ๋‹จ ๋ ˆ์ด์–ด๋ฅผ ๊ตฌ์กฐ์ ์œผ๋กœ ๋ถ„๋ฆฌํ•˜๊ณ  ์ž์‚ฐ๋ณ„ ๋งž์ถคํ˜• ์œ„ํ—˜ ์กฐ๊ฑด์„ ์„ค๊ณ„ํ•œ๋‹ค๋Š” ๋ฐฉํ–ฅ์„ฑ์œผ๋กœ ์ˆ˜๋ ดํ•˜๊ณ  ์žˆ๋‹ค.

5. ๊ฒฐ๋ก 

์ „ํ†ต ์ž๋ณธ์‹œ์žฅ์—์„œ ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค๋ฆฌ์ง€(Prime Brokerage)๋Š” ํ—ค์ง€ํŽ€๋“œ์˜ ๊ฑฐ๋ž˜, ์ˆ˜ํƒ, ๊ฒฐ์ œ, ๋ ˆ๋ฒ„๋ฆฌ์ง€, ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ๋ฅผ ์ข…ํ•ฉ์ ์œผ๋กœ ์ง€์›ํ•˜๋Š” ํ•ต์‹ฌ ์ธํ”„๋ผ๋กœ ์ž๋ฆฌ ์žก๋Š” ๋ฐ ์ˆ˜์‹ญ ๋…„์ด ๊ฑธ๋ ธ๋‹ค.

2008๋…„ ๋ฆฌ๋จผ ๋ธŒ๋ผ๋”์Šค ํŒŒ์‚ฐ๊ณผ ๋ฆฌ์ €๋ธŒ ํ”„๋ผ์ด๋จธ๋ฆฌ ํŽ€๋“œ์˜ ๋ฑ…ํฌ๋Ÿฐ ์‚ฌํƒœ๋Š” ๊ฐ๊ฐ ๋ฆฌ์Šคํฌ๋ฅผ ๊ทน๋ช…ํ•˜๊ฒŒ ๋“œ๋Ÿฌ๋ƒˆ๊ณ , ์ดํ›„ ์‹œ์žฅ์€ ์ˆ˜ํƒ, ๋‹ด๋ณด, ์œ ๋™์„ฑ ๊ด€๋ฆฌ ๋ฐ ์—ญํ•  ๋ถ„๋ฆฌ์— ๋”์šฑ ๋ฏผ๊ฐํ•ด์กŒ๋‹ค.

๋ฐ˜๋ฉด DeFi ์ƒํƒœ๊ณ„๋Š” ์ด์™€ ์œ ์‚ฌํ•œ ๊ตฌ์กฐ์  ๋ฐฉํ–ฅ์„ฑ๊ณผ ๋ฌธ์ œ์˜์‹์— ํ›จ์”ฌ ์งง์€ ์‹œ๊ฐ„ ์•ˆ์— ๋„๋‹ฌํ–ˆ๋‹ค. ์ด์ฒ˜๋Ÿผ ๋น ๋ฅด๊ฒŒ ๋Œ€์‘ํ•  ์ˆ˜ ์žˆ์—ˆ๋˜ ์ด์œ ๋Š” ์ฝ”๋“œ๊ฐ€ ์ œ๋„๋ณด๋‹ค ๋น ๋ฅด๊ฒŒ ์›€์ง์˜€๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

์ดˆ๊ธฐ ๊ณต์œ  ๋ฆฌ์Šคํฌ ๊ตฌ์กฐ๊ฐ€ ๊ฑฐ๋ฒ„๋„Œ์Šค ๋ณ‘๋ชฉ์„ ๊ฒฝํ—˜ํ•˜๊ณ , ์˜ˆ๊ธฐ์น˜ ๋ชปํ•œ ์ต์Šคํฌ์ €์™€ ๋ถ€์‹ค ์ž์‚ฐ ์ „ํŒŒ ๋ฆฌ์Šคํฌ๋ฅผ ๊ฒช์€ ๋’ค, ๋ชจํฌ, ์•„๋ฒ , ์˜ค์ผ๋Ÿฌ ๋“ฑ์ด ๋ฆฌ์Šคํฌ ๊ฒฉ๋ฆฌ์™€ ์šด์šฉ ๋ถ„๋ฆฌ ๊ตฌ์กฐ๋ฅผ ์˜จ์ฒด์ธ์— ๊ตฌํ˜„ํ•˜๊ธฐ๊นŒ์ง€ ๊ฑธ๋ฆฐ ์‹œ๊ฐ„์€ ๋งค์šฐ ์งง์•˜๋‹ค. DeFi ์‹œ์žฅ์€ ์‹ค์ œ ์ž๋ณธ์˜ ์†์‹ค๊ณผ ์•„ํ‚คํ…์ฒ˜์˜ ์žฌ๊ฑด์„ ๋ฐ˜๋ณตํ•˜๋ฉฐ ์••์ถ•์ ์œผ๋กœ ํ•™์Šตํ•ด ์˜จ ์…ˆ์ด๋‹ค.

์ „ํ†ต ๊ธˆ์œต์˜ ์—ญ์‚ฌ์—์„œ๋„ ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค๋ฆฌ์ง€ ๊ฐ™์€ ์ธํ”„๋ผ์˜ ์„ฑ์ˆ™์€ ํ—ค์ง€ํŽ€๋“œ ์‚ฐ์—… ์„ฑ์žฅ์˜ ์ค‘์š”ํ•œ ์กฐ๊ฑด ์ค‘ ํ•˜๋‚˜์˜€๋‹ค. 2008๋…„ ์ดํ›„ ํ—ค์ง€ํŽ€๋“œ ์ „์ฒด ์šด์šฉ์ž์‚ฐ(AUM)์€ ์ธํ”„๋ผ์˜ ์•ˆ์ •ํ™”์™€ ํ•จ๊ป˜ ๊ธฐ๊ด€ ์ž๊ธˆ ์œ ์ž… ๋“ฑ์ด ๋งž๋ฌผ๋ฆฌ๋ฉฐ $2์กฐ์— ์œก๋ฐ•ํ–ˆ๋‹ค. ๋‚˜์•„๊ฐ€ 2015๋…„๋ถ€ํ„ฐ 2025๋…„ ์‚ฌ์ด์—๋งŒ $1.4์กฐ์—์„œ $4.5์กฐ ๊ทœ๋ชจ๋กœ ๊ธ‰์„ฑ์žฅํ–ˆ๋‹ค. ์ธํ”„๋ผ๊ฐ€ ์„ฑ์ˆ™ํ•˜์ž ๊ทธ ์œ„์˜ ์šด์šฉ ๋ ˆ์ด์–ด์—์„œ ๋ณธ๊ฒฉ์ ์ธ ์ „๋žต ๋ฐ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ ๊ฒฝ์Ÿ์ด ์‹œ์ž‘๋๊ณ , ํƒ์›”ํ•œ ์—ญ๋Ÿ‰์„ ์ฆ๋ช…ํ•œ ์šด์šฉ์‚ฌ๋“ค์ด ์‹œ์žฅ์˜ ์ž๋ณธ์„ ํก์ˆ˜ํ–ˆ๋‹ค.

์˜จ์ฒด์ธ ๋Œ€์ถœ ์‹œ์žฅ๋„ ์œ ์‚ฌํ•œ ์ „ํ™˜์ ์— ์ง„์ž…ํ•˜๊ณ  ์žˆ๋‹ค. ๋ชจํฌ, ์•„๋ฒ  V4, ์˜ค์ผ๋Ÿฌ V2๊ฐ€ ๋ชจ๋‘ ๋ฆฌ์Šคํฌ ๊ฒฉ๋ฆฌ์™€ ์šด์šฉ ๋ถ„๋ฆฌ๋ผ๋Š” ๊ฑฐ๋Œ€ํ•œ ๋ฐฉํ–ฅ์„ฑ์œผ๋กœ ์ˆ˜๋ ดํ•˜๊ณ  ์žˆ๋Š” ์ง€๊ธˆ, ์ด์ œ ์‹œ์žฅ์˜ ํ•ต์‹ฌ์€ ๊ทธ ์œ„์—์„œ ํŽผ์ณ์งˆ โ€˜์šด์šฉ ๋ ˆ์ด์–ด์˜ ๊ฒฝ์Ÿโ€™์ด๋‹ค.

ํ˜„์žฌ ์˜จ์ฒด์ธ ํ๋ ˆ์ด์…˜ ๋ณผํŠธ์˜ ์ด ์šด์šฉ์ž์‚ฐ์€ ์•ฝ $74์–ต ์ˆ˜์ค€์ด๋‹ค. ํ—ค์ง€ํŽ€๋“œ ์‚ฐ์—…์ด ์ธํ”„๋ผ ์ •๋น„ ์ดํ›„ ํฐ ํญ์œผ๋กœ ์„ฑ์žฅํ•œ ์ ์„ ๊ฐ์•ˆํ•˜๋ฉด, ์ง€๊ธˆ์˜ ์˜จ์ฒด์ธ ์‹ ์šฉ ์‹œ์žฅ์€ ๊ฑฐ๋Œ€ํ•œ ์„ฑ์žฅ์˜ ์ดˆ์ž…์— ์„œ ์žˆ๋Š” ๊ฒƒ๊ณผ ๊ฐ™๋‹ค.

๊ณผ๊ฑฐ ์ „ํ†ต ๊ธˆ์œต์—์„œ ํ”„๋ผ์ž„ ๋ธŒ๋กœ์ปค๋ฆฌ์ง€ ์ธํ”„๋ผ๋Š” ๊ณจ๋“œ๋งŒ์‚ญ์Šค์™€ ๋ชจ๊ฑด์Šคํƒ ๋ฆฌ๊ฐ€ ์‹œ์žฅ์„ ๊ณผ์ ํ–ˆ๊ณ , ํ—ค์ง€ํŽ€๋“œ๊ฐ€ ์ด ์ธํ”„๋ผ์— ์ ‘๊ทผํ•˜๋ ค๋ฉด ๊ทธ๋“ค์˜ ์กฐ๊ฑด์„ ์ „์ ์œผ๋กœ ์ˆ˜์šฉํ•ด์•ผ ํ–ˆ๋‹ค. ํ•˜์ง€๋งŒ ์˜จ์ฒด์ธ ์ธํ”„๋ผ๋Š” ๋‹ค๋ฅด๋‹ค. ๋ชจํฌ๋‚˜ ์˜ค์ผ๋Ÿฌ ์œ„์—์„œ ๋งˆ์ผ“์„ ์—ฌ๋Š” ๋ฐ ์–ด๋–ค ๊ธฐ๊ด€์˜ ํ—ˆ๋ฝ๋„ ํ•„์š”ํ•˜์ง€ ์•Š๋‹ค.

์ธํ”„๋ผ์˜ ๋…์ ์ด ๊นจ์ง„ ๋งŒํผ, ์˜จ์ฒด์ธ ์šด์šฉ ๋ ˆ์ด์–ด์—์„œ์˜ ๊ฒฝ์Ÿ์€ ์ „ํ†ต ๊ธˆ์œต๋ณด๋‹ค ๋” ๊ฐœ๋ฐฉ์ ์ด๊ณ  ๋น ๋ฅด๊ฒŒ ์ „๊ฐœ๋  ๊ฐ€๋Šฅ์„ฑ์ด ํฌ๋‹ค. ๊ณผ๊ฑฐ ์ „ํ†ต ๊ธˆ์œต์—์„œ๋Š” ๋ธŒ๋ฆฟ์ง€์›Œํ„ฐ(Bridgewater), ๋ฐ€๋ ˆ๋‹ˆ์—„(Millennium), ์‹œํƒ€๋ธ(Citadel) ๊ฐ™์€ ํ—ค์ง€ํŽ€๋“œ ํ”Œ๋žซํผ์ด๋‚˜ ๋ธ”๋ž™์Šคํ†ค(Blackstone), ์•„ํด๋กœ(Apollo) ๊ฐ™์€ ๋Œ€์ฒดํˆฌ์ž ์šด์šฉ์‚ฌ๊ฐ€ ์šด์šฉ ์—ญ๋Ÿ‰๊ณผ ์ธํ”„๋ผ ์ ‘๊ทผ์„ฑ์„ ๋ฐ”ํƒ•์œผ๋กœ ๋Œ€๊ทœ๋ชจ ์ž๋ณธ์„ ๋Œ์–ด๋‹น๊ฒผ๋‹ค.

์ด์ œ ์˜จ์ฒด์ธ์—์„œ๋„ ๋‹ด๋ณด ์‹ฌ์‚ฌ, ๋ฆฌ์Šคํฌ ์„ค๊ณ„, ๊ธฐ๊ด€ ๊ทœ์ œ ๋Œ€์‘, ๊ทธ๋ฆฌ๊ณ  ํŠธ๋ž™๋ ˆ์ฝ”๋“œ ๊ตฌ์ถ• ์—ญ๋Ÿ‰์„ ๊ฐ–์ถ˜ ์ฃผ์ฒด๋ผ๋ฉด, ์ „ํ†ต ๊ธˆ์œต๋ณด๋‹ค ๋‚ฎ์€ ์ธํ”„๋ผ ์žฅ๋ฒฝ ์œ„์—์„œ ์ƒˆ๋กœ์šด ์‹ ์šฉ ์‹œ์žฅ์˜ ๊ธฐํšŒ๋ฅผ ํฌ์ฐฉํ•  ์ˆ˜ ์žˆ๊ฒŒ ๋˜์—ˆ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ ์ด์šฉ ์•ˆ๋‚ด

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋กœ๊ณ ๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[๋น„ํŠธ์ฝ”์ธ ์ „๋žต ์ค€๋น„๊ธˆ, ์–ธ์ œ ๋น„ํŠธ์ฝ”์ธ์— ์˜ํ–ฅ์„ ์ค„ ์ˆ˜ ์žˆ๋Š”๊ฐ€? ]]>https://reports.tiger-research.com/p/us-bitcoin-strategic-reserve-what-korhttps://reports.tiger-research.com/p/us-bitcoin-strategic-reserve-what-korFri, 12 Jun 2026 12:03:02 GMT๋น„ํŠธ์ฝ”์ธ ์ „๋žต์  ๋น„์ถ• ์†Œ์‹์€ ์–ด๋А์ƒˆ 2๋…„ ๋™์•ˆ ์ด์–ด์ ธ ์™”์Šต๋‹ˆ๋‹ค. 2024๋…„์—๋Š” ๋น„ํŠธ์ฝ”์ธ ๋งค์ž…์„ ์ค‘์ ์œผ๋กœ ๊ผฝ์•˜์ง€๋งŒ, ARMA๋Š” ๋งค์ž… ๋‚ด์šฉ์ด ์—†์Šต๋‹ˆ๋‹ค. ๊ณผ์—ฐ ์‹œ์žฅ์— ํ˜ธ์žฌ์ผ๊นŒ์š”?

Key Takeaways

  • ํŠธ๋Ÿผํ”„ ํ–‰์ •๋ช…๋ น(2025.3)์€ ๊ธฐ์กด ๋ณด์œ  ๋น„ํŠธ์ฝ”์ธ์„ ํŒ”์ง€ ์•Š๊ฒ ๋‹ค๋Š” ์•ฝ์†์ด์—ˆ๋‹ค. ์ƒˆ๋กœ ๋งค์ž…ํ•˜๊ฒ ๋‹ค๋Š” ๊ฒƒ์ด ์•„๋‹ˆ๋‹ค. ์„œ๋ช… ํ›„ ์‹œ์žฅ์ด ๊ธฐ๋Œ€ํ•œ ๊ฒƒ๊ณผ ๋‹ฌ๋ž๊ณ , ๊ฐ€๊ฒฉ์€ ์ฆ‰๊ฐ 5.7% ๊ธ‰๋ฝํ–ˆ๋‹ค.

  • 2024๋…„๋ถ€ํ„ฐ ์‹œ์ž‘๋œ ์ž…๋ฒ• ์‹œ๋„๋Š” 2๋…„ ๋งŒ์— 100๋งŒ BTC ์˜๋ฌด ๋งค์ž…์—์„œ ๋งค์ž… ์กฐํ•ญ ์—†๋Š” ๋ณด๊ด€ ๋ฒ•์•ˆ์œผ๋กœ ํ›„ํ‡ดํ–ˆ๋‹ค.

  • ํ˜„์žฌ ํ†ต๊ณผ ๊ฐ€๋Šฅ์„ฑ์ด ๊ฐ€์žฅ ๋†’์€ ARMA๋Š” ๋งค์ž… ๋ฒ•์•ˆ์ด ์•„๋‹ˆ๋‹ค. ์ •๋ถ€๊ฐ€ ์••์ˆ˜ํ•œ ๋น„ํŠธ์ฝ”์ธ์„ 20๋…„๊ฐ„ ํŒ”์ง€ ๋ชปํ•˜๊ฒŒ ํ•˜๋Š” ๋ฒ•์•ˆ์ด๋‹ค.

  • ARMA๋Š” ๋‹จ๊ธฐ์ ์œผ๋กœ ์˜ํ–ฅ์ด ์ ์„ ๊ฒƒ์ด๋‹ค. ํ•˜์ง€๋งŒ, ๋น„ํŠธ์ฝ”์ธ์ด ๋ฏธ๊ตญ ๊ตญ๊ฐ€ ์ค€๋น„ ์ž์‚ฐ์˜ ์ง€์œ„๋ฅผ ์Šต๋“ํ•˜๋ฉด์„œ ๋งค์ž… ๋…ผ์˜๊ฐ€ ๋‹ค์‹œ ์ด์–ด์งˆ ์ˆ˜ ์žˆ๋‹ค. ๊ทธ๋Ÿฌํ•œ ์ ์„ ๋ดค์„ ๋•Œ, ์žฅ๊ธฐ์ ์œผ๋กœ๋Š” ์‹œ์žฅ์— ๊ธ์ •์ ์ธ ์˜ํ–ฅ์„ ์ค„ ๊ฒƒ์ด๋‹ค.


1. ๋ฏธ๊ตญ, ๋น„ํŠธ์ฝ”์ธ ์ „๋žต ์ค€๋น„๊ธˆ ๊ณผ๊ฑฐ์™€ ํ˜„ํ™ฉ

ํŠธ๋Ÿผํ”„๋Š” 2024๋…„ ๋Œ€์„  ๋‚ด๋‚ด ๋น„ํŠธ์ฝ”์ธ ์ „๋žต ์ค€๋น„๊ธˆ ๊ตฌ์ƒ์„ ๊ณต์•ฝ์œผ๋กœ ๋‚ด๊ฑธ์—ˆ๋‹ค. ์‹œ์žฅ์€ ๋‹น์„  ์ดํ›„ ์ •๋ถ€๊ฐ€ ์ง์ ‘ ๋น„ํŠธ์ฝ”์ธ์„ ์‚ฌ๋“ค์ผ ๊ฒƒ์œผ๋กœ ๋ดค๋‹ค.

ํ•˜์ง€๋งŒ ๋‹น์„  ์ดํ›„ 2025๋…„ 3์›” 6์ผ, ํŠธ๋Ÿผํ”„๋Š” ํ–‰์ •๋ช…๋ น ํ•˜๋‚˜์— ์„œ๋ช…ํ–ˆ๋‹ค. ๋ฒ”์ฃ„ ์ˆ˜์‚ฌ๋‚˜ ๋ชฐ์ˆ˜๋กœ ์ทจ๋“ํ•œ ๋น„ํŠธ์ฝ”์ธ์„ ์ „๋žต ์ค€๋น„๊ธˆ์œผ๋กœ ์ง€์ •ํ•˜๊ณ , ์˜๊ตฌ ๋ณด์œ ํ•œ๋‹ค๋Š” ๋‚ด์šฉ์ด์—ˆ๋‹ค. ์‹ ๊ทœ ๋งค์ž… ๋ช…๋ น์€ ์—†์—ˆ๋‹ค. ํ–‰์ •๋ช…๋ น์ด ๋‹ด์€ ๊ฒƒ์€ ๊ธฐ์กด ๋ณด์œ ๋ถ„์„ ํŒ”์ง€ ์•Š๊ฒ ๋‹ค๋Š” ์•ฝ์†๋ฟ์ด์—ˆ๋‹ค. ๋น„ํŠธ์ฝ”์ธ ๊ฐ€๊ฒฉ์€ ๊ธฐ๋Œ€๊ฐ€ ๊บผ์ง€๋ฉฐ $92,000์—์„œ $85,000 ์•„๋ž˜๋กœ 5.7% ๊ธ‰๋ฝํ–ˆ๋‹ค.

๋‹น์‹œ ๋ฏธ๊ตญ ์ •๋ถ€๊ฐ€ ์ฅ๊ณ  ์žˆ๋˜ ๋น„ํŠธ์ฝ”์ธ์€ ์•ฝ 19๋งŒ ๊ฐœ์˜€๋‹ค. ์ด ๋ฐœํ–‰๋Ÿ‰ 2,100๋งŒ ๊ฐœ์˜ ์•ฝ 0.9%๋‹ค. ์ „๋Ÿ‰ ๋ฒ”์ฃ„ ์ˆ˜์‚ฌ์™€ ๋ฏผ์‚ฌ ๋ชฐ์ˆ˜๋กœ ์Œ“์ธ ๋ฌผ๋Ÿ‰์ด๋‹ค. ์ •๋ถ€๋Š” ์ด 19๋งŒ ๊ฐœ๋ฅผ ํŒ”์ง€ ์•Š๊ฒ ๋‹ค๊ณ  ํ–ˆ์„ ๋ฟ, ํ•˜๋‚˜์˜ ๋น„ํŠธ์ฝ”์ธ๋„ ์‚ฌ์ง€ ์•Š์•˜๋‹ค.

์ง€๊ธˆ๋„ ์ƒํ™ฉ์€ ๊ฐ™๋‹ค. ํ–‰์ •๋ช…๋ น ์™ธ์— ๋ฒ•๋ฅ ๋กœ ํ™•์ •๋œ ๋‚ด์šฉ์€ ์—†๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ๋ฏธ๊ตญ ๋น„ํŠธ์ฝ”์ธ ์ „๋žต ์ค€๋น„๊ธˆ ์ž…๋ฒ• ์—ญ์‚ฌ

2021๋…„๋ถ€ํ„ฐ ์‹œ์ž‘๋œ ๋…ผ์˜๋Š” 2024๋…„ ์ฒซ ๋ฒ•์•ˆ์œผ๋กœ ๊ตฌ์ฒดํ™”๋๊ณ , 2025๋…„ ์žฌ๋ฐœ์˜๋ฅผ ๊ฑฐ์ณ 2026๋…„ ARMA๋กœ ๋ณ€ํ˜•๋๋‹ค. ํ•ต์‹ฌ์€ ์ด ๊ณผ์ •์—์„œ ๋ฒ•์•ˆ์ด ์ ์  ํ˜„์‹ค๊ณผ ํƒ€ํ˜‘ํ–ˆ๋‹ค๋Š” ์ ์ด๋‹ค. ์˜๋ฌด ๋งค์ž… ๊ทœ๋ชจ๋Š” ์œ ์ง€๋๋‹ค๊ฐ€ ๊ฒฐ๊ตญ ์‚ญ์ œ๋๊ณ , ํ†ต๊ณผ ๊ฐ€๋Šฅ์„ฑ์„ ๋†’์ด๋Š” ๋Œ€์‹  ์‹œ์žฅ์— ์ฃผ๋Š” ์ถฉ๊ฒฉ์€ ์ค„์—ˆ๋‹ค.

2.1. 2024๋…„: ์ฒซ ๋ฒ•์•ˆ, ๊ฐ€์žฅ ๊ณต๊ฒฉ์ ์ธ ๋ฒ„์ „

Lummis ์˜์›์€ 2021๋…„ ์ƒ์› ์ž…์„ฑ ์งํ›„๋ถ€ํ„ฐ ๋น„ํŠธ์ฝ”์ธ์„ ์—ฐ๋ฐฉ ์ค€๋น„์ž์‚ฐ์— ํŽธ์ž…ํ•ด์•ผ ํ•œ๋‹ค๊ณ  ๊ณต๊ฐœ ์„์ƒ์—์„œ ๋ฐ˜๋ณตํ–ˆ๋‹ค. ๋‹น์‹œ ์˜ํšŒ ์•ˆ์—๋Š” ๊ณต๊ฐ๋Œ€๊ฐ€ ์—†์—ˆ๋‹ค. 2022~2023๋…„ ํฌ๋ฆฝํ†  ์œˆํ„ฐ์™€ FTX ๋ถ•๊ดด๋ฅผ ๊ฑฐ์น˜๋ฉด์„œ ๋…ผ์˜๋Š” ๋” ์›€์ธ ๋Ÿฌ๋“ค์—ˆ๋‹ค.

๋ถ„์œ„๊ธฐ๊ฐ€ ๋ฐ”๋€ ๊ฒƒ์€ 2024๋…„์ด๋‹ค. ๋น„ํŠธ์ฝ”์ธ์ด $10๋งŒ์„ ๋ŒํŒŒํ•˜๊ณ  ํ˜„๋ฌผ ETF๊ฐ€ ์Šน์ธ๋๋‹ค. Lummis๋Š” ๊ทธํ•ด 7์›” ์ฒ˜์Œ์œผ๋กœ ๊ตฌ์ฒด์ ์ธ ๋ฒ•์•ˆ์„ ๋ฐœ์˜ํ–ˆ๋‹ค. 5๋…„๊ฐ„ 100๋งŒ ๋น„ํŠธ์ฝ”์ธ์„ ์˜๋ฌด ๋งค์ž…ํ•˜๊ณ , 20๋…„๊ฐ„ ๋ณด์œ ํ•œ๋‹ค๋Š” ๋‚ด์šฉ์ด์—ˆ๋‹ค. ์žฌ์›์€ ์—ฐ๋ฐฉ์ค€๋น„์ œ๋„ ์ž‰์—ฌ๊ธˆ์—์„œ ๋Œ์–ด์˜ค๋„๋ก ๋ช…์‹œํ–ˆ๋‹ค.

100๋งŒ ๊ฐœ๋Š” ์ด ๋ฐœํ–‰๋Ÿ‰์˜ 4.76%๋กœ, ์ŠคํŠธ๋ž˜ํ‹ฐ์ง€ ๋ณด์œ ๋Ÿ‰(์•ฝ 84๋งŒ ๊ฐœ)๋ณด๋‹ค ๋งŽ๋‹ค. ํ•˜์ง€๋งŒ ๋ฒ•์•ˆ์€ ๊ฐ™์€ ํ•ด ํšŒ๊ธฐ๊ฐ€ ๋๋‚˜๋ฉฐ ์ž๋™ ํ๊ธฐ๋๋‹ค.

2.2. 2025๋…„: ์žฌ๋ฐœ์˜, ๊ทธ๋Ÿฌ๋‚˜ ์˜ํšŒ์˜ ๋ฒฝ

2025๋…„ 3์›”, Lummis๋Š” ํŠธ๋Ÿผํ”„ ํ–‰์ •๋ช…๋ น๊ณผ ๊ฐ™์€ ๋‹ฌ์— BITCOIN Act S. 954๋ฅผ ์ƒ์›์— ์žฌ๋ฐœ์˜ํ–ˆ๋‹ค. ํ•ต์‹ฌ ๊ณจ๊ฒฉ์€ ๊ฐ™์•˜๋‹ค. ์—ฐ๊ฐ„ 200,000 BTC์”ฉ 5๋…„๊ฐ„ ๋งค์ž…ํ•ด 100๋งŒ ๊ฐœ๋ฅผ ๋น„์ถ•ํ•˜๊ณ , 20๋…„๊ฐ„ ํŒ”์ง€ ์•Š๋Š”๋‹ค. 2024๋…„ ๋ฒ„์ „๊ณผ ๋‹ฌ๋ผ์ง„ ์ ์€ ๋งค๊ฐ ์˜ˆ์™ธ ์กฐํ•ญ์„ ์‚ญ์ œํ•ด ๋ณด์œ  ์˜๋ฌด๋ฅผ ๋” ๊ฐ•ํ•˜๊ฒŒ ํ•˜๋Š” ๊ฒƒ์ด๋‹ค. ๊ณต๋™ ๋ฐœ์˜์ž๋„ 5๋ช…์œผ๋กœ ๋Š˜์—ˆ๋‹ค.

์‹œ์žฅ ๋ฐ˜์‘์€ ๊ธ์ •์ ์ด์—ˆ์œผ๋‚˜ ํ˜„์‹ค์ ์ธ ๋ฌธ์ œ๋“ค์ด ์žˆ์—ˆ๋‹ค.

  1. ์žฌ์ •: 100๋งŒ ๋น„ํŠธ์ฝ”์ธ์€ ํ˜„์žฌ๊ฐ€๋กœ ์ˆ˜๋ฐฑ์กฐ ์› ๊ทœ๋ชจ๋‹ค. ๊ณตํ™”๋‹น ๋‚ด ์žฌ์ •๋ณด์ˆ˜ํŒŒ๋Š” โ€œ๊ธˆ์€ ๊ฐ€๊ฒฉ์ด ์•ˆ์ •์ ์ด์ง€๋งŒ ๋น„ํŠธ์ฝ”์ธ์€ ํˆฌ๊ธฐ ์ž์‚ฐโ€์ด๋ผ๋ฉฐ ์˜๋ฌด ๋งค์ž… ๊ตฌ์กฐ์— ๋ฐ˜๋Œ€ํ–ˆ๋‹ค.

  2. ๋‹ฌ๋Ÿฌ ํŒจ๊ถŒ๋ก : ๋ฏผ์ฃผ๋‹น Maxine Waters๋ฅผ ์ค‘์‹ฌ์œผ๋กœ โ€œ๋น„ํŠธ์ฝ”์ธ์„ ์ค€๋น„์ž์‚ฐ์œผ๋กœ ํŽธ์ž…ํ•˜๋ฉด ๋‹ฌ๋Ÿฌ์˜ ๊ธฐ์ถ•ํ†ตํ™” ์ง€์œ„๋ฅผ ์Šค์Šค๋กœ ํ›ผ์†ํ•œ๋‹คโ€๋Š” ๋ฐ˜๋ก ์ด ๋‚˜์™”๋‹ค.

  3. ์žฌ๋ฌด์žฅ๊ด€์˜ ๋ฐœ์–ธ: 2025๋…„ 8์›”, Bessent ์žฌ๋ฌด์žฅ๊ด€์ด โ€œ์ถ”๊ฐ€ ๋น„ํŠธ์ฝ”์ธ ๋งค์ž…์€ ํ•˜์ง€ ์•Š๊ฒ ๋‹คโ€๊ณ  ๊ณต๊ฐœ ๋ฐœ์–ธํ–ˆ๋‹ค. ๋ฒ•์•ˆ์˜ ํ•ต์‹ฌ ์ง‘ํ–‰์ž๊ฐ€ ๋ฐ˜๋Œ€ ์ž…์žฅ์„ ํ‘œ๋ช…ํ•œ ๊ฒƒ์ด๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ ๋ฒ•์•ˆ์€ ์ƒ์› ์€ํ–‰์œ„์›ํšŒ์— ๊ณ„๋ฅ˜๋๋‹ค.

2.3. 2026๋…„: ARMA, ํƒ€ํ˜‘์˜ ์‚ฐ๋ฌผ

2026๋…„ 5์›”, ํ•˜์›์˜์› Nick Begich๊ฐ€ ARMA(๋ฏธ๊ตญ ์ค€๋น„๊ธˆ ํ˜„๋Œ€ํ™”๋ฒ•)๋ฅผ ๋ฐœ์˜ํ–ˆ๋‹ค. ๋ฏผ์ฃผ๋‹น ์˜์› Jared Golden์ด ๊ณต๋™ ๋ฐœ์˜์ž๋กœ ํ•ฉ๋ฅ˜ํ–ˆ๋‹ค. ๋ฒ•์•ˆ ๋ช…์นญ๋ถ€ํ„ฐ ๋ฐ”๊พผ ๊ฒƒ์€ ๊ธฐ์กด ํ•œ๊ณ„๋ฅผ ๋œ์–ด๋‚ด๊ณ  ์ง€์ง€๋ฅผ ๋Œ์–ด๋‚ด๊ธฐ ์œ„ํ•œ ์ „๋žต์ด๋‹ค.

ARMA์˜ ํ•ต์‹ฌ์€ ๋‘ ๊ฐ€์ง€๋‹ค.

  1. ์—ฐ๋ฐฉ ์ •๋ถ€๊ฐ€ ๋ณด์œ ํ•˜๊ฑฐ๋‚˜ ๋ชฐ์ˆ˜ํ•œ ๋น„ํŠธ์ฝ”์ธ์„ ์žฌ๋ฌด๋ถ€ ์‚ฐํ•˜ ๋‹จ์ผ ์ค€๋น„๊ธˆ์œผ๋กœ ํ†ตํ•ฉ

  2. ์ตœ์†Œ 20๋…„๊ฐ„ ๋งค๊ฐ์„ ๊ธˆ์ง€ํ•˜๋ฉฐ ๋งค๊ฐ์ด ํ—ˆ์šฉ๋˜๋Š” ์œ ์ผํ•œ ๊ฒฝ์šฐ๋Š” ๊ตญ๊ฐ€ ๋ถ€์ฑ„ ์ƒํ™˜

ํŠนํžˆ ๊ฒฐ์ •์  ์ฐจ์ด๋Š” ๋งค์ž… ์กฐํ•ญ์ด๋‹ค. BITCOIN Act๋Š” ์—ฐ๊ฐ„ 200,000 BTC ๋งค์ž…์„ ์˜๋ฌด๋กœ ๊ทœ์ •ํ–ˆ๋‹ค. ARMA๋Š” ํ•ด๋‹น ์˜๋ฌด๋ฅผ ์ง€์› ์œผ๋ฉฐ ๋Œ€์‹  ์žฌ๋ฌด๋ถ€์™€ ์ƒ๋ฌด๋ถ€์— ์˜ˆ์‚ฐ ์ค‘๋ฆฝ์  ๋ฐฉ์‹์˜ ์ถ”๊ฐ€ ๋งค์ž… ๊ฐ€๋Šฅ์„ฑ์„ 180์ผ ๋‚ด์— โ€œ์—ฐ๊ตฌํ•ด ๋ณด๊ณ ํ•˜๋ผโ€๊ณ ๋งŒ ์ง€์‹œํ–ˆ๋‹ค.

์ฆ‰, ์‹ ๊ทœ ๋งค์ž…์ด ์—†๋Š” ๋ฒ•์•ˆ์œผ๋กœ ๋งค์ž…์ด ๋ณด์žฅ๋˜์ง€ ์•Š๋Š” ๋ฒ•์•ˆ์œผ๋กœ ํ†ต๊ณผ๋ฅผ ๋ชฉ์ ์œผ๋กœ ํ•˜๋Š” ๋ฒ•์•ˆ์ธ ๊ฒƒ์ด๋‹ค.

3. ๋น„ํŠธ์ฝ”์ธ ์ „๋žต ์ค€๋น„๊ธˆ, ๋‹จ๊ธฐ ํ˜ธ์žฌ ์•„๋‹ˆ๋‹ค.

ํ˜„์žฌ ์˜ํšŒ์—๋Š” ๋‘ ๋ฒ•์•ˆ์ด ๋ณ‘ํ–‰ ์ค‘์ด๋‹ค. Lummis์˜ BITCOIN Act(S.954)๋Š” ์ƒ์›, Begich์˜ ARMA๋Š” ํ•˜์›์—์„œ ๊ฐ๊ฐ ์œ„์›ํšŒ์— ๊ณ„๋ฅ˜๋ผ ์žˆ๋‹ค. ๋‘˜์˜ ๋ชฉํ‘œ๋Š” ๋‹ค๋ฅด๋‹ค. BITCOIN Act๋Š” ๋งค์ž… ๋ฒ•์•ˆ์ด๊ณ , ARMA๋Š” ๋ณด๊ด€ ๋ฒ•์•ˆ์ด๋‹ค.

ํ˜„์‹ค์ ์œผ๋กœ ๋จผ์ € ์›€์ง์ผ ๊ฐ€๋Šฅ์„ฑ์ด ๋†’์€ ์ชฝ์€ ARMA๋‹ค. BITCOIN Act๋Š” ๊ณตํ™”๋‹น ๋‹จ๋… ๋ฐœ์˜์— ์žฌ์ • ๋…ผ๋ž€๊นŒ์ง€ ์–นํ˜€ 1๋…„ ๋„˜๊ฒŒ ์œ„์›ํšŒ ๋ฐ–์œผ๋กœ ๋‚˜์˜ค์ง€ ๋ชปํ–ˆ๋‹ค. ARMA๋Š” ๋ฏผ์ฃผ๋‹น ์˜์›์ด ๊ณต๋™ ๋ฐœ์˜์ž๋กœ ๋ถ™์—ˆ๊ณ , ์‹ ๊ทœ ๋งค์ž… ์˜๋ฌด๋„ ์—†๋‹ค. ๋ฐ˜๋Œ€ํ•  ๋ช…๋ถ„์ด ์ค„์—ˆ๋‹ค.

๊ทธ๋ ‡๋‹ค๊ณ  ARMA ํ†ต๊ณผ๊ฐ€ ๊ณง ํ˜ธ์žฌ๋Š” ์•„๋‹ˆ๋‹ค. ARMA๊ฐ€ ํ†ต๊ณผ๋˜๋ฉด ๋ฏธ๊ตญ ์ •๋ถ€๊ฐ€ ์ฅ” ์•ฝ 32๋งŒ ๊ฐœ ๋น„ํŠธ์ฝ”์ธ์€ ์ตœ์†Œ 20๋…„๊ฐ„ ์‹œ์žฅ์— ๋‚˜์˜ค์ง€ ์•Š๋Š”๋‹ค. ๋งค๋„ ์••๋ ฅ์ด ๋ฒ•์ ์œผ๋กœ ์‚ฌ๋ผ์ง„๋‹ค. ๋ฌธ์ œ๋Š” ์‹ ๊ทœ ๋งค์ž… ์˜๋ฌด๊ฐ€ ์—†๊ธฐ์— ์‹œ์žฅ์— ์œ ๋™์„ฑ ๊ณต๊ธ‰๋„ ์—†๋‹ค๋Š” ๊ฒƒ์ด๋‹ค. ์‹œ์žฅ์ด ์›ํ•˜๋Š” ๊ฒƒ์€ ์ •๋ถ€๊ฐ€ ์ง์ ‘ ๋น„ํŠธ์ฝ”์ธ์„ ์‚ฌ๋“ค์ด๋Š” ๊ฒƒ์ด์ง€๋งŒ, ARMA๋Š” ์ด์™€ ๋‹ค๋ฅด๋‹ค. 2025๋…„ 3์›” ํ–‰์ •๋ช…๋ น์„ ๋ฒ•๋ฅ ๋กœ ๊ฒฉ์ƒ์‹œํ‚ค๋Š” ๊ฒƒ์— ๊ฐ€๊น๋‹ค.

๊ทธ๋Ÿฌ๋‚˜ ARMA ๋‹ค์Œ์„ ๋ด์•ผ ํ•œ๋‹ค. ์—ฌ๊ธฐ์„œ ์ค‘์š”ํ•œ ๊ฒƒ์€ ์ด ๋ฒ•์•ˆ์„ ๋ฐœ์˜ํ•œ ์‚ฌ๋žŒ์ด ๋ˆ„๊ตฌ๋ƒ๋Š” ๊ฒƒ์ด๋‹ค.

Nick Begich๋Š” 2013๋…„๋ถ€ํ„ฐ ๋น„ํŠธ์ฝ”์ธ์— ํˆฌ์žํ•ด ์™”์œผ๋ฉฐ ์„ฑ๊ฒฉ์ด ๋‹ค๋ฅธ 2025๋…„ 3์›” BITCOIN Act ํ•˜์› ๊ณต๋™ ๋ฐœ์˜์ž์ด๊ธฐ๋„ ํ–ˆ๋‹ค. ์ฆ‰ ๋น„ํŠธ์ฝ”์ธ ์ž์ฒด์— ๋Œ€ํ•œ ๊ธ์ •์ ์ธ ์‹œ๊ฐ์ด ์žˆ์œผ๋ฉฐ, ์ „๋žต์ž์‚ฐ ๋น„์ถ• ์ž์ฒด์—๋„ ๋™์˜ํ•˜๋Š” ์ธ๋ฌผ์ด๋‹ค.

๋•Œ๋ฌธ์— ์ถ”์ธก์ปจ๋Œ€ BITCOIN Act์™€ ๊ฐ™์ด ์—ญํ’์ด ๊ฐ•ํ•œ ๋น„์ถ• ๋ฒ•์•ˆ์„ ํ•œ ๋ฒˆ์— ํ†ต๊ณผ์‹œํ‚ค๋Š” ๊ฒƒ๋ณด๋‹ค, ๋ฒ•์  ํ‹€์„ ๋จผ์ € ์„ธ์šฐ๊ณ  ๊ทธ ์œ„์— ์Œ“์•„๊ฐ€๋Š” ๊ตฌ์กฐ๋ฅผ ํƒํ•œ ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค.

ARMA๊ฐ€ ํ†ต๊ณผ๋˜๋ฉด ๋น„ํŠธ์ฝ”์ธ์€ ๊ตญ๊ฐ€ ์ค€๋น„์ž์‚ฐ์œผ๋กœ์„œ์˜ ๋ฒ•์  ์ง€์œ„๋ฅผ ์–ป๊ธฐ์— ์ž์‚ฐ์— ๋Œ€ํ•œ ์ง€์œ„๋ฅผ ๋ฒ•์œผ๋กœ ์ •์˜ํ•œ ๋’ค ์˜๋ฌด ๋งค์ž… ๋…ผ์˜๋ฅผ ๋‹ค์‹œ ์‹œ์ž‘ํ•  ๊ฐ€๋Šฅ์„ฑ์ด ๋†’๋‹ค.

์ •๋ฆฌํ•˜์ž๋ฉด ๋‹จ๊ธฐ์ ์œผ๋กœ ARMA ํ†ต๊ณผ๋Š” ๋น„ํŠธ์ฝ”์ธ ๊ฐ€๊ฒฉ์— ํฐ ์˜ํ–ฅ์ด ์—†๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์žฅ๊ธฐ์ ์œผ๋กœ๋Š” ์—ฌ์ „ํžˆ ์‹œ์žฅ์— ํ˜ธ์žฌ๋กœ ์ž‘์šฉํ•  ์ˆ˜ ์žˆ๋Š” ์š”์ธ์ด๋ฉฐ, ARMA ํ†ต๊ณผ ํ›„ ๊ฐ€์‹œ์„ฑ์€ ๋” ๋†’์•„์ง„๋‹ค๊ณ  ๋ด์•ผ ํ•  ๊ฒƒ์ด๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ ์ด์šฉ ์•ˆ๋‚ด

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋กœ๊ณ ๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ์˜ ๋Œ€๊ทœ๋ชจ ์ฃผ์‹ ๊ฑฐ๋ž˜ ์ง€์›, ์™ธ๋ฉด๋ฐ›๋Š” ์•”ํ˜ธํ™”ํ ์‹œ์žฅ]]>https://reports.tiger-research.com/p/cex-to-everything-store-abandoned-korhttps://reports.tiger-research.com/p/cex-to-everything-store-abandoned-korTue, 09 Jun 2026 13:02:18 GMT๋ฐ”์ด๋‚ธ์Šค ๋“ฑ ๋‹ค์ˆ˜์˜ ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์ฃผ์‹ ๊ฑฐ๋ž˜ ์„œ๋น„์Šค๋ฅผ ๋„์ž…ํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ์Šต๋‹ˆ๋‹ค. ์ „ํ†ต ๊ธˆ์œต์œผ๋กœ ์˜์—ญ์„ ๋„“ํ˜€๊ฐ€๋Š” ๊ฑฐ๋ž˜์†Œ๋“ค์˜ ์›€์ง์ž„์ด ๊ณผ์—ฐ ๋ฌด์—‡์„ ์˜๋ฏธํ•˜๋Š”์ง€ ์‚ดํŽด๋ด…๋‹ˆ๋‹ค.

Key Takeaways

  • ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜ ์ˆ˜์ˆ˜๋ฃŒ ๋ชจ๋ธ์˜ ํ•œ๊ณ„, ํ•˜์ดํผ๋ฆฌํ€ด๋“œ(Hyperliquid) ๊ฐ™์€ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ DEX์˜ ์„ฑ์žฅ, ํŠธ๋Ÿผํ”„ ํ–‰์ •๋ถ€ ์ดํ›„ ์—ด๋ฆฐ ๊ทœ์ œ ํ™˜๊ฒฝ์ด ๊ฒน์น˜๋ฉฐ ๊ธ€๋กœ๋ฒŒ ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ๋“ค์ด ๋ฐฉํ–ฅ์„ ๋ฐ”๊พธ๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

  • ์ฃผ์š” ๊ฑฐ๋ž˜์†Œ๋“ค์ด ํ–ฅํ•˜๋Š” ๊ณณ์€ ์ฃผ์‹ยทํŒŒ์ƒ์ƒํ’ˆ ๊ฐ™์€ ์ „ํ†ต ๊ธˆ์œต ์ƒํ’ˆ์ด๊ณ , ํ˜•ํƒœ๋Š” ์ „ํ†ต ๊ธˆ์œต์— ๊ฐ€๊นŒ์›Œ์ง€๊ณ  ์žˆ๋‹ค.

  • ๊ณผ๊ฑฐ์—” ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์•”ํ˜ธํ™”ํ ์ƒํƒœ๊ณ„์˜ ํ•ต์‹ฌ ์œ ๋™์„ฑ ๊ณต๊ธ‰์ž์˜€์œผ๋‚˜ ์ง€๊ธˆ ๊ฑฐ๋ž˜์†Œ์˜ ์ตœ์šฐ์„  ๊ณผ์ œ๋Š” ์ „ํ†ต ๊ธˆ์œต์„ ํ–ฅํ•œ ์‚ฌ์—… ์žฌํŽธ์ด๋‹ค.

  • ์•”ํ˜ธํ™”ํ์˜ ๊ฐ์ž๋„์ƒ ์‹œ๋Œ€๊ฐ€ ์—ด๋ฆฌ๊ณ  ์žˆ๋‹ค. ๊ฑฐ๋ž˜์†Œ ์—†์ด๋„ ์‚ด์•„๋‚จ์„ ์ˆ˜ ์žˆ๋Š” ํ”„๋กœ์ ํŠธ์™€ ๊ทธ๋ ‡์ง€ ๋ชปํ•œ ํ”„๋กœ์ ํŠธ๊ฐ€ ๊ฐˆ๋ฆฌ๊ฒŒ ๋œ๋‹ค.


1. ๋ฐ”์ด๋‚ธ์Šค์—์„œ ์• ํ”Œ ์ฃผ์‹์„ ์‚ฐ๋‹ค

์ง€๋‚œ 6์›” 1์ผ๋ถ€ํ„ฐ ๋ฐ”์ด๋‚ธ์Šค(Binance) ์•ฑ์—์„œ ์• ํ”Œ(Apple, AAPL), ๊ตฌ๊ธ€(Google, GOOGL) ๊ฐ™์€ ์ฃผ์‹์„ ๊ตฌ๋งคํ•  ์ˆ˜ ์žˆ๊ฒŒ ๋๋‹ค. ๊ทธ ํ›„๋กœ ํ•˜๋ฃจ ๋’ค์ธ 6์›” 2์ผ KOSPI ์ธ๊ธฐ ์ข…๋ชฉ์ธ SKํ•˜์ด๋‹‰์Šค, ์‚ผ์„ฑ์ „์ž, ํ˜„๋Œ€์ฐจ ์ฃผ์‹์˜ ๊ฑฐ๋ž˜๋ฅผ ์ง€์›ํ•œ๋‹ค๊ณ  ๋ฐœํ‘œํ–ˆ๋‹ค.

๋ฐ”์ด๋‚ธ์Šค๊ฐ€ ์ฃผ์‹ ์‹œ์žฅ์— ๋ฐœ์„ ๋“ค์ด๋ ค ํ•œ ๊ฑด ์ด๋ฒˆ์ด ์ฒ˜์Œ์ด ์•„๋‹ˆ๋‹ค. 2021๋…„ 4์›” ํ…Œ์Šฌ๋ผ(Tesla, TSLA), ์• ํ”Œ(AAPL), ๋งˆ์ดํฌ๋กœ์†Œํ”„ํŠธ(Microsoft, MSFT) ๋“ฑ์˜ ์ฃผ์‹ ํ† ํฐ ๊ฑฐ๋ž˜๋ฅผ ์ง€์›ํ–ˆ๋‹ค๊ฐ€, ์—ฌ๋Ÿฌ ์••๋ฐ• ์†์— ๊ฐ™์€ ํ•ด 7์›” ์„œ๋น„์Šค๋ฅผ ์™„์ „ํžˆ ์ข…๋ฃŒํ–ˆ๋‹ค.

๋‹น์‹œ ๊ตฌ์กฐ์  ๋ฌธ์ œ๋Š” ์„ธ ๊ฐ€์ง€์˜€๋‹ค. 1) ์ฃผ์‹ ํ† ํฐ์˜ ๋ฒ•์  ์ง€์œ„๊ฐ€ ์ฆ๊ถŒ์ธ์ง€ ํŒŒ์ƒ์ƒํ’ˆ์ธ์ง€ ๋ถˆ๋ช…ํ™•ํ–ˆ๊ณ , 2) EU ๊ทœ์ •์ƒ ์˜๋ฌด์ธ ํˆฌ์ž์„ค๋ช…์„œ๊ฐ€ ์—†์—ˆ์œผ๋ฉฐ, 3) ๋ฐ”์ด๋‚ธ์Šค ์ž์ฒด์—๋Š” ์ง์ ‘ ์ธ๊ฐ€๊ฐ€ ์—†์—ˆ๋‹ค. ๋…์ผ BaFin๊ณผ ์˜๊ตญ FCA, ํ™์ฝฉ SFC๊ฐ€ ๋ชจ๋‘ ์ด๋ฅผ ๋ฌธ์ œ ์‚ผ์•˜๋‹ค.

์ด๋ฒˆ ์ถœ์‹œ๋Š” ๋‹ค๋ฅด๋‹ค. ๋ฐ”์ด๋‚ธ์Šค๊ฐ€ ์•„๋ถ€๋‹ค๋น„ ๊ธ€๋กœ๋ฒŒ ๋งˆ์ผ“(ADGM) ์ธ๊ฐ€ ๋ธŒ๋กœ์ปค๋”œ๋Ÿฌ๋ฅผ ํ†ตํ•ด ์ฃผ๋ฌธ ์ฒด๊ณ„๋ฅผ ๊ตฌ์ถ•ํ•˜๋ฉฐ ๋ฒ•์  ์ง€์œ„๋ฅผ โ€œ๋ธŒ๋กœ์ปค๋ฆฌ์ง€ ์„œ๋น„์Šคโ€๋กœ ๋ช…ํ™•ํžˆ ํ–ˆ๋‹ค. 2021๋…„์ฒ˜๋Ÿผ ์ƒํ’ˆ ๋ฐœํ–‰ ์ฃผ์ฒด๋ฅผ ๋‘๊ณ  ๋‹คํˆด ์—ฌ์ง€๊ฐ€ ์ค„์—ˆ๋‹ค.

๊ณต๊ต๋กญ๊ฒŒ๋„ ๋ฐ”์ด๋น—(Bybit)์ด ๋น„์Šทํ•œ ์‹œ๊ธฐ์— TradFi ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์‹œ์žฅ์„ ์ถœ์‹œํ•ด์„œ KOSPI ์ธ๊ธฐ ์ข…๋ชฉ์ธ ํ•˜์ด๋‹‰์Šค, ์‚ผ์„ฑ์ „์ž ๋“ฑ์„ ์ง€์›ํ•˜๊ณ  ์ŠคํŽ˜์ด์ŠคX(SpaceX, SPCX)์˜ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๊ฑฐ๋ž˜๋ฅผ ์ง€์›ํ•œ๋‹ค. ์ฝ”์ธ๋ฒ ์ด์Šค(Coinbase)๋„ SPCX ์„ ๋ฌผ ๊ฑฐ๋ž˜๋ฅผ ์ง€์›ํ•œ๋‹ค๋Š” ์†Œ์‹์„ ๋ฐœํ‘œํ–ˆ๋‹ค.

์™œ ์ฃผ์š” ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ๋“ค์€ ๋น„์Šทํ•œ ์‹œ์ ์— ์ „ํ†ต ๊ธˆ์œต์•ฑ์— ๊ฐ€๊นŒ์šด ๋ฐฉํ–ฅ์œผ๋กœ ์›€์ง์ด๊ธฐ ์‹œ์ž‘ํ–ˆ์„๊นŒ.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ๊ฑฐ๋ž˜์†Œ๋ฅผ ๋‘˜๋Ÿฌ์‹ผ ์„ธ ๊ฐ€์ง€ ์••๋ ฅ

๊ฑฐ๋ž˜์†Œ๋“ค์ด ์•”ํ˜ธํ™”ํ ์ค‘์‹ฌ ๋ชจ๋ธ์—์„œ ๋ฉ€์–ด์ง€๋Š” ๋ฐ๋Š” ์„ธ ๊ฐ€์ง€ ์••๋ ฅ์ด ์ž‘์šฉํ–ˆ๋‹ค.

2.1. ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜๋Ÿ‰ ๊ธ‰๊ฐ

์ฒซ ๋ฒˆ์งธ ์••๋ ฅ์€ ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜๋Ÿ‰์˜ ๊ฐ์†Œ๋‹ค. ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ ์ˆ˜์ต์€ ๊ฒฐ๊ตญ ๊ฑฐ๋ž˜๋Ÿ‰์— ์ข…์†๋œ๋‹ค. ๊ทธ๋ฆฌ๊ณ  ๊ทธ ๊ฑฐ๋ž˜๋Ÿ‰์€ ์‹œ์žฅ์˜ ๋ถ„์œ„๊ธฐ์— ์˜ํ•ด ๊ฒฐ์ •๋œ๋‹ค.

๊ฑฐ๋ž˜์†Œ๋ณ„ ์•ŒํŠธ์ฝ”์ธ ๊ฑฐ๋ž˜๋Ÿ‰์€ ๋ฐ”์ด๋‚ธ์Šค ๊ธฐ์ค€, ์ผํ‰๊ท  ์ŠคํŒŸ ๊ฑฐ๋ž˜๋Ÿ‰์ด 2025๋…„ 10์›” ๊ณ ์  ์•ฝ $45B์—์„œ ํ˜„์žฌ $7.7B์œผ๋กœ ์•ฝ 85% ๊ฐ์†Œํ–ˆ๋‹ค. ํƒ€ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ ํ•ฉ์‚ฐ๋„ ๊ณ ์  ์•ฝ $63B์—์„œ $18.8B์œผ๋กœ 70% ์ •๋„ ๊ฐ์†Œํ–ˆ๋‹ค.

๊ฐ์†Œํ•œ ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜๋Ÿ‰๊ณผ ํ•จ๊ป˜ ๊ฑฐ๋ž˜ ์ˆ˜์ˆ˜๋ฃŒ์— ๊ธฐ๋Œ„ ๋น„์ฆˆ๋‹ˆ์Šค ๋ชจ๋ธ์ด ํ”๋“ค๋ฆฌ๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

2.2. ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์˜ ์˜จ์ฒด์ธ ๊ฑฐ๋ž˜๋Ÿ‰ ํก์ˆ˜

๋น„ํŠธ์ฝ”์ธ๊ณผ ์ด๋”๋ฆฌ์›€์„ ์ œ์™ธํ•œ ์•ŒํŠธ์ฝ”์ธ ๊ฑฐ๋ž˜๋Ÿ‰๊ณผ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ ๋‚ด ์ฃผ์‹ยท์›์ž์žฌ ๋“ฑ์˜ RWA ์ž์‚ฐ ๊ฑฐ๋ž˜๋Ÿ‰ ๋น„๊ต๊ฐ€ ํ˜„ ์ƒํ™ฉ์„ ๋” ์ง๊ด€์ ์œผ๋กœ ๋ณด์—ฌ์ค€๋‹ค.

ํ•˜์ดํผ๋ฆฌํ€ด๋“œ(Hyperliquid)๊ฐ€ ์ฃผ์‹๊ณผ ์›์ž์žฌ ์„ ๋ฌผ ๊ฑฐ๋ž˜๋ฅผ ์ง€์›ํ•˜๋ฉฐ ์˜จ์ฒด์ธ ์œ ๋™์„ฑ์„ ๋Œ์–ด๋“ค์ด๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ์ฐธ๊ณ ๋กœ 2026๋…„ ์ค‘๋ฐ˜ ๊ธฐ์ค€ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๊ฑฐ๋ž˜๋Ÿ‰ ์ƒ์œ„ 30๊ฐœ ์ž์‚ฐ ์ค‘ 23๊ฐœ๊ฐ€ ํฌ๋ฆฝํ† ๊ฐ€ ์•„๋‹Œ ์ฃผ์‹๊ณผ ์›์ž์žฌ์˜€๋‹ค.

์˜จ์ฒด์ธ์ด ์•”ํ˜ธํ™”ํ๋งŒ์˜ ์˜์—ญ์ด๋ผ๋Š” ์ „์ œ๊ฐ€ ๋ฌด๋„ˆ์กŒ๋‹ค. ๋”๊ตฐ๋‹ค๋‚˜ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์˜ ๊ฑฐ๋ž˜๋Ÿ‰์„ ๋›ฐ์–ด๋„˜๋Š” ํƒˆ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์˜ ๋“ฑ์žฅ์€ ์—ฌ๋Ÿฌ ๊ฑฐ๋ž˜์†Œ๋“ค์„ ๊ธด์žฅํ•˜๊ฒŒ ๋งŒ๋“ค์—ˆ๋‹ค.

2.3. ๊ทœ์ œ ๋ณ€ํ™”

์„ธ๋ฒˆ์งธ ์••๋ ฅ์€ ํŠธ๋Ÿผํ”„ ํ–‰์ •๋ถ€ ์ถœ๋ฒ” ์ดํ›„ ๊ทœ์ œ ์ง€ํ˜•์ด ๋ฐ”๋€œ์— ๋”ฐ๋ผ ๊ฐ€ํ•ด์กŒ๋‹ค. SEC๋Š” ์ฝ”์ธ๋ฒ ์ด์Šค์™€ ํฌ๋ผ์ผ„์„ ์ƒ๋Œ€๋กœ ์ œ๊ธฐํ–ˆ๋˜ ์†Œ์†ก์„ ์ทจํ•˜ํ–ˆ๋‹ค. ๊ทœ์ œ ๊ธฐ๊ด€์ด ์ ๋Œ€์ ์ด๋˜ ์‹œ์ ˆ์—” ์ „ํ†ต ๊ธˆ์œต ์ธ๊ฐ€๋ฅผ ์‹ ์ฒญํ•˜๋Š” ๊ฒƒ ์ž์ฒด๊ฐ€ ๋ฆฌ์Šคํฌ์˜€์ง€๋งŒ ์ด์   ๊ทธ ์ธ๊ฐ€๊ฐ€ ์ฐจ๋ณ„์ ์„ ๋ถ€์—ฌํ•˜๋ฉฐ ์‹ ๋ขฐ์˜ ์ฆํ‘œ๊ฐ€ ๋˜์–ด์ค„ ์ˆ˜ ์žˆ๋‹ค.

๊ทœ์ œ ํ•˜์— ์žˆ๋Š” ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๊ฐ€ ํ•  ์ˆ˜ ์žˆ๋Š” ๊ฒƒ๊ณผ ํ•  ์ˆ˜ ์—†๋Š” ๊ฒƒ์ด ๋ช…ํ™•ํ•ด์กŒ๋‹ค. ์ด์ œ ๊ฐ์ž๊ฐ€ ๊ฐ€์ง€๊ณ  ์žˆ๋Š” ์žฅ์ ์„ ์•ž์„ธ์›Œ ์ƒˆ๋กœ์šด ๋ฐฉํ–ฅ์„ฑ์„ ๊ฐ€์ ธ๊ฐˆ ์ˆ˜ ์žˆ๊ฒŒ ๋œ ๊ฒƒ์ด๋‹ค.

3. ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๋ณ„ ์ƒ์กด ์ „๋žต

์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๋“ค์€ ๋™์‹œ์— ๋น„์Šทํ•œ ์ข…๋ฅ˜์˜ ์••๋ฐ•์„ ๋ฐ›์•˜์ง€๋งŒ ๊ฑฐ๊ธฐ์— ๋Œ€์‘ํ•˜๋Š” ์›€์ง์ž„์€ ์„œ๋กœ ๋‹ฌ๋ž๋‹ค.

3.1. ๋ฐ”์ด๋‚ธ์Šค(Binance): ์—๋ธŒ๋ฆฌ๋ต ์Šคํ† ์–ด(Everything Store)

์„ธ๊ณ„ ์ตœ๋Œ€ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์ธ ๋ฐ”์ด๋‚ธ์Šค์˜ ๋ฐฉํ–ฅ์„ฑ์€ ์‹ฌํ”Œํ•˜๋‹ค. โ€œEverything Storeโ€๊ฐ€ ๋˜์–ด ๋ชจ๋“  ๊ฑฐ๋ž˜๊ฐ€ ๋ณธ์ธ๋“ค ํ”Œ๋žซํผ ์•ˆ์—์„œ ๋ฐœ์ƒํ•  ์ˆ˜ ์žˆ๋„๋ก ํ•จ์œผ๋กœ์จ ์‚ฌ์šฉ์ž์˜ ์ดํƒˆ์„ ๋ง‰๋Š” ๊ฒƒ์„ ๋ชฉํ‘œ๋กœ ํ•œ๋‹ค.

์‚ฌ์‹ค ์˜จ์ฒด์ธ ๊ณต๋žต์„ ๋จผ์ € ์‹œ๋„ํ–ˆ๊ณ  ์„ฑ๊ณต์ ์ด์—ˆ๋‹ค. ์ผ์ฐ์ด ๊ฑฐ๋ž˜์†Œ๋กœ ์„ฑ๊ณตํ•œ ๋ฐ”์ด๋‚ธ์Šค๋Š” ์˜จ์ฒด์ธ ์ƒํƒœ๊ณ„ ๊ณต๋žต์„ ๋ชฉ์ ์œผ๋กœ 2019๋…„ 4์›” ๋ฐ”์ด๋‚ธ์Šค ์ฒด์ธ์„ ์ถœ์‹œํ–ˆ๊ณ , 2025๋…„ ์ƒ๋ฐ˜๊ธฐ์—๋Š” ๋ฐ”์ด๋‚ธ์Šค ์•ŒํŒŒ๋ฅผ ์ถœ์‹œํ•ด ์„ฑ๊ณต์ ์œผ๋กœ ์˜จ์ฒด์ธ ํŒŒ์ด๋ฅผ ๊ฐ€์ ธ๊ฐ”๋‹ค.

ํ•˜์ง€๋งŒ 2026๋…„์— ๋“ค์–ด์„œ๋ฉฐ ์œ ๋™์„ฑ์ด ์ฃผ์‹ ์‹œ์žฅ์œผ๋กœ ๋ชฐ๋ฆฌ๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ๊ฑฐ๊ธฐ์— ํ•˜์ดํผ๋ฆฌํ€ด๋“œ๊ฐ€ ์ฃผ์‹, ์›์ž์žฌ๋กœ ์˜จ์ฒด์ธ ์œ ๋™์„ฑ์„ ํก์ˆ˜ํ•˜๊ธฐ ์‹œ์ž‘ํ•˜์ž, ๋ฐ”์ด๋‚ธ์Šค๊ฐ€ ํ‚ค์šด ์˜จ์ฒด์ธ ์‚ฌ์šฉ์ž ๊ธฐ๋ฐ˜๋„ ์œ„ํ˜‘๋ฐ›๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

๋‹ค๋งŒ ๋ฐ”์ด๋‚ธ์Šค๋Š” ์˜จ์ฒด์ธ์ด ์•„๋‹ˆ๋ผ 2์–ต๋ช… ์ด์ƒ์˜ ๊ธฐ์กด ์œ ์ € ํ’€์„ ๊ณต๋žตํ•ด ์ฃผ์‹ ์‹œ์žฅ์„ ์ง์ ‘ ๋Ÿฐ์นญํ•˜๋Š” ๊ฒƒ์— ์ง‘์ค‘ํ–ˆ๋‹ค. ์˜จ์ฒด์ธ์—์„œ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์™€ ์ •๋ฉด ๊ฒฝ์Ÿํ•˜๋Š” ๊ฒƒ๋ณด๋‹ค, ์ด๋ฏธ ํ™•๋ณดํ•œ ์‚ฌ์šฉ์ž ๊ธฐ๋ฐ˜์„ ์žก์•„๋‘๋Š” ์ชฝ์ด ๋ฐ”์ด๋‚ธ์Šค ์ž…์žฅ์—์„œ ๋” ์œ ๋ฆฌํ•œ ํŒ๋‹จ์ด๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๊ตฌ์กฐ๋Š” ์ด๋ ‡๋‹ค. ๋ฐ”์ด๋‚ธ์Šค ํ”„๋ก ํŠธ์—”๋“œ๋ฅผ ํ†ตํ•ด ์ฃผ๋ฌธ์ด ๋“ค์–ด์˜ค๋ฉด, ADGM ์ธ๊ฐ€ ๋ธŒ๋กœ์ปค๋”œ๋Ÿฌ์ธ ๋„ค์ŠคํŠธ ํŠธ๋ ˆ์ด๋”ฉ(Nest Trading)์ด ์ฃผ๋ฌธ์„ ๋ฐ›์•„ ์•ŒํŒŒ์นด ์‹œํ๋ฆฌํ‹ฐ์ฆˆ(Alpaca Securities)๋กœ ๋„˜๊ธด๋‹ค. ์‹คํ–‰, ์ฒญ์‚ฐ, ๊ฒฐ์ œ, ์ˆ˜ํƒ์€ ๋ชจ๋‘ ์•ŒํŒŒ์นด๊ฐ€ ๋งก๋Š”๋‹ค. ๋ฐ”์ด๋‚ธ์Šค๋Š” ์ฆ๊ถŒ์„ ์ง์ ‘ ๋ณด๊ด€ํ•˜์ง€ ์•Š๋Š”๋‹ค. ๊ทœ์ œ ์ง์ ‘ ์ ์šฉ์„ ํ”ผํ•˜๊ธฐ ์œ„ํ•œ ๊ตฌ์กฐ์  ์„ ํƒ์ด๋‹ค.

๋ˆˆ์—ฌ๊ฒจ๋ณผ ์ ์€ ๋„ค์ŠคํŠธ ํŠธ๋ ˆ์ด๋”ฉ์ด ๋ฐ”์ด๋‚ธ์Šค ๊ณ„์—ด์‚ฌ๋กœ ํ™•์ธ๋๋‹ค๋Š” ์ ์ด๋‹ค. ์•ŒํŒŒ์นด์˜ ์†Œ์ˆ˜ ์ง€๋ถ„๋„ ๋ณด์œ ํ•˜๊ณ  ์žˆ์œผ๋ฉฐ, ์ฃผ๋ฌธ ํ๋ฆ„ ์ˆ˜์ˆ˜๋ฃŒ์˜ 50%, ์ฃผ์‹ ๋Œ€์—ฌ ์ˆ˜์ต์˜ 65%๋ฅผ ๊ฐ€์ ธ๊ฐ€๋Š” ์ˆ˜์ต ๋ถ„๋ฐฐ ๊ตฌ์กฐ๋‹ค.

๊ฒฐ๊ตญ ๋ฐ”์ด๋‚ธ์Šค๊ฐ€ ์ธํ”„๋ผ๋ฅผ ์ง์ ‘ ๊ตฌ์ถ•ํ•ด, ๋ฐฉํ–ฅ์„ฑ ์ž์ฒด๋ฅผ ์—๋ธŒ๋ฆฌ๋ต ์Šคํ† ์–ด๋กœ ์ „ํ™˜ํ•˜๊ณ , ์•ŒํŠธ์ฝ”์ธ ๊ฑฐ๋ž˜๋Ÿ‰์ด ํŠธ๋ Œ๋“œ์— ๋”ฐ๋ผ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์™€ ์ฃผ์‹์œผ๋กœ ์ด๋™ํ•˜๊ธฐ ์ „์— ๊ธฐ์กด ์œ ์ €๋ฅผ ๋ถ™์žก์•„๋‘๋ ค๋Š” ํฌ์„์ด๋‹ค.

3.2 Bybit: ์˜จ์˜คํ”„์ฒด์ธ ํˆฌํŠธ๋ž™ ์ „๋žต

๋ฐ”์ด๋น—์€ 2018๋…„ ํŒŒ์ƒ์ƒํ’ˆ ๊ฑฐ๋ž˜์†Œ๋กœ ์ถœ๋ฐœํ•ด ์ตœ๋Œ€ 100๋ฐฐ ๋ ˆ๋ฒ„๋ฆฌ์ง€์™€ ๋‚ฎ์€ ์ˆ˜์ˆ˜๋ฃŒ๋กœ ๊ธ‰์„ฑ์žฅํ–ˆ๋‹ค. ์ง€๊ธˆ์€ ๋‘ ๊ฐœ์˜ ํŠธ๋ž™์„ ๋™์‹œ์— ๋ฐŸ๊ณ  ์žˆ๋‹ค. ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ ์œ ๋™์„ฑ์„ ์˜จ์ฒด์ธ์œผ๋กœ ์ด์‹ํ•˜๋Š” ๊ฒƒ๊ณผ, ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์—์„œ ์ „ํ†ต ์ž์‚ฐ ํŒŒ์ƒ์ƒํ’ˆ์„ ์ง์ ‘ ์ƒ์žฅํ•˜๋Š” ๊ฒƒ์ด๋‹ค.

์˜จ์ฒด์ธ ํŠธ๋ž™์ด ๋จผ์ €์˜€๋‹ค. 2025๋…„ 6์›”, ๋ฐฑ๋“œ(Backed)์˜ xStocks๋ฅผ ๋ฐ”์ด๋น— ์ŠคํŒŸ์— ์ƒ์žฅํ•˜๋ฉฐ ํ† ํฐํ™” ์ฃผ์‹ ํ˜‘๋ ฅ์˜ ์ฒซ ๋‹จ์ถ”๋ฅผ ๊ฟด ๋’ค, 11์›” ๋งจํ‹€ยท๋ฐฑ๋“œ์™€ 3์ž ํ˜‘๋ ฅ์œผ๋กœ ์—”๋น„๋””์•„(NVIDIA, NVDA)ยท์• ํ”Œ(AAPL)) ๋“ฑ ๋ฏธ๊ตญ ์ฃผ์š” ์ฃผ์‹์„ ๋งจํ‹€ ์˜จ์ฒด์ธ์— ์˜ฌ๋ฆฌ๋Š” xStocks๋ฅผ ์ •์‹ ์ถœ์‹œํ–ˆ๋‹ค.

2026๋…„ 5์›”์—๋Š” ๋งจํ‹€ ์ƒํƒœ๊ณ„์˜ DEX์ธ ํ”Œ๋Ÿญ์‹œ์˜จ(Fluxion) ์œ„์—์„œ ์•„ํ† ๋ฏน RFQ(Atomic RFQ)๋ฅผ ํ™œ์„ฑํ™”ํ•˜๋ฉฐ ๋ฐœํ–‰์‚ฌ ์ง์ ‘ ์ฒด๊ฒฐ ๊ตฌ์กฐ๋กœ ๊ณ ๋„ํ™”ํ–ˆ๋‹ค. ์•„ํ† ๋ฏน RFQ๋Š” AMM์ด ์•„๋‹ˆ๋ผ ๋ฐœํ–‰์‚ฌ์—๊ฒŒ ์ง์ ‘ ํ˜ธ๊ฐ€๋ฅผ ์š”์ฒญํ•ด ์‹ค์‹œ๊ฐ„์œผ๋กœ ์ฒด๊ฒฐํ•˜๋Š” ๋ฐฉ์‹์œผ๋กœ, ๊ธฐ๊ด€์ด ์ „ํ†ต ๊ธˆ์œต์—์„œ ์š”๊ตฌํ•˜๋Š” ์‹คํ–‰ ํ’ˆ์งˆ์„ ์˜จ์ฒด์ธ์—์„œ ๊ตฌํ˜„ํ•œ ๊ฒƒ์ด๋‹ค.

๋ฐ”์ด๋น—์—์„œ๋„ ๋ถ„์ฃผํžˆ ์›€์ง์˜€๋‹ค. ๋ฐ”์ด๋‚ธ์Šค์™€ ๋น„์Šทํ•œ ์••๋ ฅ์„ ๋ฐ›์€ ๋ฐ”์ด๋น— ๋˜ํ•œ 2026๋…„ 4์›” TradFi ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์ƒํ’ˆ์„ ์ถœ์‹œํ•˜๊ณ  ๋งค์ฃผ ์ƒˆ๋กœ์šด ์ข…๋ชฉ์„ ์ถ”๊ฐ€ํ–ˆ๋‹ค. ํ…Œ์Šฌ๋ผ(TSLA)ยท์—”๋น„๋””์•„(NVDA)ยท์• ํ”Œ(AAPL) ๋“ฑ ๋ฏธ๊ตญ ์ฃผ์š” ์ฃผ์‹๊ณผ ๊ธˆยท์€ยท์›์œ ๋ฅผ USDT ๊ฒฐ์ œ ๊ตฌ์กฐ๋กœ 24์‹œ๊ฐ„ ๊ฑฐ๋ž˜ํ•  ์ˆ˜ ์žˆ๊ฒŒ ํ–ˆ๋‹ค. 6์›” 4์ผ์—๋Š” ์‚ผ์„ฑ์ „์ž, SKํ•˜์ด๋‹‰์Šค, ํ˜„๋Œ€์ฐจ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์„ ์ƒ์žฅํ–ˆ์œผ๋ฉฐ SpaceX์˜ Pre-IPO๊นŒ์ง€ ์ง€์›ํ•˜๊ณ  ์žˆ๋‹ค.

๋‘ ํŠธ๋ž™ ๋ชจ๋‘ ๊ฒฐ๊ณผ์ ์œผ๋กœ ์—ฌ๋Ÿฌ ์ข…๋ฅ˜์˜ ์ „ํ†ต ์ž์‚ฐ์„ ์˜จ์˜คํ”„์ฒด์ธ์—์„œ ๋” ์ •๋ฐ€ํ•˜๊ฒŒ ๊ฑฐ๋ž˜ํ•  ์ˆ˜ ์žˆ๋Š” ์ธํ”„๋ผ๋ฅผ ์Œ“๋Š” ๊ฒƒ์„ ๊ฒจ๋ƒฅํ•˜๊ณ  ์žˆ๋‹ค. ๋ฐ”์ด๋‚ธ์Šค์™€ ๋‹ค๋ฅธ ์ ์€ ํ”Œ๋Ÿญ์‹œ์˜จ๊ณผ ๋งจํ‹€ ๋“ฑ ์˜จ์ฒด์ธ์— ๋Œ€ํ•œ ์ ‘์ ์„ ์žƒ์ง€ ์•Š์œผ๋ ค๊ณ  ๋…ธ๋ ฅํ•˜๊ณ  ์žˆ๋Š” ๊ฒƒ์ด๋‹ค.

3.3. Coinbase: ๊ฐ€์žฅ ์‹ ๋ขฐ๋ฐ›๋Š” ๋ฏธ๊ตญ ๊ฑฐ๋ž˜์†Œ

์ฝ”์ธ๋ฒ ์ด์Šค๋Š” 2021๋…„ ๋‚˜์Šค๋‹ฅ ์ƒ์žฅ, 2025๋…„ 5์›” S&P 500์— ํŽธ์ž…๋๋‹ค. ์›”์ŠคํŠธ๋ฆฌํŠธ๋ฅผ ๋“ฑ์— ์—…๊ณ  ํ˜„์‹œ์  ๊ฐ€์žฅ ํฐ ์‹ ๋ขฐ๋ฅผ ์–ป๊ณ  ์žˆ๋Š” ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์ด๋‹ค.

์˜จ์ฒด์ธ์—๋„ ๋ฐœ์„ ๊ฑธ์ณค๋‹ค. 2023๋…„ ์ถœ์‹œํ•œ ์ด๋”๋ฆฌ์›€ L2 ๋ฒ ์ด์Šค(Base)๋Š” 2025๋…„ L2 ์ „์ฒด TVL์˜ ์ ˆ๋ฐ˜ ๊ฐ€๊นŒ์ด๋ฅผ ์ ์œ ํ•˜๋ฉฐ ๋น ๋ฅด๊ฒŒ ์˜ฌ๋ผ์„ฐ๋‹ค. ํ•˜์ง€๋งŒ 2026๋…„ ๋“ค์–ด ์„ฑ์žฅ์ด ์ •์ฒด๋˜๊ณ  ๋ฒ ์ด์Šค๊ฐ€ ์ฝ”์ธ๋ฒ ์ด์Šค์˜ ํ•ต์‹ฌ ์šฐ์„ ์ˆœ์œ„๋Š” ์•„๋‹ˆ๋ผ๋Š” ์ธ์ƒ์„ ์คฌ๋‹ค.

์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ ์ง„์‹ฌ์œผ๋กœ ์Šน๋ถ€๋ฅผ ๊ฑด ๊ณณ์€ ๊ธฐ๊ด€ ๊ณ ๊ฐ์ด์—ˆ๋‹ค. 2025๋…„ 8์›” 29์–ต ๋‹ฌ๋Ÿฌ์— ๋ฐ๋ฆฌ๋น—(Deribit) ์ธ์ˆ˜๋ฅผ ์™„๋ฃŒํ•˜๋ฉฐ ๊ธ€๋กœ๋ฒŒ ํฌ๋ฆฝํ†  ์˜ต์…˜ ์‹œ์žฅ์˜ ์•ฝ 85%๋ฅผ ๊ฐ€์ ธ์™”๋‹ค. ๋ฏธ๊ตญ CFTC ์ธ๊ฐ€ ์„ ๋ฌผ ์ค‘๊ฐœ ์„œ๋น„์Šค(FCM)๋ฅผ ์ถœ์‹œํ–ˆ๊ณ , ๊ธฐ์กด ์ŠคํŒŸ, ์„ ๋ฌผ, ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์„ ๋‹จ์ผ ๋‹ด๋ณด ํ’€๋กœ ํ†ตํ•ฉํ•œ ํฌ๋กœ์Šค ๋งˆ์ง„์„ ์ถœ์‹œํ•ด ๊ธฐ๊ด€ ๊ณ ๊ฐ ๊ธฐ๋ฐ˜์„ ํ™•์žฅํ–ˆ๋‹ค. ๊ทธ ํ•ด ํ—ค์ง€ํŽ€๋“œยท์ž์‚ฐ์šด์šฉ์‚ฌ ๋“ฑ ๊ธฐ๊ด€ ๊ณ ๊ฐ์˜ ๋Œ€์ถœ ์ž”์•ก์€ ๋ถ„๊ธฐ ๊ธฐ์ค€ ์‚ฌ์ƒ ์ตœ๊ณ ๋ฅผ ๊ธฐ๋กํ–ˆ๋‹ค.

2025๋…„ 12์›”์—๋Š” ๊ธฐ์กด ์•ฑ์—์„œ ์ฃผ์‹ยทETF ๊ฑฐ๋ž˜๋ฅผ ์ˆ˜์ˆ˜๋ฃŒ ์—†์ด ์—ด์—ˆ๋‹ค. ๋ฐ”์ด๋‚ธ์Šค๊ฐ€ ๋ณ„๋„ ๋ธŒ๋กœ์ปค๋ฆฌ์ง€ ์ธํ”„๋ผ๋ฅผ ์–น๊ณ , ๊ฐ„์ ‘์ ์œผ๋กœ ์ ‘๊ทผํ•œ ๊ฒƒ๊ณผ ๋‹ฌ๋ฆฌ ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ์Œ“์•„์˜จ ๊ทœ์ œ ์‹ ๋ขฐ ์œ„์—์„œ ์ง์ ‘ ๊ฑฐ๋ž˜๋ฅผ ์ง€์›ํ•œ๋‹ค. ๋˜ํ•œ ์ง€๋‚œ 6์›” 4์ผ, Space X์˜ Pre-IPO ๊ฑฐ๋ž˜๋ฅผ ์ง€์›ํ•œ๋‹ค๊ณ  ๋ฐœํ‘œํ–ˆ๋‹ค.

ํ•˜์ดํผ๋ฆฌํ€ด๋“œ๊ฐ€ ๊ทœ์ œ ๋ฐ–์—์„œ ๋‹ค์–‘ํ•œ ์ƒํ’ˆ์„ ์ถœ์‹œํ•ด ์œ ๋™์„ฑ์„ ํ™•๋ณดํ•  ๋•Œ, ๋ฏธ๋ฆฌ ์ฃผ์‹ ๊ฑฐ๋ž˜ ์‹œ์žฅ์„ ์—ฐ ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ๋น ๋ฅด๊ฒŒ ๋งž๋ถˆ์„ ๋‘˜ ์ˆ˜ ์žˆ๊ฒŒ ๋˜์—ˆ๋‹ค.

3.4. Kraken: ์•”ํ˜ธํ™”ํ ์—ฐ๋ฐฉ ์€ํ–‰

2011๋…„ ์„ค๋ฆฝ๋œ ํฌ๋ผ์ผ„์€ ํฌ๋ฆฝํ†  ์—…๊ณ„ ์ตœ์žฅ์ˆ˜ ๊ฑฐ๋ž˜์†Œ ์ค‘ ํ•˜๋‚˜๋‹ค. ํฌ๋ผ์ผ„์˜ ๋ฐฉํ–ฅ์„ฑ์€ ๋ผ์ด์„ ์Šค๋ฅผ ํ†ตํ•ฉํ•˜๊ณ , ์ง์ ‘ ์ธํ”„๋ผ๋ฅผ ์Œ“๊ณ , ์—ฐ๋ฐฉ ๊ทœ์ œ ํ•˜์˜ ๊ธฐ๊ด€ ์•”ํ˜ธํ™”ํ ์ˆ˜ํƒ ์€ํ–‰์ด ๋˜๋Š” ๊ฒƒ์ด๋‹ค.

๋จผ์ € ๊ทœ์ œ ์ธํ”„๋ผ ๊ตฌ์ถ•์„ ์ตœ์šฐ์„ ์‹œ ํ–ˆ๋‹ค. 2025๋…„ 3์›” ๋‹Œ์žํŠธ๋ ˆ์ด๋”๋ฅผ 15์–ต ๋‹ฌ๋Ÿฌ์— ์ธ์ˆ˜ํ•ด CFTC FCM ๋ผ์ด์„ ์Šค์™€ 200๋งŒ ๋ฆฌํ…Œ์ผ ํŠธ๋ ˆ์ด๋”๋ฅผ ๊ฐ€์ ธ์™”๋‹ค.

2026๋…„ 4์›”์—๋Š” ๋น„ํŠธ๋…ธ๋ฏธ์–ผ์„ 5์–ต 5์ฒœ๋งŒ ๋‹ฌ๋Ÿฌ์— ์ถ”๊ฐ€ ์ธ์ˆ˜ํ–ˆ๋‹ค. DCM, DCO, FCM ์„ธ ๊ฐ€์ง€ CFTC ๋ผ์ด์„ ์Šค๋ฅผ 10๋…„์— ๊ฑธ์ณ ์ทจ๋“ํ•œ ์œ ์ผํ•œ ํฌ๋ฆฝํ†  ๋„ค์ดํ‹ฐ๋ธŒ ํ”Œ๋žซํผ์ด์—ˆ๋‹ค. 2026๋…„ 3์›” ์—ฐ์ค€ ๋งˆ์Šคํ„ฐ ๊ณ„์ขŒ๋ฅผ ํ™•๋ณดํ–ˆ๊ณ , 5์›”์—๋Š” OCC์— ๊ตญ๊ฐ€ ์‹ ํƒํšŒ์‚ฌ ์ธ๊ฐ€๋ฅผ ์‹ ์ฒญํ–ˆ๋‹ค.

์˜จ์ฒด์ธ๋„ ๋“ฑํ•œ์‹œํ•œ ๊ฑด ์•„๋‹ˆ์—ˆ๋‹ค. 2024๋…„ 12์›” ์ž์ฒด L2์ธ ์ž‰ํฌ(Ink)๋ฅผ ์ถœ์‹œํ–ˆ๊ณ , ์ž‰ํฌ ์œ„์—์„œ ๋Œ€์ถœ ํ”„๋กœํ† ์ฝœ ํƒ€์ด๋“œ๋กœ(Tydro)์™€ ํผํŽ˜์ถ”์–ผ DEX ๋‚˜๋„(Nado)๋ฅผ ์—ฐ์ด์–ด ์ถœ์‹œํ–ˆ๋‹ค. 2026๋…„ 1์›”์—๋Š” ๋””ํŒŒ์ด ์–ธ(DeFi Earn), 5์›”์—๋Š” ๋น„ํŠธ์ฝ”์ธ ๋ณผํŠธ(Bitcoin Vault)๋„ ๋‚ด๋†จ๋‹ค. ๋‹ค๋งŒ ์ด ์ƒํ’ˆ๋“ค์˜ ์ค‘์‹ฌ์€ ๊ธฐ๊ด€์—๊ฒŒ ์„ค๋ช… ๊ฐ€๋Šฅํ•œ ์ž์‚ฐ๋“ค๋กœ ๊ตฌ์„ฑ๋˜์–ด ์žˆ๋‹ค. ์•ŒํŠธ์ฝ”์ธ์€ ํฌ๋ผ์ผ„์˜ ์˜จ์ฒด์ธ ์ „๋žต์—์„œ๋„ ์šฐ์„ ์ˆœ์œ„๊ฐ€ ๋  ์ˆ˜ ์—†์—ˆ๋‹ค.

ํƒ€ ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์ฃผ์‹ ๊ฑฐ๋ž˜๋กœ ์‚ฌ์šฉ์ž๋ฅผ ์žก์œผ๋ ค๋Š” ๋™์•ˆ, ํฌ๋ผ์ผ„์€ ๊ธฐ๊ด€์ด ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์œ ์ผํ•œ ํฌ๋ฆฝํ†  ๋„ค์ดํ‹ฐ๋ธŒ ์€ํ–‰์ด ๋˜๋Š” ์ชฝ์„ ํƒํ–ˆ๋‹ค.

์œ„์—์„œ ์•Œ์•„๋ณธ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์˜ ํ–ฅํ›„ ๋ฐฉํ–ฅ์„ฑ๊ณผ ์ „๋žต์€ ์ œ๊ฐ๊ฐ์ด๋‹ค. ํ•˜์ง€๋งŒ ๊ณตํ†ต์ ์œผ๋กœ ์•ŒํŠธ์ฝ”์ธ์„ ์ฃผ์š” ๊ณ„ํš์— ํฌํ•จ์‹œํ‚ค์ง€ ์•Š์•˜๋‹ค๋Š” ๊ฒƒ์ด๋‹ค.

4. ์•”ํ˜ธํ™”ํ๋Š” ์–ด๋–ป๊ฒŒ ๋˜๋Š”๊ฑด๊ฐ€?

์•”ํ˜ธํ™”ํ ์ƒํƒœ๊ณ„์—์„œ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๋Š” ์œ ๋™์„ฑ ๊ณต๊ธ‰์ž์˜€๋‹ค. ๊ฑฐ๋ž˜์†Œ๊ฐ€ ํ† ํฐ์„ ์ƒ์žฅํ•˜๊ณ , ๊ฑฐ๋ž˜๋Ÿ‰์„ ๋งŒ๋“ค์–ด ์คฌ๊ธฐ์— ์•”ํ˜ธํ™”ํ ํ”„๋กœ์ ํŠธ๋“ค์ด ์ƒ์กดํ•ด์™”๋‹ค.

๊ทผ๋ณธ์ ์ธ ๋ฌธ์ œ๋Š” ์•”ํ˜ธํ™”ํ ์ค‘ ์‹ค์ œ ์ˆ˜์ต์œผ๋กœ ์ž๊ธฐ ๊ฐ€์น˜๋ฅผ ์ฆ๋ช…ํ•˜๋Š” ํ”„๋กœ์ ํŠธ๋Š” ๊ฑฐ์˜ ์—†๋‹ค๋Š” ๊ฒƒ์ด๋‹ค. ๊ทธ๋™์•ˆ ํ† ํฐ ๊ฐ€๊ฒฉ์„ ๋ฐ›์ณ์˜จ ๊ฑด ๋Œ€์ฒด๋กœ ํ”„๋กœํ† ์ฝœ์˜ ์‹ค์ ์ด ์•„๋‹ˆ๋ผ ๊ฑฐ๋ž˜์†Œ์˜ ์ƒ์žฅ๊ณผ ๋Ÿฐ์น˜ํ’€ ๊ฐ™์€ ์ดˆ๊ธฐ ์œ ๋™์„ฑ ์ง€์›์ด์—ˆ๋‹ค.

๊ทธ ๊ตฌ์กฐ๊ฐ€ ์ž‘๋™ํ•˜๋ ค๋ฉด ๊ฑฐ๋ž˜์†Œ์™€ ํŠธ๋ ˆ์ด๋”๊ฐ€ ์ง€์†์ ์œผ๋กœ ์•”ํ˜ธํ™”ํ์— ๊ด€์‹ฌ์„ ๊ฐ€์ ธ์•ผ ํ•˜๋Š”๋ฐ, ๋ฆฌํ…Œ์ผ ๊ฑฐ๋ž˜๋Ÿ‰์€ ์ค„์–ด๋“ค๊ณ  ์žˆ๋‹ค. ๊ฑฐ๋ž˜๋Ÿ‰์ด ์—†๋Š” ์ด์ƒ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์˜ ์ƒ์žฅ๊ณผ ๋งˆ์ผ€ํŒ… ์ง€์›๋„ ์ค„์–ด๋“ค ๊ฒƒ์ด๊ณ  ์•”ํ˜ธํ™”ํ ์ƒํƒœ๊ณ„๊ฐ€ ๋ฒ„ํ‹ธ ์ˆ˜ ์—†๋‹ค.

์‚ฌ์‹ค์ƒ ์‹œ์žฅ ์ž์ฒด๊ฐ€ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์˜ ์ง€์›์— ์˜์กดํ•˜๊ธฐ ๋ณด๋‹จ ์‹ค์ œ ํ”„๋กœ๋•ํŠธ ์ˆ˜์ต์„ ๋ฐ”ํƒ•์œผ๋กœ ์ž๊ธฐ ๊ฐ€์น˜๋ฅผ ์ฆ๋ช…ํ•œ ํ”„๋กœ์ ํŠธ์˜ ํ† ํฐ์„ ์›ํ•˜๊ณ  ์žˆ๋‹ค. ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์˜ HYPE๊ฐ€ ๋Œ€ํ‘œ์ ์ธ ์‚ฌ๋ก€๋‹ค. ์–ด๋–ป๊ฒŒ ๋ณด๋ฉด ์˜จ์ฒด์ธ ์œ ๋™์„ฑ์„ ์ฃผ์‹์œผ๋กœ ๋นจ์•„๋“ค์ธ ๋‹น์‚ฌ์ž์ž„์—๋„, ํ˜„์žฌ ๊ฐ€์žฅ ์ข‹์€ ํผํฌ๋จผ์Šค๋ฅผ ๋ณด์—ฌ์ฃผ๊ณ  ์žˆ๋Š” ์•”ํ˜ธํ™”ํ ์ค‘ ํ•˜๋‚˜์ด๋‹ค. ๊ทธ์ „์˜ ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์™€ ์•”ํ˜ธํ™”ํ ๊ฐ„์˜ ์ƒ์ƒ ๊ด€๊ณ„๊ฐ€ ์˜…์–ด์งˆ ์ˆ˜ ์žˆ๋‹ค๋Š” ๊ฑธ ๋ณด์—ฌ์ค€๋‹ค.

์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ ์ž…์žฅ์—์„œ ๋ด๋„ ๊ทธ๋ ‡๋‹ค. ๊ฑฐ๋ž˜์†Œ๋Š” ๋ฆฌํ…Œ์ผ ๊ฑฐ๋ž˜๋Ÿ‰๊ณผ ์‚ฌ์šฉ์ž ์ˆ˜๊ฐ€ ํ•ต์‹ฌ ๊ธฐ๋ฐ˜์ด ๋œ๋‹ค. ๊ทธ๋Ÿฐ๋ฐ ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜๋Ÿ‰์—๋งŒ ์ง‘์ค‘ํ•˜๋ฉด ๊ทธ ํ•ต์‹ฌ ๊ธฐ๋ฐ˜์„ ์žƒ์„ ์ˆ˜ ์žˆ๋Š” ์ƒํ™ฉ์ด๋‹ค. ์‹œ์žฅ์ด ๋”์ด์ƒ ์‹ ๊ทœ ์ƒ์žฅ ์•”ํ˜ธํ™”ํ์— ์˜ˆ์ „๊ฐ™์€ ๋งค๋ ฅ์„ ๋А๋ผ์ง€ ๋ชปํ•˜๊ณ  ์žˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์ด์ œ ๊ทธ๋“ค์ด ๊ฐ€์ง€๊ณ  ์žˆ๋Š” ์ธํ”„๋ผ์™€ ์‚ฌ์šฉ์ž ํ’€์„ ์ง€ํ‚ค๋Š” ๋™์‹œ์— ํ™œ์šฉ ๊ฐ€๋Šฅํ•œ ๋‹ค๋ฅธ ๋จน๊ฑฐ๋ฆฌ๋ฅผ ์ฐพ์•„๋‚˜์„ค ์ˆ˜ ๋ฐ–์— ์—†๋‹ค.

๊ทธ๋ ‡๊ธฐ ๋•Œ๋ฌธ์— ์ฃผ์‹ ํŒŒ์ƒ์ƒํ’ˆ, ์ˆ˜์ต ์ƒํ’ˆ, ์ˆ˜ํƒ์œผ๋กœ ์‹œ์„ ์„ ์˜ฎ๊ฒผ๋‹ค. ๊ทธ๋“ค์˜ ๋ฐฉํ–ฅ ์ „ํ™˜์ด ์ˆ˜๋งŽ์€ ์•ŒํŠธ์ฝ”์ธ์—๊ฒŒ ๊ฐ์ž๋„์ƒ์„ ์„ ์–ธํ•œ ์…ˆ์ด๋‹ค.

์˜ˆ์ „์—” ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์•”ํ˜ธํ™”ํ์™€ ํ•จ๊ป˜ ํ•˜๋ฝ์žฅ์„ ๋ฒ„ํ…ผ๋‹ค. ํ•˜์ง€๋งŒ ์ง€๊ธˆ์€ ์•”ํ˜ธํ™”ํ ์—†์ด ์„ฑ์žฅํ•˜๋Š” ๋ฐฉ๋ฒ•์„ ์ฐพ๊ณ  ์žˆ๋‹ค. ์•”ํ˜ธํ™”ํ์—๊ฒŒ ์ด๋ฒˆ ๊ฒจ์šธ์ด ๋” ์ถ”์šธ ์ˆ˜๋ฐ–์— ์—†๋Š” ์ด์œ ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ ์ด์šฉ ์•ˆ๋‚ด

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋กœ๊ณ ๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์„ ์ค‘์‹ฌ์œผ๋กœ ์•Œ์•„๋ณด๋Š” 2026๋…„ ์ฃผ์‹ ํ† ํฐํ™” ์‹œ์žฅ์˜ ์•ฝ์ง„]]>https://reports.tiger-research.com/p/2026-tokenized-stock-market-the-rise-korhttps://reports.tiger-research.com/p/2026-tokenized-stock-market-the-rise-korFri, 05 Jun 2026 08:48:03 GMT์•”ํ˜ธํ™”ํ ์‹œ์žฅ์ด ํ•˜๋ฝ์„ธ๋ฅผ ๊ธฐ๋กํ•˜๋Š” ๊ณผ์ • ์†์—์„œ ์ฃผ์‹ ํ† ํฐํ™” ์‹œ์žฅ์€ ์„ฑ์žฅํ•˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ์ฃผ์‹ ํ† ํฐํ™” ์‹œ์žฅ์€ ์™„์ „ ๋‹ด๋ณดํ˜• ํ˜„๋ฌผ๊ณผ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์‹œ์žฅ์œผ๋กœ ๋‚˜๋‰˜์–ด ์žˆ์Šต๋‹ˆ๋‹ค. ํŠนํžˆ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์‹œ์žฅ์ด ์ฃผ๋ชฉ๋ฐ›๊ณ  ์žˆ์œผ๋ฉฐ ๋‹ค์–‘ํ•œ ์ „๋žต์ด ๋‚˜ํƒ€๋‚˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ์–ด๋–ค ์ „๋žต์ด ์žˆ์„๊นŒ์š”?

Key Takeaways

  • ์ฆ์‹œ๊ฐ€ ์‚ฌ์ƒ ์ตœ๊ณ ๊ฐ€๋ฅผ ๊ฒฝ์‹ ํ•˜๋Š” ๋™์•ˆ ๊ฐ€์ƒ์ž์‚ฐ์€ ์‹œ์ด๊ณผ ๊ฑฐ๋ž˜๋Ÿ‰์ด ๋™๋ฐ˜ ํ•˜๋ฝํ–ˆ๋‹ค. ๋‘ ์‹œ์žฅ์ด ๊ฐˆ๋ผ์ง€๋Š” ์‚ฌ์ด ์ฃผ์‹ ํ† ํฐํ™” ์‹œ์žฅ์€ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๋ฏธ๊ฒฐ์ œ์•ฝ์ •์„ ํ‚ค์šฐ๋ฉฐ ์„ฑ์žฅํ•˜๊ณ  ์žˆ๋‹ค.

  • ์ฃผ์‹ ํ† ํฐํ™” ์‹œ์žฅ์€ ์™„์ „ ๋‹ด๋ณดํ˜• ํ˜„๋ฌผ๊ณผ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ๋กœ ๋‚˜๋‰œ๋‹ค. ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์ด ์ฃผ๋ชฉ๋ฐ›๋Š” ์ด์œ ๋Š” ์ž๊ตญ ๊ฑฐ๋ž˜์†Œ์—์„œ ์‚ด ์ˆ˜ ์—†๋˜ ์ข…๋ชฉ์„ 24์‹œ๊ฐ„, ๋ ˆ๋ฒ„๋ฆฌ์ง€๊นŒ์ง€ ์–น์–ด ๊ฑฐ๋ž˜ํ•  ์ˆ˜ ์žˆ์–ด์„œ๋‹ค.

  • ์ •๊ทœ์žฅ์ด ๋‹ซํžŒ ์‹œ๊ฐ„์— ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์ด ๋งŒ๋“œ๋Š” ๊ฐ€๊ฒฉ์€ ๋‹ค์Œ ๋‚  ํ˜„๋ฌผ ์‹œ์ดˆ๊ฐ€๋ฅผ ์˜ˆ์ธกํ•˜๋Š” ์ง€ํ‘œ๊ฐ€ ๋œ๋‹ค. ๋ฐฉํ–ฅ๋ฟ ์•„๋‹ˆ๋ผ ๋“ฑ๋ฝํญ๊นŒ์ง€ ๊ฑฐ์˜ ๊ทธ๋Œ€๋กœ ์˜ˆ๊ณ ํ•œ๋‹ค.

  • ํ˜„๋ฌผ๊ณผ ์„ ๋ฌผ์˜ ํ”„๋ฆฌ๋ฏธ์—„์„ ํŽ€๋”ฉ ๋ ˆ์ดํŠธ๋กœ ์ˆ˜์ทจํ•˜๋Š” ๋ธํƒ€ ๋‰ดํŠธ๋Ÿด ์ „๋žต, ๊ฑฐ๋ž˜์†Œ ๊ฐ„ ๊ฐ€๊ฒฉ ์ฐจ์ด๋ฅผ ๋…ธ๋ฆฐ ์ฐจ์ต๊ฑฐ๋ž˜๊ฐ€ ๊ฐœ์ธ ํˆฌ์ž์ž์˜ ๊ธฐํšŒ๋กœ ์—ด๋ ค ์žˆ๋‹ค.

  • ๊ฐ™์€ ๊ตฌ์กฐ๋Š” ๋งˆ์ผ“ ๋ฉ”์ด์ปค, ์ง€์—ญ ์˜ค๋ผํด, ํ† ํฐํ™” ๋ฐœํ–‰, ๋ฒ ์ด์‹œ์Šค ํ—ค์ง€ํŽ€๋“œ ๊ฐ™์€ ์‚ฌ์—… ๊ธฐํšŒ๋กœ ์ด์–ด์ง„๋‹ค. ๊ทœ๋ชจ๋Š” ์ž‘์ง€๋งŒ ์ œ๋„๊ถŒ์ด ๋“ค์–ด์˜ค๋ฉด์„œ ํˆฌ์ž์™€ ๋น„์ฆˆ๋‹ˆ์Šค ์–‘์ชฝ์— ๊ธฐํšŒ๊ฐ€ ์žˆ๋Š” ์‹œ์žฅ์ด๋‹ค.


1. ์•”ํ˜ธํ™”ํ ์œ ๋™์„ฑ๊นŒ์ง€ ๋ชฐ๋ฆฌ๋Š” ์ฃผ์‹ ์‹œ์žฅ

2026๋…„ 1๋ถ„๊ธฐ ์ „์ฒด ์•”ํ˜ธํ™”ํ ์‹œ๊ฐ€์ด์•ก์€ 20.4% ๊ฐ์†Œํ–ˆ๊ณ , ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ ํ˜„๋ฌผ ๊ฑฐ๋ž˜๋Ÿ‰์€ 39.1% ๊ธ‰๊ฐํ–ˆ๋‹ค. ๋น„ํŠธ์ฝ”์ธ์€ 2025๋…„ 10์›” ์—ญ๋Œ€ ์ตœ๊ณ ๊ฐ€๋ฅผ ์ฐ์€ ๋’ค ๋‚ด๋ฆฌ๋ง‰์ด๋‹ค.

๋ฐ˜๋ฉด S&P 500์€ ์—ฐ๊ฐ„ ๋ชฉํ‘œ์น˜๋ฅผ ๋„˜์–ด์„ฐ๊ณ , ์ฝ”์Šคํ”ผ๋Š” ๋ฐ˜๋„์ฒด ๋ž ๋ฆฌ์— ์˜ฌ๋ผํƒ€ ์˜ฌํ•ด ๋‘ ๋ฐฐ๊ฐ€ ๋๋‹ค. ๋น„ํŠธ์ฝ”์ธ์„ ๋น„๋กฏํ•œ ๊ฐ€์ƒ์ž์‚ฐ ์‹œ์žฅ์˜ ์ด ์‹œ๊ฐ€์ด์•ก์ด ํฌ๊ฒŒ ํ•˜๋ฝํ•˜๋Š” ๋™์•ˆ ๋Œ€๋ถ€๋ถ„์˜ ๊ตญ๊ฐ€์˜ ์ฃผ์‹ ์‹œ์žฅ์€ ์‚ฌ์ƒ ์ตœ๊ณ ๊ฐ€๋ฅผ ๊ฒฝ์‹ ํ–ˆ๋‹ค. ๋‘ ์‹œ์žฅ์˜ ๊ถค์ ์ด ์ด์ฒ˜๋Ÿผ ๊ทน๋ช…ํ•˜๊ฒŒ ๊ฐˆ๋ฆฐ ์‹œ๊ธฐ๋Š” ์—†์—ˆ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ๋‹ด๋ณด์˜ ์ฐจ์ด, ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ๋กœ ๋ชฐ๋ฆฌ๋Š” ์ž๊ธˆ

์ฃผ์‹ ํ† ํฐํ™” ์‹œ์žฅ์€ ๋‹ด๋ณด ๊ตฌ์กฐ์— ๋”ฐ๋ผ ๋‘ ๊ฐ€์ง€๋กœ ๋‚˜๋‰œ๋‹ค.

์™„์ „ ๋‹ด๋ณดํ˜• ํ˜„๋ฌผ์€ ์‹ค๋ฌผ ์ฃผ์‹์„ 1:1๋กœ ์˜ˆ์น˜ํ•œ ๋’ค ํ† ํฐ์„ ๋ฐœํ–‰ํ•œ๋‹ค. ํˆฌ์ž์ž๊ฐ€ ๋ณด์œ ํ•˜๋Š” ๊ฒƒ์€ ์ฃผ์‹ ๊ทธ ์ž์ฒด์ด๊ฑฐ๋‚˜ ์ฃผ์‹์— ๋Œ€ํ•œ ๋ฒ•์  ์ฒญ๊ตฌ๊ถŒ์ด๋‹ค. ๊ตฌ์ฒด์ ์ธ ๋ฐœํ–‰ ๊ตฌ์กฐ๋Š” ํ”Œ๋žซํผ๋งˆ๋‹ค ๋‹ค๋ฅด์ง€๋งŒ, ๊ธฐ์ดˆ ์ž์‚ฐ์ด ๋ฐ˜๋“œ์‹œ ์กด์žฌํ•œ๋‹ค๋Š” ์ ์€ ๊ฐ™๋‹ค.

๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์€ ๊ตฌ์กฐ๊ฐ€ ๊ทผ๋ณธ์ ์œผ๋กœ ๋‹ค๋ฅด๋‹ค. ์‹ค๋ฌผ ์ฃผ์‹์„ ๋ณด์œ ํ•˜์ง€ ์•Š๋Š”๋‹ค. ์ฆ๊ฑฐ๊ธˆ์„ ๋„ฃ๊ณ  ์ฃผ๊ฐ€๋ฅผ ์ถ”์ข…ํ•˜๋Š” ๊ณ„์•ฝ์„ ์—ฌ๋Š” ๋ฐฉ์‹์ด๋ผ ์ฒญ๊ตฌํ•  ์ˆ˜ ์žˆ๋Š” ๊ธฐ์ดˆ ์ž์‚ฐ์ด ์—†๋‹ค. ์ฆ๊ฑฐ๊ธˆ์€ ์ฃผ๋กœ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด๋ฉฐ, ์ตœ๊ทผ์—๋Š” ETH ๋“ฑ ๋‹ค๋ฅธ ์ž์‚ฐ๋„ ๋‹ด๋ณด๋กœ ํ—ˆ์šฉํ•˜๋Š” ํ”Œ๋žซํผ์ด ๋Š˜๊ณ  ์žˆ๋‹ค.

๋‘ ๊ตฌ์กฐ ์ค‘ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์ด ์ฃผ๋ชฉ๋ฐ›๋Š” ์ด์œ ๋Š”, ์ž๊ตญ ๊ฑฐ๋ž˜์†Œ์—์„œ ์‚ด ์ˆ˜ ์—†๋˜ ์ฃผ์‹์— 24์‹œ๊ฐ„ ์ ‘๊ทผํ•  ์ˆ˜ ์žˆ๋‹ค๋Š” ํ˜„๋ฌผ ๊ฑฐ๋ž˜์˜ ์žฅ์ ์„ ๊ทธ๋Œ€๋กœ ๊ฐ€์ ธ๊ฐ€๋ฉด์„œ ์—ฌ๊ธฐ์— ํ›จ์”ฌ ํฐ ๋ ˆ๋ฒ„๋ฆฌ์ง€๋ฅผ ๋”ํ•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์™„์ „ ๋‹ด๋ณดํ˜• ํ˜„๋ฌผ ๊ตฌ์กฐ์ธ Kraken xStocks์˜ ์ผ๋ถ€ ์ƒํ’ˆ์ด ์ตœ๋Œ€ 3๋ฐฐ ๋งˆ์ง„์„ ์ œ๊ณตํ•˜๋Š” ๋ฐ ๋ฐ˜ํ•ด, ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์€ ์ƒํ’ˆ๋ณ„๋กœ ๋‹ค๋ฅด์ง€๋งŒ 20๋ฐฐ๊นŒ์ง€ ๊ฐ€๋Šฅํ•˜๋‹ค. ๊ฒŒ๋‹ค๊ฐ€ ๊ธฐ์ดˆ ์ž์‚ฐ์„ ๋ณด๊ด€ํ•  ํ•„์š” ์—†์ด ์˜ค๋ผํด ๊ฐ€๊ฒฉ ํ”ผ๋“œ๋งŒ์œผ๋กœ ์ฃผ๊ฐ€๋ฅผ ์ถ”์ข…ํ•˜๋Š” ๊ตฌ์กฐ๋กœ ์ƒ์žฅ์ด ๋น ๋ฅด๊ณ  ๋‹ค๋ฃฐ ์ˆ˜ ์žˆ๋Š” ์ข…๋ชฉ๋„ ๋งŽ๋‹ค.

์ „ํ†ต ์‹œ์žฅ๊ณผ ๋น„๊ตํ•˜๋ฉด ์•„์ง ์ž‘๋‹ค. ๋ฏธ๊ตญ ์ „์ฒด ์ฃผ์‹ ์‹œ์žฅ์˜ ํ•˜๋ฃจ ํ‰๊ท  ๊ฑฐ๋ž˜ ๋Œ€๊ธˆ์€ ์•ฝ 1์กฐ 1,000์–ต ๋‹ฌ๋Ÿฌ๋‹ค. ์ฃผ์‹ ํผํ”„์˜ ๋ฏธ๊ฒฐ์ œ์•ฝ์ •(OI), ์ฆ‰ ํ˜„์žฌ ์‹œ์žฅ์— ์—ด๋ ค ์žˆ๋Š” ๊ณ„์•ฝ์˜ ์ด๋Ÿ‰์€ 22.5์–ต ๋‹ฌ๋Ÿฌ๋‹ค. ์ง€ํ‘œ ๊ธฐ์ค€ ์ž์ฒด๊ฐ€ ๋‹ฌ๋ผ ์ง์ ‘ ๋น„๊ต๋Š” ์–ด๋ ต์ง€๋งŒ, ์‹œ์žฅ ๊ทœ๋ชจ๊ฐ€ ์•„์ง ์ดˆ๊ธฐ ๋‹จ๊ณ„์ž„์€ ๋ถ„๋ช…ํ•˜๋‹ค.

๊ทธ๋Ÿฌ๋‚˜ ๋ฐฉํ–ฅ์€ ๋ช…ํ™•ํ•˜๋‹ค. OI๋Š” ๋ถ„๊ธฐ๋งˆ๋‹ค ๋Š˜๊ณ  ์žˆ๊ณ , ๊ทœ์ œ ์ธก๋ฉด์—์„œ๋„ ํ•˜๋‚˜์˜ ์‹œ์žฅ์œผ๋กœ ์ธ์ •๋ฐ›๋Š” ํ๋ฆ„์ด๋‹ค. SEC๋Š” ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์„ ํ˜์‹  ๊ธˆ์œต์ƒํ’ˆ์œผ๋กœ ์–ธ๊ธ‰ํ–ˆ๊ณ , CFTC๋„ ๋ฏธ๊ตญ ๋‚ด ์ œ๋„ํ™” ๊ฐ€๋Šฅ์„ฑ์„ ๊ณต๊ฐœ ๊ฒ€ํ†  ์ค‘์ด๋‹ค. ๊ทœ์ œ ๋ฐ”๊นฅ์—์„œ ์‹œ์ž‘ํ–ˆ์ง€๋งŒ, ์ œ๋„๊ถŒ ์•ˆ์œผ๋กœ ํŽธ์ž…๋˜๋Š” ์†๋„๊ฐ€ ๋นจ๋ผ์ง€๊ณ  ์žˆ๋‹ค.

3. 24์‹œ๊ฐ„ ๊ตฌ๋™๋˜๋Š” ์‹œ์žฅ๊ณผ ์‹ค์ œ ์‹œ์žฅ์˜ ์ฐจ์ด

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์—์„œ๋Š” ์ด๋Ÿฐ ํ๋ฆ„์„ ์ธ์ง€ํ•˜๊ณ , ํ•ด์™ธ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์‹œ์žฅ์—์„œ ๊ฑฐ๋ž˜๋˜๋Š” ํ•œ๊ตญ ์ฃผ์‹ ๊ฐ€๊ฒฉ์„ KRX ํ˜„๋ฌผ๊ณผ ์‹ค์‹œ๊ฐ„์œผ๋กœ ๋น„๊ตํ•˜๋Š” ๊ธฐ๋Šฅ์„ ์ œ๊ณตํ•˜๊ณ  ์žˆ๋‹ค. ํ˜„์žฌ ์‚ผ์„ฑ์ „์ž, SKํ•˜์ด๋‹‰์Šค, ํ˜„๋Œ€์ฐจ๋ฅผ ๊ฑฐ๋ž˜ ์ง€์›ํ•˜๋Š” ์—ฌ๋Ÿฌ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๊ฑฐ๋ž˜์†Œ์˜ ๊ฐ€๊ฒฉ์„ ๊ฑฐ๋ž˜๋Ÿ‰ ๊ฐ€์ค‘ํ‰๊ท ์œผ๋กœ ์ง‘๊ณ„ํ•ด, ๊ฐ™์€ ์ข…๋ชฉ์˜ ๊ตญ๋‚ด ํ˜„๋ฌผ ๊ฐ€๊ฒฉ๊ณผ ๋น„๊ตํ•ด ํ™•์ธํ•  ์ˆ˜ ์žˆ๋‹ค.

๊ทธ๋ฆฌ๊ณ  ์‹ค์ œ ์ง€๊ธˆ๊นŒ์ง€ ๋ฐ์ดํ„ฐ๋ฅผ ํ™•์ธํ•ด๋ณด๋ฉด ์„ธ ๊ฐ€์ง€ ํŠน์ง•์ด ํ™•์ธ๋œ๋‹ค.

3.1. ์•ผ๊ฐ„ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์˜ ๋“ฑ๋ฝ์œผ๋กœ ๋‹ค์Œ ๋‚  ์‹œ์ดˆ๊ฐ€ ์˜ˆ์ƒ

๊ตญ๋‚ด ์ฆ์‹œ๋Š” ๋ฐค์— ๋ฉˆ์ถ˜๋‹ค. ๋ฏธ๊ตญ ์‹œ์žฅ์ด ์›€์ง์ด๊ณ  ์—”๋น„๋””์•„ ์‹ค์ ์ด ๋‚˜์˜ค๊ณ  ํ™˜์œจ์ด ์ถœ๋ ์—ฌ๋„ ํ•œ๊ตญ ์‹œ์žฅ์€ ๋‹ค์Œ ๋‚  ์˜ค์ „๊นŒ์ง€ ๊ฑฐ๋ž˜๊ฐ€ ์—†๋‹ค. ํ•˜์ง€๋งŒ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์€ ๊ทธ ์‹œ๊ฐ„์—๋„ ๊ฑฐ๋ž˜๋œ๋‹ค.

์—ฌ๊ธฐ์„œ ํ•œ ๊ฐ€์ง€ ์˜๋ฌธ์ด ๋“ ๋‹ค. ํ˜„๋ฌผ ์‹œ์žฅ์ด ๋‹ซํ˜€ ์žˆ์œผ๋ฉด ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์€ ๋ฌด์Šจ ๊ฐ€๊ฒฉ์„ ์ฐธ๊ณ ํ• ๊นŒ?

๋‹ต์€ ๋”ฐ๋ผ๊ฐ€์ง€ ์•Š๋Š”๋‹ค๋Š” ๊ฒƒ์ด๋‹ค. ์žฅ์ด ์—ด๋ ค ์žˆ์„ ๋•Œ๋Š” ๊ธฐ๊ด€ ๋ฐ์ดํ„ฐ๋กœ ํ˜„๋ฌผ ๊ฐ€๊ฒฉ์„ ๋ฐ›์•„์˜ค์ง€๋งŒ, ์žฅ์ด ๋‹ซํžˆ๋ฉด ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์‹œ์žฅ ์ฐธ์—ฌ์ž๋“ค์˜ ๋งค๋งค๊ฐ€ ์ง์ ‘ ๊ฐ€๊ฒฉ์„ ๋งŒ๋“ ๋‹ค. ๋‹ซํžŒ ํ˜„๋ฌผ์„ ๋ฒ ๋ผ๋Š” ๊ฒŒ ์•„๋‹ˆ๋ผ, ๋ฐค์‚ฌ์ด ์Œ“์ธ ๋‰ด์Šค์™€ ๋งคํฌ๋กœ ๋ณ€์ˆ˜๋ฅผ ๋ฐ˜์˜ํ•ด ์ƒˆ ๊ฐ€๊ฒฉ์„ ๋ฐœ๊ฒฌํ•œ๋‹ค.

๊ทธ ๊ฒฐ๊ณผ๊ฐ€ ๋ฐ์ดํ„ฐ์— ๋‚˜ํƒ€๋‚œ๋‹ค. ์žฅ ๋งˆ๊ฐ ํ›„ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์ด ์ƒ์Šนํ•œ ๋‚ , ๋‹ค์Œ ๋‚  ํ•œ๊ตญ ์ฆ์‹œ๊ฐ€ ์ƒ์Šน ์ถœ๋ฐœํ•œ ๋น„์œจ์€ ์‚ผ์„ฑ์ „์ž 82%, SKํ•˜์ด๋‹‰์Šค 95%์˜€๋‹ค. ๋ฐ˜๋Œ€๋กœ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์ด ํ•˜๋ฝํ•œ ๋‚ , ๋‹ค์Œ ๋‚  ํ•˜๋ฝ ์ถœ๋ฐœํ•œ ๋น„์œจ์€ ์‚ผ์„ฑ์ „์ž 96%, SKํ•˜์ด๋‹‰์Šค 78%์˜€๋‹ค. ๋ฐฉํ–ฅ ์ผ์น˜์œจ์€ ๋‘ ์ข…๋ชฉ ๋ชจ๋‘ 85% ์•ˆํŒŽ, ์ƒ๊ด€๊ณ„์ˆ˜๋Š” 0.85์—์„œ 0.89๋‹ค.

๋ฐฉํ–ฅ๋งŒ ๋งž๋Š” ๊ฒŒ ์•„๋‹ˆ๋‹ค. ๋“ฑ๋ฝํญ๋„ ๋น„์Šทํ•˜๊ฒŒ ๋”ฐ๋ผ๊ฐ„๋‹ค. ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์ด ๋ฐค์‚ฌ์ด 3% ์˜ค๋ฅด๋ฉด ๋‹ค์Œ ๋‚  ์‹œ์ดˆ๊ฐ€๋„ ์•ฝ 3% ๋†’๊ฒŒ ์—ด๋ ธ๋‹ค. ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๋ณ€ํ™”ํญ๊ณผ ์‹ค์ œ ๊ฐœ์žฅ๊ฐญ์˜ ํšŒ๊ท€๊ณ„์ˆ˜๋Š” ์‚ผ์„ฑ์ „์ž 0.93, SKํ•˜์ด๋‹‰์Šค 1.00์ด๋‹ค. ์–ผ๋งˆ๋‚˜ ์˜ค๋ฅด๊ณ  ๋‚ด๋ฆด์ง€๊นŒ์ง€ ๊ฑฐ์˜ ๊ทธ๋Œ€๋กœ ์˜ˆ๊ณ ํ•˜๋Š” ์…ˆ์ด๋‹ค.

์ฃผ๋ง์€ ๋” ๋šœ๋ ทํ•˜๋‹ค. ๊ธˆ์š”์ผ ์ข…๊ฐ€๋ถ€ํ„ฐ ์›”์š”์ผ ์‹œ์ดˆ๊ฐ€๊นŒ์ง€, ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์ด ๊ฐ€๋ฆฌํ‚จ ๋ฐฉํ–ฅ์ด ์‹ค์ œ ์›”์š”์ผ ๊ฐœ์žฅ ๋ฐฉํ–ฅ๊ณผ ๋งž์€ ๋น„์œจ์€ ์‚ผ์„ฑ์ „์ž 93%, SKํ•˜์ด๋‹‰์Šค 87%์˜€๋‹ค. ์ฃผ๋ง ์ดํ‹€๊ฐ„ ๋ˆ„์ ๋œ ๊ธ€๋กœ๋ฒŒ ๋ณ€์ˆ˜๋ฅผ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์ด ๋จผ์ € ๋ฐ˜์˜ํ•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

์•ผ๊ฐ„ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๊ฐ€๊ฒฉ์„ ๋ณด๋ฉด ์˜ค์ „ ์‹œ์ดˆ๊ฐ€๊ฐ€ ์–ด๋””์„œ ์—ด๋ฆด์ง€ ๋ฏธ๋ฆฌ ๊ฐ€๋Š ํ•  ์ˆ˜ ์žˆ๋‹ค.

3.2. ํ˜„๋ฌผ-์„ ๋ฌผ ํ”„๋ฆฌ๋ฏธ์—„์„ ํ™œ์šฉํ•œ ๋ธํƒ€ ๋‰ดํŠธ๋Ÿด ์ „๋žต

๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์—๋Š” ๋งŒ๊ธฐ๊ฐ€ ์—†๋‹ค. ๊ทธ๋ž˜์„œ ๊ฐ€๊ฒฉ์ด ๊ธฐ์ค€ ๊ฐ€๊ฒฉ์—์„œ ๊ณผ๋„ํ•˜๊ฒŒ ๋ฒŒ์–ด์ง€์ง€ ์•Š๋„๋ก, ์ผ์ • ์ฃผ๊ธฐ๋งˆ๋‹ค ๋กฑ๊ณผ ์ˆ ๋ณด์œ ์ž๊ฐ€ ์„œ๋กœ ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ์ฃผ๊ณ ๋ฐ›๋Š”๋‹ค. ์ด๋ฅผ ํŽ€๋”ฉ ๋ ˆ์ดํŠธ๋ผ๊ณ  ํ•œ๋‹ค.

์˜ˆ๋ฅผ ๋“ค์–ด ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์ด ๊ธฐ์ค€ ๊ฐ€๊ฒฉ๋ณด๋‹ค ๋†’๊ฒŒ ๊ฑฐ๋ž˜๋˜๋ฉด, ์ด๋“์„ ๋ณธ ๋กฑ ํฌ์ง€์…˜์ด ์†์‹ค์„ ๋ณธ ์ˆ ํฌ์ง€์…˜์—๊ฒŒ ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ์ง€๊ธ‰ํ•œ๋‹ค. ํ”„๋ฆฌ๋ฏธ์—„์ด ํด์ˆ˜๋ก ์ง€๊ธ‰์•ก๋„ ์ปค์ง„๋‹ค. ํ•œ ํฌ์ง€์…˜์ด ๊ธฐ์ค€๋ณด๋‹ค ํฐ ์ด๋“์„ ์ทจํ•  ๋•Œ ๊ทธ๋งŒํผ ๋น„์šฉ์ด ๋ถ€๊ณผ๋˜๋Š” ๊ฒƒ์ด๋‹ค. ์ด ๋ถ€๋‹ด์„ ํ”ผํ•˜๋ ค๋Š” ๊ฑฐ๋ž˜๊ฐ€ ์Œ“์ด๋ฉด์„œ ๊ฐ€๊ฒฉ์ด ๋‹ค์‹œ ๊ธฐ์ค€๊ฐ€๋กœ ์ˆ˜๋ ดํ•œ๋‹ค.

๋ฐ์ดํ„ฐ๋ฅผ ๋ณด๋ฉด ํ•œ๊ตญ ์ฃผ์‹ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์€ ํ˜„๋ฌผ๋ณด๋‹ค ๋†’์€ ๊ฐ€๊ฒฉ์— ๊ฑฐ๋ž˜๋๋‹ค. ์žฅ์ค‘ ํ‰๊ท ์œผ๋กœ ์‚ผ์„ฑ์ „์ž๋Š” 0.15%, SKํ•˜์ด๋‹‰์Šค๋Š” 0.23%์˜ ํ”„๋ฆฌ๋ฏธ์—„์ด ๋ถ™์—ˆ๋‹ค. ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์„ ๋งค๋„ํ•˜๋ฉด ์ด ํ”„๋ฆฌ๋ฏธ์—„๋งŒํผ์˜ ํŽ€๋”ฉ ๋ ˆ์ดํŠธ๋ฅผ ์ฃผ๊ธฐ๋งˆ๋‹ค ์ˆ˜์ทจํ•œ๋‹ค๋Š” ๋œป์ด๋‹ค.

์—ฌ๊ธฐ์„œ ์ „๋žต์ด ๋‚˜์˜จ๋‹ค. ์žฅ์ค‘์— KRX ํ˜„๋ฌผ ์ฃผ์‹์„ ๋งค์ˆ˜ํ•˜๋Š” ๋™์‹œ์— ๊ฐ™์€ ๊ธˆ์•ก๋งŒํผ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์„ ๋งค๋„ํ•œ๋‹ค. ์ฃผ๊ฐ€๊ฐ€ ์˜ค๋ฅด๋ฉด ํ˜„๋ฌผ์—์„œ ์ด์ต, ์„ ๋ฌผ์—์„œ ์†์‹ค์ด ๋‚œ๋‹ค. ๋‚ด๋ฆฌ๋ฉด ๊ทธ ๋ฐ˜๋Œ€๋‹ค. ๋‘ ํฌ์ง€์…˜์˜ ์†์ต์ด ์ƒ์‡„๋ผ ์ฃผ๊ฐ€๊ฐ€ ์–ด๋””๋กœ ๊ฐ€๋“  ๊ฒฐ๊ณผ๋Š” 0์— ๊ฐ€๊น๋‹ค. ๋Œ€์‹  ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์„ ๋งค๋„ํ•œ ๋Œ€๊ฐ€๋กœ ํŽ€๋”ฉ ๋ ˆ์ดํŠธ๊ฐ€ ๋“ค์–ด์˜จ๋‹ค. ์ฃผ๊ฐ€ ๋ฐฉํ–ฅ์— ๋ฒ ํŒ…ํ•˜์ง€ ์•Š๊ณ , ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์— ๋ถ™์€ ํ”„๋ฆฌ๋ฏธ์—„๋งŒ์œผ๋กœ ์ˆ˜์ต์„ ๋งŒ๋“œ๋Š” ๊ตฌ์กฐ๋‹ค. ์ด๋ ‡๊ฒŒ ๋ฐฉํ–ฅ์„ฑ ์œ„ํ—˜์„ ์ œ๊ฑฐํ•œ ํฌ์ง€์…˜์„ ๋ธํƒ€ ๋‰ดํŠธ๋Ÿด ์ „๋žต์ด๋ผ ๋ถ€๋ฅธ๋‹ค.

๋‹ค๋งŒ ํ”„๋ฆฌ๋ฏธ์—„์€ ์˜ค๋ž˜ ์œ ์ง€๋˜์ง€ ์•Š๋Š”๋‹ค. ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ๊ณผ ํ˜„๋ฌผ์˜ ๊ดด๋ฆฌ๋Š” ํ‰๊ท  40๋ถ„ ๋งŒ์— ์ ˆ๋ฐ˜์ด ์ขํ˜€์กŒ๋‹ค. ํ”„๋ฆฌ๋ฏธ์—„์ด ํฌ๊ฒŒ ๋ฒŒ์–ด์ง€๋Š” ๋ณ€๋™์„ฑ ๊ตญ๋ฉด์— ์ ์ ˆํ•œ ์ „๋žต์œผ๋กœ ์ง€์†์ ์ธ ์‹œ์žฅ ๊ด€์ฐฐ์ด ํ•„์š”ํ•˜๋‹ค.

3.3. ๊ฑฐ๋ž˜์†Œ ๊ฐ„ ๊ฐ€๊ฒฉ ์ฐจ์ด๋ฅผ ๋…ธ๋ฆฐ ์ฐจ์ต๊ฑฐ๋ž˜

๊ฐ™์€ ์‹œ๊ฐ, ๊ฐ™์€ ์ข…๋ชฉ์ธ๋ฐ๋„ ๊ฑฐ๋ž˜์†Œ๋งˆ๋‹ค ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๊ฐ€๊ฒฉ์ด ๋‹ค๋ฅด๋‹ค. 2026๋…„ 6์›” ๋ฐ์ดํ„ฐ์—์„œ Binance์˜ ์‚ผ์„ฑ์ „์ž ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์€ Hyperliquid๋ณด๋‹ค ํ‰๊ท  0.93% ๋†’๊ฒŒ ๊ฑฐ๋ž˜๋๋‹ค. SKํ•˜์ด๋‹‰์Šค๋Š” 1.03% ์ฐจ์ด๊ฐ€ ๋‚ฌ๊ณ , ์ตœ๋Œ€ 2.3%๊นŒ์ง€ ๋ฒŒ์–ด์ง„ ์ ๋„ ์žˆ๋‹ค.

์„ ๋ฌผ ํฌ์ง€์…˜์€ ๊ฑฐ๋ž˜์†Œ ์‚ฌ์ด๋ฅผ ์˜ฎ๊ธธ ์ˆ˜ ์—†๋‹ค. ๋Œ€์‹  ์–‘์ชฝ์— ๋™์‹œ์— ๋ฐ˜๋Œ€ ํฌ์ง€์…˜์„ ๊ฑด๋‹ค. ๊ฐ€๊ฒฉ์ด ๋†’์€ ๊ฑฐ๋ž˜์†Œ์—์„œ ์ˆ, ๋‚ฎ์€ ๊ฑฐ๋ž˜์†Œ์—์„œ ๋กฑ์„ ๋™์‹œ์— ์—ด๋ฉด ์ฃผ๊ฐ€ ๋ฐฉํ–ฅ์— ๋”ฐ๋ฅธ ์†์ต์€ ์ƒ์‡„๋œ๋‹ค. ์‹œ๊ฐ„์ด ์ง€๋‚˜ ๋‘ ๊ฑฐ๋ž˜์†Œ ๊ฐ€๊ฒฉ์ด ์ˆ˜๋ ดํ•˜๋ฉด ๋ฒŒ์–ด์กŒ๋˜ ์ฐจ์ด๋งŒํผ์ด ์ˆ˜์ต์œผ๋กœ ๋‚จ๋Š”๋‹ค. ๊ฐ€๊ฒฉ์ด ๋†’์€ ์ชฝ์—์„œ๋Š” ์ˆ์ด ํŽ€๋”ฉ ๋ ˆ์ดํŠธ๊นŒ์ง€ ์ˆ˜์ทจํ•˜๋‹ˆ ์ถ”๊ฐ€ ์ˆ˜์ต์ด ๋”ฐ๋ผ์˜จ๋‹ค.

ํ›„๋ฐœ ๊ฑฐ๋ž˜์†Œ์ผ์ˆ˜๋ก ์ฐจ์ต๊ฑฐ๋ž˜ ์ž๊ธˆ์ด ๋œ ์œ ์ž…๋ผ ๊ฐ€๊ฒฉ์ด ๋†’๊ฒŒ ์œ ์ง€๋˜๋Š” ๊ฒฝํ–ฅ์ด ์žˆ๋‹ค. ๊ฑฐ๋ž˜์†Œ๊ฐ€ ๋Š˜์–ด๋‚˜๋Š” ์ดˆ๊ธฐ ๊ตญ๋ฉด์—์„œ ์ด๋Ÿฐ ์ฐจ์ด๊ฐ€ ๋ฐ˜๋ณต์ ์œผ๋กœ ๋‚˜ํƒ€๋‚œ๋‹ค. ํŠนํžˆ ํ˜„๋ฌผ ์‹œ์žฅ์ด ๋‹ซํžŒ ์•ผ๊ฐ„๊ณผ ์ฃผ๋ง์—๋Š” ๊ฐ ๊ฑฐ๋ž˜์†Œ๊ฐ€ ๋…๋ฆฝ์ ์œผ๋กœ ๊ฐ€๊ฒฉ์„ ๋ฐœ๊ฒฌํ•˜๊ธฐ ๋•Œ๋ฌธ์— ๊ฑฐ๋ž˜์†Œ ๊ฐ„ ๊ดด๋ฆฌ๊ฐ€ ์žฅ์ค‘๋ณด๋‹ค ๋” ๋ฒŒ์–ด์ง„๋‹ค.

4. ์‹œ์žฅ์˜ ๋ณ€ํ™”์™€ ์˜ˆ์ƒ๋˜๋Š” ๊ธฐํšŒ๋“ค

๋‹ค๋งŒ ์ด ์‹œ์žฅ์˜ ๋์€ ํŒŒํŽธํ™”๊ฐ€ ์žˆ๋‹ค๋Š” ์ ์ด ์กด์žฌํ•œ๋‹ค. ํŒŒํŽธํ™”๋Š” ์œ„ํ—˜์ด์ง€๋งŒ ๊ธฐํšŒ๊ธฐ๋„ ํ•˜๋‹ค. ๊ฐ™์€ ์ข…๋ชฉ์ด ํ•œ๊ตญ ๋‚ด ๊ธฐ์กด ๊ฑฐ๋ž˜์†Œ ๊ทธ๋ฆฌ๊ณ  Hyperliquid, Binance, Lighter๋กœ ํฉ์–ด์ง€๋ฉด์„œ ์œ ๋™์„ฑ์ด ๊ฐˆ๋ผ์ง„๋‹ค. ๊ฐ€๊ฒฉ์ด ์—ฌ๋Ÿฌ ๊ณณ์œผ๋กœ ๋‚˜๋‰˜๋ฉด ์–ด๋А ๊ฒƒ์ด ์ง„์งœ์ธ์ง€ ํ•ฉ์˜ํ•˜๊ธฐ ์–ด๋ ค์›Œ์ง€๊ณ , ๊ฑฐ๋ž˜์†Œ๋งˆ๋‹ค ๋‹ค๋ฅธ ๊ฐ€๊ฒฉ์€ ๊ทธ ์ž์ฒด๋กœ ํ˜ผ๋ž€๊ณผ ์กฐ์ž‘์˜ ์—ฌ์ง€๊ฐ€ ๋œ๋‹ค. ์–‡์€ ์œ ๋™์„ฑ ์œ„์— ๋ ˆ๋ฒ„๋ฆฌ์ง€๊ฐ€ ์Œ“์ด๋ฉด ์ฒญ์‚ฐ์ด ์—ฐ์‡„์ ์œผ๋กœ ํ„ฐ์งˆ ์ˆ˜ ์žˆ๋‹ค. ๊ธฐํšŒ์ง€๋งŒ ์œ„ํ—˜์ด๊ธฐ๋„ ํ•˜๋‹ค.

์•ž์„œ ๋ณธ ๊ธฐํšŒ๋“ค์€ ๊ฐœ์ธ ํˆฌ์ž์ž์˜ ๋ชซ์ด์—ˆ๋‹ค. ํ•˜์ง€๋งŒ ๊ฐ™์€ ๊ตฌ์กฐ๋Š” ์‚ฌ์—… ๋‹จ์œ„์˜ ๊ธฐํšŒ๋กœ๋„ ์ด์–ด์ง„๋‹ค.

  • ๋งˆ์ผ“ ๋ฉ”์ด์ปค: ๊ฐ™์€ ์ข…๋ชฉ์ด ๊ฑฐ๋ž˜์†Œ๋งˆ๋‹ค 0.15์—์„œ 0.75%์”ฉ ๋‹ค๋ฅธ ๊ฐ€๊ฒฉ์— ๊ฑฐ๋ž˜๋˜๊ณ , ์•ผ๊ฐ„์—๋Š” ๊ทธ ์ฐจ์ด๊ฐ€ ๋” ๋ฒŒ์–ด์ง„๋‹ค. ์ฐจ์ต๊ฑฐ๋ž˜ ์ž๊ธˆ์ด ์•„์ง ๋œ ๋“ค์–ด์˜จ ์ดˆ๊ธฐ ์‹œ์žฅ์ด๋ผ ์Šคํ”„๋ ˆ๋“œ๊ฐ€ ํฌ๋‹ค. ์œ ๋™์„ฑ์ด ์–‡๊ณ  ์—ฌ๋Ÿฌ ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์„œ๋กœ ํŒŒํŽธํ™”๋œ ์œ ๋™์„ฑ์„ ๊ด€๋ฆฌํ•˜๊ธฐ์— ๋งˆ์ผ“ ๋ฉ”์ดํ‚น ์ˆ˜์š”๊ฐ€ ๊ณ„์†ํ•ด์„œ ๋Š˜์–ด๋‚  ๊ฒƒ์ด๋‹ค.

  • ์ง€์—ญ ์˜ค๋ผํด: ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์€ ํ˜„๋ฌผ์ด ๋‹ซํžŒ ์‹œ๊ฐ„์— ์Šค์Šค๋กœ ๊ฐ€๊ฒฉ์„ ๋ฐœ๊ฒฌํ•˜๊ณ , ๊ทธ ์ •ํ™•๋„๋Š” ์˜ค๋ผํด์ด ์ขŒ์šฐํ•œ๋‹ค. ํ•œ๊ตญ, ์ผ๋ณธ, ๋Œ€๋งŒ ๊ฐ™์€ ์•„์‹œ์•„ ์‹œ๊ฐ„๋Œ€ ์ž์‚ฐ์— ์ •ํ™•ํ•œ ๊ฐ€๊ฒฉ์„ ๊ณต๊ธ‰ํ•˜๋Š” ํŠนํ™” ์˜ค๋ผํด์€ ์•„์ง ๋นˆ ์˜์—ญ์ด๋‹ค.

  • ํ† ํฐํ™” ๋ฐœํ–‰: ์ง€๊ธˆ ์ƒ์žฅ๋œ ํ•œ๊ตญ ์ฃผ์‹์€ ์‚ผ์„ฑ์ „์ž, SKํ•˜์ด๋‹‰์Šค, ํ˜„๋Œ€์ฐจ ์ •๋„์— ๊ทธ์นœ๋‹ค. ์ฝ”์Šคํ”ผ200 ์ข…๋ชฉ๊ณผ ์•„์‹œ์•„ ์ฃผ์š” ๊ธฐ์—…์„ ์ƒ์žฅ์‹œํ‚ค๊ณ  ๊ด€๋ฆฌํ•˜๋Š” ์ค‘๊ฐ„์ž๊ฐ€ ํ•„์š”ํ•˜๋‹ค.

  • ๋ฒ ์ด์‹œ์Šค ํ—ค์ง€ํŽ€๋“œ: ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์€ ํ˜„๋ฌผ ๋Œ€๋น„ ํ”„๋ฆฌ๋ฏธ์—„์„ ํŽ€๋”ฉ ๋ ˆ์ดํŠธ๋กœ ๋งค์‹œ๊ฐ„ ํ˜„๊ธˆํ™”ํ•œ๋‹ค. ์—ฌ๋Ÿฌ ๊ฑฐ๋ž˜์†Œ์˜ ๋ฒ ์ด์‹œ์Šค์™€ ํŽ€๋”ฉ ์ฐจ์ด๋ฅผ ๋™์‹œ์— ์ˆ˜์ทจํ•˜๋Š” ์ „์šฉ ํŽ€๋“œ๋Š” ์ „ํ†ต ๋ฒ ์ด์‹œ์Šค ํŠธ๋ ˆ์ด๋“œ๋ณด๋‹ค ์ž๋ณธ ํšŒ์ „์ด ๋น ๋ฅด๋‹ค. ๋‹ค๋งŒ ์ด ๊ฑฐ๋ž˜๋ฅผ ์†Œํ™”ํ•  ์ˆ˜ ์žˆ๋Š” ์‹œ์žฅ์˜ ๊ทœ๋ชจ๊ฐ€ ๋˜๊ธฐ์—๋Š” ์ด๋ฅด๋‹ค.

์—ฌ์ „ํžˆ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์‹œ์žฅ์€ ์•„์ง ์ „ํ†ต์‹œ์žฅ์— ๋น„ํ•ด ๊ทœ๋ชจ๊ฐ€ ์ ์ง€๋งŒ ์˜๋ฏธ๊ฐ€ ์žˆ๋‹ค. ๊ฐ€๊ฒฉ์„ ๋จผ์ € ๋ฐœ๊ฒฌํ•˜๊ณ , 24์‹œ๊ฐ„ ์—ด๋ ค ์žˆ์œผ๋ฉฐ, ์ œ๋„๊ถŒ์ด ๋น ๋ฅด๊ฒŒ ๋“ค์–ด์˜ค๊ณ  ์žˆ๋‹ค. ์•„์ง ํˆฌ์ž์™€ ๋น„์ฆˆ๋‹ˆ์Šค ์‚ฌ์ด๋“œ ๋ชจ๋‘ ๊ธฐํšŒ๊ฐ€ ์žˆ๋Š” ์‹œ์žฅ์ด๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ ์ด์šฉ ์•ˆ๋‚ด

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋กœ๊ณ ๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[Defi App: ๋กœ๋นˆํ›„๋“œ์™€ DeFi, ๊ทธ ์‚ฌ์ด์—์„œ]]>https://reports.tiger-research.com/p/defi-app-between-robinhood-and-defi-korhttps://reports.tiger-research.com/p/defi-app-between-robinhood-and-defi-korTue, 02 Jun 2026 13:03:49 GMTDeFi ์ƒํƒœ๊ณ„์—๋Š” ์ด๋ฏธ ์Šค์™‘, ๋Œ€์ถœ, ์ˆ˜์ต, ํŒŒ์ƒ์ƒํ’ˆ ๋“ฑ ๊ธˆ์œต์˜ ํ•ต์‹ฌ ๋นŒ๋”ฉ ๋ธ”๋ก์ด ๋ชจ๋‘ ์กด์žฌํ•ฉ๋‹ˆ๋‹ค. ์ •์ž‘ ๋ถ€์žฌํ•œ ๊ฒƒ์€ ์ด ์ธํ”„๋ผ๋“ค์„ ๋Œ€์ค‘์ด ์‰ฝ๊ฒŒ ์†Œ๋น„ํ•  ์ˆ˜ ์žˆ๋„๋ก ๋•๋Š” โ€˜์‹คํ–‰ ๋ ˆ์ด์–ดโ€™์ž…๋‹ˆ๋‹ค. ์ง€๊ฐ‘์˜ ๋ณต์žก์„ฑ๊ณผ ์ฒด์ธ์˜ ์žฅ๋ฒฝ์„ ํ—ˆ๋ฌผ๋ ค๋Š” ๊ธฐ์กด์˜ ์‹œ๋„๋“ค์€ ์™œ ์‹คํŒจํ–ˆ์œผ๋ฉฐ, defi.app์€ ์–ด๋–ค ๊ตฌ์กฐ์  ์ฐจ๋ณ„์ ์„ ์ œ์‹œํ•˜๊ณ  ์žˆ๋Š”์ง€ ๋ถ„์„ํ•ฉ๋‹ˆ๋‹ค.

Key Takeaways

  • DeFi ์‹œ์žฅ์€ ์ธํ”„๋ผ์˜ ๊ณ ๋„ํ™”์— ๋น„ํ•ด ์œ ์ €๋ฅผ ๋ถ™์žก์•„๋‘๋Š” ์ปจ์Šˆ๋จธ ์•ฑ์ด ๋ถ€์กฑํ•˜๋‹ค. ๋ฐ˜๋ฉด์— ๋กœ๋นˆํ›„๋“œ ๊ฐ™์€ ์ „ํ†ต ํ•€ํ…Œํฌ๋Š” ๊ทœ์ œ ์žฅ๋ฒฝ์œผ๋กœ ์ธํ•ด ์…€ํ”„ ์ปค์Šคํ„ฐ๋”” ๋ฐ ๊ณ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ์˜์—ญ์— ์ง„์ž…ํ•˜๊ธฐ ์–ด๋ ต๋‹ค. ์ด ์‚ฌ์ด๋ฅผ ๊ณต๋žตํ•ด์•ผ ํ•œ๋‹ค.

  • defi.app์€ ์ถœ์‹œ(2025๋…„ 2์›”) ์ดํ›„ ๋ˆ„์  ๊ฑฐ๋ž˜๋Ÿ‰ $44B์™€ ๋ˆ„์  ๊ฐ€์ž…์ž 106๋งŒ ๋ช…์„ ํ™•๋ณดํ•˜๋ฉฐ, ์ฒด์ธ๊ณผ ๊ฐ€์Šค๋ฅผ ์ˆจ๊ธด ๊ฐ€์Šค ์ถ”์ƒํ™” ์ธํ„ฐํŽ˜์ด์Šค์˜ ์œ ํšจ์„ฑ์„ ์ฆ๋ช…ํ–ˆ๋‹ค.

  • Rocket Perps๋Š” ์ผ๋ฐ˜ DEX ๋Œ€๋น„ ๋†’์€ ์ˆ˜์ˆ˜๋ฃŒ ๊ตฌ์กฐ๋ฅผ ๊ฐ€์ง€๋‚˜, ํ”Œ๋žซํผ ์ „์ฒด ์ˆ˜์ต์˜ 80%๋ฅผ DIP-004 ๊ฑฐ๋ฒ„๋„Œ์Šค ๊ฒฐ์˜์— ๋”ฐ๋ผ $HOME ํ† ํฐ ๋ฐ”์ด๋ฐฑ์— ํˆฌ์ž…ํ•˜๋Š” ๊ตฌ์กฐ๋ฅผ ์ฑ„ํƒํ–ˆ๋‹ค.

  • defi.app์ด ์žฅ๊ธฐ์ ์œผ๋กœ ์„ฑ์žฅํ•˜๊ธฐ ์œ„ํ•ด์„  ๋‹จ๊ธฐ ๋ชจ๊ฐ ์ „๋žต๋ฟ ์•„๋‹ˆ๋ผ ์œ ์ €๊ฐ€ ์•ˆ์ •์„ฑ์„ ๋А๋ผ๊ณ  ๋งค์ผ ๋ฐฉ๋ฌธํ•  ์ˆ˜ ์žˆ๋Š” ๋™๊ธฐ๋ฅผ ๋งˆ๋ จํ•ด์•ผ ํ•œ๋‹ค.


1. DeFi ์‹คํ–‰ ๋ ˆ์ด์–ด, ์™œ ์•„์ง ์•„๋ฌด๋„ ๋ชป ์žก์•˜๋‚˜

DeFi ์ƒํƒœ๊ณ„๊ฐ€ ํƒœ๋™ํ•œ ์ง€ 10๋…„์ด ์ง€๋‚ฌ๋‹ค. 2015๋…„ ์ด๋”๋ฆฌ์›€ ์ถœ์‹œ ์ดํ›„ ์˜จ์ฒด์ธ ๊ธˆ์œต์€ ๋Œ€๋ถ€๋ถ„์˜ ์ „ํ†ต ๊ธˆ์œต์„ ๊ธฐ์ˆ ์ ์œผ๋กœ ๋ณต์ œํ•ด ๋ƒˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ๊ธˆ์œต ์ƒํ’ˆ์˜ ๊ณ ๋„ํ™”์™€ ๋‹ฌ๋ฆฌ, ๋Œ€์ค‘ํ™” ์„ฑ์ ์€ ๊ฝค ์˜ค๋žœ ์‹œ๊ฐ„ ์ •์ฒด๋˜์–ด ์žˆ๋‹ค. โ€˜๋ถˆํŽธํ•จโ€™์ด ํ•ด๊ฒฐ๋˜์ง€ ์•Š์•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

์•ฝ 2๋…„ ์ „, ์ปจ์„ผ์‹œ์Šค(Consensys)๊ฐ€ ์œ ๊ณ ๋ธŒ(YouGov)์™€ ์ง„ํ–‰ํ•˜๊ณ  ๊ณต๊ฐœํ•œ 2023 ๊ธ€๋กœ๋ฒŒ ์„ค๋ฌธ์กฐ์‚ฌ์—์„œ๋„ ์ „ ์„ธ๊ณ„ ์‘๋‹ต์ž์˜ 93%๊ฐ€ ์•”ํ˜ธํ™”ํ์— ๋Œ€ํ•ด ๋“ค์–ด๋ณธ ์ ์ด ์žˆ๋‹ค๊ณ  ๋‹ตํ–ˆ์ง€๋งŒ ์›น3(Web3)๋‚˜ DeFi์— ๋Œ€ํ•ด ์นœ์ˆ™ํ•˜๋‹ค๊ณ  ๋‹ตํ•œ ๋น„์œจ์€ ๋‹จ 8%์— ๊ทธ์ณค์—ˆ๋‹ค.

2๋…„์ด ํ๋ฅธ ์ง€๊ธˆ๋„ ์œ ์ €๊ฒฝํ—˜ ์ธก๋ฉด์—์„œ ํฌ๊ฒŒ ๊ฐœ์„ ๋œ ๋ถ€๋ถ„์€ ์—†๋Š” ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค. ์˜ฌํ•ด ์ดˆ 1inch๊ฐ€ ์ง„ํ–‰ํ•œ ์„ค๋ฌธ์กฐ์‚ฌ์— ๋”ฐ๋ฅด๋ฉด, DeFi ์œ ์ €๋“ค์˜ ๊ฐ€์žฅ ํฐ ๋ถˆ๋งŒ์€ ๊ฐ€์Šค๋น„(27%), ๋ณด์•ˆ ๋ฆฌ์Šคํฌ(22%), ๋А๋ฆฐ ํŠธ๋žœ์žญ์…˜(18%), ๋ธŒ๋ฆฟ์ง€ ๋ฒˆ๊ฑฐ๋กœ์›€(14%) ์ˆœ์ด์—ˆ๋‹ค. ์ด๋Š” DeFi์˜ ๊ธˆ์œต ๊ธฐ๋Šฅ ์ž์ฒด์˜ ๊ฒฐํ•จ์ด๋ผ๊ธฐ๋ณด๋‹ค, ์ด๋ฅผ ์†Œ๋น„ํ•˜๋Š” ๊ณผ์ •์—์„œ ๋ฐœ์ƒํ•˜๋Š” โ€˜์œ ์ € ๊ฒฝํ—˜(UX)์˜ ๋งˆ์ฐฐโ€™์ด ์ง„์ž… ์žฅ๋ฒฝ์œผ๋กœ ์ž‘์šฉํ•˜๊ณ  ์žˆ์Œ์„ ๋ณด์—ฌ์ค€๋‹ค.

์ „ํ†ต ๊ธˆ์œต ์‹œ์žฅ์—์„œ๋Š” ๋ฏธ๊ตญ์˜ ๋กœ๋นˆํ›„๋“œ(Robinhood)๊ฐ€ ์ด ๊ฒฝํ—˜์˜ ๋ฌธ์ œ๋ฅผ ๋จผ์ € ํ•ด๊ฒฐํ•˜๋ฉฐ ๋Œ€์ค‘ํ™”์— ์„ฑ๊ณตํ–ˆ๋‹ค. ์ด๋”๋ฆฌ์›€, DeFi์™€ ๋น„์Šทํ•œ ์‹œ๊ธฐ์— ๋“ฑ์žฅํ•œ ๋กœ๋นˆํ›„๋“œ๋Š”, ์ˆ˜์ˆ˜๋ฃŒ์™€ ๋ณต์žกํ•œ ๊ณ„์ขŒ ๊ฐœ์„ค ์ ˆ์ฐจ๊ฐ€ ๋‹น์—ฐํ–ˆ๋˜ ํ™˜๊ฒฝ์—์„œ ์ฃผ์‹ ๊ฑฐ๋ž˜๋ฅผ ์ˆ˜์ˆ˜๋ฃŒ ์—†์ด ์Šค๋งˆํŠธํฐ ํ•œ ๋Œ€๋กœ ๊ฐ€๋Šฅํ•˜๊ฒŒ ๋งŒ๋“ค์—ˆ๋‹ค. ๋กœ๋นˆํ›„๋“œ์˜ ์„ฑ๊ณต์€ ์ฃผ์‹ ๊ฑฐ๋ž˜์ฒ˜๋Ÿผ โ€˜๋ˆ„๊ตฌ๋‚˜ ์‹œ๋„ํ•ด๋ณผ ์ˆ˜ ์žˆ๋Š” ์ €์œ„ํ—˜ ํˆฌ์ž ๊ฒฝํ—˜โ€™์„ ๋‹จ์ˆœํ™”ํ–ˆ๊ธฐ์— ๊ฐ€๋Šฅํ–ˆ๋‹ค.

๋ฐ˜๋ฉด DeFi์˜ ์‹ค์ œ ์ˆ˜์š”๋Š” ๊ฒฐ์ด ๋‹ค๋ฅด๋‹ค. ๊ณ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ํŒŒ์ƒ์ƒํ’ˆ, ์˜จ์ฒด์ธ ์ˆ˜์ต๋ฅ , ์…€ํ”„ ์ปค์Šคํ„ฐ๋”” ๋“ฑ ์ œ๋„๊ถŒ ๊ธˆ์œต ์•ฑ์ด ๊ทœ์ œ์ƒ ์ œ๊ณตํ•  ์ˆ˜ ์—†๊ฑฐ๋‚˜ ๊ธฐํ”ผํ•˜๋Š” ์˜์—ญ์ด DeFi ๊ณ ์œ ์˜ ์‹œ์žฅ์ด๋‹ค. ๋กœ๋นˆํ›„๋“œ๊ฐ€ ํฌ๋ฆฝํ†  ํ˜„๋ฌผ์„ ์ผ๋ถ€ ์ทจ๊ธ‰ํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ์ง€๋งŒ, ์…€ํ”„ ์ปค์Šคํ„ฐ๋””์™€ ๋ฌดํ—ˆ๊ฐ€ ๊ณ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ์ƒํ’ˆ์€ ์—ฌ์ „ํžˆ ๊ทœ์ œ์˜ ๋ฒฝ ๋ฐ–์— ์žˆ๋‹ค. ๋”ฐ๋ผ์„œ DeFi ์‹คํ–‰ ๋ ˆ์ด์–ด๊ฐ€ ์ง€ํ–ฅํ•ด์•ผ ํ•  ๋ฐฉํ–ฅ์€ ๋กœ๋นˆํ›„๋“œ์˜ ๋น„์ฆˆ๋‹ˆ์Šค๋ฅผ ๊ทธ๋Œ€๋กœ ๋ณต์ œํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹ˆ๋‹ค. ๋กœ๋นˆํ›„๋“œ๊ฐ€ ๊ทœ์ œ์™€ ๊ตฌ์กฐ์  ํ•œ๊ณ„ ๋•Œ๋ฌธ์— ์˜ฌ ์ˆ˜ ์—†๋Š” ์˜ํ†  ์œ„์—, ๋กœ๋นˆํ›„๋“œ ์ˆ˜์ค€์˜ ๋งค๋„๋Ÿฌ์šด ๊ธˆ์œต ๊ฒฝํ—˜์„ ์ด์‹ํ•˜๋Š” ๊ฒƒ์ด๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ๊ธฐ์กด ์‹œ๋„๋“ค์ด ์‹คํŒจํ•œ ์ด์œ 

๊ทธ๊ฐ„ ์ง„์ž… ์žฅ๋ฒฝ์„ ๋‚ฎ์ถ”๋ ค๋Š” ์‹œ๋„๊ฐ€ ์—†์—ˆ๋˜ ๊ฒƒ์€ ์•„๋‹ˆ๋‹ค. Zerion์ด๋‚˜ Zapper๋Š” ๋ณต์žกํ•œ ์˜จ์ฒด์ธ ํฌ์ง€์…˜์„ ๋Œ€์‹œ๋ณด๋“œ ํ•˜๋‚˜๋กœ ๋ฌถ์–ด ์€ํ–‰ ์•ฑ์ฒ˜๋Ÿผ ๊ฐ„ํŽธํ•œ ์Šค์™‘ยท์˜ˆ์น˜ ๊ฒฝํ—˜์„ ์ œ๊ณตํ•˜๋ ค ํ–ˆ๋‹ค. Instadapp(Avocado) ๊ฐ™์€ ํ”„๋กœ์ ํŠธ๋“ค์ด ์Šค๋งˆํŠธ ๊ณ„์ •(AA) ๊ธฐ์ˆ ์„ ๋„์ž…ํ•ด ๋‹ค์ค‘ ์ฒด์ธ์˜ ๊ฐ€์Šค๋น„ ์žฅ๋ฒฝ์„ ๋ณตํ•ฉ์ ์œผ๋กœ ํ•ด๊ฒฐํ•˜๋ ค ์‹œ๋„ํ•˜๊ธฐ๋„ ํ–ˆ๋‹ค.

๋ฐฉํ–ฅ์€ ๋งž์•˜์œผ๋‚˜ ์ด๋“ค์˜ ํ•œ๊ณ„๋Š” โ€˜์ง€์† ๊ฐ€๋Šฅํ•œ ๋ฆฌํ…์…˜ ๋ฃจํ”„โ€™์˜ ๋ถ€์žฌ์˜€๋‹ค. ํ† ํฐ์ด๋‚˜ ํฌ์ธํŠธ ์ธ์„ผํ‹ฐ๋ธŒ๊ฐ€ ์ค„์–ด๋“ค๋ฉด ์œ ์ €๊ฐ€ ๋ฏธ๋ จ ์—†์ด ๋‹ค์Œ ๋ณด์ƒ ์‚ฌ์ดํด๋กœ ๋– ๋‚˜๋Š” ํŒจํ„ด์ด ๋ฐ˜๋ณต๋๋‹ค. ๋Œ€๋ถ€๋ถ„์˜ DeFi ๋ฐ ํŠธ๋ ˆ์ด๋”ฉ ์•ฑ์€ ๊ธฐ์ˆ ์  ํ—ˆ๋“ค์„ ๋‚ฎ์ถ”๋Š” ๋ฐ๋Š” ์„ฑ๊ณตํ–ˆ์œผ๋‚˜, ์ธ์„ผํ‹ฐ๋ธŒ ์—†์ด ์œ ์ €๋ฅผ ๋ถ™์žก์•„๋‘๋Š” ๊ธฐํš๋ ฅ์ด ๋ถ€์กฑํ•ด โ€˜D30 ๋ฆฌํ…์…˜ ์•ฝ 10%(AppsFlyer, 2026)โ€™๋ผ๋Š” ํ•€ํ…Œํฌ ๊ธฐ์ค€์„ ์„ ๋„˜์ง€ ๋ชปํ–ˆ๋‹ค.

์ง„์ž… ๋งˆ์ฐฐ์„ ์ง€์šฐ๋Š” ๊ธฐ์ˆ ๊ณผ ์œ ์ €๋ฅผ ๋งค์ผ ๋Œ์•„์˜ค๊ฒŒ ๋งŒ๋“œ๋Š” ๊ธฐํš์€ ๋ณ„๊ฐœ์˜ ์˜์—ญ์ด๋‹ค. ๋กœ๋นˆํ›„๋“œ๊ฐ€ ์œ ์ €๋ฅผ ๋ฌถ์–ด๋‘” ๊ฒƒ์€ ๋‹จ์ˆœํžˆ ๊ฑฐ๋ž˜๊ฐ€ ํŽธํ•ด์„œ๊ฐ€ ์•„๋‹ˆ๋ผ ์•Œ๋ฆผ, ์†Œ๋น„ ๋ถ„์„, ์ผ์ƒ์  ํ˜œํƒ ๋“ฑ ์ž๋ฐœ์ ์œผ๋กœ ์•ฑ์„ ์—ด๊ฒŒ ๋งŒ๋“œ๋Š” ๋ฐ˜๋ณต ๋ฃจํ”„๊ฐ€ ์กด์žฌํ–ˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ๋ฐ˜๋ฉด์— ๊ธฐ์กด DeFi ์•ฑ๋“ค์€ ์ธ์„ผํ‹ฐ๋ธŒ ์—†์ด ์œ ์ €๋“ค์ด ์ผ์ƒ์ ์œผ๋กœ ์•ฑ์„ ์‚ฌ์šฉํ•˜๊ฒŒ ๋งŒ๋“œ๋Š” ๋ฐ์—๋Š” ์‹คํŒจํ–ˆ๋‹ค.

๊ธฐ์กด ์‹คํŒจ ํŒจํ„ด์„ ๋ฐ˜์ถ”ํ•ด ๋ณด๋ฉด, ์ด ๊ณต์„์„ ์ฐจ์ง€ํ•˜๊ธฐ ์œ„ํ•ด์„  ์„ธ ๊ฐ€์ง€ ์กฐ๊ฑด์ด ๋™์‹œ์— ์ถฉ์กฑ๋˜์–ด์•ผ ํ•œ๋‹ค๋Š” ๊ฒฐ๋ก ์— ๋„๋‹ฌํ•œ๋‹ค.

  • ๋งˆ์ฐฐ ์ œ๊ฑฐ (Frictionless): ์œ ์ €๊ฐ€ ์ฒด์ธ ๋ถ„๋ฆฌ, ๊ฐ€์Šค๋น„, ๋ธŒ๋ฆฟ์ง€๋ฅผ ์ „ํ˜€ ์˜์‹ํ•˜์ง€ ๋ชปํ•˜๋Š” ํ™˜๊ฒฝ.

  • ๋ฐ˜๋ณต ๋ฃจํ”„ (Retention Loop): ์ผ์‹œ์ ์ธ ํ† ํฐ ์ธ์„ผํ‹ฐ๋ธŒ๊ฐ€ ๋๋‚˜๋„ ์œ ์ €๋ฅผ ์•ฑ์— ๋ถ™์žก์•„๋‘๋Š” ์žฅ์น˜.

  • ํฌ๋ฆฝํ†  ๋„ค์ดํ‹ฐ๋ธŒ ์ปค๋ฒ„๋ฆฌ์ง€ (Crypto-Native Coverage): ์…€ํ”„ ์ปค์Šคํ„ฐ๋””์™€ ๊ณ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ๋“ฑ ์ „ํ†ต ํ•€ํ…Œํฌ๊ฐ€ ๊ทœ์ œ ๋•Œ๋ฌธ์— ์ œ๊ณตํ•˜์ง€ ๋ชปํ•˜๋Š” ์˜์—ญ์„ ์™„๋ฒฝํžˆ ํฌ์„ญํ•˜๋Š” ๊ฒƒ.

์ด ์„ธ ๊ฐ€์ง€ ๊ธฐ๋‘ฅ์„ ํ•˜๋‚˜๋กœ ๋ฌถ์–ด๋‚ด๋Š” ํ”Œ๋ ˆ์ด์–ด๊ฐ€ ์‹œ์žฅ์˜ ์Šน์ž๊ฐ€ ๋œ๋‹ค.

3. defi.app ์˜ ์ ‘๊ทผ ๋ฐฉ์‹: ๋งˆ์ฐฐ์„ ์ œ๊ฑฐํ–ˆ์œผ๋‚˜ ๋‚จ์€ ๊ฒƒ์€?

defi.app์€ ์Šค์™‘, Earn, Perps๋ฅผ ๋‹จ์ผ ์ธํ„ฐํŽ˜์ด์Šค์— ํ†ตํ•ฉํ•œ ๊ตฌ์กฐ๋ฅผ ์ทจํ•œ๋‹ค. EIP-4337 ์Šค๋งˆํŠธ ์–ด์นด์šดํŠธ ๊ธฐ๋ฐ˜์˜ ๊ฐ€์Šค ์ถ”์ƒํ™”๋ฅผ ์ ์šฉํ•ด ์œ ์ €๋Š” ๊ฐ€์Šค๋น„๋ฅผ ๋”ฐ๋กœ ์ค€๋น„ํ•  ํ•„์š”๊ฐ€ ์—†์œผ๋ฉฐ, EVM๊ณผ ์†”๋ผ๋‚˜ ์ƒํƒœ๊ณ„๋ฅผ ์˜ค๊ฐ€๋Š” ๊ฑฐ๋ž˜๋Š” ๋‚ด๋ถ€์—์„œ ์ž๋™์œผ๋กœ ์ตœ์  ๊ฒฝ๋กœ(1inch, Jupiter ๋“ฑ)๋ฅผ ์ฐพ์•„ ๋ผ์šฐํŒ…๋œ๋‹ค. ๊ธˆ์œต ์ƒํ’ˆ์„ ์ „๋ฉด์— ๋‚ด์„ธ์šฐ๊ณ  ๋ณต์žกํ•œ ์›น3 ์ธํ”„๋ผ๋Š” ๋’ค๋กœ ์ˆจ๊ธฐ๋Š” ์ปจ์Šˆ๋จธ ์ค‘์‹ฌ์˜ ์„ค๊ณ„๋‹ค.

์ถœ์‹œ ์ดํ›„ ์ ๋ฆฝ๋œ ๋ฐ์ดํ„ฐ๋Š” ์ด๋Ÿฌํ•œ ์ ‘๊ทผ ๋ฐฉ์‹์˜ ์œ ํšจ์„ฑ๊ณผ ํ–ฅํ›„ ๊ณผ์ œ๋ฅผ ๋™์‹œ์— ๋ณด์—ฌ์ค€๋‹ค.106๋งŒ ๋ช…์˜ ๋ˆ„์  ๊ฐ€์ž…์ž๋ฅผ ํ™•๋ณดํ•˜๋ฉฐ ๋Œ€๊ทœ๋ชจ ์˜จ๋ณด๋”ฉ ์—ญ๋Ÿ‰์„ ์ฆ๋ช…ํ–ˆ๊ณ , MAU 30,000~40,000๋ช…๊ณผ ์ถœ์‹œ ์ดˆ๊ธฐ ๋Œ€๋น„ ์•ฝ 3,000% ์„ฑ์žฅํ•œ DAU๋Š” Rocket Perps ์ •์‹ ๋Ÿฐ์น˜ ์ด์ „ ์‹œ์ ์— ์ด๋ฏธ ์‹ค์งˆ์ ์ธ ๋ฆฌํ…์…˜ ๊ธฐ๋ฐ˜์ด ํ˜•์„ฑ๋์Œ์„ ๋ณด์—ฌ์ค€๋‹ค. ์ด์ œ ๊ด€๊ฑด์€ 6์›” 4์ผ Rocket Perps ํผ๋ธ”๋ฆญ ๋Ÿฐ์น˜๊ฐ€ ์ด ๊ธฐ๋ฐ˜์„ ์–ผ๋งˆ๋‚˜ ๋” ํ™•์žฅํ•  ์ˆ˜ ์žˆ๋Š”์ง€๋‹ค.

4. Rocket Perps: ๋„ํŒŒ๋ฏผ์„ ๋งค์ถœ๊ณผ ํ† ํฐ ๊ฐ€์น˜๋กœ ์น˜ํ™˜ํ•˜๋Š” ๊ณต์‹

defi.app์€ ์ง€๊ธˆ๊นŒ์ง€ ๋งˆ์ฐฐ ์ œ๊ฑฐ์™€ ๋ฐ˜๋ณต ๋ฃจํ”„๋ฅผ ๋งŒ๋“œ๋Š” ๋ฐ์— ์ง‘์ค‘ํ–ˆ์œผ๋‚˜ ์‚ฌ์‹ค ์ „ํ†ต ํ•€ํ…Œํฌ์™€ ๋น„๊ต ์„ ์ƒ์— ๊ณ„์† ์„œ ์žˆ์—ˆ๋‹ค. ๋งŽ์€ ์„œ๋น„์Šค๋ฅผ ํ•œ ๊ณณ์—์„œ ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์—ˆ์œผ๋‚˜, ๊ทธ ์ด์ƒ, ์ฆ‰ ํฌ๋ฆฝํ†  ๋„ค์ดํ‹ฐ๋ธŒ ์ปค๋ฒ„๋ฆฌ์ง€(Crypto-Native Coverage)๋ฅผ ๋งŒ๋“ค์ง€ ๋ชปํ–ˆ๋‹ค.

Source: defi.app

์ด ํฌ๋ฆฝํ†  ๋„ค์ดํ‹ฐ๋ธŒ ์ปค๋ฒ„๋ฆฌ์ง€ ๋ฌธ์ œ๋ฅผ ํ•ด๊ฒฐํ•˜๊ธฐ ์œ„ํ•ด defi.app์ด ๋„์ž…ํ•œ ๊ธฐ๋Šฅ์ด ๋ฐ”๋กœ โ€˜Rocket Perpsโ€™๋‹ค.

Rocket Perps๋Š” ํ”ฝ์…€์•„ํŠธ ์•„์ผ€์ด๋“œ ๊ฒŒ์ž„ UI๋ฅผ ๊ฒฐํ•ฉํ•œ 1000x ๋ ˆ๋ฒ„๋ฆฌ์ง€ ํŒŒ์ƒ์ƒํ’ˆ์ด๋‹ค. Aark Digital์˜ ์˜ค๋ผํด ์ธํ”„๋ผ๋ฅผ ํ™œ์šฉํ•ด ๊ฑฐ๋ž˜ ์ƒ๋Œ€๋ฐฉ ๋งค์นญ ์—†์ด ์ฆ‰์‹œ ํฌ์ง€์…˜์ด ์ฒด๊ฒฐ๋˜๋Š” ์†๋„๋ฅผ ๊ตฌํ˜„ํ–ˆ๋‹ค. ๋‚ ์•„์˜ค๋Š” ์†Œํ–‰์„ฑ์„ ํƒญํ•˜๋ฉด XP๊ฐ€ ์Œ“์ด๊ณ , ์ด๋ฅผ ํ†ตํ•ด $HOME ํ† ํฐ ๋ณด์ƒ์„ ํด๋ ˆ์ž„ํ•˜๋Š” ๊ฒŒ์ž„ํ™”(Gamification) ์š”์†Œ๋ฅผ ๊ฒฐํ•ฉํ•ด ํŠธ๋ ˆ์ด๋”๋“ค์˜ ๋ฐ˜๋ณต์  ์ง„์ž…์„ ์œ ๋„ํ•˜๋Š” ๊ตฌ์กฐ๋‹ค.

์†Œํ”„ํŠธ ๋Ÿฐ์น˜(2026๋…„ 5์›” 13์ผ ~ 5์›” 28์ผ) ๊ธฐ๊ฐ„ ๋™์•ˆ ์ง‘๊ณ„๋œ ์ดˆ๊ธฐ ์ง€ํ‘œ๋Š” ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

264๋ช…์˜ ์œ ์ €๊ฐ€ $4์–ต์ด ๋„˜๋Š” ๊ฑฐ๋ž˜๋Ÿ‰์„ ๊ธฐ๋กํ•œ ์ ์€ ๊ณ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ์ƒํ’ˆ ํŠน์œ ์˜ ๋†’์€ ์ž๋ณธ ํšจ์œจ์„ฑ๊ณผ ๋ชฐ์ž…๊ฐ์„ ๋ณด์—ฌ์ค€๋‹ค. ๋‹จ, ์ด๋Š” ์ดˆ๊ณ ์œ„ํ—˜ ์„ฑํ–ฅ์˜ ์–ผ๋ฆฌ ํŠธ๋ ˆ์ด๋” ์ค‘์‹ฌ ๋ฐ์ดํ„ฐ์ด๋ฏ€๋กœ ํผ๋ธ”๋ฆญ ํ™˜๊ฒฝ์—์„œ์˜ ๋Œ€์ค‘์  ํ™•์žฅ์„ฑ์€ ๋ณ„๊ฐœ๋กœ ๊ฒ€์ฆ๋˜์–ด์•ผ ํ•œ๋‹ค.

1000x ๋ ˆ๋ฒ„๋ฆฌ์ง€๋Š” ์–ผํ• ๊ณผ๋„ํ•œ ์ž๊ทน์ฒ˜๋Ÿผ ๋ณด์ผ ์ˆ˜ ์žˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ด๋Š” ํฌ๋ฆฝํ†  ์œ ์ €๋“ค์ด ์‹œ์žฅ์— ์ง„์ž…ํ•˜๋Š” ๋™์ธ๊ณผ ๋งž๋‹ฟ์•„ ์žˆ๋‹ค. ๋งŽ์€ ํฌ๋ฆฝํ†  ํŠธ๋ ˆ์ด๋”๋“ค์ด ๊ณ ์ˆ˜์ต์„ ์œ„ํ•ด ๊ธฐ๊บผ์ด ์œ„ํ—˜์„ ๊ฐ์ˆ˜ํ•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. Rocket Perps๋Š” ๊ทธ ์‹ฌ๋ฆฌ๋ฅผ ์ด์šฉํ•ด ์ „ํ†ต ํ•€ํ…Œํฌ๊ฐ€ ๊ทœ์ œ ๋•Œ๋ฌธ์— ์ œ๊ณตํ•˜์ง€ ๋ชปํ•˜๋Š” ์˜์—ญ์„ ๋งŒ๋“  ๊ฒƒ์ด๋‹ค.

์ฃผ๋ชฉํ•  ๋ถ€๋ถ„์€ ์ˆ˜์ˆ˜๋ฃŒ ๊ตฌ์กฐ๋‹ค. ์ง„์ž… ์‹œ ๋งˆ์ง„์˜ 4%, ์ต์ ˆ ์‹œ ์ด์ต์˜ ์ตœ๋Œ€ 50% ์ฐจ๋“ฑ ์ ์šฉ ๋“ฑ ์ผ๋ฐ˜์ ์ธ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๊ฑฐ๋ž˜์†Œ(0.02~0.07%)์™€ ๋น„๊ตํ•˜๋ฉด ์ƒ๋‹นํžˆ ๋†’์€ ์ˆ˜์ค€์ด๋‹ค. ํ”Œ๋žซํผ ์ „์ฒด ์ˆ˜์ต(ํ˜„๋ฌผ, ํผํŽ˜์ธ„์–ผ, Rocket Perps ์•„์ผ€์ด๋“œ)์˜ 80%๊ฐ€ DIP-004 ๊ฑฐ๋ฒ„๋„Œ์Šค ๊ฒฐ์˜์— ๋”ฐ๋ผ $HOME ๋ฐ”์ด๋ฐฑ ํ”„๋กœ๊ทธ๋žจ์— ํˆฌ์ž…๋˜๋Š” ๋งŒํผ, ์ƒํƒœ๊ณ„ ๋ฐฉํ–ฅ์„ฑ์„ ๊ณ ๋ คํ•œ ์ˆ˜์ˆ˜๋ฃŒ ์ฑ…์ •์œผ๋กœ ํ•ด์„ํ•  ์ˆ˜ ์žˆ๋‹ค. ํ—ค์ง€ ์ˆ˜๋‹จ๋ณด๋‹ค๋Š” ๊ณ ์ˆ˜์ต์„ ์ถ”๊ตฌํ•˜๋Š” ํŠธ๋ ˆ์ด๋” ํŠน์„ฑ์— ์ตœ์ ํ™”๋œ ์ƒํ’ˆ์œผ๋กœ ์ดํ•ดํ•˜๋ฉด ์ด ๊ณผ๊ธˆ ๊ตฌ์กฐ๋Š” ํƒ€๊นƒ ์œ ์ €์—๊ฒŒ ํ•ฉ๋ฆฌ์ ์œผ๋กœ ๋ฐ›์•„๋“ค์—ฌ์งˆ ์ˆ˜ ์žˆ๋‹ค.

ํ•˜์ดํผ๋ฆฌํ€ด๋“œ(Hyperliquid)๋Š” ์ˆ˜์ˆ˜๋ฃŒ์—์„œ ๋ฐ”์ด๋ฐฑ์œผ๋กœ ์ด์–ด์ง€๋Š” ํ”Œ๋ผ์ดํœ ์˜ ์„ ๋ก€๋ฅผ ์ œ์‹œํ•œ๋‹ค. ํ”„๋กœํ† ์ฝœ ์ˆ˜์ˆ˜๋ฃŒ์˜ 97%๋ฅผ HYPE ํ† ํฐ ๋ฐ”์ด๋ฐฑ์— ํˆฌ์ž…ํ•˜๋Š” ๊ตฌ์กฐ๋ฅผ ์ฑ„ํƒํ–ˆ๊ณ , ๋ชจ๋“  ํŠธ๋žœ์žญ์…˜์ด ์˜จ์ฒด์ธ์—์„œ ์ฆ‰์‹œ ๊ฒ€์ฆ ๊ฐ€๋Šฅํ•˜๋‹ค. defi.app๋„ ๊ฐ™์€ ์„ ์ˆœํ™˜์„ ์˜จ์ฒด์ธ์—์„œ ์ฆ๋ช…ํ•œ๋‹ค๋ฉด, ๋†’์€ ์ˆ˜์ˆ˜๋ฃŒ ๊ตฌ์กฐ์— ๋”ฐ๋ฅธ ์œ ์ € ๋น„์šฉ ๋ถ€๋‹ด์„ ์ƒ์‡„ํ•˜๋Š” ๊ฐ•๋ ฅํ•œ ์œ ์ธ์ด ๋œ๋‹ค.

5. defi.app์ด ํ’€์–ด์•ผ ํ•  ํ–ฅํ›„ ๋งˆ์ผ์Šคํ†ค

5.1. ๋ฆฌํ…์…˜ ๊ฒ€์ฆ ๊ทธ๋ฆฌ๊ณ  ์‹ ๋ขฐ ํ”„๋ ˆ์ž„ ๊ตฌ์ถ•

์†Œํ”„ํŠธ ๋Ÿฐ์น˜์˜ 264๋ช…์€ 1000x ๋ ˆ๋ฒ„๋ฆฌ์ง€๋ฅผ ์ž๋ฐœ์ ์œผ๋กœ ์ฐพ์•„์˜จ ์–ผ๋ฆฌ ํŠธ๋ ˆ์ด๋” ์ง‘๋‹จ์ด๋‹ค. ๋ณธ๊ฒฉ์ ์ธ ๋Ÿฐ์น˜๋ฅผ ๊ธฐ์ ์œผ๋กœ ์ฒ˜์Œ์œผ๋กœ ์ผ๋ฐ˜ ์œ ์ € ํ’€์ด ๋ณธ๊ฒฉ ์œ ์ž…๋˜๋ฉฐ, ์ด๋ฏธ ํ˜•์„ฑ๋œ 30,000~40,000๋ช… MAU ๊ธฐ๋ฐ˜์ด ์–ผ๋งˆ๋‚˜ ๋” ํ™•์žฅ๋˜๋Š”์ง€๊ฐ€ ํ•ต์‹ฌ ๊ด€์ „ ํฌ์ธํŠธ๋‹ค.

๋กœ๋นˆํ›„๋“œ๋Š” ์ด ๋ฌธ์ œ๋ฅผ ๋จผ์ € ๊ฒช์—ˆ๋‹ค. 2021๋…„ ๋ฐˆ์ฃผ์‹ ์—ดํ’์ด ๊บพ์ด์ž MAU๊ฐ€ ์ •์ ์—์„œ ๊ธ‰๊ฒฉํžˆ ํ•˜๋ฝํ–ˆ๋‹ค. ์ดํ›„ ์„ ํƒํ•œ ๋ฐฉํ–ฅ์€ ํฌ๋ ˆ๋”ง ์นด๋“œ, ๋ฑ…ํ‚น, ์†Œ์…œ ๊ธฐ๋Šฅ์„ ๊ฒฐํ•ฉํ•ด ๊ฑฐ๋ž˜ ์—ฌ๋ถ€์™€ ๋ฌด๊ด€ํ•˜๊ฒŒ ๋งค์ผ ์•ฑ์„ ์—ด ์ด์œ ๋ฅผ ๋งŒ๋“œ๋Š” ๊ฒƒ์ด์—ˆ๋‹ค. ์œ ์ €๊ฐ€ ๋ˆ์„ ๋ฒŒ๋“  ์žƒ๋“  ์•ฑ์œผ๋กœ ๋Œ์•„์˜ค๊ฒŒ ๋งŒ๋“œ๋Š” ๋ณ„๋„์˜ ๋ฃจํ”„๊ฐ€ ํ•„์š”ํ•˜๋‹ค๋Š” ๊ฑธ ๋ณด์—ฌ์คฌ๋‹ค.

defi.app๋„ ๊ฐ™์€ ๊ณ ๋ฏผ์˜ ์„ ์ƒ์— ์žˆ๋‹ค. Rocket Perps์ฒ˜๋Ÿผ ํฌ๋ฆฝํ†  ํŠธ๋ ˆ์ด๋”์˜ ๊ฒฐ์— ๋งž๋Š” ๊ธฐ๋Šฅ๋“ค์„ ์ง€์†์ ์œผ๋กœ ์ถœ์‹œํ•ด ์œ ์ €๋ฅผ ๋ชจ์œผ๋Š” ๊ฒƒ๊ณผ, ๋™์‹œ์— ์œ ์ €๋“ค์ด โ€˜๋‚ด ์ž์‚ฐ์„ ์•ˆ์ •์ ์œผ๋กœ ํ™œ์šฉํ•  ์ˆ˜ ์žˆ๋Š” ๊ณณโ€™์ด๋ผ๋Š” ์ธ์‹์„ ์‹ฌ์–ด์ฃผ๋Š” ๊ฒƒ์ด ๋ณ‘ํ–‰๋˜์–ด์•ผ ํ•œ๋‹ค. ๋ชจ๊ฐ๋œ ์œ ์ €๋“ค์ด ์ผ์ƒ์ ์œผ๋กœ ์•ฑ์„ ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์–ด์•ผ ์ง„์ •ํ•œ โ€˜Everything Appโ€™์œผ๋กœ ๊ฑฐ๋“ญ๋‚  ์ˆ˜ ์žˆ๋‹ค.

5.2. ๋ฐ”์ด๋ฐฑ ๊ตฌ์กฐ์˜ ์˜จ์ฒด์ธ ํˆฌ๋ช…์„ฑ ํ™•๋ณด

ํ˜„์žฌ $HOME ํ† ํฐ์— ํˆฌ์žํ•ด์•ผ ํ•  ๊ฐ€์žฅ ํฐ ๋…ผ๊ฑฐ๋Š” ํ”Œ๋žซํผ ์ „์ฒด ์ˆ˜์ต์˜ 80%๋ฅผ ๊ฑฐ๋ฒ„๋„Œ์Šค ๊ธฐ๋ฐ˜ ๋ฐ”์ด๋ฐฑ ํ”„๋กœ๊ทธ๋žจ์— ํˆฌ์ž…ํ•œ๋‹ค๋Š” ๊ณต์•ฝ์ด๋‹ค. ์ด ๊ณต์•ฝ์˜ ์‹ ๋ขฐ๋„๋ฅผ ๋’ท๋ฐ›์นจํ•˜๋Š” ๊ทผ๊ฑฐ๋Š” ์ด๋ฏธ ์กด์žฌํ•œ๋‹ค. Q3 2025 ํŠธ๋ ˆ์ด๋”ฉ ์ˆ˜์ต ์•ฝ $400๋งŒ, ์›” ๋งค์ถœ ์•ฝ $100๋งŒ์ด๋ผ๋Š” ์ˆ˜์น˜๋Š” ๋ฐ”์ด๋ฐฑ ์žฌ์›์ด ์‹ค์ œ๋กœ ์ƒ์„ฑ๋˜๊ณ  ์žˆ์Œ์„ ๋ณด์—ฌ์ค€๋‹ค.

๋Œ€๋ถ€๋ถ„์˜ ์•”ํ˜ธํ™”ํ ํˆฌ์ž์ž๋“ค์€ ์ด๋ฏธ ๋ฐ”์ด๋ฐฑ ์•ฝ์†์— ๋ฐฐ์‹ ๋‹นํ•œ ๊ฒฝํ—˜์ด ๋งŽ๋‹ค. ์ˆ˜์ต์ด ๋ฐœ์ƒํ•˜๊ณ  ์žˆ๋‹ค๋Š” ์‚ฌ์‹ค๋งŒ์œผ๋กœ๋Š” ๋ถ€์กฑํ•˜๊ณ , ๊ทธ ์ˆ˜์ต์ด ์‹ค์ œ๋กœ ๋ฐ”์ด๋ฐฑ์œผ๋กœ ์ง‘ํ–‰๋˜๊ณ  ์žˆ๋Š”์ง€๋ฅผ ๋ˆ„๊ตฌ๋‚˜ ๋…๋ฆฝ์ ์œผ๋กœ ํ™•์ธํ•  ์ˆ˜ ์žˆ์–ด์•ผ ํ•œ๋‹ค.

ํ•˜์ดํผ๋ฆฌํ€ด๋“œ๋Š” ์ด ๋ฌธ์ œ๋ฅผ ๊ฐ€์žฅ ๊น”๋”ํ•˜๊ฒŒ ํ’€์—ˆ๋‹ค. ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๋ฐœ์ƒํ•˜๋Š” ์ˆœ๊ฐ„ ์ž๋™์œผ๋กœ ๋ฐ”์ด๋ฐฑ์ด ์‹คํ–‰๋˜๋„๋ก ํ”„๋กœ๊ทธ๋žจํ–ˆ๊ณ , ํŠธ๋žœ์žญ์…˜์„ ๋ˆ„๊ตฌ๋‚˜ ์กฐํšŒํ•  ์ˆ˜ ์žˆ๋‹ค. ๋ฐ”์ด๋ฐฑ์ด โ€œ๋˜๊ณ  ์žˆ๋‹คโ€๋Š” ๊ณต์ง€๋ฅผ ๋”ฐ๋กœ ํ•  ํ•„์š”๊ฐ€ ์—†๋‹ค.

defi.app์˜ 80% ๋ฐ”์ด๋ฐฑ์ด๋ผ๋Š” ๊ณต์•ฝ์€ ํˆฌ์ž์ž์—๊ฒŒ ์ถฉ๋ถ„ํžˆ ๋งค๋ ฅ์ ์œผ๋กœ ๋“ค๋ฆด ์ˆ˜ ์žˆ๋‹ค. ๋ฐ”์ด๋ฐฑ ์‹คํ–‰ ์ง€๊ฐ‘ ์ฃผ์†Œ๋ฅผ ๊ณต๊ฐœํ•˜๊ณ , ์ˆ˜์ต ์œ ํ˜•๋ณ„ ๋‚ด์—ญ์„ ์‹ค์‹œ๊ฐ„์œผ๋กœ ์ง‘๊ณ„ํ•˜๋Š” ๋Œ€์‹œ๋ณด๋“œ๋ฅผ Rocket Perps ํผ๋ธ”๋ฆญ ๋Ÿฐ์น˜์™€ ๋™์‹œ์— ๋‚ด๋†“๋Š”๋‹ค๋ฉด ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์ฒ˜๋Ÿผ ์‹ ๋ขฐ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ๊ตด๋Ÿฌ๊ฐ€๋Š” ํ”Œ๋ผ์ดํœ ์„ ๊ฒฝํ—˜ํ•  ์ˆ˜ ์žˆ๋‹ค.

6. ๊ฒฐ๋ก 

๋กœ๋นˆํ›„๋“œ๋Š” ๊ธˆ์œต ๊ฒฝํ—˜์„ ๋ฐ”๊ฟจ์ง€๋งŒ ๊ทœ์ œ์˜ ์šธํƒ€๋ฆฌ ์•ˆ์— ์žˆ๋‹ค. ์…€ํ”„ ์ปค์Šคํ„ฐ๋””๋„, ๊ณ ๋ ˆ๋ฒ„๋ฆฌ์ง€๋„, ํ—ˆ๊ฐ€๋ฐ›์ง€ ๋ชปํ•œ ์ˆ˜์ต๋ฅ ์„ ํˆฌ์ž์ž์—๊ฒŒ ์ œ๊ณตํ•  ์ˆ˜๋„ ์—†๋‹ค. ๊ทธ๋ฆฌ๊ณ  DeFi๋Š” ๊ทธ ๊ทœ์ œ ๋ฐ”๊นฅ์˜ ๊ธˆ์œต์„ ๋งŒ๋“ค์—ˆ์ง€๋งŒ ์‚ฌ๋žŒ์„ ๋ถ™์žก์ง€ ๋ชปํ–ˆ๋‹ค. ์ธํ”„๋ผ๋Š” ์™„์„ฑ๋๋Š”๋ฐ ๋งค์ผ ๋Œ์•„์˜ค๊ฒŒ ๋งŒ๋“œ๋Š” ์ด์œ ๊ฐ€ ์—†์—ˆ๋‹ค.

defi.app์ด ํ’€๋ ค๋Š” ๋ฌธ์ œ๋Š” ์ •ํ™•ํžˆ ๊ทธ ๋‘ ์‚ฌ์ด์— ์žˆ๋‹ค. ๋กœ๋นˆํ›„๋“œ๊ฐ€ ์˜ฌ ์ˆ˜ ์—†๋Š” ์˜ํ† ์—์„œ, DeFi๊ฐ€ ์•„์ง ๋งŒ๋“ค์ง€ ๋ชปํ•œ ๊ฒฝํ—˜์„ ๋งŒ๋“œ๋Š” ๊ฒƒ์ด๋‹ค.

๊ทธ ์ ‘๊ทผ ๋ฐฉ์‹์€ ์„ธ ์ถ•์œผ๋กœ ์š”์•ฝ๋œ๋‹ค. 1) ๊ฐ€์Šค์™€ ๋ธŒ๋ฆฟ์ง€๋ฅผ ์ˆจ๊ธด ์ธํ„ฐํŽ˜์ด์Šค๋กœ ๋งˆ์ฐฐ์„ ์—†์• ๊ณ , 2) Rocket Perps์™€ ๊ฐ™์€ ์š”์†Œ๋ฅผ ์ถ”๊ฐ€ํ•˜์—ฌ ์œ ์ €๊ฐ€ ๋ฐ˜๋ณต ์ง„์ž…ํ•  ์ด์œ ๋ฅผ ๋งŒ๋“ค๊ณ , 3) ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ๊ฑฐ๋ฒ„๋„Œ์Šค ๊ธฐ๋ฐ˜ $HOME ๋ฐ”์ด๋ฐฑ ํ”„๋กœ๊ทธ๋žจ์œผ๋กœ ์—ฐ๊ฒฐํ•ด ํ”Œ๋žซํผ ์„ฑ์žฅ์ด ์‹ค์งˆ์ ์ธ ์˜จ์ฒด์ธ ์ˆ˜์š”๋กœ ๊ท€์†๋˜๋Š” ๊ตฌ์กฐ๋ฅผ ์„ค๊ณ„ํ–ˆ๋‹ค.

defi.app์€ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์—์„œ ์œ ์ €๋ฅผ ๋Œ์–ด๋“ค์ด๊ธฐ ์œ„ํ•œ ์š”์†Œ์— ๋Œ€ํ•ด ์ž˜ ์ดํ•ดํ•˜๊ณ  ์žˆ๋Š” ํŒ€์ด๋‹ค. ๋ฌผ๋ก  ์œ ์ € ์„ฑํ–ฅ์— ๋”ฐ๋ผ ๋‹ค๋ฅด๊ฒ ์ง€๋งŒ, ์•”ํ˜ธํ™”ํ ์‹œ์žฅ ํŠน์œ ์˜ ๋ณ€๋™์„ฑ์„ ์ข‹์•„ํ•˜๋Š” ์œ ์ €๋ผ๋ฉด Rocket Perps๋ฅผ ํ†ตํ•ด ํฅ๋ฏธ๋ฅผ ๊ฐ€์งˆ ์ˆ˜ ์žˆ๊ณ  ์žฅ๊ธฐ์ ์œผ๋กœ ์•ฑ์— ์žฌ๋ฐฉ๋ฌธํ•  ์ˆ˜๋„ ์žˆ๋‹ค.

์ด์ œ defi.app์ด ๊ณ ๋ฏผํ•ด์•ผ ํ•  ๊ฑด, ๋‹จ๊ธฐ์ ์ธ ๋ชจ๊ฐ ์ „๋žต๊ณผ ๋”๋ถˆ์–ด, ์œ ์ €๊ฐ€ Earn์„ ํ†ตํ•ด ๋งˆ์Œ ํŽธํžˆ ์˜ˆ์น˜ ์ˆ˜์ต์„ ๋‚ด๊ณ  ๊ฒŒ์ž„์ ์ธ ์š”์†Œ๋กœ XP๋ฅผ ๋ชจ์•„ ๋ณด์ƒ์„ ์–ป๋Š” ๊ฒฝํ—˜์„ ํ†ตํ•ด ์ž์—ฐ์Šค๋Ÿฝ๊ฒŒ ์žฌ๋ฐฉ๋ฌธํ•˜๋„๋ก ๋งŒ๋“œ๋Š” ๊ฒƒ์ด๋‹ค.

๊ทธ๊ฒƒ์ด ๊ฐ€๋Šฅํ•ด์ง€๋Š” ์ˆœ๊ฐ„, defi.app์€ ๋‹จ์ˆœํ•œ DeFi ์•ฑ์ด ์•„๋‹ˆ๋ผ ๋กœ๋นˆํ›„๋“œ๊ฐ€ ๋๋‚ด ์ง„์ž…ํ•˜์ง€ ๋ชปํ•œ ์‹œ์žฅ์˜ ์ฒซ ๋ฒˆ์งธ ํ‘œ์ค€์ด ๋œ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.



๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” defi.app ๋กœ๋ถ€ํ„ฐ ์ผ๋ถ€ ์›๊ณ ๋ฃŒ ์ง€์›์„ ๋ฐ›์•˜์œผ๋‚˜, ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ๋…๋ฆฝ์ ์ธ ์กฐ์‚ฌ๋ฅผ ํ†ตํ•ด ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ํ•˜์ง€๋งŒ ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด์— ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์œผ๋ฉฐ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[2026๋…„, ํ•œ๊ตญ ๊ธฐ๊ด€๋“ค์˜ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ ์ง„์ถœ ์ด์ •๋ฆฌ]]>https://reports.tiger-research.com/p/korea-institutional-crypto-2026-landscape-korhttps://reports.tiger-research.com/p/korea-institutional-crypto-2026-landscape-korThu, 28 May 2026 13:01:14 GMTํ•œ๊ตญ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์—์„œ ๊ธฐ๊ด€๋“ค์˜ ํŒŒํŠธ๋„ˆ์‹ญ ๋ฐœํ‘œ์™€ ์ง€๋ถ„ ์ธ์ˆ˜ ๊ฒฝ์Ÿ์ด ๋™์‹œ์— ์Ÿ์•„์ง€๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฐ๋ฐ, ์ง€ํ˜•๋„๋ฅผ ๋“ค์—ฌ๋‹ค๋ณด๋ฉด ํ•œ ๋ˆˆ์— ํŒŒ์•…ํ•˜๊ธฐ ์–ด๋ ต์Šต๋‹ˆ๋‹ค. ๋”๊ตฐ๋‹ค๋‚˜ ํŒŒํŠธ๋„ˆ์‹ญ์€ ๋„˜์ณ๋‚˜๋Š”๋ฐ ์ƒ์šฉ ์„œ๋น„์Šค๋กœ ์ „ํ™˜๋œ ์‚ฌ๋ก€๋Š” ์—ฌ์ „ํžˆ ๋“œ๋ญ…๋‹ˆ๋‹ค. ์™œ ์ด ์ „ํ™˜์œจ์ด ๋‚ฎ์€์ง€, ๊ทธ๋Ÿผ์—๋„ ๊ธฐ๊ด€๋“ค์ด ๊ณ„์† ์›€์ง์ด๋Š” ์ด์œ ๊ฐ€ ๋ฌด์—‡์ธ์ง€ ์‚ดํŽด๋ด…๋‹ˆ๋‹ค.

Key Takeaways

  • ํ•œ๊ตญ ๊ธฐ๊ด€๋“ค์˜ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ ์ง„์ถœ์ด ๊ฐ€์†ํ™”๋˜๋ฉด์„œ ๋‹จ์ˆœ ์—…๋ฌดํ˜‘์•ฝ(MOU)์„ ๋„˜์–ด ์‹ค์ œ ์‚ฌ์—… ์˜์—ญ, ๊ฑฐ๋ž˜์†Œ ์ง€๋ถ„ ์ธ์ˆ˜๊นŒ์ง€ ํ™•์žฅ์ด ํ™•์ธ๋œ๋‹ค.

  • STO ํ‘œ์ค€ ์ฃผ๋„๊ถŒ, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฒฐ์ œ๋ง, ์ˆ˜ํƒ ์‹œ์žฅ ๋“ฑ ํ•ต์‹ฌ ๊ธˆ์œต ์ธํ”„๋ผ์˜ ๊ธธ๋ชฉ์„ ์„ ์ ํ•˜๊ธฐ ์œ„ํ•œ ์ง„์˜ ๊ฐ„ ๋ฌผ๋ฐ‘ ๊ฒฝ์Ÿ์ด ์‹ฌํ™”๋˜์—ˆ๋‹ค.

  • ํ•ด์™ธ ๊ธฐ์ˆ  ์ข…์†์—์„œ ๋ฒ—์–ด๋‚˜ ํ•œ๊ตญ์€ํ–‰ CBDC ๋ฐ ๊ตญ๋‚ด ๊ทœ์ œ ๋งž์ถคํ˜• ๋ ˆ์ผ์„ ์ง์ ‘ ๊ตฌ์ถ•ํ•˜๋Š” ๊ตญ์‚ฐ ์ธํ”„๋ผ ๋นŒ๋”๋“ค์ด ๊ธฐ๊ด€ ๋น„์ฆˆ๋‹ˆ์Šค์˜ ์ƒˆ๋กœ์šด ํ•ต์‹ฌ ์ถ•์œผ๋กœ ๋ถ€์ƒํ•˜๊ณ  ์žˆ๋‹ค.

  • ํ•ด์™ธ ์›น3 ์žฌ๋‹จ๋“ค์˜ ํ•œ๊ตญ ์ง„์ถœ ๊ณต์‹์ด ๋ฆฌํ…Œ์ผ ์ปค๋ฎค๋‹ˆํ‹ฐ ๋นŒ๋”ฉ์—์„œ ๋Œ€๊ธฐ์—…ยท๊ธˆ์œต์‚ฌ ํ˜‘์—…์œผ๋กœ ์™„์ „ํžˆ ์ „ํ™˜๋˜์—ˆ์œผ๋ฉฐ, ์ „ํ†ต ๊ธˆ์œต์ด ์ฃผ๋„ํ•˜๋Š” ์‹œ์žฅ ๊ฐœํŽธ์ด ๊ฐ€์†ํ™”๋œ๋‹ค.


1. ์‹ฌํ™”๋˜๋Š” MOU ๊ฒฝ์Ÿ

์œ„ ์ง€ํ˜•๋„๋Š” ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๊ฐ€ ํ•œ๊ตญ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์˜ ํ๋ฆ„์„ ์ •๋ฆฌํ•œ ๊ด€๊ณ„๋„์ด๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ๊ตฌ์กฐ๋ฅผ ํ•œ๋ˆˆ์— ํŒŒ์•…ํ•˜๊ธฐ๋Š” ์‰ฝ์ง€ ์•Š๋‹ค. ๋ณต์žกํ•˜๊ฒŒ ์–ฝํžŒ ์„ ๋“ค ์ค‘ ์–ด๋А ๊ฒƒ์ด ์‹ค์ œ ์‚ฌ์—…์˜ ์˜์—ญ์ธ์ง€, ์–ด๋А ๊ฒƒ์ด ๋‹จ์ˆœ ์—…๋ฌดํ˜‘์•ฝ(MOU)์ธ์ง€ ๋ช…ํ™•ํžˆ ๊ตฌ๋ถ„๋˜์ง€ ์•Š์œผ๋ฉฐ, ์ค‘์‹ฌ ํ—ˆ๋ธŒ์™€ ์ฃผ๋ณ€๋ถ€์˜ ๊ฒฝ๊ณ„๋„ ๋ชจํ˜ธํ•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

ํฅ๋ฏธ๋กœ์šด ์ ์€ ์ด ๋ณต์žกํ•จ ์ž์ฒด๊ฐ€ ํ˜„์žฌ ํ•œ๊ตญ ์•”ํ˜ธํ™”ํ ๊ธฐ๊ด€ ์‹œ์žฅ์˜ ํ˜„์‹ค์„ ์ •ํ™•ํ•˜๊ฒŒ ๋ณด์—ฌ์ค€๋‹ค๋Š” ์‚ฌ์‹ค์ด๋‹ค. ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๊ฐ€ ์ถ”์ ํ•œ 150๊ฐœ ๊ธฐ๊ด€, 196๊ฑด์˜ ํ˜‘๋ ฅ ๊ด€๊ณ„ ๋ฐ์ดํ„ฐ๊ฐ€ ์ฆ๋ช…ํ•˜๋“ฏ ์•„์ง ์‹œ์žฅ์„ ๋…์ ์ ์œผ๋กœ ์ง€๋ฐฐํ•˜๋Š” ํ—ˆ๋ธŒ๋Š” ์กด์žฌํ•˜์ง€ ์•Š๋Š”๋‹ค.

์ง€๊ธˆ ๊ตญ๋‚ด ๊ธฐ๊ด€๋“ค์€ ๊ทœ์ œ๊ฐ€ ์™„์ „ํžˆ ํ™•์ •๋˜๊ธฐ ์ „ ์ฃผ๋„๊ถŒ์„ ์žก๊ธฐ ์œ„ํ•ด ๋™์‹œ๋‹ค๋ฐœ์ ์œผ๋กœ ์ง„์˜์„ ๊ตฌ์ถ•ํ•˜๋Š” ์ค‘์ด๋‹ค. ํ˜„์žฌ ๊ฒฝ์Ÿ์€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ, STO(ํ† ํฐ์ฆ๊ถŒ), ์ˆ˜ํƒ(์•”ํ˜ธํ™”ํ ๋ณด๊ด€)์ด๋ผ๋Š” 3๋Œ€ ์ „์„ ์„ ์ค‘์‹ฌ์œผ๋กœ ํŽผ์ณ์ง€๊ณ  ์žˆ๋‹ค.

์ฃผ๋ชฉํ•  ์ ์€ ๊ธˆ์œต๊ธฐ๊ด€๋“ค์˜ ๊ฑฐ๋ž˜์†Œ ์ง€๋ถ„ ์ธ์ˆ˜๊ฐ€ ์ด์–ด์ง€๊ณ  ์žˆ๋‹ค๋Š” ์ ์ธ๋ฐ, ๊ทœ์ œ๊ฐ€ ์™„๋น„๋˜๊ธฐ ์ „ ์‹œ์žฅ์— ๋Œ€ํ•œ ํ™•์‹ ์„ ๊ฐ€์ง€๊ณ  ์„ ์ ํ•˜๋ ค๋Š” ์›€์ง์ž„์œผ๋กœ ํ•ด์„๋œ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ๊ณผ์—ด๋˜๋Š” ๊ฑฐ๋ž˜์†Œ ์ง€๋ถ„ ์Ÿํƒˆ์ „

ํ•˜๋‚˜์€ํ–‰์ด ์—…๋น„ํŠธ ์šด์˜์‚ฌ ๋‘๋‚˜๋ฌด ์ง€๋ถ„ 6.55%๋ฅผ ์•ฝ 1์กฐ์›์— ์ธ์ˆ˜ํ•˜๊ฒ ๋‹ค๊ณ  ๋ฐํžŒ ์ง€ ์—ดํ˜๋„ ์•ˆ ๋ผ ํ•œํ™”ํˆฌ์ž์ฆ๊ถŒ์ด ์ถ”๊ฐ€ 3.90% ์ทจ๋“์„ ๊ฒฐ์˜ํ–ˆ๊ณ , ๊ฐ™์€ ๋‹ฌ์ธ 5์›” 28์ผ์—” ์‚ผ์„ฑ์ฆ๊ถŒยท์‚ผ์„ฑSDSยท์‚ผ์„ฑ์นด๋“œ๊ฐ€ ํ•ฉ์‚ฐ 4.0% ์ทจ๋“์„ ๊ณตํ‘œํ–ˆ๋‹ค. ๋ฏธ๋ž˜์—์…‹์ปจ์„คํŒ…์€ ์ด๋ฏธ 2์›”์— ์ฝ”๋น— ์ง€๋ถ„ 92.06%๋ฅผ ์ธ์ˆ˜ํ•˜๋Š” ๊ณ„์•ฝ์„ ์ฒด๊ฒฐํ–ˆ๊ณ , ํ•œ๊ตญํˆฌ์ž์ฆ๊ถŒ๊ณผ ๊ธ€๋กœ๋ฒŒ ๊ฑฐ๋ž˜์†Œ OKX์˜ ์ฝ”์ธ์› ๊ณต๋™ ์ธ์ˆ˜ ๋…ผ์˜๋„ ์‹œ์žฅ์— ํผ์กŒ๋‹ค.

์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์ฝ”์ธ ๋งค๋งค ์ˆ˜์ˆ˜๋ฃŒ ํ”Œ๋žซํผ์„ ๋„˜์–ด, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธยท์ˆ˜ํƒยทํ† ํฐ์ฆ๊ถŒยทRWA ์ƒํ’ˆ์ด ์œ ํ†ต๋  ์ˆ˜ ์žˆ๋Š” ํ•ต์‹ฌ ๊ณ ๊ฐ ์ ‘์ ์œผ๋กœ ์žฌํ‰๊ฐ€๋˜๋ฉด์„œ ๋ฒŒ์–ด์ง€๋Š” ์„ ์  ๊ฒฝ์Ÿ์ด๋‹ค.

์€ํ–‰๊ณผ ์ฆ๊ถŒ์‚ฌ๋Š” VASP์™€ ๊ฐ™์€ ๋ผ์ด์„ ์Šค๋ฅผ ์šฐํšŒ์ ์œผ๋กœ ํš๋“ํ•˜๋ฉฐ ๋™์‹œ์— ๊ฑฐ๋ž˜์†Œ์˜ ์œ ์ €์™€ ์œ ๋™์„ฑ์„ ํ™•๋ณดํ•  ์ˆ˜ ์žˆ๋‹ค. ์ง€๊ธˆ์˜ ์ง€๋ถ„์Ÿํƒˆ์ „์€ ๋ˆ„๊ฐ€ ํ–ฅํ›„ ๋””์ง€ํ„ธ์ž์‚ฐ ๊ธˆ์œต์˜ ํ”„๋ก ํŠธ์—”๋“œ๋ฅผ ์žฅ์•…ํ•  ๊ฒƒ์ธ๊ฐ€์˜ ๋ฌธ์ œ๋‹ค.

3. ์„นํ„ฐ๋ณ„ ๊ด€๊ณ„๋„๋กœ ์•Œ์•„๋ณด๋Š” ํ•œ๊ตญ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ

๊ฐ ์„นํ„ฐ๋ณ„ ๊ด€๊ณ„๋„๋ฅผ ์‚ดํŽด๋ณด๋ฉด ์ˆ˜ํƒ์€ ์ œ๋„๋ฅผ ํ†ต๊ณผํ•ด ์ด๋ฏธ ๊ฐ€๋™ ์ค‘์ธ ์‚ฌ๋ก€๊ฐ€ ๋งŽ๋‹ค. ๋ฐ˜๋ฉด RWA์™€ STO๋Š” ๋ฒ• ์‹œํ–‰์„ ๊ธฐ๋‹ค๋ฆฌ๋А๋ผ ์—ฌ์ „ํžˆ ๊ณ„์•ฝ์ด๋‚˜ ์—…๋ฌดํ˜‘์•ฝ(MOU) ๋‹จ๊ณ„์— ๋ฌถ์—ฌ ์žˆ๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์—ญ์‹œ ํ™•์‹คํ•œ ์ฃผ๋„๊ถŒ์„ ์ฅ” ํ‘œ์ค€ ์‚ฌ์—…์ž ์—†์ด ๋น„์Šทํ•œ ์ •์ฒด๋ฅผ ๊ฒช๋Š” ์ค‘์ด๋‹ค.

์ด์ฒ˜๋Ÿผ ๋ถ„์•ผ๋งˆ๋‹ค ์žฅ๋ฒฝ์˜ ์„ฑ๊ฒฉ์ด ๋‹ค๋ฅด๋‹ค ๋ณด๋‹ˆ ๋ŒํŒŒ ์ „๋žต๋„ ์ œ๊ฐ๊ฐ์ด๋‹ค. ๊ทœ์ œ๊ฐ€ ํ’€๋ฆฌ๊ธฐ๋ฅผ ๊ธฐ๋‹ค๋ฆฌ๋ฉฐ ๊ตญ๋‚ด ์—ฐํ•ฉ์„ ๊ณต๊ณ ํžˆ ํ•˜๋Š” ์ง„์˜์ด ์žˆ๋Š” ๋ฐ˜๋ฉด, ๊ทœ์ œ๊ฐ€ ๋จผ์ € ์—ด๋ฆฐ ํ•ด์™ธ๋กœ ๋ˆˆ์„ ๋Œ๋ ค ์šฐํšŒ๋กœ๋ฅผ ๊ฐœ์ฒ™ํ•˜๋Š” ํ”Œ๋ ˆ์ด์–ด๋„ ์žˆ๋‹ค. ๊ฐ ์˜์—ญ์˜ ์žฅ๋ฒฝ๊ณผ ํ”Œ๋ ˆ์ด์–ด๋“ค์˜ ๊ตฌ์ฒด์ ์ธ ๋Œ€์‘ ๋ฐฉ์‹์„ ์„นํ„ฐ๋ณ„๋กœ ์‚ดํŽด๋ณธ๋‹ค.

3.1. RWA/STO: ๋ฒ•์€ ํ†ต๊ณผ, ์ƒํ’ˆํ™” ์ธํ”„๋ผ๊ฐ€ ๊ด€๊ฑด

๊ตญ๋‚ด STO ์‹œ์žฅ์€ ์ฝ”์Šค์ฝค ์ค‘์‹ฌ์˜ ์ปจ์†Œ์‹œ์—„๊ณผ ์‹ ํ•œํˆฌ์ž์ฆ๊ถŒ ์ค‘์‹ฌ์˜ ์กฐ๊ฐํˆฌ์ž ์—ฐํ•ฉ์ด๋ผ๋Š” ๋‘ ์ถ•์œผ๋กœ ๋‚˜๋‰œ๋‹ค. ๋ฐ˜๋ฉด ๋ฏธ๋ž˜์—์…‹์ฆ๊ถŒ์€ ํ•ด์™ธ ๊ฑฐ์ ์„ ํ™œ์šฉํ•ด ์ด๋“ค๊ณผ๋Š” ๋‹ค๋ฅธ ๋…์ž ๋…ธ์„ ์„ ํƒํ–ˆ๋‹ค.

์ฝ”์Šค์ฝค์€ ํ•œ๊ตญ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์ง€๋ถ„ 76.6%๋ฅผ ๋ณด์œ ํ•œ ์ฆ๊ถŒ๋ง์„ ์šด์˜ํ•˜๋Š” ํ•ต์‹ฌ ๊ธฐ๊ด€์ด๋‹ค. โ€˜์ฆ๊ถŒ์‚ฌ ๊ณต์šฉ ์ธํ”„๋ผ ์ œ๊ณตโ€™์ด๋ผ๋Š” ์„ค๋ฆฝ ์ทจ์ง€์— ๋งž์ถฐ, ํŠน์ • ๋ฐœํ–‰์‚ฌ์™€์˜ ๋…์  ๊ณ„์•ฝ ๋Œ€์‹  11๊ฐœ ์ฆ๊ถŒ์‚ฌ๋ฅผ ์ž์‚ฌ ํ”Œ๋žซํผ์œผ๋กœ ํ†ตํ•ฉํ•˜๋Š” ๋ชจ๋ธ์„ ์ถ”์ง„ ์ค‘์ด๋‹ค. ๋ฐœํ–‰ยท์œ ํ†ต ๊ธฐ์ˆ  ํ‘œ์ค€์„ ์„ ์ ํ•˜๊ณ  ์˜ˆํƒ๊ฒฐ์ œ์› ์ด๋Ÿ‰๊ด€๋ฆฌ ๊ธฐ์ค€์— ๋งž์ถ˜ ์ธํ„ฐํŽ˜์ด์Šค๋ฅผ ํ™•๋ณดํ•ด ์ค‘๋ฆฝ ์ธํ”„๋ผ ์‚ฌ์—…์ž ์ง€์œ„๋ฅผ ๋‹ค์ง€๊ฒ ๋‹ค๋Š” ๊ตฌ์ƒ์ด๋‹ค.

์‹ ํ•œํˆฌ์ž์ฆ๊ถŒ์€ STO ์ธํ”„๋ผ๋ฅผ ๋น ๋ฅด๊ฒŒ ๋„์ž…ํ•˜๋ฉฐ ์ž์ฒด ์ƒํƒœ๊ณ„๋ฅผ ๋‹ค์ ธ์™”๋‹ค.

2022๋…„ ๋žŒ๋‹ค256๊ณผ์˜ PoC๋ฅผ ์‹œ์ž‘์œผ๋กœ 2024๋…„ ์—ฐํ•ฉ ํ”Œ๋žซํผ โ€˜PULSEโ€™ ์ถœ๋ฒ”, 2025๋…„ ๋ฉ€ํ‹ฐํ”Œ๋žซํผ ๊ณ„์ขŒ ํ†ตํ•ฉ ์„œ๋น„์Šค ๊ณต์‹ํ™”๊ฐ€ ๊ทธ ๊ฒฐ๊ณผ๋‹ค. 2025๋…„ ํ•œ ํ•ด์—๋งŒ ํˆฌ์ž๊ณ„์•ฝ์ฆ๊ถŒ ๋ฐœํ–‰ 10๊ฑด์— ๊ณ„์ขŒ๊ด€๋ฆฌ๊ธฐ๊ด€์œผ๋กœ ์ฐธ์—ฌํ–ˆ๊ณ , ์žฅ์™ธ๊ฑฐ๋ž˜์†Œ NXT์˜ ๋Œ€์ฃผ์ฃผ ์ง€์œ„๊นŒ์ง€ ํ™•๋ณดํ•ด ๋ฐœํ–‰๋ถ€ํ„ฐ ์œ ํ†ต๊นŒ์ง€ ์ด์–ด์ง€๋Š” ํ๋ฆ„์„ ์ž์ฒด ์ฒด๊ณ„ ์•ˆ์— ๊ตฌ์ถ•ํ–ˆ๋‹ค.

๋ฏธ๋ž˜์—์…‹์ฆ๊ถŒ์€ ๊ตญ๋‚ด ์ธํ”„๋ผ ์ •๋น„๋ฅผ ๊ธฐ๋‹ค๋ฆฌ๋Š” ๋Œ€์‹  ํ•ด์™ธ๋กœ ์งํ–‰ํ–ˆ๋‹ค.

ํ™์ฝฉ์—์„œ ๋””์ง€ํ„ธ์ฑ„๊ถŒ์„ ๋ฐœํ–‰ํ•˜๊ณ  ํ™์ฝฉ ์ฆ๊ถŒ์„ ๋ฌผ์œ„์›ํšŒ(SFC)๋กœ๋ถ€ํ„ฐ ๋””์ง€ํ„ธ์ž์‚ฐ ๋ฆฌํ…Œ์ผ ๋ผ์ด์„ ์Šค๋ฅผ ์ทจ๋“ํ–ˆ์œผ๋ฉฐ, ์˜ค๋Š” 6์›” MTS๋ฅผ ์ถœ์‹œํ•ด ํ˜„์ง€ ๊ฐœ์ธ ํˆฌ์ž์ž ๋Œ€์ƒ ์„œ๋น„์Šค๋ฅผ ์‹œ์ž‘ํ•  ๊ณ„ํš์ด๋‹ค. ๋ฏธ๊ตญ์—์„œ๋Š” JP๋ชจ๊ฑด, ๊ณจ๋“œ๋งŒ์‚ญ์Šค, ๋ธ”๋ž™๋ก ๋“ฑ์ด ์ฐธ์—ฌํ•˜๋Š” DTCC ์ฃผ๋„ ํ† ํฐํ™” ์›Œํ‚น๊ทธ๋ฃน์— ๊ตญ๋‚ด ์ฆ๊ถŒ์‚ฌ ์ค‘ ์œ ์ผํ•˜๊ฒŒ ํ•ฉ๋ฅ˜ํ•ด ๊ธ€๋กœ๋ฒŒ ํ‘œ์ค€ ๋…ผ์˜์— ์ฐธ์—ฌํ•˜๊ณ  ์žˆ๋‹ค. ํ–ฅํ›„ ๊ตญ๋‚ด STO ์ธํ”„๋ผ๊ฐ€ ๊ธ€๋กœ๋ฒŒ ํ‘œ์ค€๊ณผ ์—ฐ๋™๋˜๋Š” ์‹œ์ ์— ๊ทœ์ œ ์ •ํ•ฉ์„ฑ๊ณผ ํ˜‘์ƒ๋ ฅ ๋ฉด์—์„œ ์šฐ์œ„๋ฅผ ์ ํ•˜๊ฒ ๋‹ค๋Š” ์ทจ์ง€๋‹ค.

3.2. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ: ๊ธฐ์ˆ ๋ณด๋‹ค ์ž…๋ฒ• ๊ตฌ์กฐ๊ฐ€ ๋ฌธ์ œ

์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์‹œ์žฅ์€ ๋‹ค๋ฅธ ์˜์—ญ์— ๋น„ํ•ด ์ฐธ์—ฌ ๊ธฐ์—…๋“ค์˜ ๋ฉด๋ฉด์ด ๋‹ค์–‘ํ•˜๋‹ค. ์นด๋“œ์‚ฌ, ๊ฑฐ๋ž˜์†Œ, ํ•€ํ…Œํฌ, ์ธํ”„๋ผ ๊ธฐ์—…์ด ์ €๋งˆ๋‹ค์˜ ๊ฐ•์ ์„ ๋‚ด์„ธ์›Œ ๊ฐ๊ธฐ ๋‹ค๋ฅธ ๊ฒฝ๋กœ๋กœ ์ง„์ž…ํ•˜๊ณ  ์žˆ๋‹ค.

๊ฐ€์žฅ ์ง„์˜์ด ํฐ ๊ณณ์€ ์นด์นด์˜ค ๊ทธ๋ฃน์ด๋‹ค. ์นด์นด์˜คํ†ก, ์นด์นด์˜ค๋ฑ…ํฌ, ์นด์นด์˜คํŽ˜์ด๊ฐ€ ๊ณต๋™ TF๋ฅผ ๊ตฌ์„ฑํ•ด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ, ์•”ํ˜ธํ™”ํ, ์ง€์—ญํ™”ํ๋ฅผ ์•„์šฐ๋ฅด๋Š” โ€˜์Šˆํผ์›”๋ ›โ€™ ๊ตฌ์ถ•์„ ์ถ”์ง„ ์ค‘์ด๋‹ค. ๊ทธ๋ผ์šด๋“œX ์‹œ์ ˆ๋ถ€ํ„ฐ ์นด์ด์•„(Kaia) ํผ๋ธ”๋ฆญ ์ฒด์ธ์„ ์šด์˜ํ•˜๋ฉฐ ์ถ•์ ํ•œ ์ธํ”„๋ผ๊ฐ€ ๋ฌด๊ธฐ๋‹ค. ์นด์ด์•„๋Š” ์ด๋ฏธ ํ…Œ๋”(USDT)๋ฅผ ๋„คํŠธ์›Œํฌ์— ๋ฐฐํฌํ•ด ์‹ค์งˆ์ ์ธ ๊ฒฐ์ œ ํ…Œ์ŠคํŠธ๋ฅผ ์ง„ํ–‰ํ•˜๊ณ  ์žˆ๋‹ค.

์‹ ํ•œ์นด๋“œ๋Š” ๊ธฐ์กด ๊ฒฐ์ œ๋ง์„ ๋ธ”๋ก์ฒด์ธ์œผ๋กœ ์ „ํ™˜ํ•˜๋Š” ๋ฐ ์ดˆ์ ์„ ๋งž์ท„๋‹ค. ์‹ ํ•œ์นด๋“œ๋Š” ์ง€๋‚œ 4์›” ์†”๋ผ๋‚˜์™€ MOU๋ฅผ ์ฒด๊ฒฐํ–ˆ๋‹ค. ์‹ ํ•œ์นด๋“œ๋Š” MOU ์ด์ „๋ถ€ํ„ฐ ์†”๋ผ๋‚˜, ๋น„์ž, ๋งˆ์Šคํ„ฐ์นด๋“œ, ํŒŒ์ด์–ด๋ธ”๋ก์Šค ๋“ฑ ๊ธ€๋กœ๋ฒŒ ๊ธฐ์—…๋“ค๊ณผ ํ˜‘๋ ฅํ•ด ์ด๋ฏธ 1์ฐจ ๊ธฐ์ˆ  ๊ฒ€์ฆ์„ ๋งˆ์นœ ๋’ค ์ง€๊ฐ‘๊ณผ ์Šค๋งˆํŠธ๊ณ„์•ฝ ๋“ฑ 6๊ฐœ ๋ถ„์•ผ์˜ ๊ณ ๋„ํ™” ํ…Œ์ŠคํŠธ๋ฅผ ์ด์–ด๊ฐ€๊ณ  ์žˆ์—ˆ์œผ๋ฉฐ, ๊ธฐ์กด ์นด๋“œ ๊ฒฐ์ œ ์ธํ”„๋ผ๋ฅผ ๋ธ”๋ก์ฒด์ธ ๋ ˆ์ผ๋กœ ์˜ฎ๊ฒจ์˜ค๊ฒ ๋‹ค๋Š” ๊ตฌ์ƒ์ด๋‹ค.

๊ฑฐ๋ž˜์†Œ ์ง„์˜์€ ๋‹ฌ๋Ÿฌ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์šฐํšŒ๋กœ๋กœ ์‚ผ์•˜๋‹ค. ๋‘๋‚˜๋ฌด๋Š” ์ž์ฒด ๋ธ”๋ก์ฒด์ธ โ€˜๊ธฐ์™€(GIWA)โ€™๋ฅผ ๊ธฐ๋ฐ˜์œผ๋กœ ๋„ค์ด๋ฒ„ํŒŒ์ด๋‚ธ์…œ๊ณผ ์›ํ™” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์‚ฌ์—…์„ ์ถ”์ง„ ์ค‘์ด๋‹ค. ๋น—์ธ์€ ์›ํ™” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ œ๋„ํ™”๊ฐ€ ์ง€์—ฐ๋˜๋Š” ์ƒํ™ฉ์—์„œ ์„œํดยทWLFI ๋“ฑ๊ณผ ์†์žก๊ณ  ๋‹ฌ๋Ÿฌ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์œ ํ†ต๋ง์„ ๋จผ์ € ํ™•๋ณดํ•˜๋Š” ๋ฐฉํ–ฅ์„ ํƒํ–ˆ๊ณ , ํ† ์Šค์™€์˜ ์›ํ™” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ณต๋™์‚ฌ์—…๋„ ๋…ผ์˜ ์ค‘์ด๋‚˜ ์•„์ง ์ง„์ „์€ ๋”๋”˜ ์ƒํƒœ๋‹ค.

๊ฐ ์ง„์˜์ด ๋ถ„์ฃผํ•˜๊ฒŒ ์›€์ง์ด๊ณ  ์žˆ์ง€๋งŒ, ํ˜„์‹œ์ ์—์„  ๊ทœ์ œ๋ผ๋Š” ๋™์ผํ•œ ๋ฒฝ์— ๊ฐ€๋กœ๋ง‰ํ˜€ ์žˆ๋‹ค. ํ•œ๊ตญ์€ํ–‰์€ ์€ํ–‰ ์ง€๋ถ„์ด ๊ณผ๋ฐ˜์„ ๋„˜๋Š” ์ปจ์†Œ์‹œ์—„๋งŒ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๋ฐœํ–‰ํ•  ์ˆ˜ ์žˆ์–ด์•ผ ํ•œ๋‹ค๋Š” 51%๋ฃฐ์„ ์ฃผ์žฅํ•˜๋Š” ๋ฐ˜๋ฉด, ํ•€ํ…Œํฌ ๊ธฐ์—…์—๋„ ์ง„์ž… ๊ธฐํšŒ๋ฅผ ์ค˜์•ผ ํ•œ๋‹ค๋Š” ์ด๊ฒฌ์ด ๋งž์„œ๋ฉด์„œ ๋‹น์ • ํ˜‘์˜๊ฐ€ ์ง€์—ฐ๋˜๊ณ  ์žˆ๋‹ค.

๋ฐœํ–‰ ์ฃผ์ฒด์— ๋Œ€ํ•œ ๊ฐ€์ด๋“œ๋ผ์ธ์ด ๋‚˜์˜ค๋Š” ์ˆœ๊ฐ„, ๊ฒฐ๊ตญ ๊ฐ€์žฅ ์ด˜์ด˜ํ•œ ๋Œ€์ค‘์  ์ ‘์ ์„ ํ™•๋ณดํ•ด ๋‘” ์ง„์˜์ด ์‹œ์žฅ ์ฃผ๋„๊ถŒ์„ ๊ฐ€์ ธ๊ฐˆ ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค.

3.3. ์ˆ˜ํƒ: ๋” ๋งŽ์€ ๊ธฐ๊ด€ ์ž๊ธˆ์ด ํ•„์š”ํ•˜๋‹ค

์ˆ˜ํƒ ์‹œ์žฅ์˜ ์ง€ํ˜•๋„๋Š” ๋‹ค๋ฅธ ์˜์—ญ์— ๋น„ํ•ด ๊ตฌ์กฐ๊ฐ€ ๋‹จ์ˆœํ•œ ํŽธ์ด๋‹ค. ๋„ค ๊ณณ์˜ ์ฃผ์š” ์ˆ˜ํƒ์‚ฌ๊ฐ€ ์ €๋งˆ๋‹ค ๊ตญ๋‚ด์™ธ ๊ธˆ์œต๊ธฐ๊ด€ ๋ฐ ๊ธฐ์ˆ  ํŒŒํŠธ๋„ˆ๋ฅผ ํ™•๋ณดํ•˜๋ฉฐ ์‹œ์žฅ์— ์ž๋ฆฌ๋ฅผ ์žก์•˜๋‹ค.

KODA๋Š” KB๊ตญ๋ฏผ์€ํ–‰๊ณผ ํ•ด์‹œ๋“œ, ๊ทธ๋ฆฌ๊ณ  ํ•ด์น˜๋žฉ์Šค๊ฐ€ ๊ณต๋™ ์„ค๋ฆฝ์ž๋กœ ๋‚˜์„  ๊ตฌ์กฐ๋‹ค. ์ „ํ†ต ๊ธˆ์œต ์ž๋ณธ๊ณผ ์•”ํ˜ธํ™”ํ ์ „๋ฌธ VC๊ฐ€ ๊ฒฐํ•ฉํ–ˆ๋‹ค๋Š” ์ ์ด ๋‹ค๋ฅธ ์ˆ˜ํƒ์‚ฌ๋“ค๊ณผ์˜ ์ฐจ๋ณ„์ ์ด๋‹ค. ์ดํ›„ ํ•œํ™”ํˆฌ์ž์ฆ๊ถŒ, IBK์บํ”ผํƒˆ, ๊ต๋ณด์ฆ๊ถŒ์ด ํˆฌ์ž์ž๋กœ ์ฐธ์—ฌํ–ˆ์œผ๋ฉฐ ์‚ผ์„ฑํ™”์žฌ์™€ ์ˆ˜ํƒ ์ „์šฉ ๋ณดํ—˜ ๊ณ„์•ฝ์„ ์ฒด๊ฒฐํ•ด ์•ˆ์ •์„ฑ์„ ๋ณด์™„ํ–ˆ๋‹ค.

KDAC์€ ์‹ ํ•œ์€ํ–‰๊ณผ NH๋†ํ˜‘์€ํ–‰ ๋“ฑ ์‹œ์ค‘์€ํ–‰์ด ์ฃผ์š” ์ฃผ์ฃผ๋กœ ์ฐธ์—ฌํ•˜๋Š” ์ „ํ†ต ๊ธˆ์œต ์ฃผ๋„ํ˜• ์ˆ˜ํƒ์‚ฌ๋‹ค. NH๋†ํ˜‘์€ํ–‰์€ ๋˜ ๋‹ค๋ฅธ ์ˆ˜ํƒ์‚ฌ์ธ ์นด๋ฅด๋„ ์„ค๋ฆฝ ์‹œ ์ถœ์žํ–ˆ๋‹ค๊ฐ€ KDAC๊ณผ์˜ ํ•ฉ๋ณ‘์„ ๊ฑฐ์ณ ์ฃผ์ฃผ๋กœ ํŽธ์ž…๋˜์—ˆ๋‹ค. ํ•ฉ๋ณ‘ ํ›„ KDAC์—๋Š” ๊ตญ๋‚ด 5๋Œ€ ์€ํ–‰ ์ค‘ ๋‘ ๊ณณ์ด ์ฃผ์ฃผ๋กœ ์ฐธ์—ฌํ•˜๋Š” ๊ตฌ์กฐ๊ฐ€ ๋๋‹ค.

BDACS๋Š” ๊ธฐ์ˆ ๊ณผ ํŒŒํŠธ๋„ˆ์‹ญ ํ™•๋ณด์—์„œ ๋…์ž์ ์ธ ๋…ธ์„ ์„ ํƒํ–ˆ๋‹ค. ์šฐ๋ฆฌ์€ํ–‰๊ณผ์˜ ํ˜‘๋ ฅ, GalaxyยทGK8 ๋“ฑ ํ•ด์™ธ ๋””์ง€ํ„ธ์ž์‚ฐ ์ธํ”„๋ผ ๊ธฐ์—…๊ณผ์˜ ํŒŒํŠธ๋„ˆ์‹ญ์„ ํ†ตํ•ด ์ˆ˜ํƒยท๊ฒฐ์ œ ์ธํ”„๋ผ๋ฅผ ํ™•์žฅํ•˜๊ณ  ์žˆ๋‹ค. Circle๊ณผ๋Š” ์›ํ™” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ KRW1์„ Circle์˜ Arc ๋ธ”๋ก์ฒด์ธ์— ๋ฐœํ–‰ํ•˜๊ธฐ ์œ„ํ•œ MOU๋ฅผ ์ฒด๊ฒฐํ–ˆ๊ณ , KRX ์ฃผ๋„ KDX ์ปจ์†Œ์‹œ์—„์—์„œ๋Š” ์œ ์ผํ•œ VASP ๊ธฐ์—…์ด์ž ์ฃผ์š” ์ˆ˜ํƒ ํŒŒํŠธ๋„ˆ๋กœ ์ฐธ์—ฌํ•˜๊ณ  ์žˆ๋‹ค. ํ˜„์žฌ ์›ํ™” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ KRW1์˜ PoC๋ฅผ ์ง„ํ–‰ํ•˜๋ฉฐ, ์ˆ˜ํƒ๊ณผ ๊ฒฐ์ œ ์ธํ”„๋ผ๋ฅผ ๋™์‹œ์— ๊ฒจ๋ƒฅํ•˜๋Š” ์ˆ˜ํƒ์‚ฌ๋กœ ํฌ์ง€์…”๋‹ํ•˜๊ณ  ์žˆ๋‹ค.

๋น„ํŠธ๊ณ ์ฝ”๋ฆฌ์•„(BitGo Korea)๋Š” ๊ธ€๋กœ๋ฒŒ ์ˆ˜ํƒ ๊ธฐ์—… ๋น„ํŠธ๊ณ ์˜ ๊ธฐ์ˆ ๋ ฅ์„ ๊ธฐ๋ฐ˜์œผ๋กœ ๊ตญ๋‚ด ์‹œ์žฅ์— ์ง„์ž…ํ–ˆ๋‹ค. ๋ณธ์‚ฌ์ธ ๋น„ํŠธ๊ณ ๋Š” 700์–ต ๋‹ฌ๋Ÿฌ ์ด์ƒ์˜ ์ž์‚ฐ์„ ์ˆ˜ํƒํ•˜๊ณ , ์ „ ์„ธ๊ณ„ ๋น„ํŠธ์ฝ”์ธ ์˜จ์ฒด์ธ ๊ฑฐ๋ž˜์˜ ์•ฝ 20%๋ฅผ ์ฒ˜๋ฆฌํ•˜๋Š” ๋Œ€ํ˜• ๊ธฐ๊ด€์ด๋‹ค. ๊ตญ๋‚ด์—์„œ๋Š” ํ•˜๋‚˜๊ธˆ์œต์ง€์ฃผ์™€ SKํ…”๋ ˆ์ฝค์ด ๊ฐ๊ฐ ์ง€๋ถ„์„ ๋ณด์œ ํ•˜๊ณ  ์žˆ์–ด, ๊ธˆ์œต ์ž๋ณธ๊ณผ ํ†ต์‹ ์‚ฌ ์ž๋ณธ์ด ํ•จ๊ป˜ ๊ฒฐํ•ฉ๋œ ์ˆ˜ํƒ์‚ฌ๋ผ๋Š” ์ ์ด ํŠน์ง•์ด๋‹ค.

๋‹ค์–‘ํ•œ ๊ธฐ๊ด€๋“ค์ด ์ด๋ฏธ ๊ฐ์ž์˜ ์ˆ˜ํƒ์‚ฌ๋ฅผ ์•ž์„ธ์›Œ ์‹œ์žฅ์— ์ง„์ž…ํ•˜๊ณ  ์žˆ๋‹ค. ๋‹ค๋งŒ ์ˆ˜ํƒ์‚ฌ์˜ ๊ฒฝ์šฐ ์ง€๋‚œํ•ด ์ „์‚ฌ ์ ์ž์ธ ๊ฒƒ์œผ๋กœ ์•Œ๋ ค์กŒ๋‹ค. ๊ธฐ๊ด€ ์ž๊ธˆ์ด ๋“ค์–ด์˜ค๊ธฐ ์ „์— ๊ธธ๋ชฉ๋งŒ ๋งˆ๋ จํ•ด ๋‘” ์…ˆ์ด๋‹ค.

์•ž์„œ ๋‹ค๋ฃฌ ์„ธ ์˜์—ญ(STOยท์Šคํ…Œ์ด๋ธ”์ฝ”์ธยท์ˆ˜ํƒ)์˜ ์ธํ”„๋ผ ๊ตฌ์ถ• ํ˜„ํ™ฉ์„ ์ข…ํ•ฉํ•ด ๋ณด๋ฉด ํ•œ ๊ฐ€์ง€ ๋šœ๋ ทํ•œ ํ•œ๊ณ„๊ฐ€ ๋“œ๋Ÿฌ๋‚œ๋‹ค. ๊ตญ๋‚ด ๊ธฐ๊ด€๋“ค์ด ์‚ฌ์—… ๊ตฌ์กฐ๋Š” ์งœ๋†“์•˜์ง€๋งŒ ์ •์ž‘ ํ•ต์‹ฌ์ ์ธ ๊ธฐ์ˆ  ์ธํ”„๋ผ๋Š” ๋Œ€๋ถ€๋ถ„ ํ•ด์™ธ ์†”๋ฃจ์…˜์— ์˜์กดํ•˜๊ณ  ์žˆ๋‹ค.

4. ์ธํ”„๋ผ๋ฅผ ๋งŒ๋“œ๋Š” ์ด๋“ค

ํ•ด์™ธ ์†”๋ฃจ์…˜์— ์˜์กดํ•˜๋Š” ๊ตฌ์กฐ๋Š” ํ–ฅํ›„ ์‹œ์žฅ์ด ์ปค์งˆ์ˆ˜๋ก ๊ธฐ์ˆ  ์ด์šฉ๋ฃŒ ๋ช…๋ชฉ์œผ๋กœ ์ˆ˜์ต์˜ ์ƒ๋‹น ๋ถ€๋ถ„์„ ํ•ด์™ธ๋กœ ์œ ์ถœํ•  ์ˆ˜๋ฐ–์— ์—†๋‹ค. ๋˜ํ•œ ํ•ด์™ธ ํŒŒํŠธ๋„ˆ์‚ฌ์˜ ์ •์ฑ… ๋ณ€ํ™”๋‚˜ ๋น„์šฉ ์ธ์ƒ์— ๊ตญ๋‚ด ์ธํ”„๋ผ ์ „์ฒด๊ฐ€ ํ”๋“ค๋ฆด ์œ„ํ—˜๋„ ์ƒ์กดํ•œ๋‹ค.

๋” ๊ทผ๋ณธ์ ์ธ ๋ฌธ์ œ๋Š” ์›ํ™” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ฐœํ–‰, STO ์œ ํ†ต ๊ทœ์น™, ๊ตญ๋‚ด ๋ฒ•์ธ ๊ณ„์ขŒ ์—ฐ๋™์ฒ˜๋Ÿผ ํ•œ๊ตญ ๊ณ ์œ ์˜ ๊ทœ์ œ ํ™˜๊ฒฝ์— ๋งž์ถฐ์•ผ ํ•˜๋Š” ์˜์—ญ์€ ๊ธ€๋กœ๋ฒŒ ์†”๋ฃจ์…˜์„ ๊ทธ๋Œ€๋กœ ๋Œ€์ž…ํ•˜๊ธฐ ์–ด๋ ต๋‹ค๋Š” ์ ์ด๋‹ค. ํ–ฅํ›„ ๊ด€๋ จ ๋ฒ•์•ˆ์ด ์ •๋น„๋˜๊ณ  ๋ณธ๊ฒฉ์ ์ธ ์ž๊ธˆ์ด ์›€์ง์ด๋Š” ์‹œ์ ์— ์ด ํ•˜๋ถ€ ๋ ˆ์ผ์„ ๊ตญ๋‚ด ์ œ๋„์— ๋งž๊ฒŒ ์ง์ ‘ ์„ค๊ณ„ํ•˜๊ณ  ํ†ต์ œํ•  ์ˆ˜ ์žˆ๋Š” ๊ตญ๋‚ด ๊ธฐ์ˆ  ๊ธฐ์—…์ด ๋ฐ˜๋“œ์‹œ ํ•„์š”ํ•œ ์ด์œ ๋‹ค.

ํ˜„์žฌ ๊ตญ๋‚ด์—๋Š” ์ด ๊ธฐ์ˆ ์  ๊ณต๋ฐฑ์„ ํŒŒ์•…ํ•˜๊ณ  ํ•œ๊ตญ ์‹œ์žฅ์— ๋งž์ถ˜ ๊ธˆ์œต ์ธํ”„๋ผ๋ฅผ ์ œ๊ณตํ•˜๋ ค๋Š” ๊ธฐ์—…๋“ค์ด ์›€์ง์ด๊ณ  ์žˆ๋‹ค. ๋Œ€ํ‘œ์ ์ธ ๊ธฐ์ˆ  ๊ณต๊ธ‰ ์—…์ฒด๋Š” ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

4.1. LG CNS

์ „ํ†ต IT ์„œ๋น„์Šค ๊ธฐ์—… ์ค‘์—์„œ๋Š” LG CNS์˜ ํ–‰๋ณด๊ฐ€ ๋šœ๋ ทํ•˜๋‹ค. 2018๋…„ ์ž์ฒด ๋ธ”๋ก์ฒด์ธ ํ”Œ๋žซํผ โ€˜๋ชจ๋‚˜์ฒด์ธโ€™์„ ์ถœ์‹œํ•œ ์ดํ›„, ํ•œ๊ตญ์กฐํ๊ณต์‚ฌ์˜ ์ง€์—ญํ™”ํ ํ”Œ๋žซํผ์„ ํ†ตํ•ด 220์—ฌ ๊ฐœ ์ง€์ž์ฒด์— ์„œ๋น„์Šค๋ฅผ ๊ณต๊ธ‰ํ•˜๋ฉฐ ์šด์˜ ๋…ธํ•˜์šฐ๋ฅผ ์Œ“์•˜๋‹ค.

์ด๋Ÿฌํ•œ ํ—ˆ๊ฐ€ํ˜• ๋ธ”๋ก์ฒด์ธ ๊ฒฝํ—˜์€ CBDC์™€ STO ์‚ฌ์—… ์ˆ˜์ฃผ๋กœ ์ด์–ด์กŒ๋‹ค. ํ•œ๊ตญ์€ํ–‰ CBDC ํ”„๋กœ์ ํŠธ โ€˜ํ•œ๊ฐ•โ€™์˜ ์ฃผ์‚ฌ์—…์ž๋กœ์„œ ์˜ˆ๊ธˆ ํ† ํฐ์„ ํ™œ์šฉํ•œ ๊ตญ๊ณ ๋ณด์กฐ๊ธˆ ์ง‘ํ–‰ ์‹œ์Šคํ…œ์„ ์ถ”์ง„ ์ค‘์ด๋‹ค. ์ด ๊ณผ์ •์—์„œ ๊ธฐ๊ด€์šฉ CBDC์™€ ๋ฏผ๊ฐ„ ๋””์ง€ํ„ธ ํ†ตํ™”๋ฅผ ํ•˜๋‚˜์˜ ๋„คํŠธ์›Œํฌ์—์„œ ๊ตฌ๋™ํ•˜๋Š” ์‹œ์Šคํ…œ์„ ์„ค๊ณ„ํ•˜๋ฉฐ ์ „ํ†ต ๊ธˆ์œต์˜ ๋ณด์•ˆ๊ณผ ์ ˆ์ฐจ๋ฅผ ๋ธ”๋ก์ฒด์ธ์— ์ด์‹ํ•˜๋Š” ์—ญ๋Ÿ‰์„ ํ™•๋ณดํ–ˆ๋‹ค.

์ฝ”์Šค์ฝค์˜ STO ๊ณต๋™ ๋ฐœํ–‰ ํ”Œ๋žซํผ๊ณผ ๋ฏธ๋ž˜์—์…‹์ฆ๊ถŒ์˜ STO ํ”Œ๋žซํผ์„ ๊ฐœ๋ฐœํ•œ ๊ฒƒ๋„ ๊ฐ™์€ ๋งฅ๋ฝ์ด๋‹ค. LG CNS๋Š” ์ž์‚ฐ์„ ์ง์ ‘ ๋ฐœํ–‰ํ•˜๊ธฐ๋ณด๋‹ค ์€ํ–‰์˜ ๋ฐœํ–‰ยท์œ ํ†ต ํ”Œ๋žซํผ ๊ตฌ์ถ•, ๊ฒฐ์ œ ์‚ฌ์—…์ž(์นด๋“œยทPGยท๊ฐ„ํŽธ๊ฒฐ์ œ) ๋Œ€์ƒ SaaS ์ œ๊ณต, ์ฆ๊ถŒ์‚ฌ ๋””์ง€ํ„ธ์ž์‚ฐ ๊ฒฐ์ œ ํ”Œ๋žซํผ ๊ตฌ์ถ•์ด๋ผ๋Š” ์„ธ ์ถ•์„ ๊ณต๋žตํ•˜๊ณ  ์žˆ๋‹ค. ์ œ๋„ํ™”๊ฐ€ ์™„๋ฃŒ๋˜๋Š” ์‹œ์ ์— ์ธํ”„๋ผ ์ˆ˜์ฃผ ์‹œ์žฅ์„ ์„ ์ ํ•  ๊ฐ€์žฅ ์œ ๋ ฅํ•œ ํ›„๋ณด๋กœ ๋ณด์ธ๋‹ค.

4.2. DSRV

๋ธ”๋ก์ฒด์ธ ์ธํ”„๋ผ ๊ธฐ์—… ์ค‘์—์„œ๋Š” DSRV๊ฐ€ ๊ธˆ์œต๊ธฐ๊ด€์˜ ์˜จ์ฒด์ธ ์ง„์ž…์„ ์ง์ ‘ ์ง€์›ํ•˜๋ฉฐ ๋‘๊ฐ์„ ๋‚˜ํƒ€๋‚ด๊ณ  ์žˆ๋‹ค. DSRV๋Š” 70๊ฐœ ์ด์ƒ์˜ ๋ธ”๋ก์ฒด์ธ ๋„คํŠธ์›Œํฌ๋ฅผ ์šด์˜ํ•ด์˜จ ๋ฐธ๋ฆฌ๋ฐ์ดํ„ฐ ๋ฐ ์ธํ”„๋ผ ๊ธฐ์—…์œผ๋กœ, 4์กฐ ์› ์ด์ƒ์˜ ์ž์‚ฐ์„ ๊ด€๋ฆฌํ•˜๊ณ  ์žˆ์œผ๋ฉฐ ์ด๋”๋ฆฌ์›€ ์Šคํ…Œ์ดํ‚น ๊ทœ๋ชจ๋Š” ๊ตญ๋‚ด 1์œ„, ๊ธ€๋กœ๋ฒŒ 9์œ„๊ถŒ์ด๋‹ค.

ํ•ต์‹ฌ์€ ๋‹จ์ˆœ ๋…ธ๋“œ ์šด์˜์„ ๋„˜์–ด ๊ธฐ๊ด€์šฉ ์˜จ์ฒด์ธ ์ธํ”„๋ผ ์ „๋ฐ˜์œผ๋กœ ํ™•์žฅํ•˜๊ณ  ์žˆ๋‹ค๋Š” ์ ์ด๋‹ค. DSRV๋Š” DSRV Portal์„ ํ†ตํ•ด ๊ธˆ์œต๊ธฐ๊ด€์ด ์ง€๊ฐ‘, ๊ฒฐ์ œ, ํ† ํฐํ™”, ์ˆ˜ํƒ, ์Šคํ…Œ์ดํ‚น ๊ธฐ๋Šฅ์„ API์™€ ๋Œ€์‹œ๋ณด๋“œ ํ˜•ํƒœ๋กœ ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ๋„๋ก ์ œ๊ณตํ•œ๋‹ค. ๊ธˆ์œต์‚ฌ๋Š” ์ง์ ‘ ๋…ธ๋“œ์™€ ๋ณด์•ˆ ์ฒด๊ณ„๋ฅผ ๊ตฌ์ถ•ํ•˜์ง€ ์•Š์•„๋„, ์‚ฌ์šฉ์ž ์›”๋ ›ยท๊ธฐ๊ด€์šฉ ์›”๋ ›, ์ •๊ธฐ ๊ฒฐ์ œ, ํ† ํฐ ๋ฐœํ–‰ยท์†Œ๊ฐยท์ด์ฒดยท๋ฝ์—…, ์ปค์Šคํ„ฐ๋””, ์Šคํ…Œ์ดํ‚น ๊ธฐ๋Šฅ์„ ๋ถ™์ผ ์ˆ˜ ์žˆ๋‹ค.

์‹ ๋ขฐ ์žฅ์น˜๋„ ๊ฐ–์ถ”๊ณ  ์žˆ๋‹ค. DSRV๋Š” VASP, ISMS, SOC 1 Type 1์„ ๊ธฐ๋ฐ˜์œผ๋กœ ๊ธˆ์œต๊ธฐ๊ด€์ด ์š”๊ตฌํ•˜๋Š” ๊ทœ์ œยท๋ณด์•ˆยท์šด์˜ ํ†ต์ œ ์š”๊ฑด์„ ์ „๋ฉด์— ๋‚ด์„ธ์šด๋‹ค. ์ด๋Š” ๊ธˆ์œต์‚ฌ๊ฐ€ ์˜จ์ฒด์ธ ์„œ๋น„์Šค๋ฅผ ๋„์ž…ํ•  ๋•Œ ๊ฐ€์žฅ ๋ถ€๋‹ด์Šค๋Ÿฌ์›Œํ•˜๋Š” ์ง€๊ฐ‘ ๋ณด์•ˆ, ๋‚ด๋ถ€ํ†ต์ œ, ์šด์˜ ๋ฆฌ์Šคํฌ๋ฅผ ์™ธ๋ถ€ ์ธํ”„๋ผ ์‚ฌ์—…์ž๊ฐ€ ๋Œ€์‹  ๋งก๋Š” ๊ตฌ์กฐ๋‹ค.

ํŒŒํŠธ๋„ˆ์‹ญ๋„ ๊ฒฐ์ œ ๋ ˆ์ผ ๊ตฌ์ถ•์— ๋งž์ถฐ์ ธ ์žˆ๋‹ค. SBI ๋ฆฌํ”Œ์•„์‹œ์•„์™€๋Š” ํ•œยท์ผ ๊ทœ์ œ ๋งž์ถคํ˜• ์†ก๊ธˆ ์ธํ”„๋ผ๋ฅผ ๊ณต๋™ ์—ฐ๊ตฌํ•˜๊ณ  ์žˆ์œผ๋ฉฐ, ์„œํด(Circle)๊ณผ๋Š” ๊ฑฐ๋ž˜์†Œ๋ฅผ ๊ฑฐ์น˜์ง€ ์•Š๋Š” ๊ธฐ๊ด€์šฉ USDC ๋ฐœํ–‰ยท์ƒํ™˜ ๋ฐ ์ •์‚ฐ ์ฒด๊ณ„๋ฅผ ๊ตฌ์ฒดํ™”ํ•˜๊ณ  ์žˆ๋‹ค. BC์นด๋“œ์™€๋Š” ์ „ํ†ต ์นด๋“œ ๊ฒฐ์ œ๋ง๊ณผ ๋ธ”๋ก์ฒด์ธ์„ ์—ฐ๊ฒฐํ•˜๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฒฐ์ œ ์ธํ”„๋ผ ํ˜‘์•ฝ์„ ์ฒด๊ฒฐํ–ˆ๋‹ค.

์ตœ๊ทผ 300์–ต ์› ๊ทœ๋ชจ์˜ ์‹œ๋ฆฌ์ฆˆB ํˆฌ์ž๋ฅผ ์œ ์น˜ํ•˜๋ฉฐ ๊ธฐ์ˆ  ๊ณ ๋„ํ™”์— ์†๋„๋ฅผ ๋‚ด๊ณ  ์žˆ๋‹ค.

4.3. Altus(๊ตฌ B-Harvest)

์•Œํˆฌ์Šค(Altus, ๊ตฌ B-Harvest)๋Š” ๊ธˆ์œต๊ธฐ๊ด€์˜ ๊ธฐ์กด ์‹œ์Šคํ…œ๊ณผ ๋ธ”๋ก์ฒด์ธ ํ™˜๊ฒฝ์„ ์—ฐ๊ฒฐํ•˜๋Š” ํ•˜๋ถ€ ๋ ˆ์ด์–ด๋ฅผ ๋‹ค๋ฃฌ๋‹ค. 2018๋…„ ์„ค๋ฆฝ ์ดํ›„ Cosmos SDK ๊ธฐ๋ฐ˜ EVM ์ฒด์ธ ๊ฐœ๋ฐœ์— ์ฐธ์—ฌํ•ด์™”๊ณ , CantoยทStableยทAult ๋“ฑ ์—ฌ๋Ÿฌ ์ƒ์šฉ ๋„คํŠธ์›Œํฌ๋ฅผ ์ง์ ‘ ๊ตฌ์ถ•ํ•ด์˜จ 40๋ช… ์ด์ƒ์˜ ์—”์ง€๋‹ˆ์–ดยท์—ฐ๊ตฌ์ž ์กฐ์ง์ด๋‹ค.

์•Œํˆฌ์Šค๋Š” Ault Blockchain์—์„œ RWAยท๊ฑฐ๋ž˜ยท๊ฒฐ์ œ ์ค‘์‹ฌ ๊ธฐ๊ด€์šฉ L1์˜ ํ”„๋กœํ† ์ฝœ ์—”์ง€๋‹ˆ์–ด๋ง๊ณผ ์ฝ”์–ด ์•„ํ‚คํ…์ฒ˜๋ฅผ ๋‹ด๋‹นํ–ˆ๊ณ , 2025๋…„์—๋Š” ๋น„ํŠธ์ฝ”์ธ ์Šคํ…Œ์ดํ‚น L1 Babylon์˜ EVM ํ†ตํ•ฉยท์„ฑ๋Šฅ ๊ฐœ์„ ยท๋ณด์•ˆ ๊ฐ์‚ฌ์— ์ฐธ์—ฌํ•ด ํ”„๋กœ๋•์…˜ ์ค€๋น„๋ฅผ ์ง€์›ํ–ˆ๋‹ค.

๊ธˆ์œต๊ธฐ๊ด€ ๋Œ€์ƒ ์†”๋ฃจ์…˜๋„ ๊ฐ™์€ ๋ ˆ์ด์–ด์—์„œ ์ถœ๋ฐœํ•œ๋‹ค. ๋ ˆ๊ฑฐ์‹œ ์‹œ์Šคํ…œ๊ณผ ๋ธ”๋ก์ฒด์ธ ์‹คํ–‰ ํ™˜๊ฒฝ์„ ์ž‡๋Š” ์˜จยท์˜คํ”„์ฒด์ธ ์˜ค์ผ€์ŠคํŠธ๋ ˆ์ด์…˜ ๋ ˆ์ด์–ด ์„ค๊ณ„, RWA ํ† ํฐํ™”, ํ—ˆ๊ฐ€ํ˜• ๊ฑฐ๋ž˜์†Œ, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฒฐ์ œยท์ •์‚ฐ, ๊ธฐ๊ด€์šฉ ์ง€๊ฐ‘ยท์ˆ˜ํƒ ์ธํ”„๋ผ๋ฅผ ๊ธˆ์œต๊ถŒ ์š”๊ฑด์— ๋งž๊ฒŒ ์ฒ˜์Œ๋ถ€ํ„ฐ ๊ตฌ์ถ•ํ•œ๋‹ค.

ํ˜„์žฌ๋Š” ๊ธฐ๊ด€ ๊ฐ„ ์„ ํƒ์  ๋ฐ์ดํ„ฐ ๊ณต๊ฐœ๋ฅผ ์ง€์›ํ•˜๋Š” Canton Network ์•„ํ‚คํ…์ฒ˜์™€ 1M TPS๋ฅผ ๋ชฉํ‘œ๋กœ ํ•˜๋Š” ๋ชจ๋“ˆํ˜• ๋ธ”๋ก์ฒด์ธ ํ”„๋ ˆ์ž„์›Œํฌ Commonware Stack๋„ ๋‚ด๋ถ€ R&D๋กœ ๋ณ‘ํ–‰ํ•˜๊ณ  ์žˆ๋‹ค.

์„ธ ๊ธฐ์—…์˜ ์ถœ๋ฐœ์ ๊ณผ ๊ฐ•์ ์€ ์ œ๊ฐ๊ฐ์ด๋‹ค. LG CNS๋Š” ๊ธˆ์œต IT์˜ ์‹ ๋ขฐ์„ฑ์„, DSRV๋Š” ๋ธ”๋ก์ฒด์ธ ๋ฐธ๋ฆฌ๋ฐ์ดํ„ฐ ์ธํ”„๋ผ ์—ญ๋Ÿ‰์„, B-Harvest๋Š” ํ”„๋กœํ† ์ฝœ ๋ ˆ๋ฒจ์˜ ์ปค์Šคํ…€ ์„ค๊ณ„ ๋Šฅ๋ ฅ์„ ๋‚ด์„ธ์šด๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ œ๋„๊ถŒ ์ž๊ธˆ์ด ๋ณธ๊ฒฉ์ ์œผ๋กœ ์œ ์ž…๋  ๋•Œ ํ•ต์‹ฌ ๊ตฌ๋™ ์‹œ์Šคํ…œ์„ ์„ ์ ํ•˜๊ฒ ๋‹ค๋Š” ๋ชฉ์ ์ง€๋Š” ๊ฐ™๋‹ค. ๊ด€๊ฑด์€ ์‹œ์žฅ์ด ๋ณธ๊ฒฉ์ ์œผ๋กœ ๊ฐœ๋ฐฉ๋˜๊ธฐ ์ „๊นŒ์ง€ ์‹ ๋ขฐํ•  ๋งŒํ•œ ๊ตฌ์ถ• ๊ฒฝํ—˜์„ ์–ผ๋งˆ๋‚˜ ํ™•๋ณดํ•˜๋А๋ƒ๋‹ค.

5. ์™„์ „ํžˆ ๋’ค๋ฐ”๋€ ์‹œ์žฅ ๋ถ„์œ„๊ธฐ

์ตœ๊ทผ ์Ÿ์•„์ง€๋Š” ํŒŒํŠธ๋„ˆ์‹ญ์„ ๋‹จ์ˆœํ•œ ์‚ฌ์—… ๋ฐœํ‘œ๋กœ๋งŒ ํ•ด์„ํ•ด์„œ๋Š” ์•ˆ ๋œ๋‹ค. ์ œ๋„๊ฐ€ ์ •๋น„๋˜๊ธฐ ์ „์— ์ž์‹ ๋“ค์—๊ฒŒ ์œ ๋ฆฌํ•œ ๊ตฌ๋„๋ฅผ ์„ ์ ํ•˜๊ณ , ๊ทธ ๊ตฌ๋„๊ฐ€ ํ–ฅํ›„ ๊ทœ์ œ์˜ ๊ธฐ์ค€์ด ๋˜๋„๋ก ์˜ํ–ฅ๋ ฅ์„ ํ–‰์‚ฌํ•˜๋ ค๋Š” ํฌ์ง€์…”๋‹์ด๋‹ค. ์ง€๊ธˆ์˜ ํŒŒํŠธ๋„ˆ์‹ญ ๊ฒฝ์Ÿ์€ ์‹œ์žฅ ์„ ์ ์„ ๋„˜์–ด์„  โ€˜๊ทœ์ œ ์„ค๊ณ„์ „โ€™์— ๊ฐ€๊น๋‹ค.

ํ•œ๊ตญ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์€ ๋ถˆ๊ณผ ๋ฐ˜๋…„ ๋งŒ์— ์ง€๋‚œํ•ด์™€ ๋‹ค๋ฅธ ๊ตฌ์กฐ๋กœ ๋ฐ”๋€Œ์—ˆ๋‹ค. ์ˆ˜ํƒ์‚ฌ ์ง„์˜์ด ๊ฐ–์ถฐ์ง€๊ณ  STO ์ปจ์†Œ์‹œ์—„์ด ์งœ์ธ ๋ฐ ์ด์–ด, ๋Œ€ํ˜• ๊ธˆ์œต์ง€์ฃผ๋“ค์€ ๊ฑฐ๋ž˜์†Œ ์ง€๋ถ„ ํ™•๋ณด์— ๋‚˜์„ฐ๋‹ค. ๋ฐ˜๋ฉด ๊ฐœ์ธ ํˆฌ์ž์ž ๊ฑฐ๋ž˜๋Ÿ‰์€ ๊ธ‰๊ฒฉํžˆ ์ค„์—ˆ๋‹ค. ๊ตญ๋‚ด 5๋Œ€ ๊ฑฐ๋ž˜์†Œ ํ•ฉ์‚ฐ ๊ฑฐ๋ž˜๋Œ€๊ธˆ์€ ์ „๋…„ ๋™๊ธฐ ๋Œ€๋น„ ์•ฝ 48% ๊ฐ์†Œํ–ˆ๋‹ค. ์‹œ์žฅ์˜ ์ค‘์‹ฌ์ถ•์ด ๋ฆฌํ…Œ์ผ์—์„œ ๊ธฐ๊ด€์œผ๋กœ ๊ธ‰๊ฒฉํžˆ ์ด๋™ํ•˜๊ณ  ์žˆ๋Š” ๊ฒƒ์ด๋‹ค.

์ด๋Ÿฌํ•œ ํ๋ฆ„์€ ํ•ด์™ธ ์•”ํ˜ธํ™”ํ ์žฌ๋‹จ๋“ค์˜ ํ•œ๊ตญ ์ง„์ถœ ์ „๋žต๋„ ๋ฐ”๊พธ์–ด ๋†“์•˜๋‹ค. ์†”๋ผ๋‚˜๊ฐ€ ์‹ ํ•œ์นด๋“œ์˜, ์•„๋ฐœ๋ž€์ฒด๊ฐ€ ๋ฏธ๋ž˜์—์…‹์˜ ํŒŒํŠธ๋„ˆ๋กœ ์ฑ„ํƒ๋œ ๊ฒƒ์ฒ˜๋Ÿผ, ์ด์ œ ๊ตญ๋‚ด ์‹œ์žฅ ์ง„์ž…์— ๋ชฉ์ ์„ ๋‘๋Š” ์žฌ๋‹จ์€ ์ฃผ์š” ๋ชฉํ‘œ๊ฐ€ ๊ตญ๋‚ด ๊ฑฐ๋ž˜์†Œ ๊ฑฐ๋ž˜๋Ÿ‰ ํ™•๋ณด์—์„œ ๊ธˆ์œต๊ธฐ๊ด€ ๋ฐ ๋Œ€๊ธฐ์—…๊ณผ์˜ ํ˜‘๋ ฅ์ด ๋˜์—ˆ๋‹ค. ๊ณผ๊ฑฐ์ฒ˜๋Ÿผ ์ปค๋ฎค๋‹ˆํ‹ฐ ๋ฐ‹์—…์„ ํ†ตํ•ด ๊ฐœ์ธ ์œ ๋™์„ฑ์„ ๋ชจ์œผ๋˜ ๋ฐฉ์‹์€ ๋” ์ด์ƒ ์ฃผํšจํ•˜์ง€ ์•Š๋‹ค.

์ด๋Ÿฌํ•œ ์‹œ์žฅ ๊ฐœํŽธ์˜ ๊ฒฐ๊ณผ๋Š” ์˜ค๋Š” 9์›” ์„œ์šธ์—์„œ ์—ด๋ฆฌ๋Š” KBW 2026์—์„œ ๊ฐ€์‹œํ™”๋  ์ „๋ง์ด๋‹ค. ์‹œ์žฅ ๋ถ„์œ„๊ธฐ๋ฅผ ๊ณ ์Šค๋ž€ํžˆ ๋ฐ˜์˜ํ•˜๋Š” ํ–‰์‚ฌ์ด๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์˜ฌํ•ด KBW๋Š” ๊ณต๊ฐœ๋œ ์—ฐ์‚ฌ์ง„๋งŒ ํ™•์ธํ•ด๋ด๋„ ์ „ํ†ต ๊ธˆ์œต๊ถŒ ์ธ์‚ฌ๋“ค์ด ์ฃผ๋ฅผ ์ด๋ฃฌ๋‹ค. ์ง€๋‚œํ•ด์—๋Š” ๋งŽ์€ ํ•ด์™ธ ์žฌ๋‹จ๋“ค์ด ํ† ํฐ ๋ณด์ƒ์„ ๋‚ด๊ฑธ๊ณ  ์ปค๋ฎค๋‹ˆํ‹ฐ ํ–‰์‚ฌ(์‚ฌ์ด๋“œ ์ด๋ฒคํŠธ)์— ์ง‘์ค‘ํ–ˆ๋‹ค๋ฉด, ์˜ฌํ•ด๋Š” ์‹ค์งˆ์ ์ธ ๋น„์ฆˆ๋‹ˆ์Šค๋ฅผ ๋…ผํ•˜๋Š” ์ž๋ฆฌ๋กœ ๋ฌด๊ฒŒ์ค‘์‹ฌ์ด ์ด๋™ํ•  ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค.


ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” KBW 2026์˜ ๋ฆฌ์„œ์น˜ ํŒŒํŠธ๋„ˆ์‚ฌ์ž…๋‹ˆ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ ์ด์šฉ ์•ˆ๋‚ด

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋กœ๊ณ ๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[์„œํด ์ข…๋ชฉ ๋ถ„์„: 2026๋…„, ์ „๋ฉด์ ์ธ ์ˆ˜์ง ๊ณ„์—ดํ™”์˜ ์‹œ์ž‘]]>https://reports.tiger-research.com/p/2026-the-start-of-circles-full-vertical-korhttps://reports.tiger-research.com/p/2026-the-start-of-circles-full-vertical-korTue, 26 May 2026 13:03:30 GMT์„œํด์ด 2026๋…„ 1๋ถ„๊ธฐ ์„ฑ๊ณผ ๋ณด๊ณ ์„œ๋ฅผ ๊ณต๊ฐœํ–ˆ์Šต๋‹ˆ๋‹ค. ์—ฌ์ „ํžˆ USDC์˜ ์ค€๋น„๊ธˆ ์ด์ž ์ˆ˜์ต์ด 90% ์ด์ƒ์„ ์ฐจ์ง€ํ•˜๋Š” ์„œํด. ๊ทธ ๋‹ค์Œ ๋‹จ๊ณ„๋ฅผ ์œ„ํ•ด ์•„ํฌ ๋„คํŠธ์›Œํฌ ๋“ฑ์„ ์ค€๋น„ํ•˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ์„œํด์˜ ๋‹ค์Œ์€ ์–ด๋–จ๊นŒ์š”?

๐Ÿ“ฅ ๋ฆฌํฌํŠธ ๋‹ค์šด๋กœ๋“œํ•˜๊ธฐ



Summary

์„œํด์€ 2026๋…„ 1๋ถ„๊ธฐ ์‹ค์ ์„ ๊ธฐ์ ์œผ๋กœ ๋‹จ์ˆœํ•œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ฐœํ–‰์‚ฌ์—์„œ ๋””์ง€ํ„ธ ์ž์‚ฐ ์—…๊ณ„์˜ ํ†ตํ•ฉ ์ธํ”„๋ผ ์‚ฌ์—…์ž๋กœ์˜ ํŒจ๋Ÿฌ๋‹ค์ž„ ์ „ํ™˜์„ ๋ณธ๊ฒฉํ™”ํ•˜๊ณ  ์žˆ๋‹ค. ์„œํด์˜ ํ–ฅํ›„ ๋น„์ฆˆ๋‹ˆ์Šค ํ•ต์‹ฌ ์ถ•์€ ํฌ๊ฒŒ ์„ธ ๊ฐˆ๋ž˜๋กœ ์š”์•ฝ๋œ๋‹ค.

  1. USDC ๋งˆ์ง„ ๋ฐ ์œ ํ†ต๋Ÿ‰ ๊ทน๋Œ€ํ™”: USDC๋Š” ์™ธ๋ถ€ ํ”Œ๋žซํผ๊ณผ ์ž์ฒด ํ”Œ๋žซํผ์—์„œ ์ค€๋น„๊ธˆ ์ด์ž ์ˆ˜์ต์ด ๋ฐœ์ƒํ•œ๋‹ค. ์ด๋ฒˆ ๋ถ„๊ธฐ ์ž์ฒด ์ฑ„๋„(CPN)์˜ USDC ํ™œ์šฉ๋„๊ฐ€ ์ฆ์ง„๋˜๋ฉด์„œ ์‹ค์งˆ ๋งˆ์ง„(41.4%)์ด ์ตœ๊ณ ์น˜๋ฅผ ๊ธฐ๋กํ–ˆ์œผ๋ฉฐ, ๋ฐœํ–‰๋Ÿ‰ ์ฆ์ง„์„ ์œ„ํ•ด ํƒˆ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์ธ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์™€ ํ˜‘๋ ฅ

  2. ์ž์ฒด ๋ธ”๋ก์ฒด์ธ ๋„คํŠธ์›Œํฌ(L1) โ€˜์•„ํฌโ€™ ์ถœ์‹œ๋กœ ๊ฐ€์Šค๋น„ ๋ฐ ์ˆ˜์ˆ˜๋ฃŒ ๋งค์ถœ ๋‹ค๊ฐํ™”: ์จํด์€ ๋งค์ถœ์˜ 94%๊ฐ€ USDC ์ค€๋น„๊ธˆ ์ด์ž์—์„œ ๋ฐœ์ƒํ•œ๋‹ค. ์•„ํฌ ๋„คํŠธ์›Œํฌ๋ฅผ ํ†ตํ•ด ์ž์‚ฌ ํ”Œ๋žซํผ์„ ํ™•์žฅํ•˜๊ณ  ํ”Œ๋žซํผ ์ˆ˜์ˆ˜๋ฃŒ ๋น„์ฆˆ๋‹ˆ์Šค ์ˆ˜์ต๊ฐ€ ๋ฐœ์ƒํ•œ๋‹ค๋ฉด ๊ณผ๋„ํ•œ ์ค€๋น„๊ธˆ ์ด์ž ๋น„์ฆˆ๋‹ˆ์Šค ๊ตฌ์กฐ ํ•ด๊ฒฐ ๊ฐ€๋Šฅ

  3. ์—์ด์ „ํŠธ ์Šคํƒ์„ ํ†ตํ•œ AI ๊ฒฐ์ œ ์„ ์ : AI ๊ฐ„ ์ดˆ์†Œ์•ก ์ž์œจ ๊ฒฐ์ œ ํ‘œ์ค€์„ ์„ ์  ์ค‘์ด๋ฉฐ, ์ธํ”„๋ผ ์•ˆ์ฐฉ๊ณผ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ทœ์ œ๋ฒ•(GENIUS Act) ์‹คํšจ์— ๋ฐœ๋งž์ถฐ 2028๋…„ ๋ณธ๊ฒฉ ์ƒ์šฉํ™”

์ข…ํ•ฉํ•˜๋ฉด ์„œํด์€ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ ๋“ฑ ์ฃผ์š” ํ”Œ๋žซํผ ์„ ์ ์„ ํ†ตํ•œ USDC ๋ฐœํ–‰๋Ÿ‰์˜ ํญ๋ฐœ์  ํ™•์žฅ์„ ์ „๋ฉด์— ๋‚ด์„ธ์šฐ๋Š” ๋™์‹œ์— ์ž์ฒด ๋ธ”๋ก์ฒด์ธ(Arc), ๊ฒฐ์ œ ๋„คํŠธ์›Œํฌ(CPN), AI ๋‚˜๋…ธ ๊ฒฐ์ œ(Agent Stack)๊นŒ์ง€ ๊ธˆ์œต ์Šคํƒ์„ ๊ฒฌ๊ณ ํ•˜๊ฒŒ ์ˆ˜์ง ๊ณ„์—ดํ™”ํ•˜๊ณ  ์žˆ๋‹ค. ํ•ต์‹ฌ์€ USDC ์œ ํ†ต๋Ÿ‰ ํ™•๋Œ€์™€ ๋‹ค๊ฐํ™”๋œ ์ธํ”„๋ผ ๊ตฌ์ถ•์ด ์„œ๋กœ๋ฅผ ๊ฒฌ์ธํ•˜๋Š” ๊ตฌ์กฐ๋ฅผ ๋งŒ๋“ค์—ˆ๋‹ค๋Š” ์ ์ด๋‹ค.

์ด๋ฅผ ํ†ตํ•ด ์„œํด์€ ๊ธฐ์กด์˜ ๋‹จ์ˆœ ์ด์ž ์ˆ˜์ต ์ค‘์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค์—์„œ ํŠธ๋ž˜ํ”ฝ ๋ฐ ๊ฑฐ๋ž˜ ์ˆ˜์ˆ˜๋ฃŒ ์ค‘์‹ฌ์˜ ํ”Œ๋žซํผ ๋น„์ฆˆ๋‹ˆ์Šค๋กœ ํ™•์žฅ์„ ๊พ€ํ•˜๊ณ  ์žˆ๋‹ค.

2026๋…„ 1๋ถ„๊ธฐ ์‹ค์  ๋Œ์•„๋ณด๊ธฐ, ๊ฐœ์„ ๋˜๋Š” ๋งˆ์ง„

1. ์™ธํ˜• ์„ฑ์žฅ ๋ฐ ๋งˆ์ง„ ๊ฐœ์„ : ์ž์ฒด ํ”Œ๋žซํผ ์ค‘์‹ฌ์˜ ์ด์ต ์ฒด์งˆ ๊ฐœ์„ 

2026๋…„ 1๋ถ„๊ธฐ ๋งค์ถœ $694M(YoY +20%), ์กฐ์ • EBITDA $151M(YoY +24%), ์กฐ์ • EBITDA ๋งˆ์ง„ 53%๋กœ ์ˆ˜์ต์„ฑ์ด ๊ฐœ์„ ๋๋‹ค. ํ˜„์žฌ ์„œํด์€ ์ „์ฒด ๋งค์ถœ์˜ 94%๋ฅผ ์ค€๋น„๊ธˆ ์ด์ž ์ˆ˜์ต์— ์˜์กดํ•˜๋Š” ๊ตฌ์กฐ๋ฅผ ๊ฐ–๊ณ  ์žˆ๋‹ค.

๋”ฐ๋ผ์„œ ์ค€๋น„๊ธˆ ์ˆ˜์ต๋ฅ ์ด ์ „๋ถ„๊ธฐ ๋Œ€๋น„ 31bp ํ•˜๋ฝ(3.81%์—์„œ 3.50%๋กœ ํ•˜๋ฝ)ํ•œ ๊ฒƒ์€ ๋งค์ถœ์— ์น˜๋ช…์ ์ธ ์•…์žฌ์˜€์œผ๋‚˜, ์‹ค์งˆ ๋งค์ถœ(RLDC) ๋งˆ์ง„์€ 3๊ฐœ ๋ถ„๊ธฐ ์—ฐ์† ์ƒ์Šนํ•ด ์‚ฌ์ƒ ์ตœ๊ณ ์น˜์ธ 41.4%๋ฅผ ๊ธฐ๋กํ–ˆ๋‹ค. ๋งค์ถœ์˜ ์ ˆ๋Œ€๋‹ค์ˆ˜๋ฅผ ์ฐจ์ง€ํ•˜๋Š” ๊ธˆ๋ฆฌ ์˜์กดํ˜• ์ˆ˜์ต์ด ๊ฐ์†Œํ•˜๋Š” ์ง๊ฒฉํƒ„ ์†์—์„œ๋„ ์ž์ฒด์ ์ธ ์ด์ต ์ฒด์งˆ ๊ฐœ์„ ์— ์„ฑ๊ณตํ•œ ๊ฒƒ์ด๋‹ค.

๋งˆ์ง„ ๊ฐœ์„ ์˜ ํ•ต์‹ฌ ์š”์ธ์€ ์ž์ฒด ํ”Œ๋žซํผ(on-platform) ๋‚ด USDC ์‚ฌ์šฉ๋Ÿ‰ ์ฆ๊ฐ€์ด๋‹ค. ์ด๋ฒˆ 1๋ถ„๊ธฐ ์ž์ฒด ํ”Œ๋žซํผ ๋น„์ค‘์€ 6%์—์„œ 17.2%๋กœ ๊ธ‰์ฆํ•œ ๋ฐ˜๋ฉด(YoY +1,149bps), ์™ธ๋ถ€ ํ”Œ๋žซํผ(off-platform) ๋น„์ค‘์€ 55%๋กœ ์ถ•์†Œ๋๋‹ค.

์ด๋Š” ์ž์ฒด ๊ฒฐ์ œ ๋„คํŠธ์›Œํฌ์ธ CPN(Circle Payments Network)์˜ ์„ฑ๊ณต์ ์ธ ๊ธฐ๊ด€ ์˜จ๋ณด๋”ฉ ๋•๋ถ„์ด๋‹ค. ๊ฐ€์ž… ๊ธˆ์œต๊ธฐ๊ด€ ์ˆ˜๋Š” ํ•œ ๋ถ„๊ธฐ ๋งŒ์— 136๊ฐœ๋กœ ๋Š˜์—ˆ๊ณ (+36% QoQ), ์—ฐํ™˜์‚ฐ ๊ฑฐ๋ž˜ ์ฒ˜๋ฆฌ ๋Œ€๊ธˆ(TPV)๋„ ์•ฝ 83์–ต ๋‹ฌ๋Ÿฌ(QoQ +17%)๋กœ ํ™•๋Œ€๋๋‹ค.

์ด๋Ÿฐ ํ๋ฆ„์˜ ๋ฐฐ๊ฒฝ์—๋Š” CPN ๊ฒฐ์ œ ์ƒํ’ˆ ๋ผ์ธ์—…์˜ ๋‹จ๊ณ„์  ํ™•๋Œ€๊ฐ€ ์žˆ๋‹ค

  1. Fiat Payments (2025๋…„ 2๋ถ„๊ธฐ ์ถœ์‹œ): 50๊ฐœ๊ตญ ์ด์ƒ์˜ ๋กœ์ปฌ ํ™”ํ๋กœ ํŽ˜์ด์•„์›ƒ๊ณผ ํŽ˜์ด์ธ์„ ์ฒ˜๋ฆฌํ•˜๋Š” ํฌ๋กœ์Šค๋ณด๋” ๊ฒฐ์ œ ์ƒํ’ˆ

  2. Stablecoin Payments (2025๋…„ 3๋ถ„๊ธฐ ์ถœ์‹œ): USDC, EURC ๋“ฑ ๊ทœ์ œ๋œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ 180๊ฐœ๊ตญ ์ด์ƒ์—์„œ ์ง์ ‘ ๊ฒฐ์ œยท์ •์‚ฐ์ด ๊ฐ€๋Šฅํ•œ ์ƒํ’ˆ

  3. Managed Payments (2026๋…„ 2๋ถ„๊ธฐ, 4์›” ์ถœ์‹œ): ๋ผ์ด์„ ์Šค, ์ปค์Šคํ„ฐ๋””, ์ปดํ”Œ๋ผ์ด์–ธ์Šค, USDC ์œ ๋™์„ฑ๊นŒ์ง€ ์„œํด์ด ๋‹จ์ผ API๋กœ ํ†ตํ•ฉ ์ œ๊ณตํ•œ๋‹ค. ํŒŒํŠธ๋„ˆ๋Š” ๋ฒ•์ •ํ™”ํ๋งŒ ๋‹ค๋ฃจ๋ฉด ๋˜๊ณ , ๋””์ง€ํ„ธ ์ž์‚ฐ ๋ณด๊ด€ยท์šด์˜์ด๋‚˜ ๊ทœ์ œ ๋Œ€์‘์„ ์ง์ ‘ ๋– ์•ˆ์„ ํ•„์š”๊ฐ€ ์—†๋Š” ์ƒํ’ˆ

์ด ์„ฑ๊ณผ๊ฐ€ ์ค‘์žฅ๊ธฐ ์ด์ต ์ฒด์งˆ ๊ฐœ์„ ์— ์ค‘์š”ํ•œ ์ด์œ ๋Š” ์˜ˆ์น˜์ฒ˜์— ๋”ฐ๋ผ ์ˆ˜์ต ๊ท€์† ๊ตฌ์กฐ๊ฐ€ ์™„์ „ํžˆ ๋‹ฌ๋ผ์ง€๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์ฝ”์ธ๋ฒ ์ด์Šค ๊ฐ™์€ ์™ธ๋ถ€ ํ”Œ๋žซํผ ์˜ˆ์น˜๋ถ„์€ ์ค€๋น„๊ธˆ ์ด์ž๋ฅผ ๋‚˜๋ˆ„์–ด์•ผ ํ•˜์ง€๋งŒ, Circle Mint๋‚˜ CPN ๊ฐ™์€ ์ž์ฒด ํ”Œ๋žซํผ ์˜ˆ์น˜๋ถ„์€ ์ „์•ก ์„œํด์— ๊ท€์†๋œ๋‹ค.

์ฆ‰, ์ž์ฒด ํ”Œ๋žซํผ ๋น„์ค‘์ด ์ƒ์Šนํ• ์ˆ˜๋ก ํŒŒํŠธ๋„ˆ์‚ฌ ์ „์ถœ ๋น„์šฉ์ด ์ค„์–ด๋“ค์–ด RLDC ๋งˆ์ง„์ด ๋†’์•„์ง„๋‹ค. ๊ฒฐ๊ณผ์ ์œผ๋กœ ๋™์ผํ•œ ๋งค์ถœ์„ ๊ธฐ๋กํ•˜๋”๋ผ๋„ ์„œํด์ด ์†์— ์ฅ๋Š” ์‹ค์งˆ์ ์ธ ์ด์ต ์ฒด๋ ฅ์ด ๊ฐ•ํ™”๋˜๋Š” ๊ตฌ์กฐ์ด๋‹ค.

๋‹ค๋งŒ CPN ์ž์ฒด์˜ ์‚ฌ์šฉ ์ˆ˜์ˆ˜๋ฃŒ ๋งค์ถœ์€ ์•„์ง ๋ณธ๊ฒฉํ™”๋˜์ง€ ์•Š์•˜๋‹ค. ์•ž์„œ ์–ด๋‹์ฝœ์—์„œ CFO ์ œ๋ ˆ๋ฏธ ํญ์Šค ๊ธด์ด ์–ธ๊ธ‰ํ–ˆ๋“ฏ ์ง€๊ธˆ์€ ์ˆ˜์ตํ™”๋ณด๋‹ค ๋„คํŠธ์›Œํฌ ์„ฑ์žฅ์— ์ง‘์ค‘ํ•˜๋Š” ๋‹จ๊ณ„์ด๋‹ค. ํ˜„์žฌ์˜ CPN์€ ์ง์ ‘์ ์ธ ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ์ˆ˜์ทจํ•˜๊ธฐ๋ณด๋‹ค ์ž์ฒด ํ”Œ๋žซํผ์œผ๋กœ ์ž๊ธˆ์„ ํก์ˆ˜ํ•˜๋Š” ํ†ต๋กœ ์—ญํ• ์„ ํ•œ๋‹ค. ์™ธ๋ถ€ ๋ถ„๋ฐฐ ๋น„์šฉ์„ ๋ฐฉ์–ดํ•˜๋Š” ์ง•๊ฒ€๋‹ค๋ฆฌ๋กœ์„œ ์ด๋ฒˆ 1๋ถ„๊ธฐ ์‹ค์ ์€ ์ด ์ „๋žต์ด ์œ ํšจํ•˜๊ฒŒ ์ž‘๋™ํ•˜๊ณ  ์žˆ์Œ์„ ์ฆ๋ช…ํ•œ๋‹ค.

2. ์„ฑ์žฅ ๋’ค์— ์ˆจ์€ ์‹ค์งˆ ๋‹น๊ธฐ์ˆœ์ด์ต ๊ฐ์†Œ

๊ทธ๋Ÿฌ๋‚˜ ์™ธํ˜• ์„ฑ์žฅ ๋ฐ ๋งˆ์ง„ ๊ฐœ์„  ์ง€ํ‘œ์™€ ๋‹ฌ๋ฆฌ, ์ตœ์ข… ์ˆœ์ด์ต๋‹จ์—์„œ๋Š” ๋šœ๋ ทํ•œ ๊ดด๋ฆฌ๊ฐ€ ๊ด€์ธก๋˜๋ฏ€๋กœ ์ฃผ์˜๊ฐ€ ํ•„์š”ํ•˜๋‹ค. ์ด๋ฒˆ ๋ถ„๊ธฐ ์„œํด์˜ ๋‹น๊ธฐ์ˆœ์ด์ต์€ ์•ฝ 5,500๋งŒ ๋‹ฌ๋Ÿฌ๋กœ ์ „๋…„ ๋™๊ธฐ ๋Œ€๋น„ ์˜คํžˆ๋ ค 15% ๊ฐ์†Œ(YoY -15%)ํ–ˆ๋‹ค.

์ด๋Š” ์ƒ์žฅ(IPO) ์ดํ›„ ์ž„์ง์› ๋Œ€์ƒ ์ฃผ์‹๊ธฐ๋ฐ˜๋ณด์ƒ๋น„์šฉ(Stock-based compensation)์ด ๋ณธ๊ฒฉ ๋ฐ˜์˜๋˜๊ธฐ ์‹œ์ž‘ํ–ˆ๊ณ , ์•„ํฌ(Arc) ๋ฉ”์ธ๋„ท ๋Ÿฐ์นญ์„ ์•ž๋‘” ์ธํ”„๋ผ ๊ตฌ์ถ• ๋ฐ R&D ํˆฌ์ž๊ฐ€ ๊ธ‰์ฆํ–ˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์ผํšŒ์„ฑยท๋น„ํ˜„๊ธˆ์„ฑ ๋น„์šฉ์„ ์ œ๊ฑฐํ•œ ์กฐ์ • ์ง€ํ‘œ๋Š” ์šฐ์ˆ˜ํ•˜์ง€๋งŒ, ์ˆœ์ด์ต ๊ฐ์†Œ ์ถ”์„ธ๋Š” ํˆฌ์ž ์‹œ ๋ฐ˜๋“œ์‹œ ์—ผ๋‘์— ๋‘์–ด์•ผ ํ•  ๋Œ€๋ชฉ์ด๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


์ „๋ฉด์ ์ธ ์ˆ˜์ง๊ณ„์—ดํ™”์— ๋„์ž…ํ•œ ์„œํด

1. USDC: ๊ธฐ๋ณธ์„ ํƒ„ํƒ„ํ•˜๊ฒŒ, ๋ฐœํ–‰๋Ÿ‰ ์ฆ๋Œ€ ์ „๋žต

์„œํด์˜ 2026๋…„ 1๋ถ„๊ธฐ ๋งค์ถœ ์ค‘ ์ค€๋น„๊ธˆ ์ˆ˜์ต์€ 6์–ต 5,300๋งŒ ๋‹ฌ๋Ÿฌ๋กœ ์ „์ฒด ์ˆ˜์ต์˜ 94%๋ฅผ ์ฐจ์ง€ํ•œ๋‹ค. ํ˜„์žฌ ์„œํด์˜ ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค๊ฐ€ ์ค€๋น„๊ธˆ ์ˆ˜์ต์— ํŽธ์ค‘๋˜์–ด ์žˆ๋Š” ๋งŒํผ, ์™ธํ˜• ์„ฑ์žฅ์„ ์œ„ํ•ด์„œ๋Š” USDC ๋ฐœํ–‰๋Ÿ‰ ํ™•๋Œ€๊ฐ€ ํ•„์ˆ˜์ ์ด๋‹ค.

ํ˜„์žฌ USDC์˜ ์œ ํ†ต๋Ÿ‰์€ ์•ฝ 770์–ต ๋‹ฌ๋Ÿฌ ์ˆ˜์ค€์ด๋‹ค. ์„œํด์ด ๋ณธ์งˆ์ ์œผ๋กœ ์„ฑ์žฅํ•˜๊ธฐ ์œ„ํ•ด์„œ๋Š” ์ด ์œ ํ†ต๋Ÿ‰์˜ ํ•œ๊ณ„๋ฅผ ์–ด๋””๊นŒ์ง€ ํ™•์žฅํ•  ์ˆ˜ ์žˆ๋Š”์ง€๊ฐ€ ํ•ต์‹ฌ ๊ณผ์ œ๋‹ค. ๊ณผ๊ฑฐ ๊ฒฝ์Ÿ์‚ฌ์ธ USDT๊ฐ€ ๊ธ‰๊ฒฉํžˆ ์„ฑ์žฅํ•œ ๋ฐฐ๊ฒฝ์—๋Š” ๋ฐ”์ด๋‚ธ์Šค์˜ ๊ฑฐ๋ž˜ ํŽ˜์–ด ์„ ์ ์ด ์žˆ์—ˆ๋‹ค.

์„œํด์€ ์ด ์„ ์  ์ „๋žต์„ ํƒˆ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ์ธ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ๋กœ ํ™•์žฅํ•˜๋ ค๋Š” ๊ณ„ํš์ด๋‹ค. ์ตœ๊ทผ ์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์˜ ์ž์ฒด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ธ USDH๋ฅผ ์ธ์ˆ˜ํ•œ ์‚ฌ๋ก€๊ฐ€ ๋Œ€ํ‘œ์ ์ด๋‹ค. ํ•˜์ดํผ๋ฆฌํ€ด๋“œ๋Š” ํ”Œ๋žซํผ ๋‚ด ๋„ค์ดํ‹ฐ๋ธŒ ํŽ˜์–ด๋กœ ํ™œ์šฉํ•˜๋ ค๋˜ USDH๋ฅผ ๋งค๊ฐํ•˜๋Š” ๋Œ€์‹ , USDC๋ฅผ ๊ณต์‹ ํŽ˜์–ด๋กœ ๋“ฑ๋กํ–ˆ๋‹ค.

ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์˜ ์˜ˆ์น˜ ์ž์‚ฐ ์„ฑ์žฅ์€ USDC ๋ฐœํ–‰๋Ÿ‰ ํ™•๋Œ€๋กœ ์ง๊ฒฐ๋œ๋‹ค. ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์˜ ์ด ์˜ˆ์น˜ ์ž์‚ฐ(TVL)์€ 2025๋…„ 1๋ถ„๊ธฐ 20์–ต ๋‹ฌ๋Ÿฌ์—์„œ 2026๋…„ 1๋ถ„๊ธฐ 40์–ต ๋‹ฌ๋Ÿฌ๋กœ 2๋ฐฐ ์„ฑ์žฅํ–ˆ์œผ๋ฉฐ, ๊ณ ์  ๊ธฐ์ค€ 60์–ต ๋‹ฌ๋Ÿฌ๋ฅผ ๊ธฐ๋กํ•˜๊ธฐ๋„ ํ–ˆ๋‹ค. ํ•˜์ดํผ๋ฆฌํ€ด๋“œ๋Š” USDC๋ฅผ ๊ธฐ๋ณธ ์˜ˆ์น˜๊ธˆ์œผ๋กœ ์‚ฌ์šฉํ•˜๋ฏ€๋กœ ํ”Œ๋žซํผ์˜ ์„ฑ์žฅ์ด ๊ณง USDC์˜ ์‹ ๊ทœ ๋ฐœํ–‰์œผ๋กœ ์ด์–ด์ง€๋Š” ๊ตฌ์กฐ๋‹ค. ์ด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•œ ํ–ฅํ›„ ์œ ํ†ต๋Ÿ‰ ์‹œ๋‚˜๋ฆฌ์˜ค๋Š” ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

์‹œ๋‚˜๋ฆฌ์˜ค์— ๋”ฐ๋ฅด๋ฉด ํ•˜์ดํผ๋ฆฌํ€ด๋“œ ํ•œ ๊ณณ์˜ ์„ฑ์žฅ๋งŒ์œผ๋กœ 3๋…„ ๋’ค USDC ์ „์ฒด ์œ ํ†ต๋Ÿ‰์€ ํ˜„์žฌ 770์–ต ๋‹ฌ๋Ÿฌ์—์„œ 840์–ต ๋‹ฌ๋Ÿฌ๊นŒ์ง€ ๋Š˜์–ด๋‚  ์ˆ˜ ์žˆ๋‹ค. ๋‹จ์ผ ํ”Œ๋žซํผ์ด ์ „์ฒด ์œ ํ†ต๋Ÿ‰์˜ 10% ์ด์ƒ์„ ์ฐจ์ง€ํ•˜๋Š” ๊ฑฐ๋Œ€ํ•œ ๋ฐœํ–‰ ์ฑ„๋„์ด ๋˜๋Š” ์…ˆ์ด๋‹ค.

๋ฌผ๋ก  ์ค€๋น„๊ธˆ ์ด์ž ์ˆ˜์ต์˜ 90%๋ฅผ ํ”Œ๋žซํผ์— ์–‘๋ณดํ•˜๋Š” ์กฐ๊ฑด์€ ์„œํด์—๊ฒŒ ๋‹จ๊ธฐ์ ์ธ ์ˆ˜์ต์„ฑ ์ €ํ•˜๋ผ๋Š” ํ•œ๊ณ„์ ์„ ๋‚จ๊ธด๋‹ค. ํ•˜์ง€๋งŒ ์ผํ‰๊ท  ๊ฑฐ๋ž˜ ๋Œ€๊ธˆ ์•ฝ 15์กฐ ์›, DEX ํŒŒ์ƒ์ƒํ’ˆ ์‹œ์žฅ ์ ์œ ์œจ 17%๋ผ๋Š” ๋Œ€์ฒด ๋ถˆ๊ฐ€๋Šฅํ•œ ๋ณผ๋ฅจ์„ ํ™•๋ณดํ•˜๊ธฐ ์œ„ํ•œ ๋Œ€๊ฐ€๋ผ๋ฉด ์ด๋Š” ํฌ๊ธฐํ•  ์ˆ˜ ์žˆ๋Š” ๋น„์šฉ์— ๊ฐ€๊น๋‹ค.

๋˜ํ•œ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ์— ๊ธฐ๋ฐ˜ํ•œ ํŒŒ์ƒ์ƒํ’ˆ๊นŒ์ง€ ์ด์–ด์ง„๋‹ค๋ฉด ๋”์šฑ ๊ธ์ •์ ์ธ ์„ ์ˆœํ™˜ ๊ตฌ์กฐ๋ฅผ ์˜ˆ์ƒํ•  ์ˆ˜ ์žˆ๋‹ค. ๊ฒฐ๊ตญ ๋‹น์žฅ์˜ ๋งˆ์ง„๋ณด๋‹ค ์œ ํ†ต๋Ÿ‰ ํ™•๋Œ€๋ฅผ ์ตœ์šฐ์„  ๊ณผ์ œ๋กœ ์‚ผ์€ ์„œํด์—๊ฒŒ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ๋Š” ๋งˆ์ง„์„ ์ชผ๊ฐœ์„œ๋ผ๋„ ์„ ์ ํ•  ๊ฐ€์น˜๊ฐ€ ์žˆ๋Š” ํ•ต์‹ฌ ์š”์ถฉ์ง€๋‹ค.

2. ์•„ํฌ(Arc), ์„œํด์ด ๊ธˆ๋ฆฌ ์˜์กด๋„์—์„œ ๋ฒ—์–ด๋‚˜๋Š” ๋ฐฉ๋ฒ•

์•ž์„œ ์‚ดํŽด๋ณธ ๋ฐ”์™€ ๊ฐ™์ด ์„œํด์€ ๋งค์ถœ์˜ ์ ˆ๋Œ€๋‹ค์ˆ˜๊ฐ€ ์ค€๋น„๊ธˆ ์ด์ž ์ˆ˜์ต์— ํŽธ์ค‘๋˜์–ด ์žˆ์–ด ๊ธˆ๋ฆฌ ์ธํ•˜ ๊ธฐ์กฐ์— ์ทจ์•ฝํ•œ ๊ตฌ์กฐ์  ํ•œ๊ณ„๋ฅผ ์ง€๋‹ˆ๊ณ  ์žˆ๋‹ค. ์•„์ง์€ ํ…Œ์ŠคํŠธ๋„ท ๋‹จ๊ณ„์ด๊ธฐ์— ๋‹น์žฅ ๊ฐ€์‹œ์ ์ธ ๋งค์ถœ์ด ๋ฐœ์ƒํ•˜๊ณ  ์žˆ์ง€ ์•Š์ง€๋งŒ, ์ตœ๊ทผ ๊ธฐ๊ด€์œผ๋กœ๋ถ€ํ„ฐ ์•ฝ 2์–ต 2,200๋งŒ ๋‹ฌ๋Ÿฌ์˜ ํˆฌ์ž๋ฅผ ์œ ์น˜ํ•˜๋ฉฐ ๋ถ€์ƒํ•œ ์•„ํฌ๊ฐ€ ๋ฐ”๋กœ ์ด ๊ธˆ๋ฆฌ ์˜์กด๋„๋ฅผ ๊ทผ๋ณธ์ ์œผ๋กœ ๋Š์–ด๋‚ด๊ธฐ ์œ„ํ•œ ํ•ต์‹ฌ ์ธํ”„๋ผ์ด๋‹ค.

์•„ํฌ๊ฐ€ ์ผ์ฐจ์ ์œผ๋กœ ๊ฒจ๋ƒฅํ•˜๋Š” ์‹œ์žฅ์€ ๊ธ€๋กœ๋ฒŒ ํฌ๋กœ์Šค๋ณด๋” ๊ฒฐ์ œ ์‹œ์žฅ์ด๋‹ค. ์„ธ๊ณ„์€ํ–‰ ๋ณด๊ณ ์„œ(RPW Issue 54)์— ๋”ฐ๋ฅด๋ฉด ๊ธ€๋กœ๋ฒŒ ํ‰๊ท  ์†ก๊ธˆ ๋น„์šฉ์€ 6.36%, ์€ํ–‰ ์†ก๊ธˆ ๋น„์šฉ์€ 14.99%์— ๋‹ฌํ•œ๋‹ค. SWIFT์˜ ๋‹ค๋‹จ ์ค‘๊ฐœ ๊ตฌ์กฐ, ๋ถˆํˆฌ๋ช…ํ•œ ์™ธํ™˜ ์Šคํ”„๋ ˆ๋“œ, ์ฃผ๋ง ์ •์‚ฐ ์ง€์—ฐ ๋“ฑ์ด ์ด๋Ÿฌํ•œ ๊ณ ๋น„์šฉ ๊ตฌ์กฐ๋ฅผ ์•ผ๊ธฐํ•˜๋Š” ์›์ธ์ด๋‹ค.

์„œํด์€ ์ด๋Ÿฌํ•œ ์ „ํ†ต ๊ธˆ์œต๋ง์˜ ๋น„ํšจ์œจ์„ฑ์„ ํ•ด๊ฒฐํ•˜๋Š” ๊ณผ์ •์—์„œ ์•„ํฌ๋ฅผ ๊ธฐ๋ฐ˜์œผ๋กœ ํ•œ ํ”Œ๋žซํผ ๋น„์ฆˆ๋‹ˆ์Šค ์ˆ˜์ต์„ ์ฐฝ์ถœํ•˜๊ณ ์ž ํ•œ๋‹ค. ์ด ๊ธˆ๋ฆฌ ์˜์กด๋„๋ฅผ ๋‚ฎ์ถœ ์ธํ”„๋ผ ์ˆ˜์ˆ˜๋ฃŒ ๋งค์ถœ์˜ ํ•ต์‹ฌ์€ ํฌ๊ฒŒ ๋‘ ๊ฐ€์ง€ ์ถ•์œผ๋กœ ๊ตฌ์„ฑ๋œ๋‹ค.

  1. ์„œํด ๊ฒฐ์ œ๋ง(CPN): ๊ธ€๋กœ๋ฒŒ ๊ธฐ๊ด€ ๋ฐ ๊ธฐ์—…๋“ค์„ ์•„ํฌ ๋„คํŠธ์›Œํฌ์— ์˜จ๋ณด๋”ฉ์‹œ์ผœ ํฌ๋กœ์Šค๋ณด๋” ๊ฒฐ์ œ์™€ ์ •์‚ฐ์„ ์ฒ˜๋ฆฌํ•˜๊ณ , ํŠธ๋ž˜ํ”ฝ์— ๋”ฐ๋ฅธ ๊ฒฐ์ œ ์ฒ˜๋ฆฌ ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ํ™•๋ณดํ•˜๋Š” ์ถ•์ด๋‹ค. ์•ž์„œ 1๋ถ„๊ธฐ ์‹ค์ ์—์„œ ์ฆ๋ช…๋œ ๊ธฐ๊ด€ ์œ ์ž… ํ๋ฆ„์ด ์•„ํฌ ๋ฉ”์ธ๋„ท ์œ„์—์„œ ๋ณธ๊ฒฉ์ ์ธ ํŠธ๋žœ์žญ์…˜ ๋งค์ถœ๋กœ ์ „ํ™˜๋˜๋Š” ๊ธฐ๋ฐ˜์ด ๋œ๋‹ค.

  2. ์˜จ์ฒด์ธ ์™ธํ™˜ ์—”์ง„(StableFX): ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฐ„ ์˜จ์ฒด์ธ ํ™˜์ „์„ ์ง€์›ํ•˜์—ฌ ์ „ํ†ต ์™ธํ™˜ ์‹œ์žฅ์˜ ๋†’์€ ์ค‘๊ฐœ ์Šคํ”„๋ ˆ๋“œ๋ฅผ ๋Œ€์ฒดํ•˜๋Š” ์ถ•์ด๋‹ค. ๊ฑฐ๋ž˜๊ฐ€ ์ฒด๊ฒฐ๋˜๋Š” ์ฆ‰์‹œ ์Šค๋งˆํŠธ ์ปจํŠธ๋ž™ํŠธ๊ฐ€ ๊ฑฐ๋ž˜ ํ†ตํ™”์—์„œ ๊ฐ๊ฐ ์ •ํ•ด์ง„ ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ์ˆ˜์ทจํ•˜๋Š” ๋ฐฉ์‹์œผ๋กœ ์ž‘๋™ํ•œ๋‹ค.

ํŠนํžˆ StableFX๋Š” SWIFT์™€ ๋‹ฌ๋ฆฌ ๊ณ ์ • ๋น„์šฉ์ด ์•„๋‹Œ ๊ฒฌ์  ์š”์ฒญ(RFQ) ๋ชจ๋ธ์„ ๊ธฐ๋ฐ˜์œผ๋กœ ์ž‘๋™ํ•œ๋‹ค. ์ด์šฉ์ž๊ฐ€ ํ™˜์ „์„ ์š”์ฒญํ•˜๋ฉด ์—ฌ๋Ÿฌ ๋งˆ์ผ“ ๋ฉ”์ด์ปค๋“ค์ด ์‹ค์‹œ๊ฐ„ ๊ฒฝ์Ÿ ์ž…์ฐฐ์„ ํ†ตํ•ด ์ตœ์ € ์ˆ˜์ค€์˜ ๋„๋งค๊ฐ€ ์Šคํ”„๋ ˆ๋“œ๋ฅผ ์ œ์‹œํ•œ๋‹ค. ๋•๋ถ„์— SWIFT์˜ ๋น„์‹ผ ๊ณ ์ • ์ˆ˜์ˆ˜๋ฃŒ ์—†์ด ๋Œ€๊ทœ๋ชจ ์ž๊ธˆ๋„ ๊ฐ€๊ฒฉ ๋ฐ€๋ฆผ(์Šฌ๋ฆฌํ”ผ์ง€) ์—†์ด 24์‹œ๊ฐ„ ๋‚ด๋‚ด ์ฆ‰์‹œ ์ •์‚ฐ์ด ๊ฐ€๋Šฅํ•˜๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ ์•„ํฌ ๋„คํŠธ์›Œํฌ ๋‚ด์—์„œ ๊ฒฐ์ œ ํŠธ๋ž˜ํ”ฝ(CPN)๊ณผ ํ™˜์ „ ๊ทœ๋ชจ(StableFX)๊ฐ€ ๋Š˜์–ด๋‚ ์ˆ˜๋ก ์„œํด์ด ์ง์ ‘ ๊ฐ€์ ธ๊ฐ€๋Š” ์ธํ”„๋ผ ์šด์˜ ๋ฐ ์ˆ˜์ˆ˜๋ฃŒ ๋งค์ถœ์ด ํ™•๋Œ€๋˜๋Š” ๋น„๊ธˆ๋ฆฌ ๊ตฌ์กฐ๊ฐ€ ์™„์„ฑ๋œ๋‹ค.

์ด๋Ÿฌํ•œ ๋ณ€ํ™”๋Š” ์ด๋ฏธ ํ…Œ์ŠคํŠธ๋„ท๊ณผ ์ฐธ์—ฌ ๊ธฐ์—…๋“ค์„ ํ†ตํ•ด ์ฆ๋ช…๋˜๊ณ  ์žˆ๋‹ค. ์•„ํฌ์Šค์บ”(Arcscan) ๊ธฐ์ค€ ํผ๋ธ”๋ฆญ ํ…Œ์ŠคํŠธ๋„ท ์˜คํ”ˆ ํ›„ ๋ˆ„์  ํŠธ๋žœ์žญ์…˜์€ ์•ฝ 4์–ต 3์ฒœ๋งŒ ๊ฑด, 24์‹œ๊ฐ„ ๊ฑฐ๋ž˜ ์ฒ˜๋ฆฌ๋Ÿ‰์€ 326๋งŒ ๊ฑด์„ ๊ธฐ๋กํ–ˆ๋‹ค. ๋˜ํ•œ ๋ธ”๋ž™๋ก, HSBC, ๋น„์ž, AWS ๋“ฑ 100๊ฐœ ์ด์ƒ์˜ ๊ธ€๋กœ๋ฒŒ ๊ธฐ๊ด€์ด ์ฐธ์—ฌํ•˜๊ณ  ์žˆ๋‹ค. ์ „ํ†ต ๊ธˆ์œต์‚ฌ๋ฟ ์•„๋‹ˆ๋ผ ๋ธ”๋ก์ฒด์ธ์„ ํ™œ์šฉํ•œ ์˜ˆ์ธก ์‹œ์žฅ ๋งˆ์ผ“์ธ ํด๋ฆฌ๋งˆ์ผ“๋„ ์ƒํƒœ๊ณ„์— ํ•ฉ๋ฅ˜ํ–ˆ๋‹ค.

์ด๋Š” ๋‹จ์ˆœํžˆ ๊ธฐ๋Šฅ๊ณผ ํ”Œ๋žซํผ์„ ์‹œ๋ฒ” ์šด์˜ํ•˜๋Š” ๊ฒƒ์„ ๋„˜์–ด ์‹ค์ œ ๊ธฐ์—…๋“ค์„ ๋Œ์–ด๋“ค์ด๋ฉด์„œ ์‹ค์งˆ์ ์ธ ๊ฑฐ๋ž˜ ํŠธ๋ž˜ํ”ฝ์„ ์ด๋Œ์–ด๋‚ด๊ณ  ์žˆ์Œ์„ ๋ณด์—ฌ์ค€๋‹ค. ์•„ํฌ๊ฐ€ ์ œ๋Œ€๋กœ ์šด์˜๋œ๋‹ค๋ฉด ์„œํด์€ USDC ์ค€๋น„๊ธˆ ์ด์ž ์ˆ˜์ต ๊ตฌ์กฐ์—์„œ ์ธํ”„๋ผ ์šด์˜ ์ˆ˜์ต์œผ๋กœ์˜ ํ™•์žฅ์ด ๊ฐ€๋Šฅํ•˜๋‹ค. ์•„ํฌ๋Š” ๊ธˆ๋ฆฌ์— ๋ฌถ์˜€๋˜ ์ˆ˜์ต ๊ตฌ์กฐ๋ฅผ ํ’€ ์ˆ˜ ์žˆ๋Š” ์ฒซ ๋‹จ์ถ”์ด๋‹ค.

๋กœ๋“œ๋งต์— ๋”ฐ๋ฅด๋ฉด ์•„ํฌ๋Š” ์˜ฌํ•ด ์—ฌ๋ฆ„ ๋ฉ”์ธ๋„ท ๋Ÿฐ์นญ์„ ์•ž๋‘๊ณ  ์žˆ๋‹ค. ์•„ํฌ์˜ ์‹ค์งˆ์ ์ธ ๋งค์ถœ์€ ๋ฉ”์ธ๋„ท ๋Ÿฐ์นญ ์ดํ›„ ๋ฐœ์ƒํ•  ์˜ˆ์ •์ด๋‹ค.

3. ์„œํด ์—์ด์ „ํŠธ ์Šคํƒ, AI ์ž์œจ ๊ฒฐ์ œ ์‹œ๋Œ€์˜ ๋ฐ‘๊ทธ๋ฆผ

์‚ฌ๋žŒ์ด ์•„๋‹ˆ๋ผ AI ์—์ด์ „ํŠธ๊ฐ€ ์‚ฌ์šฉ์ž ๋Œ€์‹  ํŒ๋‹จํ•ด ๊ฒฐ์ œํ•˜๋Š” โ€˜์—์ด์ „ํ‹ฑ ๊ฒฝ์ œ(Agentic Economy)โ€™๊ฐ€ ๋‹ค๊ฐ€์˜ค๊ณ  ์žˆ๋‹ค. ๊ตฌ๊ธ€, ์˜คํ”ˆAI ๋“ฑ ๊ธ€๋กœ๋ฒŒ ๋น…ํ…Œํฌ ๊ธฐ์—…๋“ค์€ ์ด๋ฏธ ์ด๋Ÿฌํ•œ ์ž์œจํ˜• ์‹œ์Šคํ…œ์„ ํ™œ๋ฐœํžˆ ์„ ๋ณด์ด๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

๋ฌธ์ œ๋Š” ๊ฒฐ์ œ ์ธํ”„๋ผ๋‹ค. AI๋ผ๋ฆฌ API๋ฅผ ํ˜ธ์ถœํ•  ๋•Œ ๋ฐœ์ƒํ•˜๋Š” ๋น„์šฉ์€ ๊ธฐ์กด ๊ฒฐ์ œ ์‹œ์Šคํ…œ์ด ์ฒ˜๋ฆฌํ•  ์ˆ˜ ์—†๋Š” ์ดˆ์†Œ์•ก(๋งˆ์ดํฌ๋กœ ๋‹จ์œ„)์œผ๋กœ ์ฑ…์ •๋œ๋‹ค. ์ด๋Ÿฌํ•œ ์ดˆ์†Œ์•ก ๊ฒฐ์ œ๋Š” ์‹ ์šฉ์นด๋“œ๋ง์„ ๊ฑฐ์น  ๊ฒฝ์šฐ ๋ฐฐ๋ณด๋‹ค ๋ฐฐ๊ผฝ์ด ๋” ํฐ ์ˆ˜์ˆ˜๋ฃŒ ๊ตฌ์กฐ๋ฅผ ๊ฐ€์ง€๋ฏ€๋กœ ๊ฒฐ์ œํ• ์ˆ˜๋ก ์†ํ•ด๊ฐ€ ์ปค์ง„๋‹ค. ์ฆ‰, ์—์ด์ „ํŠธ ๊ฒฐ์ œ๋Š” ๊ธฐ์กด ์นด๋“œ ๋ ˆ์ผ๊ณผ ๊ตฌ์กฐ์ ์œผ๋กœ ๋งž๋ฌผ๋ฆด ์ˆ˜ ์—†๋‹ค.

์„œํด์€ ์ด ํ‹ˆ์ƒˆ๋ฅผ ๊ณต๋žตํ•ด ์ž์‚ฌ์˜ USDC๋ฅผ ๊ฒฐ์ œ ์ˆ˜๋‹จ์œผ๋กœ ํ™œ์šฉํ•˜๊ณ , ๊ด€๋ จ ํ™˜๊ฒฝ์„ ๊ฐœ๋ฐœํ•  ์ˆ˜ ์žˆ๋„๋ก ์ง€์›ํ•˜๋Š” โ€˜์„œํด ์—์ด์ „ํŠธ ์Šคํƒ(Circle Agent Stack)โ€™์„ ์„ ๋ณด์˜€๋‹ค.

  1. ์—์ด์ „ํŠธ ์ง€๊ฐ‘ (Agent Wallets): ์ง€์ถœ ํ•œ๋„ ๋“ฑ ์‚ฌ๋žŒ์ด ์ •ํ•ด ์ค€ ๊ทœ์น™ ์•ˆ์—์„œ AI๊ฐ€ USDC๋ฅผ ์Šค์Šค๋กœ ๋ณด๊ด€ํ•˜๊ณ  ์†ก๊ธˆํ•˜๋Š” ์ „์šฉ ์ง€๊ฐ‘.

  2. ์—์ด์ „ํŠธ ๋งˆ์ผ“ํ”Œ๋ ˆ์ด์Šค (Agent Marketplace): AI๋“ค๋ผ๋ฆฌ ํ•„์š”ํ•œ API ์„œ๋น„์Šค๋ฅผ ์ง์ ‘ ์ฐพ์•„์„œ ๊ฑด๋‹น ๋น„์šฉ์œผ๋กœ ์ฆ‰์‹œ ์ •์‚ฐํ•˜๋Š” ์ƒ์ .

  3. ๋‚˜๋…ธ ๊ฒฐ์ œ (Agent Nanopayments): ๋‹จ $0.000001 ์ˆ˜์ค€์˜ ์•„์ฃผ ์ดˆ์†Œ์•ก๊นŒ์ง€ ๊ฐ€์Šค๋น„ ์—†์ด USDC๋กœ ์ฆ‰์‹œ ์ฒ˜๋ฆฌํ•˜๋Š” ๊ฒฐ์ œ ๊ธฐ์ˆ .

  4. ์„œํด CLI (Circle CLI): ๋ช…๋ น์ค„ ์ธํ„ฐํŽ˜์ด์Šค๋ฅผ ํ†ตํ•ด ์ง€๊ฐ‘ ์ƒ์„ฑ๊ณผ ์—์ด์ „ํŠธ ์—ฐ๊ฒฐ์„ ์‰ฝ๊ฒŒ ์ œ์–ดํ•˜๋Š” ๊ด€๋ฆฌ ๋„๊ตฌ.

  5. ์„œํด ์Šคํ‚ฌ (Circle Skills): AI ์—์ด์ „ํŠธ๊ฐ€ ์„œํด์˜ ๊ธˆ์œต ์ œํ’ˆ๊ตฐ์„ ์ดํ•ดํ•˜๊ณ  ์ง์ ‘ ์กฐ์ž‘ํ•  ์ˆ˜ ์žˆ๋„๋ก ์ฃผ์ž…ํ•˜๋Š” ๊ธฐ๋Šฅ ๋ชจ๋“ˆ.

๋‹ค๋งŒ ์ด ์˜์—ญ ์—ญ์‹œ ๋งค์ถœ์ด ๋‹น์žฅ ๊ฐ€์‹œํ™”๋˜๋Š” ๋‹จ๊ณ„๋Š” ์•„๋‹ˆ๋‹ค. ์‹œ์žฅ ์•ˆ์ฐฉ๊ณผ ์‹ค์  ๋ฐ˜์˜๊นŒ์ง€๋Š” ๋‹ค์Œ๊ณผ ๊ฐ™์€ ๋‹จ๊ณ„๋ณ„ ๋กœ๋“œ๋งต์„ ๊ฑฐ์น  ์ „๋ง์ด๋‹ค.

  1. 2026๋…„ (์ธํ”„๋ผ ๊ตฌ์ถ•๊ธฐ): ๋Œ€๊ทœ๋ชจ ์ดˆ์†Œ์•ก ๋‚˜๋…ธ ๊ฒฐ์ œ๋ฅผ ์•ˆ์ •์ ์œผ๋กœ ์ฒ˜๋ฆฌํ•˜๊ธฐ ์œ„ํ•œ ๊ธฐ์ˆ ์  ํ† ๋Œ€๋ฅผ ๋‹ฆ๋Š” ์‹œ๊ธฐ๋‹ค. ์˜ฌํ•ด ์—ฌ๋ฆ„ โ€˜์•„ํฌ(Arc) ๋ฉ”์ธ๋„ทโ€™ ๊ฐ€๋™์„ ๊ธฐ์ ์œผ๋กœ, ๊ธ€๋กœ๋ฒŒ ํŒŒํŠธ๋„ˆ์‚ฌ๋“ค์ด ์„œํด CLI์™€ ๊ธˆ์œต ๋ชจ๋“ˆ์„ ์ž์‚ฌ ์‹œ์Šคํ…œ์— ์—ฐ๋™ํ•˜๋Š” ๊ธฐ์ˆ  ํ†ตํ•ฉ ์ž‘์—…์ด ์ง‘์ค‘๋œ๋‹ค.

  2. 2027๋…„ (์ œ๋„์  ์•ˆ์ฐฉ๊ธฐ): ๋ฏธ๊ตญ์˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ทœ์ œ๋ฒ•(GENIUS Act)์ด ์‹คํšจ๋˜๋ฉด์„œ ๊ธฐ์—…๋“ค์ด ์•ˆ์‹ฌํ•˜๊ณ  ์ง„์ž…ํ•  ์ˆ˜ ์žˆ๋Š” ์ œ๋„์  ์•ˆ์ „๋ง์ด ์™„์„ฑ๋˜๋Š” ํ•ด๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์˜ ์ฆ๊ถŒ ๊ทœ์ œ ์ œ์™ธ, 100% ์•ˆ์ „์ž์‚ฐ ๋‹ด๋ณด ์˜๋ฌดํ™” ๋“ฑ์ด ๋ฒ•์ ์œผ๋กœ ๋ณด์žฅ๋จ์— ๋”ฐ๋ผ ๋ณด์ˆ˜์ ์ธ ๋Œ€๊ธฐ์—… ๋ฒ•๋ฌดํŒ€๋„ ๋ฆฌ์Šคํฌ ์—†์ด USDC ๊ฒฐ์ œ ์‹œ์Šคํ…œ์„ ๋‚ด๋ถ€์ ์œผ๋กœ ๋„์ž…ํ•˜๊ณ  ํ…Œ์ŠคํŠธํ•  ์ˆ˜ ์žˆ๊ฒŒ ๋œ๋‹ค.

  3. 2028๋…„ (์ƒ์šฉํ™” ๋ฐ ๋งค์ถœํ™”): ๊ธฐ์ˆ ์  ํ† ๋Œ€์™€ ์ œ๋„์  ํ•ฉ๋ฒ•์„ฑ์ด ์™„๋ฒฝํžˆ ์ •๋ ฌ๋˜๋ฉฐ ์—์ด์ „ํ‹ฑ ๊ฒฝ์ œ๊ฐ€ ์ „๋ฉด ์ƒ์šฉํ™”๋˜๋Š” ์‹œ์ ์ด๋‹ค. ์ธํ”„๋ผ์™€ ๋ฒ•์  ๋ฆฌ์Šคํฌ๊ฐ€ ํ•ด์†Œ๋œ ๊ธฐ์—…๋“ค์ด AI ์—์ด์ „ํŠธ์—๊ฒŒ ์‹ค์ œ ์ž๊ธˆ ์ง€์ถœ ๊ถŒํ•œ์„ ๋ถ€์—ฌํ•จ์— ๋”ฐ๋ผ ๋Œ€๊ทœ๋ชจ ํŠธ๋žœ์žญ์…˜์ด ๋ฐœ์ƒํ•˜๊ณ , ์„œํด์˜ ์—์ด์ „ํŠธ ์Šคํƒ ์‹ค์ ์ด ์‹ค์ œ ๋งค์ถœ๋กœ ์ฐํžˆ๊ธฐ ์‹œ์ž‘ํ•œ๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ ๋ณธ๊ฒฉ์ ์ธ ํŠธ๋ž˜ํ”ฝ ๋งค์ถœ์ด ๋ฐœ์ƒํ•˜๋Š” 2028๋…„ ์ „๊นŒ์ง€ ์—์ด์ „ํŠธ ์Šคํƒ์€ ๋ฏธ๋ž˜ ์‹œ์žฅ ์„ ์  ๊ฐ€์น˜๋กœ์„œ ์ฃผ๊ฐ€ ํ”„๋ฆฌ๋ฏธ์—„์— ๋จผ์ € ๋ฐ˜์˜๋˜๋Š” โ€˜๊ธฐ๋Œ€๊ฐ์˜ ์˜์—ญโ€™์œผ๋กœ ์ž‘๋™ํ•  ๊ฐ€๋Šฅ์„ฑ์ด ๋†’๋‹ค.


๐Ÿ“ฅ ๋ฆฌํฌํŠธ ๋‹ค์šด๋กœ๋“œํ•˜๊ธฐ



23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


Disclaimer

๋ณธ ์ž๋ฃŒ๋Š” ์™ธ๋ถ€์˜ ๋ถ€๋‹นํ•œ ์••๋ ฅ์ด๋‚˜ ๊ฐ„์„ญ ์—†์ด ์ž‘์„ฑ์ž์˜ ์˜๊ฒฌ์ด ์ •ํ™•ํ•˜๊ฒŒ ๋ฐ˜์˜๋˜์—ˆ์œผ๋ฉฐ, ๊ณตํ‘œ์ผ ํ˜„์žฌ ๊ธฐ๊ด€ํˆฌ์ž์ž ๋˜๋Š” ์ œ3์ž์—๊ฒŒ ์‚ฌ์ „์— ์ œ๊ณต๋œ ์‚ฌ์‹ค์ด ์—†์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฐ ๋ณธ ์ž๋ฃŒ์˜ ์ž‘์„ฑ์ž๋Š” ๊ณตํ‘œ์ผ ํ˜„์žฌ ์œ„ ์ž๋ฃŒ์—์„œ ๋‹ค๋ฃฌ ์ข…๋ชฉ(CRCL)์˜ ์ง€๋ถ„์„ ๋ณด์œ ํ•˜๊ณ  ์žˆ์ง€ ์•Š์œผ๋ฉฐ, ๊ทธ ์™ธ ๊ณ ์ง€ํ•ด์•ผ ํ•  ์žฌ์‚ฐ์  ์ดํ•ด๊ด€๊ณ„๊ฐ€ ์—†์Šต๋‹ˆ๋‹ค. ๋ณธ ์ž๋ฃŒ๋Š” ๊ฐ๊ด€์  ์‚ฌ์‹ค์— ๊ทผ๊ฑฐํ•˜์—ฌ ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ถœ์ฒ˜์˜ ์ •๋ณด๋กœ๋ถ€ํ„ฐ ์ž‘์„ฑ๋˜์—ˆ์œผ๋‚˜, ๊ทธ ์ •ํ™•์„ฑ๊ณผ ์™„์ „์„ฑ์„ ๋ณด์žฅํ•  ์ˆ˜ ์—†์œผ๋ฉฐ ์ˆ˜๋ก๋œ ์˜๊ฒฌ์€ ํ†ต์ง€ ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

๋ณธ ์ž๋ฃŒ๋Š” ์‚ฐ์—… ๋ฐ ๊ธฐ์—… ๋ถ„์„์„ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋œ ์ฐธ๊ณ  ์ž๋ฃŒ์ผ ๋ฟ, ํŠน์ • ์ข…๋ชฉ์˜ ๋งค์ˆ˜ยท๋งค๋„ ๋“ฑ ํˆฌ์ž ์˜๊ฒฌ์„ ์ œ์‹œํ•˜๊ธฐ ์œ„ํ•œ ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ๋”ฐ๋ผ์„œ ์ข…๋ชฉ์˜ ๋งค๋งค์™€ ๊ด€๋ จ๋œ ๋ชจ๋“  ์˜์‚ฌ๊ฒฐ์ •์€ ์ „์ ์œผ๋กœ ํˆฌ์ž์ž ์ž์‹ ์˜ ํŒ๋‹จ๊ณผ ์ฑ…์ž„ํ•˜์— ์ด๋ฃจ์–ด์ ธ์•ผ ํ•˜๋ฉฐ, ๋ณธ ์ž๋ฃŒ์˜ ๋‚ด์šฉ์— ๊ทผ๊ฑฐํ•œ ์ผ์ฒด์˜ ํˆฌ์ž ํ–‰์œ„ ๊ฒฐ๊ณผ์— ๋Œ€ํ•ด ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ์–ด๋– ํ•œ ๋ฒ•์  ์ฑ…์ž„๋„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์•„์šธ๋Ÿฌ ๋ณธ ์ž๋ฃŒ๋Š” ๋ฒ•์  ๋ถ„์Ÿ์—์„œ ์ฆ๊ฑฐ ์ž๋ฃŒ๋กœ ์‚ฌ์šฉ๋  ์ˆ˜ ์—†์œผ๋ฉฐ, ๋ณธ ์ž๋ฃŒ์˜ ์ €์ž‘๊ถŒ์€ ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์— ์žˆ์œผ๋ฏ€๋กœ ์‚ฌ์ „ ๋™์˜ ์—†์ด ๋ฌด๋‹จ์œผ๋กœ ์ธ์šฉ, ๋ณต์ œ, ์ „์‹œ, ๋ฐฐํฌ, ์ „์†ก, ํŽธ์ง‘, ๋ฒˆ์—ญ, ์ถœํŒํ•˜๋Š” ๋“ฑ ์ €์ž‘๊ถŒ์„ ์นจํ•ดํ•˜๋Š” ๊ฒฝ์šฐ ๊ด€๋ จ ๋ฒ•์— ์˜ํ•˜์—ฌ ๋ฏผยทํ˜•์‚ฌ์ƒ์˜ ์ฑ…์ž„์„ ์ง€๊ฒŒ ๋ฉ๋‹ˆ๋‹ค.

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<![CDATA[์ฃผ์‹ ํ† ํฐํ™”, ๊ธฐ์กด ์ „ํ†ต ๊ธˆ์œต ๊ฑฐ๋ž˜์†Œ์—์„œ๋Š” ๋ฌด์—‡์„ ์žƒ๋Š”๊ฐ€?]]>https://reports.tiger-research.com/p/tokenized-stocks-what-traditional-korhttps://reports.tiger-research.com/p/tokenized-stocks-what-traditional-korFri, 22 May 2026 02:30:17 GMT

Key Takeaways


2026๋…„ 5์›” 18์ผ, ๋ฏธ๊ตญ ์ฆ๊ถŒ๊ฑฐ๋ž˜์œ„์›ํšŒ(SEC)๊ฐ€ ์ด๋ฅด๋ฉด ์ด๋ฒˆ ์ฃผ ์•ˆ์— ์ฃผ์‹ ํ† ํฐํ™” ๊ฑฐ๋ž˜๋ฅผ ํ—ˆ์šฉํ•˜๋Š” โ€˜ํ˜์‹  ๋ฉด์ œโ€™ ํ”„๋ ˆ์ž„์›Œํฌ๋ฅผ ๊ณต์‹ ๋ฐœํ‘œํ•  ์˜ˆ์ •์ด๋ผ๋Š” ๋ธ”๋ฃธ๋ฒ„๊ทธ ๋ณด๋„๊ฐ€ ๋‚˜์™”๋‹ค. ๊ธฐ์—… ์Šน์ธ ์—†์ด๋„ ์ œ3์ž๊ฐ€ ์• ํ”Œ์ด๋‚˜ ํ…Œ์Šฌ๋ผ ๊ฐ™์€ ์ƒ์žฅ ์ฃผ์‹์„ ํ† ํฐํ™”ํ•  ์ˆ˜ ์žˆ๋‹ค๋Š” ๋‚ด์šฉ์ด์—ˆ๋‹ค.

์ด๋Š” ์ง€๋‚œ 2์›”, SEC์˜ ์นœ์•”ํ˜ธํ™”ํ ์„ฑํ–ฅ ์œ„์›๋“ค(ํด ์•ณํ‚จ์Šค, ํ—ค์Šคํ„ฐ ํ”ผ์–ด์Šค)์ด ํผ๋ธ”๋ฆญ ๋ธ”๋ก์ฒด์ธ์„ ํ™œ์šฉํ•œ ๊ทœ์ œ ์™„ํ™” ๊ตฌ์ƒ์„ ๋ฐํžŒ ๋ฐ ์ด์€ ๊ตฌ์ฒด์  ๋…ผ์˜๋‹ค. ํŠนํžˆ ์ฝ”์ธ๋ฒ ์ด์Šค์™€ ๋ธ”๋ก์ฒด์ธ ํ˜‘ํšŒ ๋“ฑ ํฌ๋ฆฝํ†  ์—…๊ณ„๊ฐ€ โ€œํ˜์‹ ์„ ์œ„ํ•ด ๊ธฐ์—… ๊ฑฐ๋ถ€๊ถŒ์ด ์—†๋Š” ์ œ3์ž ํ† ํฐํ™”๋ฅผ ํ—ˆ์šฉํ•ด์•ผ ํ•œ๋‹คโ€๋ฉฐ ๊ณต์‹ ์ง€์ง€ ์„œํ•œ์„ ๋ณด๋‚ด๋Š” ๋“ฑ ์ง€์†์ ์œผ๋กœ ์š”๊ตฌํ•ด ์˜จ ๊ฒฐ๊ณผ๋‹ค.

๋‹ค๋งŒ ์‹œ์žฅ์˜ ์ „๋ฉด์ ์ธ ๊ทœ์ œ ์™„ํ™” ๊ธฐ๋Œ€๊ฐ๊ณผ๋Š” ๋‹ฌ๋ฆฌ, 5์›” 22์ผ ํ˜„์žฌ SEC์˜ ํ—ค์Šคํ„ฐ ํ”ผ์–ด์Šค ์œ„์›์ด ๊ณต๊ฐœํ•œ ๊ฐ€์ด๋“œ๋ผ์ธ์˜ ์ˆ˜์œ„๋Š” ๋‹ค์†Œ ์ œํ•œ์ ์ด๋‹ค. ํ”ผ์–ด์Šค ์œ„์›์€ ์ด๋ฒˆ ํ˜์‹  ๋ฉด์ œ๊ฐ€ ์˜๊ฒฐ๊ถŒ์ด๋‚˜ ๋ฐฐ๋‹น๊ถŒ์ด ์—†๋Š” ๋‹จ์ˆœ โ€˜ํ•ฉ์„ฑ ์ฃผ์‹ ํ† ํฐโ€™์—๋Š” ์ ˆ๋Œ€ ์ ์šฉ๋˜์ง€ ์•Š์œผ๋ฉฐ, ์˜ค์ง ์‹ค์ œ ์ฃผ์ฃผ ๊ถŒ๋ฆฌ๋ฅผ ์™„๋ฒฝํžˆ ๋ณด์žฅํ•˜๋Š” ์‹ค์ œ ์˜จ์ฒด์ธ ์ฃผ์‹ ์ƒํ’ˆ์—๋งŒ ์ข๊ฒŒ ์ ์šฉ๋  ๊ฒƒ์ด๋ผ๊ณ  ๋ฐํ˜”๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


์™œ ์ง€๊ธˆ์ธ๊ฐ€

์ฃผ์‹ ํ† ํฐํ™”๋Š” โ€˜ํŒŒํŽธํ™”โ€™์˜ ๋ฌธ์ œ์™€ ์ง๊ฒฐ๋œ๋‹ค. ์—ฌ๊ธฐ์—๋Š” 1) ์œ ๋™์„ฑ์˜ ํŒŒํŽธํ™”์™€ 2) ์ˆ˜์ต์˜ ํŒŒํŽธํ™” ์ด์Šˆ๊ฐ€ ๋”ฐ๋ผ์˜จ๋‹ค.

1) ์œ ๋™์„ฑ์˜ ํŒŒํŽธํ™”

๋จผ์ € โ€˜์œ ๋™์„ฑ์˜ ํŒŒํŽธํ™”โ€™๋‹ค. ํฌ๋ฆฝํ†  ์ƒํƒœ๊ณ„์—์„œ๋Š” ํฉ์–ด์ง„ ์ž๊ธˆ์„ ํ•˜๋‚˜๋กœ ๋ฌถ๋Š” โ€˜์œ ๋™์„ฑ ๊ฒฐํ•ฉโ€™์„ ๋…ผ์˜ํ•˜๋Š” ๋ฐ˜๋ฉด, ์ „ํ†ต ๊ธˆ์œต๊ถŒ์—์„œ๋Š” ๊ธฐ์กด์˜ ๊ณต๊ณ ํ–ˆ๋˜ ์ค‘์•™ ์ง‘์ค‘ํ˜• ์œ ๋™์„ฑ์ด ์ชผ๊ฐœ์ง€๋Š” ํ˜„์ƒ์„ ์‹ฌ๊ฐํ•œ ๋ฌธ์ œ๋กœ ๋ฐ”๋ผ๋ณธ๋‹ค.

์ œ3์ž๊ฐ€ ๋™์ผํ•œ ์ƒ์žฅ ์ฃผ์‹์„ ์„œ๋กœ ๋‹ค๋ฅธ ๋ธ”๋ก์ฒด์ธ ๋„คํŠธ์›Œํฌ๋‚˜ ๊ฐœ๋ณ„ ํƒˆ์ค‘์•™ํ™” ํ”Œ๋žซํผ์—์„œ ์ œ๊ฐ๊ฐ ํ† ํฐํ™”ํ•˜์—ฌ ๋ฐœํ–‰ํ•  ๊ฒฝ์šฐ, ๋‰ด์š•์ฆ๊ถŒ๊ฑฐ๋ž˜์†Œ(NYSE)๋‚˜ ๋‚˜์Šค๋‹ฅ ๊ฐ™์€ ํ•˜๋‚˜์˜ ์ค‘์•™ ๊ฑฐ๋ž˜์†Œ์— ์ง‘์ค‘๋˜์–ด์•ผ ํ•  ๊ฑฐ๋ž˜๋Œ€๊ธˆ๊ณผ ์ฃผ๋ฌธ์ด ์—ฌ๋Ÿฌ ๊ณณ์œผ๋กœ ๋ถ„์‚ฐ๋œ๋‹ค.

์ด๋Š” ํ”Œ๋žซํผ ๊ฐ„์˜ ์ž์‚ฐ ๊ฐ€๊ฒฉ ๊ดด๋ฆฌ๋ฅผ ์œ ๋ฐœํ•˜๊ณ , ๋Œ€๊ทœ๋ชจ ๊ฑฐ๋ž˜ ์‹œ ์›ํ•˜๋Š” ๊ฐ€๊ฒฉ์— ์ฒด๊ฒฐ๋˜์ง€ ์•Š๋Š” ์Šฌ๋ฆฌํ”ผ์ง€(์ฒด๊ฒฐ ์˜ค์ฐจ)๋ฅผ ํ‚ค์›Œ ์‹œ์žฅ ์ „์ฒด์˜ ํšจ์œจ์„ฑ์„ ๋–จ์–ด๋œจ๋ฆฌ๋Š” ์›์ธ์ด ๋œ๋‹ค

2) ์ˆ˜์ต์˜ ํŒŒํŽธํ™”

๊ทธ๋ฆฌ๊ณ  ์ด์–ด์„œ โ€˜์ˆ˜์ต์˜ ํŒŒํŽธํ™”โ€™๋‹ค. ์‹œ์žฅ์ด ํŒŒํŽธํ™”๋˜๋ฉด ์ž์‚ฐ์ด ์—ฌ๋Ÿฌ ํ˜•ํƒœ๋กœ ์ชผ๊ฐœ์ ธ ๊ฐ ํ”Œ๋žซํผ์—์„œ ๊ฑฐ๋ž˜๋˜๋Š”๋ฐ, ์ด ๊ณผ์ •์—์„œ ๋‹น์ดˆ ์ง€์—ญ ๋‚ด ๊ฑฐ๋ž˜์†Œ์—์„œ ๋ฐœ์ƒํ•ด์•ผํ–ˆ๋˜ ๊ธˆ์œต ์ˆ˜์ต์ด ๊ตญ์™ธ๋กœ ๊ณ ์Šค๋ž€ํžˆ ์œ ์ถœ๋˜๋Š” ๋ฌธ์ œ๊ฐ€ ๋ฐœ์ƒํ•œ๋‹ค. ์ด๋Š” ๊ณง ๊ตญ๊ฐ€ ๊ธˆ์œต ๊ฒฝ์Ÿ๋ ฅ๊ณผ ์—ฐ๊ฒฐ๋œ๋‹ค.

์˜ˆ๋ฅผ ๋“ค์–ด ํ™์ฝฉ ์ž์‚ฐ์šด์šฉ์‚ฌ CSOP์˜ โ€˜SKํ•˜์ด๋‹‰์Šค 2๋ฐฐ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ETFโ€™๊ฐ€ ์ˆœ์ž์‚ฐ ์•ฝ 11์กฐ ์›์„ ๋ŒํŒŒํ•˜๋ฉฐ ์„ธ๊ณ„ ์ตœ๋Œ€ ๋‹จ์ผ ์ข…๋ชฉ ๋ ˆ๋ฒ„๋ฆฌ์ง€ ETF๋กœ ์„ฑ์žฅํ–ˆ๋‹ค. ๋งŒ์•ฝ ํ•œ๊ตญ์ด ๊ทœ์ œ ์ƒŒ๋“œ๋ฐ•์Šค ๋“ฑ์„ ํ†ตํ•ด ์ด ์ƒํ’ˆ์„ ๊ตญ๋‚ด์—์„œ ๋จผ์ € ํก์ˆ˜ํ•ด ๋งŒ๋“ค์—ˆ๋‹ค๋ฉด, ๊ทธ ๋ง‰๋Œ€ํ•œ ์šด์šฉ ์ˆ˜์ˆ˜๋ฃŒ์™€ ๊ธˆ์œต ์ˆ˜์ต์€ ๊ณ ์Šค๋ž€ํžˆ ๊ตญ๋‚ด ๊ธˆ์œต๊ธฐ๊ด€์˜ ๋ชซ์ด์—ˆ์„ ๊ฒƒ์ด๋‹ค.

์ด์ฒ˜๋Ÿผ ํŒŒํŽธํ™”๋œ ์œ ๋™์„ฑ์€ ํŒŒํŽธํ™”๋œ ์ˆ˜์ต์œผ๋กœ ์ด์–ด์ง€๊ณ , ๊ทน๋‹จ์ ์œผ๋กœ๋Š” ๊ตญ๊ฐ€ ์ž๋ณธ ์‹œ์žฅ์˜ ๊ธˆ์œต ์ฃผ๋„๊ถŒ์˜ ๋ณ€ํ™”๋ฅผ ๋งž๊ฒŒ ๋  ๊ฒƒ์ด๋‹ค. ์ž๋ณธ์˜ ๊ตญ๊ฒฝ์ด ํฌ๋ฏธํ•ด์ง€๋Š” ๋””์ง€ํ„ธ ์ž์‚ฐ ์‹œ๋Œ€์— ๋ฏธ๊ตญ SEC๊ฐ€ โ€˜ํ˜์‹  ๋ฉด์ œโ€™ ๊ฐ€์ด๋“œ๋ผ์ธ ์ •๋ฆฝ์— ์†๋„๋ฅผ ๋‚ด๋Š” ์ด์œ  ์—ญ์‹œ ์ด๋Ÿฌํ•œ ํŒŒํŽธํ™”๋ฅผ ๋ง‰๊ณ  ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต ์ˆ˜์ต์„ ์ž๊ตญ ์ œ๋„๊ถŒ ์•ˆ์œผ๋กœ ๋Œ์–ด๋“ค์ด๊ธฐ ์œ„ํ•จ์ด๋‹ค.

์‰ฝ๊ฒŒ ์ดํ•ดํ•˜๊ธฐ

๊ธฐ์กด ์ฃผ์‹ ์‹œ์žฅ์€ ๋ชจ๋“  ๋ฌผ๊ฑด๊ณผ ์‚ฌ๋žŒ์ด ํ•œ๊ณณ์— ๋ชจ์ด๋Š” โ€˜๋‹จ ํ•˜๋‚˜์˜ ๊ฑฐ๋Œ€ํ•œ ๋Œ€ํ˜• ๋งˆํŠธโ€™๋‹ค. ๋งˆํŠธ๊ฐ€ ๊ฑฐ๋ž˜๋ฅผ ๋…์ ํ•˜๋Š” ๋Œ€์‹  ์•ˆ์ •๋œ ํ™˜๊ฒฝ์„ ์ œ๊ณตํ–ˆ๊ณ , ์—ฌ๊ธฐ์„œ ๋ฐœ์ƒํ•˜๋Š” ๋ง‰๋Œ€ํ•œ ์ˆ˜์ˆ˜๋ฃŒ ์ˆ˜์ต์„ ๋…์ฐจ์ง€ํ–ˆ๋‹ค. ๋งˆํŠธ๋ฅผ ๊ฑฐ์น˜์ง€ ์•Š๊ณ ๋Š” ๋ฌผ๊ฑด์„ ์‚ด ๋ฐฉ๋ฒ•์ด ์—†๋Š” ๊ตฌ์กฐ์˜€๋‹ค.

๋ฐ˜๋ฉด ํ† ํฐํ™”๋Š” ๋งˆํŠธ ํ—ˆ๋ฝ ์—†์ด๋„ ๋ˆ„๊ตฌ๋‚˜ ๊ธธ๊ฑฐ๋ฆฌ์— โ€˜์ˆ˜์ฒœ ๊ฐœ์˜ ๊ฐ€ํŒ๋Œ€โ€™๋ฅผ ์ฐจ๋ ค ๋ฌผ๊ฑด์„ ์ง์ ‘ ํŒ” ์ˆ˜ ์žˆ๊ฒŒ ๋งŒ๋“œ๋Š” ํ˜์‹ ์ด๋‹ค. ์ด๋กœ ์ธํ•ด ์ž๋ณธ ์‹œ์žฅ์—๋Š” ๊ฑฐ๋Œ€ํ•œ โ€˜ํŒŒํŽธํ™”โ€™๊ฐ€ ๋ฐœ์ƒํ•œ๋‹ค.

๊ธˆ์œต๊ธฐ๊ด€๋“ค์˜ ๋ชจ์Šต ์›€์ง์ด์ง€ ์•Š์œผ๋ฉด ์žƒ๋Š” ๊ฒƒ๋“ค

์ด๋ฏธ ์ž๋ณธ์˜ ํŒŒํŽธํ™”๋Š” ํ˜„์‹ค์ด๋‹ค. ๋ฏธ SEC๊ฐ€ โ€˜ํ˜์‹  ๋ฉด์ œโ€™ ํ”„๋ ˆ์ž„์›Œํฌ ๋ฐœํ‘œ๋ฅผ ์˜ˆ๊ณ ํ•œ ์ง€๋‚œ 5์›” 18์ผ, ํƒˆ์ค‘์•™ํ™” ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ๊ฑฐ๋ž˜์†Œ(Perp DEX)์ธ ํ•˜์ดํผ๋ฆฌํ€ด๋“œ(Hyperliquid)์˜ RWA ๋ฏธ๊ฒฐ์ œ์•ฝ์ •์€ 26์–ต ๋‹ฌ๋Ÿฌ๋ฅผ ๋ŒํŒŒํ•˜๋ฉฐ ์‚ฌ์ƒ ์ตœ๊ณ ์น˜๋ฅผ ๊ฒฝ์‹ ํ–ˆ๋‹ค. ๋ธ”๋ก์ฒด์ธ์„ ํ†ตํ•ด ์ „ํ†ต ์ž์‚ฐ์„ 24์‹œ๊ฐ„ ๊ฑฐ๋ž˜ํ•˜๋ ค๋Š” ์ˆ˜์š”๊ฐ€ ๋ชฐ๋ฆฌ๋ฉด์„œ, Perp DEX ๋‚ด RWA ์ƒํ’ˆ์˜ ๊ฑฐ๋ž˜๋Ÿ‰์€ ์•ž์œผ๋กœ๋„ ํญ๋ฐœ์ ์œผ๋กœ ์ฆ๊ฐ€ํ•  ์ „๋ง์ด๋‹ค.

์ด ๊ฑฐ๋Œ€ํ•œ ํ๋ฆ„ ์•ž์—์„œ ๊ฐ€์žฅ ๊ณ ๋ฏผ์ด ๊นŠ์–ด์ง€๋Š” ๊ณณ์€ ๋‹ค๋ฆ„ ์•„๋‹Œ ๊ธฐ์กด ๊ธˆ์œต๊ธฐ๊ด€๊ณผ ๊ทœ์ œ๊ธฐ๊ด€์ด๋‹ค.

๊ธฐ์กด ๊ธˆ์œต๊ธฐ๊ด€์€ ๋‰ด์š•์ฆ๊ถŒ๊ฑฐ๋ž˜์†Œ(NYSE)์ฒ˜๋Ÿผ ์ ๊ทน์ ์ธ ํŒŒํŠธ๋„ˆ์‹ญ์„ ํ†ตํ•ด ํ† ํฐํ™”๋ฅผ ์ง์ ‘ ์„ค๊ณ„ํ•˜๊ฑฐ๋‚˜, ๊ธฐ๋“๊ถŒ์„ ์ง€ํ‚ค๊ธฐ ์œ„ํ•ด ๋‹น๊ตญ์— ๋กœ๋น„ํ•˜์—ฌ ์ด๋ฅผ ์ฐจ๋‹จํ•˜๋Š” ๋‘ ๊ฐ€์ง€ ์„ ํƒ์ง€ ์•ž์— ์„œ ์žˆ๋‹ค.

๊ทœ์ œ๋‹น๊ตญ ์—ญ์‹œ ์ž๊ตญ ๊ฑฐ๋ž˜์†Œ์˜ ์ˆ˜์ต ๊ธฐ๋ฐ˜์ด ์‹ค์‹œ๊ฐ„์œผ๋กœ ์นจ์‹๋‹นํ•˜๋Š” ์ƒํ™ฉ์—์„œ ์ „๋ฉด์ ์ธ ์ˆ˜์šฉ๋ณด๋‹ค๋Š” ์ œ๋„์  ์ œ๋™์„ ๋จผ์ € ๊ณ ๋ฏผํ•˜๊ฒŒ ๋œ๋‹ค. ํ˜์‹ ์€ ํ—ˆ์šฉํ•˜๋˜, ๊ธฐ์กด ์ธํ”„๋ผ ๋ฐ”๊นฅ์œผ๋กœ ๊ฑฐ๋ž˜๊ฐ€ ๋น ์ ธ๋‚˜๊ฐ€๋Š” ์†๋„๋ฅผ ์กฐ์ด๋ ค๋Š” ์œ ์ธ์ด๋‹ค.

ํ”„๋ ˆ์ž„์›Œํฌ๊ฐ€ ๊ณต์‹ ๋ฐœํ‘œ๋˜๋”๋ผ๋„ ๊ฐˆ๋“ฑ์€ ์ด์ œ ์‹œ์ž‘์ด๋‹ค. ์•ž์œผ๋กœ ์‹œ์žฅ์ด ์ง๋ฉดํ•  ํ•ต์‹ฌ ์Ÿ์ ์€ ๋‹ค์Œ์˜ ๋‘ ๊ฐ€์ง€๋‹ค.

๊ฒฐ๋ก ์ ์œผ๋กœ ๋””์ง€ํ„ธ ์ž์‚ฐ ์‹œ๋Œ€์— ๋น ๋ฅด๊ฒŒ ์›€์ง์—ฌ ํ˜์‹ ์„ ํก์ˆ˜ํ•˜์ง€ ๋ชปํ•˜๋Š” ๊ธˆ์œต๊ธฐ๊ด€๊ณผ ๊ตญ๊ฐ€๋Š”, ์ž๋ณธ์ด ์‚ฌ๋ฐฉ์œผ๋กœ ์ชผ๊ฐœ์ ธ ํ๋ฅด๋Š” ์ด โ€˜ํŒŒํŽธํ™”โ€™ ํ๋ฆ„ ์†์—์„œ ์ž์‹ ๋“ค์ด ๋ˆ„๋ฆฌ๋˜ ๋ง‰๋Œ€ํ•œ ์ˆ˜์ˆ˜๋ฃŒ ๋…์ ๊ถŒ๊ณผ ๊ธˆ์œต ์ฃผ๋„๊ถŒ์„ ์˜์˜ ์žƒ๊ฒŒ ๋  ๊ฒƒ์ด๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

]]><![CDATA[$147T vs $7B, ์˜จ์ฒด์ธ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ ์‹œ์žฅ ๋ถ„์„]]>https://reports.tiger-research.com/p/onchain-risk-curators-147t-vs-7b-korhttps://reports.tiger-research.com/p/onchain-risk-curators-147t-vs-7b-korTue, 19 May 2026 13:01:10 GMTDeFi ๋Œ€์ถœ ์‹œ์žฅ์˜ ๊ถŒ๋ ฅ์€ ํ”„๋กœํ† ์ฝœ์—์„œ โ€˜ํŒ๋‹จ๊ถŒโ€™์„ ๊ฐ€์ง„ ํ๋ ˆ์ดํ„ฐ๋กœ ์ด๋™ํ•˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ์‹œ์žฅ ์ง„์ž… ์ „๋žต์€ ๊ฒฐ๊ตญ ์ด ํŒ๋‹จ๊ถŒ์„ ๋นŒ๋ฆด ๊ฒƒ์ธ๊ฐ€, ๊ณต๊ธ‰ํ•  ๊ฒƒ์ธ๊ฐ€, ์ง์ ‘ ๊ฐ€์งˆ ๊ฒƒ์ธ๊ฐ€์˜ ์„ ํƒ์ž…๋‹ˆ๋‹ค.

Key Takeaways

  1. DeFi ์‹œ์žฅ์—๋„ ์ „ํ†ต ์ž์‚ฐ์šด์šฉ์‚ฌ์˜ ์—ญํ• ์ด ๋ถ€์ƒํ•˜๋ฉฐ, ํ”„๋กœํ† ์ฝœ๊ณผ ๊ฑฐ๋ฒ„๋„Œ์Šค๊ฐ€ ๋ชจ๋“  ๊ฒƒ์„ ๊ฒฐ์ •ํ•˜๋˜ ์‹œ๋Œ€๋Š” ๋๋‚ฌ๋‹ค.

  2. ์‹œ์žฅ์€ ์ดˆ๊ธฐ ๋‹จ๊ณ„์ง€๋งŒ, ์ž๋ณธ๊ณผ ์œ ํ†ต ๊ฒฝ๋กœ๋Š” ์ด๋ฏธ ์ƒ์œ„ ํ๋ ˆ์ดํ„ฐ๋“ค์—๊ฒŒ ์ง‘์ค‘๋˜๋ฉฐ ์ด๋“ค์˜ ์šด์šฉ ๊ธฐ๋ก์ด ๊ธฐ๊ด€์˜ ์ฐธ๊ณ  ๊ธฐ์ค€์ด ๋˜๊ณ  ์žˆ๋‹ค.

  3. ์‹œ์žฅ ์ง„์ž… ๊ฒฝ๋กœ๋Š” ํ๋ ˆ์ดํ„ฐ๋ฅผ ๋ฐฑ์—”๋“œ๋กœ ์“ฐ๋Š” โ€˜์œ ํ†ตํ˜•โ€™, ์˜จ์ฒด์ธ์— ์ž์‚ฐ์„ ํƒœ์šฐ๋Š” โ€˜๊ณต๊ธ‰ํ˜•โ€™, ์ง์ ‘ ํ๋ ˆ์ดํ„ฐ๊ฐ€ ๋˜๋Š” โ€˜์šด์šฉํ˜•โ€™ ์„ธ ๊ฐ€์ง€๋‹ค.

  4. ์„ ํƒํ•œ ๊ฒฝ๋กœ์— ๋”ฐ๋ผ ์ฅ๊ฒŒ ๋˜๋Š” ํ†ต์ œ๊ถŒ, ํ•„์š”ํ•œ ์—ญ๋Ÿ‰, ๊ทธ๋ฆฌ๊ณ  ๋– ์•ˆ์•„์•ผ ํ•  ๋ฆฌ์Šคํฌ๊ฐ€ ํ™•์—ฐํžˆ ๋‹ฌ๋ผ์ง„๋‹ค.

  5. ํ•ต์‹ฌ์€ DeFi ์ง„์ž… ์—ฌ๋ถ€๊ฐ€ ์•„๋‹ˆ๋ผ, โ€œ์–ด๋–ค ํŒ๋‹จ๊ถŒ์„ ๋‚จ์—๊ฒŒ ๋งก๊ธฐ๊ณ , ์–ด๋–ค ํŒ๋‹จ๊ถŒ์„ ์ง์ ‘ ์ฑ™๊ธธ ๊ฒƒ์ธ๊ฐ€โ€์ด๋‹ค.


1. ์˜จ์ฒด์ธ ์ž์‚ฐ์šด์šฉ ์ „๋ฌธ๊ฐ€, ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ

์ „ํ†ต ๊ธˆ์œต์ด ์˜ค๋ž˜์ „๋ถ€ํ„ฐ ํŒ๋‹จ๊ถŒ๊ณผ ์—ญํ• ์„ ๋ถ„๋ฆฌํ•ด ์˜จ ๊ฒƒ์ฒ˜๋Ÿผ, ์•”ํ˜ธํ™”ํ ์‹œ์žฅ ์—ญ์‹œ ์‚ฐ์—…์ด ๊ณ ๋„ํ™”๋˜๋ฉฐ ๊ฐ ๊ธฐ๋Šฅ์„ ์ „๋‹ดํ•˜๋Š” ์ „๋ฌธ ํ”Œ๋ ˆ์ด์–ด๋“ค์ด ์ž๋ฆฌ ์žก์•˜๋‹ค. ์ „ํ†ต ๊ธˆ์œต์˜ ๋ถ„์—… ๊ตฌ์กฐ๋ฅผ ์‚ดํŽด๋ณด๋ฉด ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

์•”ํ˜ธํ™”ํ ์‹œ์žฅ์—๋„ ์ด์ฒ˜๋Ÿผ ๊ฐ ์—ญํ• ์„ ์ˆ˜ํ–‰ํ•˜๋Š” ์ฃผ์ฒด๋“ค์ด ์กด์žฌํ•œ๋‹ค. ๋ณธ๋ž˜ DeFi๋Š” ๊ตฌ์กฐ์ƒ ์Šค๋งˆํŠธ ์ปจํŠธ๋ž™ํŠธ ์ฝ”๋“œ์— ์ „์ ์œผ๋กœ ๊ธฐ๋Œ€๋Š” ํ™˜๊ฒฝ์ด์—ˆ์œผ๋‚˜, ์‹œ๊ฐ„์ด ์ง€๋‚˜๋ฉฐ ์ฝ”๋“œ๋งŒ์œผ๋กœ ์˜จ์ฒด์ธ ์œ„ํ—˜์„ ์™„๋ฒฝํžˆ ๋Œ€๋น„ํ•˜๊ธฐ ์–ด๋ ค์›Œ์กŒ๋‹ค.

๋”ฐ๋ผ์„œ ์˜จ์ฒด์ธ ๋Œ€์ถœ์„ ์•ˆ์ „ํ•˜๊ฒŒ ๊ตด๋ฆฌ๊ธฐ ์œ„ํ•ด ๋ณต์žกํ•œ ์œ„ํ—˜์„ ํ‰๊ฐ€ํ•˜๊ณ  ์กฐ์œจํ•ด ์ค„ โ€˜๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐโ€™๋ผ๋Š” ์ „๋ฌธ๊ฐ€ ์ง‘๋‹จ์ด ์ƒˆ๋กญ๊ฒŒ ๋“ฑ์žฅํ–ˆ์œผ๋ฉฐ, ์ด๋“ค์ด ๊ณง ์˜จ์ฒด์ธ ์ƒํƒœ๊ณ„์—์„œ โ€˜์ž์‚ฐ์šด์šฉํšŒ์‚ฌโ€™์˜ ์—ญํ• ์„ ์ˆ˜ํ–‰ํ•˜๊ฒŒ ๋˜์—ˆ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ์ „๋ฌธ๊ฐ€๊ฐ€ ์—†๋˜ ์ดˆ๊ธฐ DeFi ์‹œ์žฅ

์ดˆ๊ธฐ DeFi(Aave, Compound ๋“ฑ)๋Š” ํ•˜๋‚˜์˜ ํ”„๋กœํ† ์ฝœ์ด ๋Œ€์ถœ ์ธํ”„๋ผ์™€ ๋ฆฌ์Šคํฌ ๊ธฐ์ค€ ์„ค์ •์„ ํ†ต์งธ๋กœ ๊ด€๋ฆฌํ•˜๋Š” ๊ตฌ์กฐ์˜€๋‹ค. ๋‹น์‹œ์—๋„ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ๋Š” ์กด์žฌํ–ˆ์ง€๋งŒ, ๋ชจ๋“  ์ž์‚ฐ์ด ํ•˜๋‚˜์˜ ๊ฑฐ๋Œ€ํ•œ ํ’€์— ๋ฌถ์—ฌ ์žˆ์—ˆ๊ธฐ์— ์ด๋“ค์˜ ์—ญํ• ์€ ํ”„๋กœํ† ์ฝœ ์ „์ฒด์˜ ๋ฆฌ์Šคํฌ ํŒŒ๋ผ๋ฏธํ„ฐ๋ฅผ ์กฐ์œจํ•˜๋Š” ์ „๋ฐ˜์ ์ธ โ€˜์œ„ํ—˜ ๊ด€๋ฆฌ์žโ€™ ์ˆ˜์ค€์— ๋จธ๋ฌผ๋ €๋‹ค. ๋ณ€๋™์„ฑ ๋†’์€ ๋‹ค์–‘ํ•œ ์ž์‚ฐ์ด ๋‹ด๋ณด๋กœ ์ฑ„ํƒ๋˜๋ฉด์„œ, ๋‹จ์ผ ๊ตฌ์กฐ ํŠน์„ฑ์ƒ ํ•˜๋‚˜์˜ ๋ถˆ๋Ÿ‰ ์ž์‚ฐ์ด ์ „์ฒด ์‹œ์Šคํ…œ ์†์‹ค๋กœ ๋ฒˆ์งˆ ์ „์—ผ ์œ„ํ—˜์ด ์ปค์กŒ๋‹ค.

๋‹ด๋ณด ์ž์‚ฐ๊ณผ ๋Œ€์ถœ ์กฐ๊ฑด์„ ๋งˆ์ผ“ ๋‹จ์œ„๋กœ ๋ถ„๋ฆฌํ•œ Morpho๊ฐ€ ๋“ฑ์žฅํ•˜๋ฉฐ ์ƒํ™ฉ์ด ๋‹ฌ๋ผ์กŒ๋‹ค. ํ•˜๋‚˜์˜ ๊ฑฐ๋Œ€ํ•œ ํ’€์ด ์•„๋‹Œ ์ด๋ฅผ ์ชผ๊ฐœ๋†“์€ ๋‹ค์ค‘ ๋ณผํŠธ(Vault) ๊ตฌ์กฐ๋ฅผ ํ†ตํ•ด ์ž์‚ฐ์šด์šฉ ์ „๋žต์ด ๋ชจ๋“ˆํ™”๋˜๋ฉด์„œ, ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ์˜ ์—ญํ•  ์—ญ์‹œ ์™„์ „ํžˆ ๋’ค๋ฐ”๋€ ๊ฒƒ์ด๋‹ค. ๋‹จ์ผ ํ”„๋กœํ† ์ฝœ์˜ ์ •ํ•ด์ง„ ํ‹€ ์•ˆ์—์„œ ๋ฐฉ์–ด์ ์œผ๋กœ ๊ด€๋ฆฌ๋งŒ ํ•˜๋Š” ๊ฒƒ์„ ๋„˜์–ด, ์ด์ œ๋Š” ์™ธ๋ถ€ ์ „๋ฌธ๊ฐ€๊ฐ€ ๊ฐ์ž์˜ ๊ณ ์œ ํ•œ ๊ธฐ์ค€์— ๋งž์ถฐ ๋…๋ฆฝ์ ์ธ ๋Œ€์ถœ ๋ณผํŠธ๋ฅผ ์ง์ ‘ ์„ค๊ณ„ํ•˜๊ณ  ์šด์šฉํ•  ์ˆ˜ ์žˆ๋Š” ํ™˜๊ฒฝ์ด ์—ด๋ ธ๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ ์ธํ”„๋ผ์™€ ๋ฆฌ์Šคํฌ ํŒ๋‹จ๊ถŒ์ด ์™„๋ฒฝํžˆ ๋ถ„๋ฆฌ๋˜๋ฉด์„œ, ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ๋Š” ๋‹จ์ˆœํ•œ ์‹œ์Šคํ…œ ์œ„ํ—˜ ๊ด€๋ฆฌ์ž๋ฅผ ๋„˜์–ด ๋‹ค์ˆ˜์˜ ๋ณผํŠธ๋ฅผ ์ฃผ๋„์ ์œผ๋กœ ๊ตด๋ฆฌ๋Š” ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์˜ โ€˜์ž์‚ฐ์šด์šฉ์‚ฌโ€™๋กœ ์ง„ํ™”ํ•˜๊ฒŒ ๋˜์—ˆ๋‹ค.

3. ์‹œ์žฅ์„ ์ด๋„๋Š” ํ”Œ๋ ˆ์ด์–ด๋“ค

2026๋…„ 5์›” ๊ธฐ์ค€ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ ์‹œ์žฅ์˜ ์šด์šฉ์ž์‚ฐ ๊ทœ๋ชจ๋Š” ์•ฝ $7B์ด๋‹ค. ์ด $7B์˜ 70%๋Š” ์ƒ์œ„ 3๊ฐœ ํŒ€์ด ์ ์œ ํ•˜๊ณ  ์žˆ๋‹ค. ์‹œ์žฅ์ด 2025๋…„๋ถ€ํ„ฐ ๋ณธ๊ฒฉํ™”๋˜์—ˆ์Œ์—๋„ ์ž๋ณธ์˜ ์ง‘์ค‘ํ™”๊ฐ€ ๋‚˜ํƒ€๋‚œ ๊ฑด, ์ž๋ณธ์ด ํŠน์ • ํŒ€๋“ค์˜ ๊ฒ€์ฆ๋œ ์šด์šฉ ๊ธฐ๋ก(ํŠธ๋ž™ ๋ ˆ์ฝ”๋“œ)์„ ์ซ“๊ณ  ์žˆ๋‹ค๋Š” ๋œป์œผ๋กœ ํ•ด์„ํ•  ์ˆ˜ ์žˆ๋‹ค. ์ด ์„ธ ํŒ€์˜ ์„ฑ๊ณต ๊ฒฝ๋กœ๋Š” ๊ฐ๊ธฐ ๋‹ค๋ฅด๋‹ค.

  1. Steakhouse: ๋ฏธ๊ตญ ๊ตญ์ฑ„ ๋“ฑ ์šฐ๋Ÿ‰ ์‹ค๋ฌผ์ž์‚ฐ(RWA) ๋„์ž…์„ ์ฃผ๋„ํ•ด ์˜จ ๋ณด์ˆ˜์  ํ๋ ˆ์ดํ„ฐ๋‹ค. Coinbase ๋Œ€์ถœ ์„œ๋น„์Šค์˜ ๋ฐฑ์—”๋“œ ์—ญํ• ์„ ํ•˜๋ฉฐ ์œ ํ†ต๋ง์„ ๋šซ์—ˆ๊ณ , ์šด์šฉ์ž์‚ฐ $1.53B๋กœ ์‹œ์žฅ 1์œ„๋‹ค (2026๋…„ 2์›” ๊ธฐ์ค€). ์ด๋“ค์€ ๋‹จ์ˆœ ์ž์‚ฐ ๊ทœ๋ชจ๋ฅผ ๋„˜์–ด โ€œ์–ด๋–ค ์‹ค๋ฌผ์ž์‚ฐ์ด DeFi์—์„œ ํ•ฉ๋‹นํ•œ ๋‹ด๋ณด์ธ์ง€โ€ ๊ทธ ๊ธฐ์ค€์„ ๋งŒ๋“œ๋Š” ํŒ€์ด๋‹ค.

  2. Sentora: AI ๋ฆฌ์Šคํฌ ๋ชจ๋ธ๊ณผ ๊ธฐ๊ด€ ๋ฐ์ดํ„ฐ ์ธํ”„๋ผ๋ฅผ ํƒ„ํƒ„ํ•˜๊ฒŒ ๊ฐ–์ถ˜ ํŒ€์ด๋‹ค. ๋Œ€ํ˜• ๊ฑฐ๋ž˜์†Œ Kraken์˜ ๋ฐฑ์—”๋“œ๋กœ ์—ฐ๊ฒฐ๋˜์–ด ๊ธฐ๊ด€ ์ž๋ณธ์ด ์œ ์ž…๋˜๋Š” ํ†ต๋กœ๋ฅผ ํ™•๋ณดํ–ˆ๋‹ค. $1.34B ๊ทœ๋ชจ๋กœ 2์œ„์ด๋ฉฐ , ๊ฑฐ๋ž˜์†Œ์™€ ๊ธฐ๊ด€ ๊ณ ๊ฐ์„ ์ž‡๋Š” โ€˜์œ ํ†ต ๊ฒฝ๋กœโ€™ ํ™•๋ณด์— ์„ฑ๊ณตํ–ˆ๋‹ค.

  3. Gauntlet: ์›๋ž˜ ๋ฆฌ์Šคํฌ ํŒŒ๋ผ๋ฏธํ„ฐ๋ฅผ ์‹œ๋ฎฌ๋ ˆ์ด์…˜ํ•˜๋˜ ์˜จ์ฒด์ธ ์ •๋Ÿ‰ ๋ถ„์„ ํšŒ์‚ฌ์˜€๋‹ค. 2025๋…„ 10์›” $775M์ด๋ผ๋Š” ๋ง‰๋Œ€ํ•œ ์ž๊ธˆ์ด ํ’€์— ๋ชฐ๋ ธ์„ ๋•Œ, 10์ผ ๋งŒ์— ๊ธ‰๋ฝํ–ˆ๋˜ ์ˆ˜์ต๋ฅ (APY)์„ ์ •์ƒํ™”์‹œํ‚ค๋ฉฐ ์‹ค๋ ฅ์„ ์ž…์ฆํ–ˆ๋‹ค. $1.29B ๊ทœ๋ชจ๋กœ 3์œ„์ด๋ฉฐ , ๋Œ€๊ทœ๋ชจ ์ž๊ธˆ ์œ ์ž… ์‹œ์˜ ๋ฆฌ์Šคํฌ ๋ฐฉ์–ด์™€ ์œ„๊ธฐ ๋Œ€์‘๋ ฅ์„ ๊ฐ–์ถ˜ ํŒ€์ด๋ผ๋Š” ์ธ์‹์„ ํ™•๋ณดํ–ˆ๋‹ค.

๊ฒฐ๊ตญ ํ˜„์žฌ ๋‹จ๊ณ„์—์„œ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ ์‹œ์žฅ์€ ๋‹จ์ˆœํ•œ TVL(์šด์šฉ์ž์‚ฐ๊ทœ๋ชจ) ๊ฒฝ์Ÿ์ด ์•„๋‹ˆ๋‹ค. ๋‹ด๋ณด ๊ธฐ์ค€, ์œ ํ†ต ์ฑ„๋„, ๋ฆฌ์Šคํฌ ๋Œ€์‘๋ ฅ ๋“ฑ์˜ ๊ธฐ์ค€์„ ์„ ์ ํ•˜๋Š” ์‹ธ์›€์ด๋‹ค.

4. ์ „ํ†ต ์ž์‚ฐ์šด์šฉ์—… vs DeFi ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ

Morpho๋กœ ์ธํ•ด ๋ณธ๊ฒฉ์ ์œผ๋กœ ๋งˆ์ผ“์ด ์ชผ๊ฐœ์ง€๋ฉด์„œ ๊ฐ ๋‹ด๋ณด์— ๋Œ€ํ•œ ํŒ๋‹จ์„ ๋‚ด๋ ค์ค„ ์ „๋ฌธ๊ฐ€๊ฐ€ ํ•„์š”ํ•ด์กŒ๋‹ค. ์ด์— Steakhouse ๊ฐ™์€ ์ „๋ฌธ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌํŒ€์ด DeFi ์ƒํƒœ๊ณ„์—์„œ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ๋ฅผ ๋งก๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ์ด ๊ณผ์ •์„ ํ†ตํ•ด DeFi๋Š” ์ „ํ†ต ์ž์‚ฐ ์šด์šฉ ํ”„๋กœ์„ธ์Šค์™€ ๋‹ฎ์•„๊ฐ€๊ณ  ์žˆ๋‹ค.

์œ„ ๊ตฌ์กฐ๋„๋ฅผ ์ƒ๋‹จ์—์„œ ํ•˜๋‹จ์œผ๋กœ ์ด์–ด์ง€๋Š” ํ”„๋กœ์„ธ์Šค ํ๋ฆ„์— ๋”ฐ๋ผ ์‚ดํŽด๋ณด๋ฉด, ํ˜„์žฌ์˜ DeFi ์ธํ”„๋ผ๊ฐ€ ์ „ํ†ต ๊ธˆ์œต์˜ ๋ถ„์—… ์ฒด๊ณ„๋ฅผ ์–ด๋–ป๊ฒŒ ์˜จ์ฒด์ธ์— ๊ตฌํ˜„ํ•˜๊ณ  ์žˆ๋Š”์ง€ ๋ช…ํ™•ํžˆ ํ™•์ธํ•  ์ˆ˜ ์žˆ๋‹ค.

์ด์ฒ˜๋Ÿผ ์ž๊ธˆ ์กฐ๋‹ฌ๋ถ€ํ„ฐ ์šด์šฉ, ์ˆ˜ํƒ์— ์ด๋ฅด๋Š” ์ „ ๊ณผ์ •์ด ์ „ํ†ต ๊ธˆ์œต๊ณผ ์œ ์‚ฌํ•œ ๋ถ„์—… ์ฒด๊ณ„๋ฅผ ๊ฐ–์ถ”๊ฒŒ ๋˜์—ˆ๋‹ค. ์ด๋Š” ๊ธฐ์กด ์ „ํ†ต ๊ธˆ์œต๊ถŒ ๊ธฐ๊ด€๋“ค์—๊ฒŒ ์˜จ์ฒด์ธ ๋Œ€์ถœ ์‹œ์žฅ์ด ๋” ์ด์ƒ ๋ฏธ์ง€์˜ ์˜์—ญ์ด ์•„๋‹Œ, ์ต์ˆ™ํ•˜๊ณ  ๊ตฌ์กฐํ™”๋œ ์‹œ์žฅ์œผ๋กœ ๋‹ค๊ฐ€์˜ค๊ฒŒ ๋˜์—ˆ์Œ์„ ์˜๋ฏธํ•˜๋ฉฐ ์ž์—ฐ์Šค๋Ÿฌ์šด ์‹œ์žฅ ์ง„์ž…์˜ ๊ธฐํšŒ๋กœ ์ด์–ด์ง€๊ณ  ์žˆ๋‹ค.

5. ์ „ํ†ต ๊ธˆ์œต๊ณผ ๋‹ฎ์€ ์‚ฐ์—…, ๋ˆ„๊ตฌ์—๊ฒŒ ๊ธฐํšŒ๊ฐ€ ์žˆ๋Š”๊ฐ€?

์˜จ์ฒด์ธ ๋Œ€์ถœ ์ธํ”„๋ผ๊ฐ€ ์ „ํ†ต ์ž์‚ฐ์šด์šฉ ์ƒํƒœ๊ณ„์™€ ์œ ์‚ฌํ•œ ๋ถ„์—… ์ฒด๊ณ„๋ฅผ ๊ฐ–์ถ”๋ฉด์„œ ๊ธฐ๊ด€์˜ ์ง„์ž…๋กœ๊ฐ€ ์—ด๋ ธ์ง€๋งŒ, ๋ชจ๋“  ์˜์—ญ์˜ ์ง„์ž… ์žฅ๋ฒฝ์ด ๋™์ผํ•œ ๊ฒƒ์€ ์•„๋‹ˆ๋‹ค.

์ด์ฒ˜๋Ÿผ ๊ธฐ์ˆ ์ด๋‚˜ ํ”Œ๋žซํผ ์„ ์ ์ด ํ•„์š”ํ•œ ๋‹ค๋ฅธ ์˜์—ญ๊ณผ ๋‹ฌ๋ฆฌ, ์šด์šฉ ์˜์—ญ์€ ์ „ํ†ต ๊ธˆ์œต์‚ฌ๊ฐ€ ๊ฐ€์ง„ ๋ณธ์งˆ์ ์ธ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ ์—ญ๋Ÿ‰๋งŒ์œผ๋กœ๋„ ์‹œ์žฅ์˜ ์ฃผ๋„๊ถŒ์„ ์ฅ˜ ์ˆ˜ ์žˆ๋Š” ๊ฐ€์žฅ ํ™•์‹คํ•œ ๊ธฐํšŒ์˜ ์ฐฝ์ด๋‹ค.

ํ˜„์žฌ ๊ธฐ๊ด€๋“ค์ด DeFi ์‹œ์žฅ์— ์ฐธ์—ฌํ•˜๋Š” ๋ฐฉ์‹์€ ํฌ๊ฒŒ ์œ ํ†ตํ˜•, ๊ณต๊ธ‰ํ˜•, ์šด์šฉํ˜• ์„ธ ๊ฐ€์ง€๋กœ ๋‚˜๋‰œ๋‹ค. ์–ด๋–ค ๊ฒฝ๋กœ๋ฅผ ํƒํ•˜๋“  ์‹œ์žฅ์„ ๊ตฌ๋™ํ•˜๋Š” ํ•ต์‹ฌ ์—”์ง„์€ ์ž์‚ฐ์šด์šฉ์‚ฌ์˜ โ€˜๋ฆฌ์Šคํฌ ํ๋ ˆ์ด์…˜โ€™ ์—ญ๋Ÿ‰์ด๋‹ค.

5.1. ์œ ํ†ตํ˜•: ํ๋ ˆ์ดํ„ฐ๋ฅผ ๋ฐฑ์—”๋“œ๋กœ ์“ฐ๋Š” ๋ฐฉ์‹

๊ฒ€์ฆ๋œ ์™ธ๋ถ€ ํ๋ ˆ์ดํ„ฐ๋ฅผ ๋ฐฑ์—”๋“œ์— ์—ฐ๊ฒฐํ•ด ๋น ๋ฅด๊ฒŒ ์ง„์ž…ํ•˜๋Š” ๋ฐฉ์‹์ด๋‹ค. ๊ธฐ์กด ๊ณ ๊ฐ ์ฑ„๋„์€ ์žˆ์ง€๋งŒ ์ง์ ‘ ์šด์šฉ ์—ญ๋Ÿ‰์ด ๋ถ€์กฑํ•œ ๊ฑฐ๋ž˜์†Œ๋‚˜ ํ•€ํ…Œํฌ์— ๋งž๋‹ค. ์ „๋žต์€ ์™ธ๋ถ€์— ๋งก๊ธฐ์ง€๋งŒ, ํ๋ ˆ์ดํ„ฐ ์„ ํƒ์— ๋”ฐ๋ฅธ ํ‰ํŒ ๋ฆฌ์Šคํฌ์™€ ์„ค๋ช… ์ฑ…์ž„์€ ์ง์ ‘ ์ ธ์•ผ ํ•œ๋‹ค.

๊ณ ๊ฐ ์ ‘์ ์€ ๊ฐ•๋ ฅํ•˜์ง€๋งŒ ์˜จ์ฒด์ธ ๋Œ€์ถœ์˜ ๋ณต์žกํ•œ ์œ„ํ—˜์„ ์ง์ ‘ ๊ด€๋ฆฌํ•˜๊ธฐ ๋ถ€๋‹ด์Šค๋Ÿฌ์šด ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ๋“ค์ด ์„ ํƒํ•œ ๋ฐฉ์‹์ด๋‹ค. ์ด๋“ค์€ ๊ฒ€์ฆ๋œ ์™ธ๋ถ€ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ๋ฅผ ๋ฐฑ์—”๋“œ๋กœ ์—ฐ๊ฒฐํ•˜์—ฌ ๋Œ€์ถœ ์„œ๋น„์Šค๋ฅผ ์ถœ์‹œํ–ˆ๋‹ค. ๊ฑฐ๋ž˜์†Œ๋Š” ์ž์‚ฌ ํ”Œ๋žซํผ์„ ํ†ตํ•ด ๋Œ€๊ทœ๋ชจ ์ž๊ธˆ์„ ์œ ํ†ตํ•˜๊ณ , ์‹ค์งˆ์ ์ธ ๋‹ด๋ณด ํ‰๊ฐ€์™€ ์œ„ํ—˜ ๊ด€๋ฆฌ๋Š” ํŒŒํŠธ๋„ˆ์‹ญ์„ ๋งบ์€ ์™ธ๋ถ€ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ์—๊ฒŒ ์ผ์ž„ํ•˜๋Š” ๊ตฌ์กฐ๋‹ค.

5.2. ๊ณต๊ธ‰ํ˜•: ์ž์‚ฐ์„ ์˜จ์ฒด์ธ ๋ ˆ์ผ์— ํƒœ์šฐ๋Š” ๋ฐฉ์‹

RWA๋‚˜ ์‹ ์šฉ ์ž์‚ฐ ๋“ฑ์„ ๋ณด์œ ํ•œ ์šด์šฉ์‚ฌ๊ฐ€ ์ž๊ธฐ ์ž์‚ฐ์„ ์‹œ์žฅ์— ์ง์ ‘ ๊ณต๊ธ‰ํ•˜๋Š” ๋ฐฉ์‹์ด๋‹ค. Apollo์ฒ˜๋Ÿผ ์ž์‚ฐ์„ ๊ณต๊ธ‰ํ•จ๊ณผ ๋™์‹œ์— Morpho ๊ฑฐ๋ฒ„๋„Œ์Šค ํ† ํฐ์„ ์ทจ๋“ํ•ด, ์ž์‹ ์˜ ์ž์‚ฐ์ด ์œ ํ†ต๋  ์ธํ”„๋ผ์˜ ํ‘œ์ค€(๋‹ด๋ณด ๊ธฐ์ค€ ๋“ฑ)๊นŒ์ง€ ์ฃผ๋„ํ•  ์ˆ˜ ์žˆ๋‹ค. ๋‹ค๋งŒ ์ž์‚ฐ ํ‘œ์ค€ํ™”์™€ ๊ทœ์ œ ๊ด€๋ จ ์ธํ”„๋ผ ๊ตฌ์ถ•์ด ๊นŒ๋‹ค๋กญ๋‹ค.

๋Œ€ํ˜• ์‚ฌ๋ชจํŽ€๋“œ๋‚˜ ์‹ค๋ฌผ ์ž์‚ฐ(RWA)์„ ๋ณด์œ ํ•œ ๊ธฐ๊ด€์ด ์ž์‚ฌ ์ž๋ณธ์„ ์˜จ์ฒด์ธ ๋ ˆ์ผ์— ์ง์ ‘ ํƒœ์šฐ๋Š” ๋ฐฉ์‹์ด๋‹ค. ๋Œ€ํ‘œ์ ์œผ๋กœ Apollo๋Š” ์ž์‚ฐ์„ ๋‹จ์ˆœํžˆ ๊ณต๊ธ‰ํ•˜๋Š” ๊ฒƒ์„ ๋„˜์–ด, ์ฃผ์š” ๋Œ€์ถœ ํ”„๋กœํ† ์ฝœ์˜ ๊ฑฐ๋ฒ„๋„Œ์Šค ํ† ํฐ์„ ์ทจ๋“ํ•˜๋Š” ํ–‰๋ณด๋ฅผ ๋ณด์˜€๋‹ค. ์ž์‹ ๋“ค์ด ๊ฐ€์ง„ ์‹ค๋ฌผ ์ž์‚ฐ์ด ์˜จ์ฒด์ธ ์‹œ์žฅ์—์„œ ๋” ์œ ๋ฆฌํ•˜๊ณ  ์•ˆ์ „ํ•œ โ€˜๊ณต์‹ ๋‹ด๋ณดโ€™๋กœ ์ธ์ •๋ฐ›๋„๋ก ๊ทœ์น™๊ณผ ํ‘œ์ค€์„ ์ฃผ๋„ํ•˜๊ธฐ ์œ„ํ•จ์ด๋‹ค.

๋‹ค๋งŒ, ์ž์‚ฐ ๊ณต๊ธ‰์ž๊ฐ€ ์›ํ•œ๋‹ค๊ณ  ํ•ด์„œ ์•„๋ฌด ์ž์‚ฐ์ด๋‚˜ ๋‹ด๋ณด๋กœ ๋“ฑ๋ก๋  ์ˆ˜๋Š” ์—†๋‹ค. ํ•ด๋‹น ์ž์‚ฐ์ด ์‹ค์ œ๋กœ ์•ˆ์ „ํ•œ์ง€, ์˜จ์ฒด์ธ์—์„œ ์ฒญ์‚ฐ์ด ํ„ฐ์กŒ์„ ๋•Œ ์ฆ‰๊ฐ ํ˜„๊ธˆํ™”๊ฐ€ ๊ฐ€๋Šฅํ•œ์ง€ ๋ƒ‰์ •ํ•˜๊ฒŒ ๋”ฐ์ ธ์ค„ ์ฃผ์ฒด๊ฐ€ ํ•„์š”ํ•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์ด ๊ณผ์ •์—์„œ ์ž์‚ฐ์˜ ์ ํ•ฉ์„ฑ์„ ๊น๊นํ•˜๊ฒŒ ๊ฒ€์ฆํ•˜๊ณ  ๋ณด์ฆํ•ด ์ฃผ๋Š” ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ์˜ ํ‰๊ฐ€ ์—ญ๋Ÿ‰์ด ํ•„์ˆ˜์ ์œผ๋กœ ๊ฒฐํ•ฉ๋œ๋‹ค. ๊ฒฐ๊ตญ ์ž์‚ฐ ๊ณต๊ธ‰ํ˜• ๊ฒฝ๋กœ ์—ญ์‹œ, ์šด์šฉ์‚ฌ์˜ ๋ฆฌ์Šคํฌ ๊ฒ€์ฆ ๋Šฅ๋ ฅ์ด ๋’ท๋ฐ›์นจ๋˜์–ด์•ผ๋งŒ ์„ฑ๋ฆฝํ•  ์ˆ˜ ์žˆ๋‹ค.

5.3. ์šด์šฉํ˜•: ์ง์ ‘ ํ๋ ˆ์ดํ„ฐ๊ฐ€ ๋˜๋Š” ๋ฐฉ์‹ (Bitwise)

์ž์‚ฐ ์šด์šฉ์‚ฌ๊ฐ€ ์ง์ ‘ ์ „๋žต์„ ์งœ๊ณ  ๋ณผํŠธ๋ฅผ ์šด์šฉํ•˜๋Š” ๋ฐฉ์‹์ด๋‹ค. Bitwise๋Š” ์˜จ์ฒด์ธ ๋ณผํŠธ๋ฅผ โ€œETF 2.0โ€์ด๋ผ ๊ทœ์ •ํ•˜๋ฉฐ ์ง์ ‘ ๋›ฐ์–ด๋“ค์—ˆ๋‹ค. ์ˆ˜์ˆ˜๋ฃŒ์™€ ๋‹ด๋ณด ๊ธฐ์ค€ ๋“ฑ ๊ฐ€์žฅ ๋ง‰๊ฐ•ํ•œ ํ†ต์ œ๊ถŒ์„ ์ฅ์ง€๋งŒ, ์šด์šฉ ์‹คํŒจ์— ๋Œ€ํ•œ ์ฑ…์ž„๋„ ์ „์ ์œผ๋กœ ์งŠ์–ด์ ธ์•ผ ํ•˜๋ฏ€๋กœ ์ž์ฒด ๋ฆฌ์ŠคํฌํŒ€์„ ๋‘” ์ž์‚ฐ์šด์šฉ์‚ฌ์— ์ ํ•ฉํ•˜๋‹ค.

์ „ํ†ต ์ž์‚ฐ์šด์šฉ์‚ฌ๊ฐ€ ์™ธ๋ถ€ ํ”Œ๋žซํผ์— ์˜์กดํ•˜์ง€ ์•Š๊ณ  ์ง์ ‘ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ๋กœ ์ „๋ฉด์— ๋‚˜์„  ๋ฐฉ์‹์ด๋‹ค. Bitwise๋Š” ์˜จ์ฒด์ธ ๋Œ€์ถœ ๋ณผํŠธ(Vault) ๊ตฌ์กฐ๋ฅผ โ€˜ETF 2.0โ€™์œผ๋กœ ์ •์˜ํ•˜๋ฉฐ ์‹œ์žฅ์— ์ง์ ‘ ์ง„์ž…ํ–ˆ๋‹ค. ์ž์‹ ๋“ค๋งŒ์˜ ๊ณ ์œ ํ•œ ํฌํŠธํด๋ฆฌ์˜ค ๊ตฌ์„ฑ ๋Šฅ๋ ฅ๊ณผ ์œ„ํ—˜ ์ œ์–ด ์‹œ์Šคํ…œ์„ ๋ฐ”ํƒ•์œผ๋กœ ๋ณผํŠธ๋ฅผ ์ง์ ‘ ์„ค๊ณ„ํ•˜๊ณ  ํ†ต์ œํ•˜๋ฉฐ, ์ž์‚ฐ ์šด์šฉ์— ๋”ฐ๋ฅธ ์ˆ˜์ˆ˜๋ฃŒ ๋ชจ๋ธ์„ ์˜จ์ฒด์ธ์—์„œ ์ง์ ‘ ํ™•๋ณดํ•˜๊ณ  ์žˆ๋‹ค.

6. ๊ฑฐ๋Œ€ ์ž๋ณธ์ด ๋ชฐ๋ ค์˜ค๊ธฐ ์ „์—

์ง€๊ธˆ๊นŒ์ง€์˜ ํ๋ฆ„์„ ๋ณด๋ฉด, ์˜จ์ฒด์ธ ๋Œ€์ถœ ์‹œ์žฅ์ด ๊ณ ๋„ํ™”๋ ์ˆ˜๋ก ๊ฐ€์žฅ ์œ ๋ฆฌํ•œ ์œ„์น˜์— ์„œ๋Š” ์ชฝ์€ ์ „ํ†ต ์ž์‚ฐ์šด์šฉ์‚ฌ์ผ ๊ฐ€๋Šฅ์„ฑ์ด ๋†’๋‹ค. DeFi ์ƒํƒœ๊ณ„๊ฐ€ ๋ชจ๋“ˆํ™”๋˜๊ณ  ๋ถ„์—…ํ™”๋˜๋ฉด์„œ, ์ด ์‹œ์žฅ์—์„œ ์ง„์งœ ํ•„์š”ํ•œ ์—ญ๋Ÿ‰์ด ๋ฐ”๋€Œ์—ˆ๋‹ค. ์ฝ”๋“œ๋ฅผ ์งœ๋Š” ๋Šฅ๋ ฅ์ด ์•„๋‹ˆ๋ผ ๋‹ด๋ณด๋ฅผ ์‹ฌ์‚ฌํ•˜๊ณ  ๋ฆฌ์Šคํฌ ํ•œ๋„๋ฅผ ์„ค์ •ํ•˜๋Š” ์ „ํ†ต ๊ธˆ์œต์˜ ์ „๋ฌธ์„ฑ์ด๋‹ค. ์ˆ˜์‹ญ ๋…„๊ฐ„ ์ด ์ผ์„ ํ•ด์˜จ ๊ธฐ๊ด€๋“ค์˜ ๊ฒฝ์Ÿ ์šฐ์œ„๊ฐ€ ์˜จ์ฒด์ธ์—์„œ๋„ ํ†ตํ•œ๋‹ค๋Š” ์˜๋ฏธ์ด๋‹ค.

ํ•˜์ง€๋งŒ ์ง€๊ธˆ์˜ DeFi ์‹œ์žฅ ๊ทœ๋ชจ๋Š” ๊ธ€๋กœ๋ฒŒ ๋Œ€ํ˜• ์ž์‚ฐ์šด์šฉ์‚ฌ๋“ค์ด ์ง์ ‘ ์ฐธ์—ฌํ•˜๊ธฐ์—” ๋ง์„ค์—ฌ์ง€๋Š” ๊ทœ๋ชจ์ด๋‹ค. ๊ธ€๋กœ๋ฒŒ ์ „ํ†ต ์ž์‚ฐ์šด์šฉ ์‹œ์žฅ์€ ์•ฝ $147T๋‹ค. BlackRock ํ•œ ๊ณณ์˜ ์šด์šฉ์ž์‚ฐ๋งŒ ํ•ด๋„ $14T์— ๋‹ฌํ•œ๋‹ค. ๋ฐ˜๋ฉด DeFi ์‹œ์žฅ ์ „์ฒด๋Š” ์•ฝ $80B์ด๊ณ , ๊ทธ ์ค‘์—์„œ๋„ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ๋“ค์ด ๋‹ค๋ฃจ๋Š” ์‹œ์žฅ์€ $7B์— ๋ถˆ๊ณผํ•˜๋‹ค. BlackRock ์šด์šฉ์ž์‚ฐ์˜ 2,000๋ถ„์˜ 1 ์ˆ˜์ค€์ด๋‹ค.

๊ทธ๋Ÿฐ๋ฐ ์ด ์••๋„์ ์ธ ๊ทœ๋ชจ ์ฐจ์ด๊ฐ€ ์˜คํžˆ๋ ค ์„ฑ์žฅ ์—ฌ๋ ฅ์„ ๋ณด์—ฌ์ค€๋‹ค. ๊ธฐ๊ด€ ์ž๋ณธ์€ ๋ฆฌ์Šคํฌ๊ฐ€ ํ†ต์ œ๋˜์ง€ ์•Š๋Š” ๊ณณ์—” ๋“ค์–ด์˜ค์ง€ ์•Š๋Š”๋‹ค. ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ๋“ค์ด ์˜จ์ฒด์ธ์— ์•ˆ์ „ํ•˜๊ฒŒ ์ž๊ธˆ์„ ์šด์šฉํ•  ์ˆ˜ ์žˆ๋Š” ๋ ˆ์ผ์„ ๊น”๊ณ , ๊ทœ์ œ ์œค๊ณฝ์ด ์žกํžˆ๋Š” ์ˆœ๊ฐ„ ์ด์•ผ๊ธฐ๋Š” ๋‹ฌ๋ผ์ง„๋‹ค. $147T ๊ทœ๋ชจ์—์„œ ๊ทนํžˆ ์ผ๋ถ€๋งŒ ํ˜๋Ÿฌ์™€๋„ $80B์งœ๋ฆฌ ์‹œ์žฅ์€ ๋น ๋ฅด๊ฒŒ ํŒฝ์ฐฝํ•œ๋‹ค.

์‹œ์žฅ์ด ์ž‘์„ ๋•Œ๋งŒ ์–ป์„ ์ˆ˜ ์žˆ๋Š” ๊ธฐํšŒ๊ฐ€ ์žˆ๋‹ค. ์ง€๊ธˆ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ ์‹œ์žฅ์˜ ๋ฉ”์ธ ํ”Œ๋ ˆ์ด์–ด๋Š” ์†์— ๊ผฝํžŒ๋‹ค. ๊ธฐ๊ด€์ด ์˜จ์ฒด์ธ์œผ๋กœ ๋“ค์–ด์˜ค๊ธฐ ์œ„ํ•œ ๋ ˆ์ผ์€ ๋ฐ˜๋“œ์‹œ ํ•„์š”ํ•˜๊ณ , ๊ทธ ๋ ˆ์ผ์„ ๋จผ์ € ๊น”์•„๋‘” ํŒ€์ด ๊ธฐ์ค€์„ ์ •ํ•œ๋‹ค.

๋Šฆ๊ฒŒ ์ฐธ์—ฌํ•œ ๊ธฐ๊ด€๋“ค์€ ๋” ์•ˆ์ „ํ•˜๊ณ  ๋ช…ํ™•ํ•œ ์‹œ์žฅ์„ ์–ป๊ฒ ์ง€๋งŒ, ์ง€๊ธˆ ์ •ํ•ด์ง„ ๊ธฐ์ค€์— ์ฐธ์—ฌํ•˜๋Š” ์—ฌ๋Ÿฌ ๊ธฐ๊ด€ ์ค‘ ํ•˜๋‚˜๊ฐ€ ๋  ๊ฒƒ์ด๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


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์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ ์ด์šฉ ์•ˆ๋‚ด

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋กœ๊ณ ๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ ํ†ต๊ณผ, ๋‹น์‹ ์ด ํ•ด์•ผ ํ•  6๊ฐ€์ง€ ๋น„์ฆˆ๋‹ˆ์Šค ]]>https://reports.tiger-research.com/p/what-businesses-should-you-build-korhttps://reports.tiger-research.com/p/what-businesses-should-you-build-korMon, 18 May 2026 13:03:41 GMT์ƒ์› ์€ํ–‰์œ„๊ฐ€ 5์›” 14์ผ CLARITY Act๋ฅผ ํ†ต๊ณผ์‹œ์ผฐ์Šต๋‹ˆ๋‹ค. ๊ฐ€์žฅ ํ™”๋‘๊ฐ€ ๋๋˜ ๊ฐ„์ ‘ ์ด์ž๋Š” ๊ธˆ์ง€๋์ง€๋งŒ โ€œํ™œ๋™โ€ ๋ฆฌ์›Œ๋“œ๋Š” ํ—ˆ์šฉ๋์Šต๋‹ˆ๋‹ค. ๊ทธ๋ฆฌ๊ณ  ์ด์™ธ ์ฃผ์š” ๋ณ€๊ฒฝ์ ๋“ค์ด ์กด์žฌํ•ฉ๋‹ˆ๋‹ค. ๋ณ€๊ฒฝ๋œ ์ฃผ์š” ๋‚ด์šฉ๋“ค์„ ํ†ตํ•ด ์–ด๋–ค ๋น„์ฆˆ๋‹ˆ์Šค๋ฅผ ํ•  ์ˆ˜ ์žˆ์„๊นŒ์š”?

Key Takeaways


1. ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ(CLARITY Act), ๋ฌด์—‡์ด ๋ฌธ์ œ์˜€๋Š”๊ฐ€?

ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ(CLARITY Act)์€ ๋ฏธ๊ตญ SEC์™€ CFTC์˜ ๊ด€ํ•  ๊ฒฝ๊ณ„๋ฅผ ๋ฒ•์œผ๋กœ ํ™•์ •ํ•˜๋Š” ๊ฒŒ ํฐ ๊ณจ๊ฒฉ์ด๋‹ค. ๋‹ค๋งŒ ๋ฒ•์•ˆ ์ฒ˜๋ฆฌ๊ฐ€ 4๊ฐœ์›” ์ง€์—ฐ๋œ ์ง„์งœ ์›์ธ์€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ด์ž ๊ธˆ์ง€ ์กฐํ•ญ์ด์—ˆ๋‹ค.

ํ•ต์‹ฌ ์Ÿ์ ์€ โ€œํฌ๋ฆฝํ†  ํ”Œ๋žซํผ๋“ค์ด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ณด์œ ์ž์—๊ฒŒ ์—ฐ 4~5%๋Œ€์˜ yield๋ฅผ ์ง€๊ธ‰ํ•ด ์˜จ ๊ด€ํ–‰์„ ์–ด๋–ป๊ฒŒ ์ฒ˜๋ฆฌํ•  ๊ฒƒ์ธ๊ฐ€?โ€ ์ด๋‹ค. ์€ํ–‰๊ถŒ์€ ์˜ˆ๊ธˆ ์ดํƒˆ์„ ์ด์œ ๋กœ ์ „๋ฉด ๊ธˆ์ง€๋ฅผ ์š”๊ตฌํ–ˆ๊ณ , ํฌ๋ฆฝํ†  ์—…๊ณ„๋Š” ๋น„์ฆˆ๋‹ˆ์Šค ๋ชจ๋ธ ํŒŒ๊ดด๋ผ๋ฉฐ ๋ฐ˜๋ฐœํ–ˆ๋‹ค. ์—ฌ๊ธฐ์— ๋”ํ•ด, ์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ ์ „๋ฉด ๊ธˆ์ง€์•ˆ์„ ๋ฐ˜๋Œ€ํ•˜๋ฉด์„œ ํ˜‘์ƒ์€ 5์›”๊นŒ์ง€ ์ง€์—ฐ๋๋‹ค.

ํ•˜์ง€๋งŒ 5์›” 1์ผ, ๊ณตํ™”๋‹น Thom Tillis์™€ ๋ฏผ์ฃผ๋‹น Angela Alsobrooks ๋‘ ์ƒ์›์˜์›์ด ์–‘๋‹น ํƒ€ํ˜‘์•ˆ์„ ๋‚ด๋†จ๋‹ค. ๋‹จ์ˆœ ๋ณด์œ ์— ๋Œ€ํ•œ ์ด์ž๋Š” ๊ธˆ์ง€ํ•˜๋˜, ๊ฒฐ์ œยท๊ฑฐ๋ž˜ยท์Šคํ…Œ์ดํ‚น ๊ฐ™์€ ์‹ค์ œ ํ™œ๋™(bona fide activity)์— ์—ฐ๋™๋œ ๋ฆฌ์›Œ๋“œ๋Š” ํ—ˆ์šฉํ•œ๋‹ค๋Š” ๋‚ด์šฉ์ด์—ˆ๋‹ค. 1์›” ๋งˆํฌ์—…์„ ๋ฌด์‚ฐ์‹œ์ผฐ๋˜ ์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ ๊ฐ™์€ ๋‚  ์ง€์ง€๋กœ ๋Œ์•„์„ฐ๋‹ค.

์—ฌ๊ธฐ์— ๋ฐฑ์•…๊ด€ยทSECยทTreasury๊นŒ์ง€ ํ•œ ๋ชฉ์†Œ๋ฆฌ๋ฅผ ๋‚ด๋ฉด์„œ 5์›” 14์ผ ์ƒ์› ์€ํ–‰์œ„๊ฐ€ 15-9๋กœ ์ˆ˜์ •์•ˆ์„ ํ†ต๊ณผ์‹œ์ผฐ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ์€ ๊ทธ๋ž˜์„œ ์–ธ์ œ ๋๋‚˜๋Š”๊ฐ€: ์•ฝ 2๊ฐœ์›”

5์›” 14์ผ ์ƒ์› ์€ํ–‰์œ„ ํ†ต๊ณผ๋Š” ์ž…๋ฒ• ์ ˆ์ฐจ์˜ ํ•œ ๋‹จ๊ณ„, ๋งˆํฌ์—…(๋ฒ•์•ˆ ์‹ฌ์‚ฌ ๋ฐ ์ˆ˜์ •)์ด ๋๋‚ฌ๋‹ค. ๋ณธํšŒ์˜ ํ‘œ๊ฒฐ๊ณผ ๋Œ€ํ†ต๋ น ์„œ๋ช…๊นŒ์ง€๋Š” ์•„์ง ๋„ค ๋‹จ๊ณ„๊ฐ€ ๋‚จ์•„ ์žˆ๋‹ค.

  1. ์„ธ ๋ฒ•์•ˆ ๋‹จ์ผ์•ˆ ํ†ตํ•ฉ

  2. ์ƒ์› ๋ณธํšŒ์˜ ํ‘œ๊ฒฐ

  3. ํ•˜์› ๋ณธํšŒ์˜ ์žฌ๋™์˜

  4. ๋Œ€ํ†ต๋ น ์„œ๋ช… ํ›„, ๋ฐœํšจ

์œ„ ๋‹จ๊ณ„๋ฅผ ๋ดค์„ ๋•Œ, ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ์€ 4๋‹จ๊ณ„๊ฐ€ ๋‚จ์•„ ์žˆ๋‹ค. ํ•ด๋‹น ๋ฒ•์•ˆ์€ 2๊ฐœ์›” ์•ˆ์— ํ†ต๊ณผ๋  ๊ฐ€๋Šฅ์„ฑ์ด ๋†’๋‹ค. ๊ทธ ์ด์œ ๋Š” ๋‘ ๊ฐ€์ง€๋‹ค.

์ฒซ ๋ฒˆ์งธ, 8์›” ์ดˆ ์—ฌ๋ฆ„ ํœดํšŒ๊ฐ€ ์‚ฌ์‹ค์ƒ์˜ ๋งˆ๊ฐ์ด๋‹ค. ์ง€๊ธˆ๋ถ€ํ„ฐ ํœดํšŒ๊นŒ์ง€ ์•ฝ 11์ฃผ๊ฐ€ ๋‚จ์•˜๋‹ค. ์ด ์ฐฝ์„ ๋„˜๊ธฐ๋ฉด ์ค‘๊ฐ„์„ ๊ฑฐ ์บ ํŽ˜์ธ๊ณผ ์˜ˆ์‚ฐ ์‹œ์ฆŒ์ด ๊ฒน์ณ 119๋Œ€ ์˜ํšŒ ๋‚ด ์ฒ˜๋ฆฌ๊ฐ€ ๋ถˆํˆฌ๋ช…ํ•ด์ง„๋‹ค. ์ฆ‰, ์˜ํšŒ๊ฐ€ ์“ธ ์ˆ˜ ์žˆ๋Š” ์‹œ๊ฐ„์€ 11์ฃผ๋ฐ–์— ๋‚จ์ง€ ์•Š์•˜๋‹ค.

๋‘ ๋ฒˆ์งธ, ํŠธ๋Ÿผํ”„ ํ–‰์ •๋ถ€๊ฐ€ ์ ๊ทน์ ์ด๋‹ค. ํŠธ๋Ÿผํ”„ ๋Œ€ํ†ต๋ น์ด ๊ณต๊ฐœํ•œ ๋ชฉํ‘œ๋Š” 7์›” 4์ผ ์„œ๋ช…์œผ๋กœ ์•ฝ 7์ฃผ๋‹ค. ์˜ํšŒ๊ฐ€ ์ผ์ •์„ ๋”ฐ๋ผ์žก์ง€ ๋ชปํ•˜๋ฉด ํ–‰์ •๋ถ€์˜ ์••๋ฐ•์„ ๋ฐ›๋Š”๋‹ค. ์ด๋ฏธ ์ด์ „์— ํŠธ๋Ÿผํ”„ ํ–‰์ •๋ถ€๋Š” ์••๋ฐ•์„ ํ–ˆ๋‹ค. ๊ฒŒ๋‹ค๊ฐ€ 4๊ฐœ์›”๊ฐ„ ๋‘ ์ฐจ๋ก€ ๋งˆํฌ์—…์„ ๋ง‰์•˜๋˜ ํ•ต์‹ฌ ์Ÿ์ ์ธ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ด์ž ์ง€๊ธ‰ ์กฐํ•ญ์ด ํ•ฉ์˜๋๋‹ค. ๊ฐ€์žฅ ์˜ค๋ž˜ ๊ฑธ๋ฆฐ ํ˜‘์ƒ ๊ตฌ๊ฐ„์ด ์ด๋ฏธ ๋๋‚ฌ๋‹ค.

์œ„์™€ ๊ฐ™์€ ์ด์œ ๋กœ ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ์€ ๋Šฆ์–ด๋„ 7์›” ๋‚ด ํ†ต๊ณผ๋  ๊ฒƒ์ด๋‹ค.

3. ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ ์ˆ˜์ •์•ˆ์˜ ํ•ต์‹ฌ ๋‚ด์šฉ

๋ฒ•์•ˆ์ด ์–ธ์ œ ํ†ต๊ณผ๋˜๋“ , 5์›” 14์ผ ๋งˆํฌ์—… ์ž์ฒด๊ฐ€ ์ด๋ฏธ ๋ฏธ๊ตญ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์— ํฐ ๋ณ€ํ™”๋ฅผ ๊ฐ€์ ธ๋‹ค ์ค€๋‹ค. ์–ด๋–ค ์กฐํ•ญ์ด ํ•ต์‹ฌ์ ์ธ์ง€ ์•„๋ž˜์—์„œ ์•Œ์•„๋ณผ ๊ฒƒ์ด๋‹ค.

3.1. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฐ„์ ‘ ์ด์ž ๊ธˆ์ง€ (Sec. 404)

์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ด์ž ์ง€๊ธ‰์€ ์€ํ–‰๊ถŒ๊ณผ ํฌ๋ฆฝํ†  ์—…๊ณ„๊ฐ€ ์„œ๋กœ ๋Œ€๋ฆฝํ•œ ์กฐํ•ญ์ด๋‹ค. ์€ํ–‰๊ถŒ์€ ์ด์ž ์ง€๊ธ‰์„ ์ „๋ฉด ๊ธˆ์ง€ํ•ด์•ผ ํ•œ๋‹ค๊ณ  ํ–ˆ์œผ๋ฉฐ, ํฌ๋ฆฝํ†  ์—…๊ณ„๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ด์ž๋ฅผ ์ง€๊ธ‰ํ•ด์•ผ ํ•œ๋‹ค๊ณ  ์ฃผ์žฅํ–ˆ๋‹ค.

๊ฒฐ๋ก ์ ์œผ๋กœ Sec. 404๋Š” ๊ฑฐ๋ž˜์†Œ๊ฐ€ ์‚ฌ์šฉ์ž์—๊ฒŒ ๊ฐ„์ ‘์ ์œผ๋กœ ์ด์ž๋ฅผ ์ง€๊ธ‰ํ•˜๋Š” ๊ฒƒ์„ ๊ธˆ์ง€ํ–ˆ๋‹ค. ์ด์ „์—๋Š” ์‚ฌ์šฉ์ž๊ฐ€ ์ฝ”์ธ๋ฒ ์ด์Šค๋ฅผ ํ†ตํ•ด USDC๋ฅผ ๋ณด๊ด€ํ•˜๋ฉด ์ด์ž๋ฅผ ๋ฐ›์„ ์ˆ˜ ์žˆ๋Š” ๊ตฌ์กฐ์˜€๋‹ค. ์ด๋Š” ์ง€๋‹ˆ์–ด์Šค์˜ ์ง์ ‘์ด์ž ๊ธˆ์ง€ ์กฐํ•ญ์„ ์šฐํšŒํ•˜๋Š” ๊ฐ„์ ‘์ ์œผ๋กœ ์ด์ž๋ฅผ ์ง€๊ธ‰ํ•˜๋Š” ๊ตฌ์กฐ์˜€๋‹ค.

์œ„ ๊ตฌ์กฐ๋ฅผ ๋””ํ…Œ์ผํ•˜๊ฒŒ ์‚ดํŽด๋ณด๋ฉด ์‚ฌ์šฉ์ž๊ฐ€ USDC๋ฅผ ๋ณด๊ด€ํ•˜๋ฉด ๊ทธ ๋ˆ์ด ๋ฐœํ–‰์‚ฌ(Circle)๋ฅผ ๊ฑฐ์ณ ๋ฏธ๊ตญ ๊ตญ์ฑ„์— ๋“ค์–ด๊ฐ€๊ณ , ๊ฑฐ๊ธฐ์„œ ๋งŒ๋“ค์–ด์ง„ ์ด์ž๊ฐ€ ์‚ฌ์šฉ์ž์—๊ฒŒ ๋Œ์•„์˜ค๋Š” ํ๋ฆ„์ด์—ˆ๋‹ค. ์‚ฌ์šฉ์ž ์ž…์žฅ์—์„œ๋Š” ์€ํ–‰์— ์˜ˆ๊ธˆ์„ ๋งก๊ธฐ๊ณ  ์ด์ž๋ฅผ ๋ฐ›๋Š” ๊ฒƒ๊ณผ ๋‹ค๋ฅผ ๊ฒŒ ์—†์—ˆ๋‹ค. ์€ํ–‰ ์ž…์žฅ์—์„œ๋Š” ์˜ˆ๊ธˆ์ด USDC๋กœ ๋น ์ ธ๋‚˜๊ฐˆ ์ˆ˜ ์žˆ๋Š” ์…ˆ์ด์—ˆ๋‹ค. ๊ทธ๋ ‡๊ธฐ์— ์ด๋ฒˆ ์€ํ–‰๊ถŒ์ด ๊ฐ•ํ•˜๊ฒŒ ๋ฐ˜๋ฐœํ•œ ์ด์œ ๋‹ค.

๋ฒ•์•ˆ์€ ๋‹จ์ˆœ ๋ณด๊ด€์— ๋Œ€ํ•œ ์ด์ž๋ฅผ ๋ง‰๊ณ  โ€œํ™œ๋™(bona fide activity)โ€์„ ๊ธฐ๋ฐ˜์œผ๋กœ ํ•œ ๋ฆฌ์›Œ๋“œ๋งŒ ํ—ˆ์šฉํ–ˆ๋‹ค. ํ•˜์ง€๋งŒ ์ด โ€œํ™œ๋™โ€์˜ ์ •์˜๋Š” ๋ชจํ˜ธํ•˜๋‹ค. ๊ฒฐ์ œ๊ฐ€ ํ™œ๋™์ธ์ง€, ๊ฑฐ๋ฒ„๋„Œ์Šค ํˆฌํ‘œ๊ฐ€ ํ™œ๋™์ธ์ง€, ์•ฑ ๋กœ๊ทธ์ธ์ด ํ™œ๋™์ธ์ง€์˜ ๊ธฐ์ค€์ด ๋ชจ๋‘ Treasury์™€ CFTC์˜ ํ•˜์œ„ ๊ทœ์ • ์ œ์ •์— ์œ„์ž„๋๋‹ค.

3.2. ํ•ฉ๋ฒ• ํ† ํฐ ๋ฐœํ–‰ ๊ฒฝ๋กœ (Sec. 103 + 105)

๋‘ ์กฐํ•ญ์„ ํ† ๋Œ€๋กœ ๋ฏธ๊ตญ์—์„œ ํ† ํฐ์„ ํ•ฉ๋ฒ•์ ์œผ๋กœ ํŒ๋งคํ•  ์ˆ˜ ์žˆ๋Š” ํ™˜๊ฒฝ์ด ๋งŒ๋“ค์–ด์กŒ๋‹ค.

๋‘ ์กฐํ•ญ์˜ ์—ญํ• ์€ ๋ช…ํ™•ํ•˜๊ฒŒ ๊ฐˆ๋ฆฐ๋‹ค. Sec. 103์ด โ€œํ† ํฐ์„ ํŒ” ์ˆ˜ ์žˆ๋Š” ๊ธธโ€์„ ์—ด์—ˆ๋‹ค๋ฉด, Sec. 105๋Š” โ€œ๊ทธ ํ† ํฐ์ด ์ฆ๊ถŒ์œผ๋กœ ๋ถ„๋ฅ˜๋ผ ๋ฐœ์ด ๋ฌถ์ด์ง€ ์•Š๋„๋กโ€ ๋ณดํ˜ธํ•œ๋‹ค. ๋‘˜ ์ค‘ ํ•˜๋‚˜๋งŒ ์žˆ์œผ๋ฉด ์˜๋ฏธ๊ฐ€ ์—†๋‹ค. Sec. 103๋งŒ ์žˆ๊ณ  Sec. 105๊ฐ€ ์—†๋‹ค๋ฉด ๋ฐœํ–‰์ž๋Š” ์ผ๋‹จ ํŒ” ์ˆ˜๋Š” ์žˆ์ง€๋งŒ ์‚ฌํ›„์— SEC๊ฐ€ โ€œ์‚ฌ์‹ค์€ ์ฆ๊ถŒ์ด์—ˆ๋‹คโ€๊ณ  ๋’ค์ง‘์„ ์œ„ํ—˜์„ ์•ˆ๋Š”๋‹ค. Sec. 105๋งŒ ์žˆ๊ณ  Sec. 103์ด ์—†๋‹ค๋ฉด ๋ถ„๋ฅ˜๋Š” ์•ˆ์ „ํ•œ๋ฐ ์ฒ˜์Œ๋ถ€ํ„ฐ ํŒ” ๊ธธ์ด ์—†๋‹ค.

๊ทธ๋™์•ˆ ๋ฏธ๊ตญ ์‚ฌ์šฉ์ž ์ฐจ๋‹จ์„ ๋””ํดํŠธ๋กœ ๊น”๋˜ ๋ฐœํ–‰ ๊ตฌ์กฐ์— ์ฒ˜์Œ์œผ๋กœ ๋‹ค๋ฅธ ์„ ํƒ์ง€๊ฐ€ ์ƒ๊ฒผ๋‹ค. ๋ฐœํ–‰์ž๊ฐ€ ๋ฏธ๊ตญ ์‹œ์žฅ์„ ์˜ต์…˜์œผ๋กœ ๋‘๊ณ  ๋ฐœํ–‰์„ ์„ค๊ณ„ํ•  ์ˆ˜ ์žˆ๋‹ค.

3.3. DeFi ๊ทœ์ œ ๋ฉด์ œ (Sec. 301)

DeFi ํ”„๋กœํ† ์ฝœ์ด ๋ฏธ๊ตญ ๊ทœ์ œ์˜ ์ ์šฉ์—์„œ ๋น ์งˆ ์ˆ˜ ์žˆ๋Š” ๊ธธ์ด ์ฒ˜์Œ ์—ด๋ ธ๋‹ค. SEC๊ฐ€ DeFi ํ”„๋กœํ† ์ฝœ์„ ๋ณด๊ณ  โ€œ๋‹น์‹ ๋„ ์ฆ๊ถŒ์ด๋‹ˆ๋‹ˆ๊นŒ ๋“ฑ๋กํ•˜์„ธ์š”โ€๋ผ๊ณ  ๋งํ•  ์ˆ˜ ์—†๊ฒŒ ๋๋‹ค๋Š” ๋œป์ด๋‹ค.

ํ•˜์ง€๋งŒ ์กฐ๊ฑด์ด ์žˆ๋‹ค. ํ”„๋กœํ† ์ฝœ์ด ์ถฉ๋ถ„ํžˆ ๋ถ„์‚ฐ๋ผ ์žˆ์–ด์•ผ ํ•œ๋‹ค. ์–ด๋–ค ํ•œ ์‚ฌ๋žŒ์ด ๋งˆ์Œ๋Œ€๋กœ ์šด์˜์„ ๋ฐ”๊ฟ€ ์ˆ˜ ์—†๋Š” ๊ตฌ์กฐ์—ฌ์•ผ ํ•œ๋‹ค. ์–ด๋“œ๋ฏผ ํ‚ค, ์—…๊ทธ๋ ˆ์ด๋“œ ๊ถŒํ•œ, ์‹œํ๋ฆฌํ‹ฐ ์นด์šด์Šฌ ๊ฐ™์€ ํ†ต์ œ ์ง€์ ์ด ํ•œ ๋ช…์—๊ฒŒ ๋ชฐ๋ ค ์žˆ์œผ๋ฉด ๋ฉด์ œ ๋Œ€์ƒ์—์„œ ๋น ์ง„๋‹ค. ๋‹ค๋งŒ ๋ณด์•ˆ ์‚ฌ๊ณ  ๋Œ€์‘ ๊ฐ™์€ ๊ธด๊ธ‰ ๊ฐœ์ž…์€ ๋‹จ์ผ ํ†ต์ œ๋กœ ๊ฐ„์ฃผ๋˜์ง€ ์•Š๋Š”๋‹ค. ๋ถ„์‚ฐ์„ฑ์„ ์œ ์ง€ํ•˜๋ฉด์„œ๋„ ์‚ฌ๊ณ ์—๋Š” ๋Œ€์‘ํ•  ์ˆ˜ ์žˆ๋‹ค.

์ด์ œ ํ”„๋กœํ† ์ฝœ์˜ ๋„คํŠธ์›Œํฌ ๋ถ„์‚ฐํ™”๋Š” ๋‹จ์ˆœํ•œ ์ด๋…์ด ์•„๋‹ˆ๋ผ ๋ฏธ๊ตญ ์‹œ์žฅ์— ์ง„์ž…ํ•  ์ˆ˜ ์žˆ๋Š” ์กฐ๊ฑด์ด ๋œ ๊ฒƒ์ด๋‹ค.

4. ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ ์ดํ›„ ์•ž์œผ๋กœ์˜ ์ „๋žต

4.1. ํ™œ๋™ ๊ธฐ๋ฐ˜ ๋ฆฌ์›Œ๋“œ ์‚ฌ์—…

๊ทธ๋ ‡๋‹ค๋ฉด ํ™œ๋™ ๊ธฐ๋ฐ˜์˜ ์ •์˜๋Š” ๋ฌด์—‡์ผ๊นŒ? ๋ฒ•์•ˆ ๋ณธ๋ฌธ(c)(3)(A)์—์„œ๋Š” ๊ฒฐ์ œยท๊ฑฐ๋ฒ„๋„Œ์Šค ํˆฌํ‘œยท์Šคํ…Œ์ดํ‚นยทUSDC ๊ฑฐ๋ž˜๋ฅผ ํ™œ๋™ ์˜ˆ์‹œ๋กœ ์ง์ ‘ ๋ช…์‹œํ–ˆ๋‹ค. ์ด๋ฅผ ๋น„์ถ”์–ด ๋ดค์„ ๋•Œ ํ™œ๋™ ๊ธฐ๋ฐ˜ ์ •์˜๋Š” โ€˜๋‹จ์ˆœํ•œ ์ž์‚ฐ์˜ ์˜ˆ์น˜๋‚˜ ๋ณด์œ (Passive Holding)๋ฅผ ๋„˜์–ด, ๋ธ”๋ก์ฒด์ธ ๋„คํŠธ์›Œํฌ ๋ฐ ํ”Œ๋žซํผ ํ™œ์„ฑํ™”์— ๊ธฐ์—ฌํ•˜๋Š” ์‚ฌ์šฉ์ž์˜ ๊ตฌ์ฒด์ ์ธ ์œ ํ‹ธ๋ฆฌํ‹ฐ ์†Œ๋น„ ํ–‰์œ„โ€™๋กœ ๊ทœ์ •ํ•  ์ˆ˜ ์žˆ๋‹ค.

์ฆ‰, ์ด ๋ชจ๋ธ์€ ์‹ ์šฉ์นด๋“œ ์บ์‹œ๋ฐฑ๊ณผ ์ž‘๋™ ๋ฐฉ์‹์ด ๊ฐ™๋‹ค. ๋‹จ์ˆœ ๋ณด๊ด€์— ์ด์ž๋ฅผ ์ฃผ๋˜ ๊ธฐ์กด ์˜ˆ๊ธˆ์‹ ๋ชจ๋ธ๊ณผ ๋‹ฌ๋ฆฌ, ์‚ฌ์šฉ์ž๊ฐ€ ๊ฒฐ์ œ๋‚˜ ์Šคํ…Œ์ดํ‚น ๊ฐ™์€ โ€˜ํ–‰์œ„โ€™๋ฅผ ํ•  ๋•Œ๋งŒ ์ด๋ฅผ ํŠธ๋ฆฌ๊ฑฐ ์‚ผ์•„ ์ž”๊ณ ์— ๋น„๋ก€ํ•œ ๋ฆฌ์›Œ๋“œ๊ฐ€ ์Œ“์ธ๋‹ค. ๊ทธ๋ ‡๋‹ค๋ฉด ์–ด๋–ค ์ฃผ์ฒด๋“ค์ด ์ˆ˜ํ˜œ๋ฅผ ์ž…๊ณ  ์ด๋“ค์€ ์–ด๋–ค ์‚ฌ์—…๋“ค์ด ๊ฐ€๋Šฅํ• ๊นŒ?

์ฆ‰, ์ •๋ฆฌํ•˜๋ฉด ์ดํƒˆ ์ž๋ณธ์„ ๋ง‰๋Š” ๊ฐ•๋ ฅํ•œ ๋ฝ์ธ(Lock-in) ๋ฆฌ์›Œ๋“œ, ๋งˆ์ผ€ํŒ… ์˜ˆ์‚ฐ ๋ฐฉ์–ด๋ผ๋Š” ๋น„์šฉ ์ ˆ๊ฐ์˜ ํšจ๊ณผ, ๊ทธ๋ฆฌ๊ณ  ์ƒˆ๋กœ์šด ์ˆ˜์ต ์ฐฝ์ถœ ๋ชจ๋ธ(B2B ์†”๋ฃจ์…˜ ๋ฐ ๋งˆ์ง„ ์ˆ˜์ทจ)์˜ ํ™•๋ฆฝ์œผ๋กœ ์š”์•ฝํ•  ์ˆ˜ ์žˆ๋‹ค.

4.2. ํ•ฉ๋ฒ•์  ํ† ํฐ ๋ฐœํ–‰ ์‚ฌ์—…

๊ทธ๋ ‡๋‹ค๋ฉด ํ•ฉ๋ฒ•์  ํ† ํฐ ๋ฐœํ–‰ ์ œ๋„์˜ ๋ณธ์งˆ์€ ๋ฌด์—‡์ผ๊นŒ? ๋ฒ•์•ˆ ๋ณธ๋ฌธ Sec. 103์—์„œ๋Š” ์—ฐ 5์ฒœ๋งŒ ๋‹ฌ๋Ÿฌ(๋ˆ„์  2์–ต ๋‹ฌ๋Ÿฌ)์˜ ์กฐ๋‹ฌ ํ•œ๋„๋ฅผ ๋ช…์‹œํ–ˆ๊ณ , Sec. 105์—์„œ๋Š” ์ ๋ฒ•ํ•˜๊ฒŒ ๋ฐœํ–‰๋œ ํ† ํฐ์ด ์‚ฌํ›„์— ์ฆ๊ถŒ์œผ๋กœ ์žฌ๋ถ„๋ฅ˜๋˜์ง€ ์•Š๋„๋ก ๋ณดํ˜ธํ•˜๋Š” ๊ทœ์ •์„ ์ง์ ‘ ๋ช…์‹œํ–ˆ๋‹ค. ์ด๋ฅผ ๋น„์ถ”์–ด ๋ดค์„ ๋•Œ ํ•ฉ๋ฒ•์  ํ† ํฐ ๋ฐœํ–‰์˜ ๋ณธ์งˆ์€ โ€˜๋ฏธ๊ตญ ํˆฌ์ž์ž ๋Œ€์ƒ์˜ ํผ๋ธ”๋ฆญ ์„ธ์ผ(ICOยทIDO) ์–‘์„ฑํ™”์ด์ž, ์ž๊ธˆ ์กฐ๋‹ฌ์„ ๋‘˜๋Ÿฌ์‹ผ ํ•ฉ๋ฒ•์  ์ธํ”„๋ผ ์ˆ˜์š”์˜ ํญ๋ฐœ์ ์ธ ์ฆ๊ฐ€โ€™๋กœ ๊ทœ์ •ํ•  ์ˆ˜ ์žˆ๋‹ค.

์ฆ‰, ์ด ์ƒํƒœ๊ณ„๋Š” ์ „ํ†ต ์ฃผ์‹ ์‹œ์žฅ์˜ IPO(๊ธฐ์—…๊ณต๊ฐœ) ์ธํ”„๋ผ์™€ ์ž‘๋™ ๋ฐฉ์‹์ด ๊ฐ™์•„ ๊ธฐ์กด IPO ๊ด€๋ จ ์‚ฌ์—…๋“ค๊ณผ ์œ ์‚ฌํ•˜๊ฒŒ ํ˜๋Ÿฌ๊ฐˆ ๊ฒƒ์ด๋‹ค.

์ด๋Ÿฌํ•œ ์„ธ ๊ฐ€์ง€ ๋น„์ฆˆ๋‹ˆ์Šค๋Š” ์ฝ”์ธ๋ฒ ์ด์Šค์˜ Echo ์ธ์ˆ˜๋‚˜ CoinList, Republic, Legion์ฒ˜๋Ÿผ ํ•œ ๊ณณ์—์„œ ๋ชจ๋“  ์ ˆ์ฐจ(KYC, ์ž๋ฌธ, ๋งค์นญ)๋ฅผ ๋๋‚ด๋Š” โ€˜ํ†ตํ•ฉ ํ’€ ์„œ๋น„์Šค ๋ชจ๋ธโ€™๊ณผ, ํŠน์ • ๊ธฐ๋Šฅ(์žฌ๋ฌด SaaS, ์ „๋ฌธ ๋กœํŽŒ, IR ๋“ฑ)๋งŒ ๊ณจ๋ผ์„œ ์ „๋ฌธ์ ์œผ๋กœ ์™ธ์ฃผํ™”ํ•˜๋Š” โ€˜๋‹จ๋… ๋ชจ๋“ˆ ๋ชจ๋ธโ€™๋กœ ์–‘๋ถ„๋˜์–ด ์‹œ์žฅ์— ์ž๋ฆฌ ์žก์„ ๊ฒƒ์ด๋‹ค.

์ฆ‰, ์ •๋ฆฌํ•˜๋ฉด ๊ทœ์ œ ๋ฆฌ์Šคํฌ๋ฅผ ํ•ด์†Œํ•˜๋Š” ํ•ฉ๋ฒ•์  ์ž๋ณธ ์กฐ๋‹ฌ ์ฐฝ๊ตฌ์˜ ๊ฐœ๋ฐฉ๊ณผ ์ƒˆ๋กœ์šด ํ† ํฐ ์ž๋ณธ ์‹œ์žฅ(Token IB) ์ƒํƒœ๊ณ„์˜ ๋„๋ž˜๋กœ ์š”์•ฝํ•  ์ˆ˜ ์žˆ๋‹ค.

๋‹ค๋งŒ, ์žฅ๊ธฐ์ ์ด๊ณ  ์ ๋ฒ•ํ•œ ์‚ฌ์—…์„ ์˜์œ„ํ•˜๋ ค๋Š” ์šฐ๋Ÿ‰ ํ”„๋กœ์ ํŠธ๋“ค์€ ์ด ์ธํ”„๋ผ๋ฅผ ์ ๊ทน ํ™œ์šฉํ•˜๊ฒ ์ง€๋งŒ, ์—ฌ์ „ํžˆ ์‹œ์žฅ์˜ ๋‹ค์ˆ˜๋ฅผ ์ฐจ์ง€ํ•˜๋Š” ๊ฐฌ๋ธ”๋ง ์„ฑ๊ฒฉ์˜ ํ”„๋กœ์ ํŠธ๋“ค์ด ๊ธฐ์กด์˜ ํŽธํ•˜๊ณ  ์ œ์•ฝ ์—†๋Š” ์—ญ์™ธ(Offshore) ๋ฐœํ–‰ ๊ตฌ์กฐ๋ฅผ ํฌ๊ธฐํ•˜๊ณ  ๊ตณ์ด ์—„๊ฒฉํ•˜๊ณ  ๋ณต์žกํ•œ ๋ฏธ๊ตญ ์‹œ์žฅ์„ ์„ ํƒํ• ์ง€๋Š” ์˜๋ฌธ์œผ๋กœ ๋‚จ๋Š”๋‹ค.

5. 2026๋…„, ์‹œ์žฅ์˜ ๋ฃฐ์ด ๋ฐ”๋€Œ๋Š” ๊ฒฐ์ •์  ๊ธฐ์ 

2026๋…„์€ ์ „ ์„ธ๊ณ„ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์˜ ํŒจ๋Ÿฌ๋‹ค์ž„์ด ๋’ค์ง‘ํžˆ๋Š” ๊ฒฐ์ •์  ๊ธฐ์ ์ด๋‹ค. ๋งŒ์•ฝ 7์›” ๋ฏธ๊ตญ์˜ ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ(Clarity Act)์ด ํ†ต๊ณผ๋˜์–ด ์ฆ‰๊ฐ ์‹œํ–‰๋œ๋‹ค๋ฉด, ์ด๋Š” ๋‹จ์ˆœํ•œ ๋ฏธ๊ตญ ๋‚ด ์ด์Šˆ๋กœ ๋๋‚˜์ง€ ์•Š๋Š”๋‹ค. ๋ฏธ๊ตญ๋ฐœ ๊ทœ์ œ ๋ถˆํ™•์‹ค์„ฑ์ด ํ•ด์†Œ๋˜๋Š” ์ˆœ๊ฐ„, ์ œ๋„๊ถŒ์˜ ์ž๋ณธ์ด ํ•ฉ๋ฒ•์ ์ธ ํ…Œ๋‘๋ฆฌ ์•ˆ์—์„œ ์‹œ์žฅ์— ๋“ค์–ด์˜ค๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๋” ์ค‘์š”ํ•œ ๊ฒƒ์€ ๋ฏธ๊ตญ ๋ฐ– ๊ฐ๊ตญ ์‹œ์žฅ์˜ ๋ฐ˜์‘์ด๋‹ค. ๊ธ€๋กœ๋ฒŒ ๊ตญ๊ฐ€๋“ค์€ ๋ฏธ๊ตญ ์ž๋ณธ์ด ์ „ ์„ธ๊ณ„ ์•”ํ˜ธํ™”ํ ์ƒํƒœ๊ณ„๋ฅผ ๋…์ ํ•˜๋„๋ก ์ง€์ผœ๋ณด์ง€๋งŒ์€ ์•Š์„ ๊ฒƒ์ด๋‹ค. ์ด๋“ค์€ ๋ฒ•์•ˆ ์‹œํ–‰ ์ดํ›„ ๋ฏธ๊ตญ์—์„œ ์–ด๋–ค ๋น„์ฆˆ๋‹ˆ์Šค๊ฐ€ ์„ฑ์žฅํ•˜๋Š”์ง€ ์‹ค์‹œ๊ฐ„์œผ๋กœ ํ™•์ธํ•  ๊ฒƒ์ด๋‹ค. ๊ทธ๋ฆฌ๊ณ  ๊ทธ ๊ฒฐ๊ณผ๋ฅผ ๋ฒค์น˜๋งˆํ‚นํ•˜์—ฌ ์ž๊ตญ ์ž๋ณธ์˜ ์œ ์ถœ์„ ๋ง‰๊ณ  ์‹œ์žฅ ์ฃผ๋„๊ถŒ์„ ์ง€ํ‚ค๊ธฐ ์œ„ํ•ด, ์ž๊ตญ ์‹ค์ •์— ๋งž๋Š” ๋งž์ถคํ˜• ๊ทœ์ œ๋ฅผ ๋ฐœ ๋น ๋ฅด๊ฒŒ ์„ค๊ณ„ํ•˜๋ฉฐ ์ถ”๊ฒฉํ•  ๊ฒƒ์ด๋‹ค.

ํ•˜์ง€๋งŒ ๊ทœ์ œ์˜ ๋ณธ๊ฒฉ์ ์ธ ๋„์ž…์€ ์‹œ์žฅ์— ๋ช…ํ™•ํ•œ ์žฅ์ ๊ณผ ๋‹จ์ ์„ ๋™์‹œ์— ๋ถ€์—ฌํ•œ๋‹ค.

๊ฒฐ๊ณผ์ ์œผ๋กœ 2026๋…„์€ ๋ฌด๋ฒ• ์ง€๋Œ€์˜ ๋ฃฐ์ด ์ €๋ฌผ๊ณ , ์ œ๋„๊ถŒ์˜ ์งˆ์„œ๊ฐ€ ์ด์‹๋˜๋Š” ํ•ด๋‹ค. ๊ฐ๊ตญ ๊ทœ์ œ ๋‹น๊ตญ์˜ ์›€์ง์ž„์— ๊ธฐ๋ฏผํ•˜๊ฒŒ ๋Œ€์‘ํ•˜๋ฉฐ โ€˜ํ•ฉ๋ฒ•์ ์ธ ๋น„์ฆˆ๋‹ˆ์Šค ์ธํ”„๋ผโ€™๋ฅผ ์„ ์ ํ•˜๋Š” ์ž๋งŒ์ด ๋‹ค์Œ ์„ธ๋Œ€์˜ ๊ฑฐ๋Œ€ํ•œ ๋ถ€๋ฅผ ๋…์‹ํ•˜๊ฒŒ ๋˜๋Š”, ์•”ํ˜ธํ™”ํ ์‹œ์žฅ ์—ญ์‚ฌ์ƒ ๊ฐ€์žฅ ๊ฑฐ๋Œ€ํ•œ ๊ธฐ์ ์ด ๋  ๊ฒƒ์ด๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[์˜จ์ฒด์ธ์—์„œ RWA๋กœ: ์ˆ˜์ตํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ์žฌ์„ค๊ณ„ํ•˜๋Š” DeFi์˜ ์ƒˆ๋กœ์šด ํ† ๋Œ€]]>https://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-korhttps://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-korTue, 12 May 2026 13:01:59 GMT์—ํ…Œ๋‚˜์˜ sUSDe ์ ์œ  ํ•˜๋ฝ์€ ์—ํ…Œ๋‚˜์˜ ์‹คํŒจ๊ฐ€ ์•„๋‹ˆ๋ผ ์‹œ์žฅ์˜ ๋ณ€ํ™”๋ฅผ ๋ณด์—ฌ์ค๋‹ˆ๋‹ค. DeFi ์‹œ์žฅ์ด ์–ด๋–ป๊ฒŒ ๋ณ€ํ™”ํ•˜๊ณ  ์žˆ๋Š”์ง€ ์‚ดํŽด๋ณด๊ฒ ์Šต๋‹ˆ๋‹ค.

Key Takeaways

  1. sUSDe ๊ณต๊ธ‰๋Ÿ‰์ด ๊ธ‰๊ฐํ•˜๋Š” ๋™์•ˆ ์ˆ˜์ต๋ฅ ์ด ๋” ๋‚ฎ์€ USYC์™€ sUSDS์— ์ž๊ธˆ์ด ์œ ์ž…๋๋‹ค. ์ž๋ณธ์˜ ์ดํƒˆ์ด๋ผ๊ธฐ ๋ณด๋‹จ, ๊ฐ™์€ ์‹œ์žฅ ์•ˆ์—์„œ ์„ ํƒ ๊ธฐ์ค€์ด ๋ฐ”๋€Œ์—ˆ๋‹ค.

  2. ์ž์‚ฐ์„ ๊ฐ€๋ฅด๋Š” ๊ธฐ์ค€์€ ๋” ์ด์ƒ APY๊ฐ€ ์•„๋‹ˆ๋‹ค. ๋‹ด๋ณด, ์ €์ถ• ์ƒํ’ˆ, ๋ฆฌ์ €๋ธŒ๋กœ ์ฑ„ํƒ๋  ์ˆ˜ ์žˆ๋Š”์ง€๊ฐ€ ๋” ์ค‘์š”ํ•ด์ง€๊ณ  ์žˆ๋‹ค.

  3. S&P๋Š” Sky์— DeFi ํ”„๋กœํ† ์ฝœ ์ตœ์ดˆ๋กœ ์‹ ์šฉ๋“ฑ๊ธ‰์„ ๋ถ€์—ฌํ–ˆ๋‹ค.

  4. Ethena๋Š” 2026๋…„ 4์›” ๋‹ด๋ณด ๊ตฌ์กฐ๋ฅผ ์ „๋ฉด ๊ฐœํŽธํ•˜๋ฉฐ ํ•ฉ์„ฑํ˜•์—์„œ ํ˜ผํ•ฉํ˜•์œผ๋กœ ์ „ํ™˜ ์ค‘์— ์žˆ๋‹ค. ๋‹จ์ผ ์ˆ˜์ต์›์œผ๋กœ๋Š” YBS ์‹œ์žฅ์—์„œ ์‚ด์•„๋‚จ๊ธฐ ์–ด๋ ค์›Œ์กŒ๋‹ค.

  5. DeFi๋Š” ์ด์ž๋ฅผ ๋งŒ๋“œ๋Š” ์‹œ์žฅ์—์„œ ์ „ํ†ต๊ธˆ์œต์˜ ์ด์ž๋ฅผ ์ˆ˜์ž…ยท์œ ํ†ตํ•˜๋Š” ์‹œ์žฅ์œผ๋กœ ๋ฐ”๋€Œ๊ณ  ์žˆ๋‹ค. ๊ธฐ์ดˆ๊ฐ€ ๊ฒฌ๊ณ ํ•ด์งˆ์ˆ˜๋ก ๊ทธ ์œ„์— ์Œ“์ด๋Š” ๊ตฌ์กฐ๋„ ๊ฐ•ํ•ด์ง„๋‹ค.


1. ์—ํ…Œ๋‚˜(Ethena)์˜ sUSDe๋Š” ๋ถ•๊ดด ์ค‘์ธ๊ฐ€?

์ˆ˜์ตํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ(Yield Bearing Stablecoin, YBS)์€ ๋‹ฌ๋Ÿฌ ๊ฐ€์น˜์— ์—ฐ๋™๋œ ์ฑ„ ๋ณด์œ ๋งŒ์œผ๋กœ ์ด์ž๊ฐ€ ์Œ“์ด๋Š” ํ† ํฐ์ด๋‹ค. ๊ธฐ์กด USDCยทUSDT์™€ ๊ฐ™์€ ์ผ๋ฐ˜์ ์ธ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด 1๋‹ฌ๋Ÿฌ์™€ ์—ฐ๋™๋œ ํ˜„๊ธˆ๊ณผ ๊ฐ™๋‹ค๋ฉด, ์ˆ˜์ตํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์€ ์˜ˆ๊ธˆ๊ณผ ๊ฐ™์ด ์ด์œจ์— ๋”ฐ๋ผ ๊ฐ€์น˜๊ฐ€ ์˜ฌ๋ผ๊ฐ€๋Š” ๊ตฌ์กฐ์ด๋‹ค.

์ด๋Ÿฌํ•œ ์ˆ˜์ตํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์‹œ์žฅ์—์„œ ์ด๋ก€์ ์ธ ์›€์ง์ž„์ด ํฌ์ฐฉ๋๋‹ค. ํ•œ๋•Œ ์ˆ˜์ตํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์‹œ์žฅ ์ ์œ ์œจ 30% ์ด์ƒ์„ ์ฐจ์ง€ํ–ˆ๋˜ ์—ํ…Œ๋‚˜(Ethena)์˜ ๋Œ€ํ‘œ ์ƒํ’ˆ sUSDe ๊ณต๊ธ‰๋Ÿ‰์ด ์ง€๋‚œ 90์ผ๊ฐ„ ๊ณ ์  ๋Œ€๋น„ ์•ฝ 49%๋กœ ์ ˆ๋ฐ˜ ์ˆ˜์ค€์ธ $1.8B๊ฐ€ ์ค„์–ด๋“  ๊ฒƒ์ด๋‹ค. ํ•ดํ‚น์ด ์žˆ์—ˆ๋˜ ๊ฒƒ๋„ ์•„๋‹ˆ๊ณ , ํ”„๋กœํ† ์ฝœ ๊ฒฐํ•จ์ด ๋ฐœ๊ฒฌ๋œ ๊ฒƒ๋„ ์•„๋‹ˆ์—ˆ๋‹ค.

์‹œ์žฅ ๊ทœ๋ชจ๊ฐ€ ์ค„์–ด๋“  ๊ฒƒ๋„ ์•„๋‹ˆ์—ˆ๋‹ค. ๊ฐ™์€ ๊ธฐ๊ฐ„ ์ˆ˜์ตํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์‹œ์žฅ์˜ ์ „์ฒด TVL์€ ์˜คํžˆ๋ ค ์ฆ๊ฐ€ํ–ˆ๋‹ค. 90์ผ ๋™์•ˆ USYC(์จํด์˜ ๋ฏธ๊ตญ ๊ตญ์ฑ„๊ธฐ๋ฐ˜ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ)์—๋Š” $1.4B, sUSDS(Sky์˜ ํ˜ผํ•ฉํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ)์—๋Š” $1.2B๊ฐ€ ์œ ์ž…๋๋‹ค. ์˜คํžˆ๋ ค ๋‘ ์ž์‚ฐ์— ์œ ์ž…๋œ ์ž๋ณธ ๊ทœ๋ชจ๊ฐ€ sUSDe ๊ฐ์†Œ๋ถ„๋ณด๋‹ค ์ปธ๋‹ค.

์œ ์ž…๋œ ์ˆซ์ž๋งŒ ๋ณด๋ฉด ์ž๋ณธ์€ ์ดํƒˆํ•œ ๊ฒƒ์ด ์•„๋‹ˆ๋ผ ๊ฐ™์€ ์‹œ์žฅ ์•ˆ์—์„œ ๋Œ๊ณ  ์žˆ๋Š” ๊ฒƒ์ฒ˜๋Ÿผ ๋ณด์ธ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. APY๋ณด๋‹ค ์ค‘์š”ํ•œ ๊ฒƒ, ๊ธฐ๊ด€๊ณผ ๊ธฐ๋ฐ˜์ž์‚ฐ

์‚ฌ์‹ค APY๋งŒ ๋ณด๋ฉด ์ž๋ณธ์ด ์ด๋™ํ•  ์ด์œ ๊ฐ€ ์—†๋‹ค. 30์ผ ๊ธฐ์ค€ USYC APY๋Š” ์•ฝ 3%, sUSDS๋Š” ์•ฝ 3.6%๋‹ค. sUSDe๊ฐ€ ์•ฝ 4%๋กœ ์˜คํžˆ๋ ค ๋†’๋‹ค. ์ˆ˜์ต๋ฅ ์ด ์ด์œ ์˜€๋‹ค๋ฉด sUSDe๋กœ ๋ชฐ๋ ธ์–ด์•ผํ•œ๋‹ค. ์ž๋ณธ์ด ์›€์ง์ธ ์ด์œ ๋Š” ์ˆ˜์ต๋ฅ  ๋ณด๋‹จ, 1) ๋Œ€์ƒ๊ณผ 2) ๊ธฐ๋ฐ˜์ž์‚ฐ์˜ ์ฐจ์ด ๋•Œ๋ฌธ์œผ๋กœ ๋ณด์ธ๋‹ค.

2.1. ๋ฆฌํ…Œ์ผ๊ณผ ๊ธฐ๊ด€

์ง€๊ฐ‘๋‹น ํ‰๊ท  ๋ณด์œ ์•ก์„ ๋ณด๋ฉด USDe ํ™€๋”๋Š” USYC ๋ณด์œ ์ž์˜ ์•ฝ 800๋ถ„์˜ 1 ๊ทœ๋ชจ๋‹ค. ๋Œ€๊ทœ๋ชจ ๋งค์ž… ๊ฑด์„ ๊ฑท์–ด๋‚ด๋ฉด ๊ฒฉ์ฐจ๋Š” ๋” ๋ฒŒ์–ด์ง„๋‹ค. USYC๋Š” ์ฒ˜์Œ๋ถ€ํ„ฐ ๋Œ€ํ˜• ์ž๋ณธ๋งŒ ๋“ค์–ด์˜ค๋Š” ๊ตฌ์กฐ์˜€๊ณ , USDe๋Š” ๋ฆฌํ…Œ์ผ ์ž๊ธˆ ๋น„์ค‘์ด ์ปธ๋‹ค.

USDe์™€ USYC์˜ ์ฐจ์ด๋Š” ๋Œ€์ƒ์—์„œ ๊ฐˆ๋ฆฐ๋‹ค.

USDe๋Š” ๋ฆฌํ…Œ์ผ๊ณผ ๊ธฐ๊ด€์˜ ํˆฌ์ž ๊ทผ๊ฑฐ๊ฐ€ ์ˆ˜์ต์„ฑ์— ์ง‘์ค‘๋˜์–ด ์žˆ๋‹ค. APY๋ฅผ ๋ณด๊ณ  ์ง„์ž…ํ•˜๊ณ , ์ˆ˜์ต์ด ๊บพ์ด๋ฉด ๋‚˜๊ฐ„๋‹ค. USYC๋Š” ๊ทผ๊ฑฐ๊ฐ€ ๋‹ค๋ฅด๋‹ค. ๋ฆฌํ…Œ์ผ์„ ๋ฐฐ์ œํ•˜๊ณ  ๊ธฐ๊ด€์˜ ํ™œ์šฉ์„ฑ์— ์ง‘์ค‘ํ–ˆ๋‹ค.

USYC๋Š” ๋‹น์ดˆ ์ ๊ฒฉํˆฌ์ž์ž์—๊ฒŒ๋งŒ ์—ด๋ ค ์žˆ๊ณ  ์ตœ์†Œ ๋งค์ˆ˜ ๊ธˆ์•ก์ด 10๋งŒ ๋‹ฌ๋Ÿฌ๋‹ค. ์ด์— ๋”ํ•ด 2025๋…„ 7์›” ๋ฐ”์ด๋‚ธ์Šค๊ฐ€ ๊ธฐ๊ด€์šฉ ํŒŒ์ƒ์ƒํ’ˆ ๋‹ด๋ณด๋กœ ์ฑ„ํƒํ•˜๋ฉด์„œ ํ™œ์šฉ๋„๊ฐ€ ๋”ํ•ด์กŒ๋‹ค. ์ตœ๋Œ€ ๊ทœ๋ชจ์˜ ๊ฑฐ๋ž˜์†Œ์—์„œ ์ด์ž๋ฅผ ๋ฐœ์ƒ์‹œํ‚ค๋Š” ๋‹ด๋ณด๋กœ ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ๊ธฐ ๋•Œ๋ฌธ์— ์ฑ„ํƒ ์ดํ›„ BNB Chain์—์„œ๋งŒ $2.54B๊ฐ€ ๋ฐœํ–‰๋๋‹ค.

2.2. ๋ธํƒ€ ๋‰ดํŠธ๋Ÿด๊ณผ RWA

USDe์™€ USDS์˜ ์ฐจ์ด๋Š” ๋ฆฌ์ €๋ธŒ ์ž์‚ฐ์—์„œ ๊ฐˆ๋ฆฐ๋‹ค. ๊ธฐ๊ด€์ด ์›ํ•œ ๊ฑด ์ˆ˜์ต ๊ตฌ์กฐ์™€ ์ˆ˜์ต๋ฅ  ๋ณ€๋™์— ๋Œ€ํ•œ ์˜ˆ์ธก ๊ฐ€๋Šฅ์„ฑ์ด๋‹ค.

USDe๋Š” ํฌ๋ฆฝํ† ๋ฅผ ๋‹ด๋ณด๋กœ ์žก๊ณ  ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์ˆ์œผ๋กœ ๊ฐ€๊ฒฉ ๋ณ€๋™์„ ์ƒ์‡„ํ•˜๋Š” ๋ธํƒ€ ๋‰ดํŠธ๋Ÿด ๊ตฌ์กฐ๋‹ค. ์ˆ˜์ต์€ ์„ ๋ฌผ์‹œ์žฅ ํŽ€๋”ฉ๋ฅ ์— ์—ฐ๋™๋œ๋‹ค. 2024๋…„ ๊ฐ•์„ธ์žฅ์—์„œ sUSDe APY๋Š” 47%๋ฅผ ๋„˜๊ฒผ๋‹ค. ํšก๋ณด์žฅ์— ์ ‘์–ด๋“ค์ž 3%๋Œ€๊นŒ์ง€ ๋‚ด๋ ค์•‰์•˜๋‹ค. ์ˆ˜๊ฐœ์›” ๋งŒ์— ์—ด ๋ฐฐ ์ด์ƒ ๋ฒŒ์–ด์กŒ๋‹ค. ์ˆ˜์ต์ด ์‹œ์žฅ ๋ถ„์œ„๊ธฐ๋ฅผ ๊ทธ๋Œ€๋กœ ํƒ„๋‹ค.

USDS๋Š” ๋ฏธ๊ตญ ๋‹จ๊ธฐ์ฑ„์™€ ๋จธ๋‹ˆ๋งˆ์ผ“ํŽ€๋“œ๊ฐ€ ๊ธฐ๋ฐ˜ ์ž์‚ฐ์ด๋‹ค. ์ˆ˜์ต์ด ์‹ค๋ฌผ ๊ธˆ๋ฆฌ์— ์—ฐ๋™๋œ๋‹ค. 2024๋…„ ๋ง 9%๋Œ€์˜€๋˜ APY๊ฐ€ ํ˜„์žฌ 3%๋Œ€๊นŒ์ง€ ๋‚ด๋ ค์˜ค๋Š” ๋ฐ 1๋…„ ๋„˜๊ฒŒ ๊ฑธ๋ ธ๋‹ค.

์ด ์ฐจ์ด๋Š” S&P์˜ ํ‰๊ฐ€์—์„œ๋„ ๊ทธ๋Œ€๋กœ ๋“œ๋Ÿฌ๋‚œ๋‹ค. 2025๋…„ 8์›” S&P Global์€ DeFi ํ”„๋กœํ† ์ฝœ ์ตœ์ดˆ๋กœ Sky Protocol์— B- ์‹ ์šฉ๋“ฑ๊ธ‰์„ ๋ถ€์—ฌํ–ˆ๋‹ค. ๋†’์€ ๋“ฑ๊ธ‰์„ ๋ฐ›์€ ๊ฑด ์•„๋‹ˆ์ง€๋งŒ DeFi ํ”„๋กœํ† ์ฝœ ์ตœ์ดˆ๋กœ ์‹ ์šฉ๋“ฑ๊ธ‰์„ ๋ถ€์—ฌ๋ฐ›์€ ์ ์ด ์˜๋ฏธ๊นŠ๋‹ค.

๊ธฐ๊ด€ ์ž…์žฅ์—์„œ ์ˆ˜์ต๋ฅ ๋งŒํผ ์ค‘์š”ํ•œ ๊ฑด ์˜ˆ์ธก ๊ฐ€๋Šฅ์„ฑ์ด๋‹ค. sUSDe๋Š” ์‹œ์žฅ ๋ถ„์œ„๊ธฐ์— ๋”ฐ๋ผ ๋” ๋†’์€ ์ˆ˜์ต๋ฅ ์„ ์ œ๊ณตํ•  ์ˆ˜ ์žˆ์ง€๋งŒ ๊ธฐ๊ด€ ์ž…์žฅ์—์„œ๋Š” ๋‹ค๋ฃจ๊ธฐ ํž˜๋“  ์ž์‚ฐ์ผ ์ˆ˜ ์žˆ๋‹ค.

3. ์ˆ˜์ตํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์‹œ์žฅ์˜ ํ˜„์žฌ ๋ฐฉํ–ฅ์„ฑ

YBS๋ฅผ ๊ตฌ๋ถ„ํ•˜๋Š” ๊ธฐ์ค€์€ ๋‘ ์ถ•์ด๋‹ค. โ€œ์ˆ˜์ต์ด ์–ผ๋งˆ๋‚˜ ์•ˆ์ •์ ์ธ๊ฐ€โ€, ๊ทธ๋ฆฌ๊ณ  โ€œ๊ทธ ์ˆ˜์ต์›์„ ๊ฒ€์ฆํ•  ์ˆ˜ ์žˆ๋Š”๊ฐ€โ€์ด๋‹ค. ๊ฐ™์€ 4% APY๋ผ๋„ ๋ˆ„๊ฐ€ ์ด์ž๋ฅผ ๋‚ด๋Š”์ง€์— ๋”ฐ๋ผ ์œ„ํ—˜์˜ ์„ฑ๊ฒฉ์ด ๋‹ฌ๋ผ์ง„๋‹ค. ๊ทธ๋ฆฌ๊ณ  ๋Œ€๋ถ€๋ถ„์ด ์˜ˆ์ƒ ๊ฐ€๋Šฅํ•œ ์ž์‚ฐ์œผ๋กœ ์ด๋™ํ•˜๊ณ  ์žˆ๋‹ค.

๊ตญ์ฑ„ํ˜•(OUSGยทsfrxUSDยทUSYC)์€ ๊ตฌ์กฐ๋ฅผ ์„ค๋ช…ํ•˜๊ธฐ์— ๊ฐ€์žฅ ์šฉ์ดํ•˜๋‹ค.

๋ฏธ๊ตญ ๋‹จ๊ธฐ๊ตญ์ฑ„ ์ด์ž๊ฐ€ ๋ฐœํ–‰์‚ฌ์™€ ์šด์šฉ ๊ตฌ์กฐ๋ฅผ ๊ฑฐ์ณ ๋ณด์œ ์ž์—๊ฒŒ ์ „๋‹ฌ๋œ๋‹ค. 2026๋…„ 5์›” ๊ธฐ์ค€ ํ‰๊ท  APY๋Š” 3.1~3.5% ์ˆ˜์ค€์ด๋‹ค. ์ˆ˜์ต๋ฅ ์ด ๊ตญ์ฑ„ ๊ธˆ๋ฆฌ์— ๋ฌถ์ธ๋‹ค๋Š” ๊ฒŒ ํ•œ๊ณ„๋‹ค.

ํ•ฉ์„ฑํ˜•(sUSDe)์€ ์ˆ˜์ต์›์„ ํˆฌ๋ช…ํ•˜๊ฒŒ ๋ณผ ์ˆ˜ ์žˆ์ง€๋งŒ ์‹œ์žฅ ์˜จ๋„์— ๋ฏผ๊ฐํ•˜๋‹ค.

์„ ๋ฌผ์‹œ์žฅ ํŽ€๋”ฉ๋น„๊ฐ€ ์ฃผ์š” ์ˆ˜์ต์›์ด๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์ˆ˜์ต์›์„ ์˜จ์ฒด์ธ์—์„œ ์ง์ ‘ ํ™•์ธํ•  ์ˆ˜ ์žˆ์ง€๋งŒ ์‹œ์žฅ ์ƒํ™ฉ์— ๋”ฐ๋ผ ํฌ๊ฒŒ ํ”๋“ค๋ฆฐ๋‹ค. 2025๋…„ 9์›” 15%๋ฅผ ๋„˜์—ˆ๋‹ค๊ฐ€ 2026๋…„ 5์›” 12์ผ APY๋Š” 7์ผ ๊ธฐ์ค€ ์•ฝ 4%๋Œ€์ด๋‹ค.

์‹ ์šฉํ˜•(syrupUSDCยทsyrupUSDT)์€ ์ˆ˜์ต ์•ˆ์ •์„ฑ์€ ๋†’์ง€๋งŒ ๊ฒ€์ฆ ์šฉ์ด์„ฑ์ด ๋‚ฎ๋‹ค.

Maple Finance๋ฅผ ํ†ตํ•ด ํ—ค์ง€ํŽ€๋“œยทํŠธ๋ ˆ์ด๋”ฉ ํšŒ์‚ฌ์˜ ๋Œ€์ถœ ์ด์ž๊ฐ€ ๋ณด์œ ์ž์—๊ฒŒ ๋Œ์•„์˜จ๋‹ค. 4%๋Œ€์˜ ๊ณ ์ •๊ธˆ๋ฆฌ ๊ตฌ์กฐ๋ผ ๋ณ€๋™์ด ์ ์ง€๋งŒ, ์ฐจ์ž…์ž ์‹ ์šฉ๊ณผ ๋‹ด๋ณด ๊ฐ€์น˜๋ฅผ ์™ธ๋ถ€์—์„œ ๊ตฌ์ฒด์ ์œผ๋กœ ํ™•์ธํ•˜๊ธฐ ์–ด๋ ต๋‹ค.

ํ˜ผํ•ฉํ˜•(sUSDS)์€ ์–ด๋А ํ•œ์ชฝ์— ๊ทน๋‹จ์ ์ด์ง€ ์•Š๋‹ค.

Spark ๋Œ€์ถœ ์ˆ˜์ˆ˜๋ฃŒ, RWA ์ˆ˜์ต, ์ค€๋น„๊ธˆ ์šด์šฉ, ๊ฑฐ๋ฒ„๋„Œ์Šค ์ €์ถ•๋ฅ (Saving rate)์ด ์„ž์ธ๋‹ค. 7์ผ ๊ธฐ์ค€ ์ด์œจ์€ 3.6%๋กœ sUSDe๋ณด๋‹ค ๋‚ฎ์€ ์ˆ˜์ค€์ด๋‹ค. ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ ์ธก๋ฉด์—์„œ ๋‹จ์ผ ๋ณ€์ˆ˜์— ๋ฌถ์ด์ง€ ์•Š๋Š”๋‹ค๋Š” ๊ฒŒ ๊ฐ•์ ์ด์ง€๋งŒ ์ˆ˜์ต ๊ตฌ์กฐ๋ฅผ ์™ธ๋ถ€์—์„œ ๋ถ„ํ•ดํ•ด ๋ณด๊ธฐ ์–ด๋ ต๋‹ค.

์œ„ ๋ถ„๋ฅ˜๋ฅผ ํ†ตํ•ด ์•Œ ์ˆ˜ ์žˆ๋“ฏ์ด, ์—ํ…Œ๋‚˜์˜ ํ•ฉ์„ฑํ˜•์„ ์ œ์™ธํ•œ ๋‚˜๋จธ์ง€ ์œ ํ˜•์€ ์ „ํ†ต๊ธˆ์œต์˜ ์ˆ˜์ต์›์„ ์˜จ์ฒด์ธ ์ž์‚ฐ์œผ๋กœ ๊ฐ€์ ธ์˜ค๊ณ  ์žˆ๋‹ค.

4. ์—ํ…Œ๋‚˜๋„ ์ด๋ฏธ ์•Œ๊ณ  ์žˆ๋‹ค.

์—ํ…Œ๋‚˜๊ฐ€ ๊ตฌ์กฐ์  ํ•œ๊ณ„๋ฅผ ์ธ์‹ํ–ˆ๋‹ค๋Š” ์‹ ํ˜ธ๋Š” USDtb์˜ ์ถœ์‹œ์˜€๋‹ค. USDtb๋Š” ๋ฏธ๊ตญ ๋‹จ๊ธฐ๊ตญ์ฑ„๋ฅผ ๋ฆฌ์ €๋ธŒ๋กœ ์“ฐ๋Š” ๊ตญ์ฑ„ํ˜• ๋‹ฌ๋Ÿฌ๋‹ค. ํŽ€๋”ฉ๋น„๊ฐ€ ์—ญ์ „๋˜๋Š” ๊ตฌ๊ฐ„์—์„œ USDe์˜ ์ถฉ๊ฒฉ์„ ํก์ˆ˜ํ•˜๋Š” ์ฟ ์…˜ ์—ญํ• ์ด์—ˆ๋‹ค.

๊ทธ๋ฆฌ๊ณ  2026๋…„ 4์›”, ์—ํ…Œ๋‚˜๋Š” ํ•œ ๋ฐœ ๋” ๋‚˜์•„๊ฐ”๋‹ค. USDe์˜ ๋‹ด๋ณด ๊ตฌ์กฐ ์ž์ฒด๋ฅผ ์ „๋ฉด ๊ฐœํŽธํ–ˆ๋‹ค. Perp ํฌ์ง€์…˜ ๋น„์ค‘์„ ์ „์ฒด ๋‹ด๋ณด์˜ 11%๊นŒ์ง€ ๋‚ฎ์ถ”๊ณ , ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ฆฌ์ €๋ธŒยทDeFi ๋Œ€์ถœยทCLOยทํˆฌ์ž๋“ฑ๊ธ‰ ํšŒ์‚ฌ์ฑ„ ํŽ€๋“œยท๋‹จ๊ธฐ ์‹ ์šฉ ์ƒํ’ˆ์„ ์ƒˆ๋กœ์šด ๋‹ด๋ณด ๋ฒ”์ฃผ๋กœ ์ถ”๊ฐ€ํ–ˆ๋‹ค.

์ถ”๊ฐ€๋กœ ๊ธˆ ํผํ”„ ๊ธฐ๋ฐ˜ ๋ธํƒ€ ๋‰ดํŠธ๋Ÿด ์ „๋žต์„ USDe ๋‹ด๋ณด์— ํŽธ์ž…ํ•˜๋Š” ๋ฐฉ์•ˆ๋„ ๊ฒ€ํ†  ์ค‘์ด๋‹ค. ๊ธฐ์กด BTCยทETH์™€ ๋™์ผํ•œ ๋ฐฉ์‹์„ ๊ธˆ(PAXGยทXAUT)์— ์ ์šฉํ•˜๋Š” ๊ตฌ์กฐ๋กœ, Risk Committee์˜ ๊ณต์‹ ๊ฒ€ํ† ๊ฐ€ ์™„๋ฃŒ๋๋‹ค.

์ถœ์‹œ ์ดํ›„ ๊ฐ€์žฅ ํฐ ๊ตฌ์กฐ ๋ณ€๊ฒฝ์ด์—ˆ๋‹ค. ์—ํ…Œ๋‚˜๊ฐ€ ํฌ๋ฆฝํ†  ์ž์‚ฐ๋งŒ์„ ํ™œ์šฉํ•œ ๋ธํƒ€ ๋‰ดํŠธ๋Ÿด ์ „๋žต์ด ๋” ์ด์ƒ ํ†ตํ•˜์ง€ ์•Š๋Š”๋‹ค๊ณ  ์ธ์ •ํ•œ ์…ˆ์ด๋‹ค.

๊ฒฐ๊ตญ USDe์™€ sUSDe๋Š” ํ•ฉ์„ฑํ˜•์—์„œ ์ถœ๋ฐœํ–ˆ์ง€๋งŒ ํ˜ผํ•ฉํ˜•์œผ๋กœ ์ง„ํ™”ํ•˜๊ณ  ์žˆ๋‹ค. ๋‹จ์ผ ์ˆ˜์ต์›์œผ๋กœ๋Š” YBS ์‹œ์žฅ์—์„œ ์‚ด์•„๋‚จ๊ธฐ ์–ด๋ ค์›Œ์กŒ๋‹ค๋Š” ๊ฒƒ์„ ๋ฐ˜์ฆํ•œ๋‹ค.

5. ๊ฒฐ๊ตญ ๊ธฐ๋ฐ˜์ด ๊ฒฌ๊ณ ํ•ด์ ธ์•ผ ํ•œ๋‹ค.

DeFi๊ฐ€ ์ด์ž๋ฅผ ์ง์ ‘ ๋งŒ๋“ค์ง€ ์•Š๊ณ  ์ „ํ†ต๊ธˆ์œต์œผ๋กœ๋ถ€ํ„ฐ ์ˆ˜์ž…ํ•˜๋Š” ๊ฒƒ์ด ํƒˆ์ค‘์•™ ๊ธˆ์œต์˜ ์ฒ ํ•™์— ์œ„๋ฐฐ๋˜๋Š” ๊ฒƒ์ฒ˜๋Ÿผ ๋А๊ปด์งˆ ์ˆ˜ ์žˆ๋‹ค. ๋‹ค๋งŒ ์ด๊ฒŒ DeFi๊ฐ€ ๋๋‚ฌ์Œ์„ ์˜๋ฏธํ•˜๋Š” ๊ฑด ์•„๋‹ˆ๋‹ค.

ํƒˆ์ค‘์•™ ์ธํ„ฐ๋„ท์„ ๊ฟˆ๊พธ๋˜ ๋ธ”๋ก์ฒด์ธ์€ ์ธํ„ฐ๋„ท ์œ„์— ์˜ฌ๋ผ๊ฐ”๋‹ค. ์ธํ„ฐ๋„ท์ด ์—†์—ˆ๋‹ค๋ฉด ๋ธ”๋ก์ฒด์ธ๋„ ์—†์—ˆ๋‹ค. ๋‹ฌ๋Ÿฌ๋ฅผ ๋Œ€์ฒดํ•˜๊ธฐ ์œ„ํ•œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์€ ๋‹ฌ๋Ÿฌ ์œ„์— ์˜ฌ๋ผ๊ฐ”๋‹ค. ๊ทธ๋ฆฌ๊ณ  ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด DeFi์˜ ๋ถ€ํฅ์„ ๋ณธ๊ฒฉ์ ์œผ๋กœ ์ด๋Œ์—ˆ๋‹ค. ๊ธฐ์ดˆ๊ฐ€ ์ „ํ†ต์ ์ด๋ผ๋Š” ์‚ฌ์‹ค์ด ๊ทธ ์œ„์— ์Œ“์ด๋Š” ๊ตฌ์กฐ์˜ ํ˜์‹ ์„ ๋ง‰์ง€ ์•Š์•˜๋‹ค.

YBS๋„ ๊ฐ™์€ ๊ฒฝ๋กœ๋ฅผ ๋ฐŸ์„ ์ˆ˜ ์žˆ๋‹ค. BUIDL์€ ์ด๋ฏธ USDtb์˜ ๋‹ด๋ณด๊ฐ€ ๋๋‹ค. USDtb๋Š” MegaETH์˜ ๋„ค์ดํ‹ฐ๋ธŒ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ USDm์˜ ๋ฆฌ์ €๋ธŒ๊ฐ€ ๋๋‹ค. ๊ตญ์ฑ„ํ˜• YBS ์œ„์— ์ƒˆ๋กœ์šด ๋จธ๋‹ˆ๋ ˆ๊ณ ๊ฐ€ ์Œ“์ด๋Š” ๊ตฌ์กฐ๋Š” ์ด๋ฏธ ์ง„ํ–‰ ์ค‘์ด๋‹ค.

๊ตญ์ฑ„ํ˜• YBS๊ฐ€ ์ธํ”„๋ผ๋กœ ์ž๋ฆฌ์žก์„์ˆ˜๋ก ์ˆ˜์ต๋ฅ ์ด ๋‚ฎ์•„์ง€๊ณ  ๊ธฐ์กด์— ์ฑ„ํƒ๋˜๋˜ ์•ŒํŠธ์ฝ”์ธ ๊ธฐ๋ฐ˜์˜ ๊ธฐ์ดˆ ์ž์‚ฐ(Underlying Asset) ํ™œ์šฉ๋„๋Š” ๋” ์ข์•„์งˆ ๊ฒƒ์ด๋‹ค. ํŠน์ • ๋‹จ์ผ ์ž์‚ฐ์œผ๋กœ ์ธํ•œ ์•ŒํŒŒ ๋˜ํ•œ ์ ์  ์ค„์–ด๋“ ๋‹ค. ์ธํ„ฐ๋„ท์ด ์ธํ”„๋ผ๊ฐ€ ๋˜๋ฉด์„œ ์ ‘์† ๋น„์šฉ์ด 0์— ์ˆ˜๋ ดํ–ˆ๋“ฏ์ด, YBS๋„ ์ˆ˜์ต๋ฅ ๋ณด๋‹ค ์•ˆ์ •์„ฑ๊ณผ ์กฐํ•ฉ์„ฑ์ด ๋” ์ค‘์š”ํ•ด์ง€๋Š” ๋ฐฉํ–ฅ์œผ๋กœ ๊ฐˆ ๊ฒƒ์ด๋‹ค.

์ธํ”„๋ผ๊ฐ€ ์„ฑ์ˆ™ํ• ์ˆ˜๋ก ๊ทธ ์œ„์˜ ์‹คํ—˜์€ ๋” ๊ฐ•ํ•œ ๊ธฐ์ดˆ์ฒด๋ ฅ์„ ๊ฐ€์ง€๊ณ  ์ง„ํ–‰๋  ์ˆ˜ ์žˆ๋‹ค. ์ดˆ๊ธฐ ํ•ฉ์„ฑ ๋‹ฌ๋Ÿฌ๊ฐ€ ์ง€์† ๋ถˆ๊ฐ€๋Šฅํ–ˆ๋˜ ์ด์œ ๋Š” ๊ธฐ์ดˆ ์ž์‚ฐ์ด ๋ถˆ์•ˆ์ •ํ–ˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

๊ณผ๊ฑฐ DeFi์˜ ์ˆ˜์ต ๊ตฌ์กฐ๋Š” ๋ชจ๋ž˜ ์œ„์— ์ง€์€ ๊ฑด๋ฌผ์— ๊ฐ€๊นŒ์› ๋‹ค. ์•ŒํŠธ์ฝ”์ธ ๊ฐ€๊ฒฉ, ํ† ํฐ ์ธ์„ผํ‹ฐ๋ธŒ ๊ทธ๋ฆฌ๊ณ  ๋ ˆ๋ฒ„๋ฆฌ์ง€ ์ˆ˜์š”์— ์˜์กดํ–ˆ๋‹ค. ์ด์ œ ๊ฒ€์ฆ๋œ ์ˆ˜์ต์›์ด ๊ธฐ์ดˆ๊ฐ€ ๋˜๊ณ  ๊ทธ ์œ„์— ์˜จ์ฒด์ธ ๊ธˆ์œต ๊ตฌ์กฐ๊ฐ€ ์Œ“์ด๊ณ  ์žˆ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ ์ด์šฉ ์•ˆ๋‚ด

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋กœ๊ณ ๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[2026 Know Your Agent: ์—์ด์ „ํŠธ ์‹ ์› ์ธํ”„๋ผ]]>https://reports.tiger-research.com/p/2026-know-your-agent-korhttps://reports.tiger-research.com/p/2026-know-your-agent-korThu, 07 May 2026 12:59:08 GMTAI ์—์ด์ „ํŠธ ์‹œ๋Œ€๊ฐ€ ๋ณธ๊ฒฉํ™”๋˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ํ•œํŽธ์—์„œ๋Š” ์—์ด์ „ํŠธ์˜ ๋ฌด๋ถ„๋ณ„ํ•œ ์ƒ์„ฑ๊ณผ ํ™œ๋™์„ ์šฐ๋ คํ•˜๋Š” ๋ชฉ์†Œ๋ฆฌ๋„ ์ปค์ง€๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ์ด์— ์—์ด์ „ํŠธ์— ์‹ ์›์„ ๋ถ€์—ฌํ•˜๊ณ  ํ–‰์œ„๋ฅผ ํ†ต์ œํ•˜๋Š” KYA(Know Your Agent) ์‹œ์Šคํ…œ์ด ์ฃผ๋ชฉ๋ฐ›๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. KYA ์‹ ์› ์ธํ”„๋ผ๋Š” ์™œ ํ•„์š”ํ• ๊นŒ์š”? ๋˜ ์–ด๋–ค ๊ธฐ์—…๋“ค์ด ์ด๋ฅผ ๊ตฌ์ถ•ํ•˜๊ณ  ์žˆ์„๊นŒ์š”?

๋ฆฌํฌํŠธ ์ „์ฒด ํ™•์ธํ•˜๊ธฐ ๐Ÿ”



Summary


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


KYC(Know Your Customer) ๊ฐœ์ธ ์‹ ์› ์ธ์ฆ์ด ๋ฐ”๊พผ ๊ธˆ์œต ํ™˜๊ฒฝ

์—์ด์ „ํŠธ ์‹ ์› ํ™•์ธ์˜ ๋ถ€์žฌ๋Š” ์‹œ์Šคํ…œ ํ‡ด๋ณดํ•˜๋Š” ์ง€๋ฆ„๊ธธ

KYA(Know Your Agent)์˜ ์—ญํ• ๊ณผ ๋Œ€์‘

๋ชจ๋“  ์˜์—ญ์— KYA๊ฐ€ ํ•„์š”

์ด๋”๋ฆฌ์›€(ERC-8004): NFT ์œ„์—์„œ ์ž‘๋™ํ•˜๋Š” ์‹ ์› ํ‘œ์ค€


๋ฆฌํฌํŠธ ์ „์ฒด ํ™•์ธํ•˜๊ธฐ ๐Ÿ”



23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[๋ธ”๋ž™๋ก(BlackRock)์˜ BUIDL, $2.63B์˜ ์˜จ์ฒด์ธ ๊ธฐ์ดˆ ์ž์‚ฐ์ด ๋˜๋‹ค]]>https://reports.tiger-research.com/p/blackrock-buidl-263b-on-chain-reserve-korhttps://reports.tiger-research.com/p/blackrock-buidl-263b-on-chain-reserve-korWed, 06 May 2026 13:00:50 GMT๋ธ”๋ž™๋ก์˜ BUIDL์€ ์—†์–ด์„  ์•ˆ ๋  ์ž์‚ฐ์ด ๋์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฐ๋ฐ BUIDL์„ ๊ฐ€์žฅ ๋งŽ์ด ์‚ฌ๋“ค์ธ ๊ณ ๊ฐ์ด ๋ˆ„๊ตฌ์ผ๊นŒ์š”? ๊ธฐ๊ด€์ด ์•„๋‹ˆ๋ผ DeFi์ž…๋‹ˆ๋‹ค.

Key Takeaways


1. ๊ธฐ๊ด€์šฉ ์ƒํ’ˆ์—์„œ ํ”„๋กœํ† ์ฝœ์˜ ๊ธฐ์ดˆ ์ž์‚ฐ์œผ๋กœ

๋ธ”๋ž™๋ก๊ณผ ์‹œํ๋ฆฌํƒ€์ด์ฆˆ(Securitize)๊ฐ€ BUIDL์„ ์ถœ์‹œํ–ˆ์„ ๋•Œ ๊ฒจ๋ƒฅํ–ˆ๋˜ ๊ณ ๊ฐ์€ ๊ธฐ๊ด€์ด์—ˆ๋‹ค. ํ˜„๊ธˆ, ๋ฏธ๊ตญ ๊ตญ์ฑ„์— ํˆฌ์žํ•˜๋ฉฐ ์ ๊ฒฉ ํˆฌ์ž์ž๋งŒ ์ ‘๊ทผํ•  ์ˆ˜ ์žˆ๋‹ค. 1์ฐจ ์ฒญ์•ฝ ์ตœ์†Œ ํˆฌ์ž๊ธˆ์€ 500๋งŒ ๋‹ฌ๋Ÿฌ์ด๋‹ค.

ํ•˜์ง€๋งŒ ๊ฐ€์žฅ ๋จผ์ € ์›€์ง์ธ ๊ฑด ๊ธฐ๊ด€ ํˆฌ์ž์ž๊ฐ€ ์•„๋‹ˆ๋ผ DeFi ํ”„๋กœํ† ์ฝœ์ด์—ˆ๋‹ค. ํ”„๋กœํ† ์ฝœ๋“ค์ด BUIDL์„ ์‚ฐ ๊ฑด ์ˆ˜์ต๋ฅ  ๋•Œ๋ฌธ์ด ์•„๋‹ˆ์—ˆ๋‹ค. ์ด์œ ๋Š” ์„ธ ๊ฐ€์ง€๋‹ค.

  1. ๋ฒ•์  ์ฒญ๊ตฌ๊ถŒ์ด ๋ช…ํ™•ํ•˜๋‹ค. BUIDL์€ Rule 506(c) ์‚ฌ๋ชจ ๊ทœ์ • ์•„๋ž˜ ๋ฐœํ–‰๋œ ํŽ€๋“œ๋กœ, ํˆฌ์ž์ž ๊ถŒ๋ฆฌ๊ฐ€ ๋ฏธ๊ตญ ์ฆ๊ถŒ๋ฒ• ์•ˆ์—์„œ ์ •์˜๋˜์–ด ์žˆ๋‹ค. ํ”„๋กœํ† ์ฝœ์ด ๋ฆฌ์ €๋ธŒ๋กœ ํŽธ์ž…ํ–ˆ์„ ๋•Œ โ€œ์ด ์ž์‚ฐ์ด ๋ฌด์—‡์ด๊ณ  ์–ด๋–ป๊ฒŒ ๋Œ๋ ค๋ฐ›๋Š”๊ฐ€โ€๋ฅผ ๋ฒ•์ ์œผ๋กœ ์„ค๋ช…ํ•  ์ˆ˜ ์žˆ๋‹ค.

  2. ๊ทœ์ œ ์ ์‘ ๋น„์šฉ์„ ๋‚ฎ์ถ˜๋‹ค. GENIUS Act ์ดํ›„ ์š”๊ฑด์„ ์ฒ˜์Œ๋ถ€ํ„ฐ ์ง์ ‘ ์„ค๊ณ„ํ•˜๋Š” ๊ฒƒ์€ ๋ณต์žกํ•˜๋‹ค. ์ด๋ฏธ ๊ธฐ๊ด€ ๋‹ด๋ณด ๊ธฐ์ค€์„ ํ†ต๊ณผํ•œ BUIDL์„ ๊ธฐ์ดˆ ์ž์‚ฐ์œผ๋กœ ํ™œ์šฉํ•˜๋ฉด ๊ทธ ๋น„์šฉ์„ ์ค„์ผ ์ˆ˜ ์žˆ๋‹ค. ๊ทœ์ œ๊ฐ€ ๊นŒ๋‹ค๋กœ์›Œ์งˆ์ˆ˜๋ก ์ด ์ด์ ์€ ์ปค์ง„๋‹ค.

  3. ์˜จ์ฒด์ธ์—์„œ ์กฐํ•ฉ์ด ๊ฐ€๋Šฅํ•˜๋‹ค. BUIDL์€ DeFi ํ”„๋กœํ† ์ฝœ์ด ๋ฆฌ์ €๋ธŒ๋กœ ํŽธ์ž…ํ•˜๊ณ , ๊ฑฐ๋ž˜์†Œ๊ฐ€ ๋‹ด๋ณด๋กœ ์“ฐ๊ณ , ์ƒํƒœ๊ณ„ ์ „์šฉ ๋‹ฌ๋Ÿฌ์˜ ๊ธฐ์ดˆ ์ž์‚ฐ์œผ๋กœ ์žฌ๊ฐ€๊ณตํ•  ์ˆ˜ ์žˆ๋‹ค.

์„ธ ์กฐ๊ฑด์„ ๋™์‹œ์— ๊ฐ–์ถ˜ ์ž์‚ฐ์ด ์—†์—ˆ๋‹ค. ๊ทธ๋ž˜์„œ BUIDL์€ ๋…๋ณด์ ์ธ ๊ธฐ์ดˆ ์ž์‚ฐ ๊ณต๊ธ‰์ฒ˜๊ฐ€ ๋  ์ˆ˜ ์žˆ์—ˆ๋‹ค.

2. ๊ฐ DeFi ํ”„๋กœํ† ์ฝœ๋“ค์€ ์–ด๋–ป๊ฒŒ BUIDL์„ ์‚ฌ์šฉํ•˜๋Š”๊ฐ€?

BUIDL์„ ๋ฆฌ์ €๋ธŒ๋กœ ํ™œ์šฉํ•˜๋Š” ์ž์‚ฐ์—์„œ ์ค‘์š”ํ•œ ๊ฑด BUIDL์ด ๊ฐ ํ”„๋กœํ† ์ฝœ ์•ˆ์—์„œ ์–ด๋–ค ์—ญํ• ์„ ํ•˜๋Š”๊ฐ€๋‹ค.

2.1. Ethena(USDtb): ํŽ€๋”ฉ๋น„ ๋ฆฌ์Šคํฌ ์™„์ถฉ

Ethena์˜ ๋Œ€ํ‘œ ์ƒํ’ˆ์€ ํ•ฉ์„ฑ ๋‹ฌ๋Ÿฌ USDe์™€, USDe๋ฅผ ์Šคํ…Œ์ดํ‚นํ•ด ๋ฐ›๋Š” sUSDe๋‹ค. USDe๋Š” ๋‘ ๊ฐ€์ง€ ๊ฒฝ๋กœ๋กœ ์ˆ˜์ต์„ ๋งŒ๋“ ๋‹ค.

  1. ์Šคํ…Œ์ดํ‚น ์ž์‚ฐ์—์„œ ๋‚˜์˜ค๋Š” ์Šคํ…Œ์ดํ‚น ๋ณด์ƒ

  2. ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ ์‹œ์žฅ์˜ ํŽ€๋”ฉ๋น„ (๋ธํƒ€ ๋‰ดํŠธ๋Ÿด ์ „๋žต)

ํŠนํžˆ ๋‘ ๋ฒˆ์งธ, ํŽ€๋”ฉ๋น„ ์ˆ˜์ต์€ ๋ธํƒ€ ๋‰ดํŠธ๋Ÿด ์ „๋žต์—์„œ ๋‚˜์˜จ๋‹ค. USDe๋Š” ๋‹ด๋ณด ์ž์‚ฐ์˜ ๊ฐ€๊ฒฉ ๋ณ€๋™ ๋ฆฌ์Šคํฌ๋ฅผ ์ƒ์‡„(์ค‘๋ฆฝ)ํ•˜๊ธฐ ์œ„ํ•ด ๊ฐ™์€ ๊ทœ๋ชจ์˜ ์„ ๋ฌผ ์ˆ ํฌ์ง€์…˜์„ ๋™์‹œ์— ์œ ์ง€ํ•œ๋‹ค. ๋กฑ ์ˆ˜์š”๊ฐ€ ๊ฐ•ํ•œ ์žฅ์„ธ์—์„œ๋Š” ๋กฑ ํฌ์ง€์…˜ ๋ณด์œ ์ž๊ฐ€ ์ˆ ๋ณด์œ ์ž์—๊ฒŒ ํŽ€๋”ฉ๋น„๋ฅผ ์ง€๊ธ‰ํ•˜๋Š”๋ฐ, Ethena๊ฐ€ ์ˆ์„ ์ฅ๊ณ  ์žˆ์œผ๋ฏ€๋กœ ์ด ์ˆ˜์ต์„ ๊ทธ๋Œ€๋กœ ์ˆ˜์ทจํ•œ๋‹ค.

๋ฌธ์ œ๋Š” ํŽ€๋”ฉ๋น„๊ฐ€ ์—ญ์ „๋˜๋Š” ๊ตฌ๊ฐ„์ด๋‹ค. ํ•˜๋ฝ์žฅ์—์„œ ์ˆ ์ˆ˜์š”๊ฐ€ ์šฐ์„ธํ•ด์ง€๋ฉด ์ˆ ๋ณด์œ ์ž๊ฐ€ ์˜คํžˆ๋ ค ํŽ€๋”ฉ๋น„๋ฅผ ๋‚ด์•ผ ํ•œ๋‹ค. Ethena ์ž…์žฅ์—์„œ๋Š” ์ˆ˜์ต์ด ๋น„์šฉ์œผ๋กœ ์ „ํ™˜๋˜๋Š” ๊ตฌ๊ฐ„์ด๋‹ค. ์ด ์ƒํƒœ๊ฐ€ ๊ธธ์–ด์ง€๋ฉด ๋ณดํ—˜ ํŽ€๋“œ๊ฐ€ ์†Œ์ง„๋˜๊ณ , USDe์˜ ๋‹ฌ๋Ÿฌ ํŽ˜๊ทธ๊ฐ€ ํ”๋“ค๋ฆด ์ˆ˜ ์žˆ๋‹ค.

Ethena๋Š” ์ด ์œ„ํ—˜์„ ๋ฒ„ํ…จ๋‚ผ ์ž์‚ฐ์ด ํ•„์š”ํ–ˆ๋‹ค. USDtb๊ฐ€ ๊ทธ ์—ญํ• ์„ ๋งก์•˜๋‹ค. ์ดˆ๊ธฐ ๊ตฌ์กฐ์—์„œ BUIDL๊ณผ USDC๋ฅผ ํ•ต์‹ฌ ๋ฆฌ์ €๋ธŒ๋กœ ์ผ๋‹ค. ์ˆ˜์ต์„ ๋Œ์–ด์˜ฌ๋ฆฌ๊ธฐ ์œ„ํ•ด์„œ๊ฐ€ ์•„๋‹ˆ๋‹ค. ํŽ€๋”ฉ๋น„๊ฐ€ ๊บพ์ด๋Š” ๊ตฌ๊ฐ„์— Ethena ์ „์ฒด ๊ตฌ์กฐ๊ฐ€ ๋ฒ„ํ‹ธ ์ˆ˜ ์žˆ๋„๋ก ๋ฐ›์ณ์ฃผ๋Š” ๋ฐฉ์–ด ์ž์‚ฐ์ด๋‹ค.

2.2. Ondo(OUSG): ๊ธฐ์ดˆ ์ž์‚ฐ (์ค‘๊ฐ„์žฌ ์›์žฌ๋ฃŒ)

OUSG(Ondo U.S. Government Bond Fund)๋Š” ๋ฏธ๊ตญ ๊ตญ์ฑ„ ๊ธฐ๋ฐ˜ ๊ธฐ๊ด€์šฉ ์ž์‚ฐ์„ ์˜จ์ฒด์ธ์œผ๋กœ ์ ‘๊ทผํ•  ์ˆ˜ ์žˆ๊ฒŒ ๋งŒ๋“  ํ† ํฐํ™” ํŽ€๋“œ๋‹ค. ๋ธ”๋ž™๋ก BUIDL์ด๋‚˜ Franklin Templeton FOBXX ๊ฐ™์€ ๊ธฐ๊ด€์šฉ ๋จธ๋‹ˆ๋งˆ์ผ“ ํŽ€๋“œ์— ์ง์ ‘ ์ ‘๊ทผํ•˜๋ ค๋ฉด ์ˆ˜๋ฐฑ๋งŒ ๋‹ฌ๋Ÿฌ์˜ ์ตœ์†Œ ํˆฌ์ž๊ธˆ๊ณผ ์ ๊ฒฉ ํˆฌ์ž์ž ์š”๊ฑด์ด ํ•„์š”ํ•˜๋‹ค. OUSG๋Š” ์ด ์žฅ๋ฒฝ์„ ๋‚ฎ์ถฐ DeFi ์‚ฌ์šฉ์ž๊ฐ€ ์˜จ์ฒด์ธ์—์„œ ์ ‘๊ทผํ•  ์ˆ˜ ์žˆ๋Š” ์ค‘๊ฐ„์žฌ ์—ญํ• ์„ ํ•œ๋‹ค.

OUSG ๋ฆฌ์ €๋ธŒ ์ž์‚ฐ ๊ตฌ์„ฑ์—” BUIDL์ด ํฌํ•จ๋ผ ์žˆ๋‹ค. Franklin Templeton์˜ FOBXX, WisdomTree์˜ WTGXX๋„ ํ•จ๊ป˜ ๋‹ด๊ฒผ๋‹ค. ๋ฆฌํ…Œ์ผ์ด ์ง์ ‘ ์ ‘๊ทผํ•˜๊ธฐ ์–ด๋ ค์šด ๊ธฐ๊ด€์šฉ ์ž์‚ฐ์„ OUSG๋ผ๋Š” ์˜จ์ฒด์ธ ์ค‘๊ฐ„์žฌ๋กœ ์žฌํฌ์žฅํ•œ ๊ตฌ์กฐ๋‹ค.

2.3. Frax(frxUSD): ๋ฏผํŒ…ยทํ™˜๋งค ์ค€๋น„์ž์‚ฐ

frxUSD๋Š” Frax Protocol์ด ์ƒˆ๋กญ๊ฒŒ ์„ค๊ณ„ํ•œ ๋‹ฌ๋Ÿฌ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด๋‹ค. USDC๋‚˜ USDT์ฒ˜๋Ÿผ 1๋‹ฌ๋Ÿฌ ๊ฐ€์น˜๋ฅผ ์œ ์ง€ํ•˜๋Š” ๊ฒŒ ๋ชฉํ‘œ์ธ๋ฐ, ๊ธฐ์กด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ๊ณผ ๋‹ค๋ฅธ ์ ์€ ๋ฆฌ์ €๋ธŒ ๊ตฌ์„ฑ ๋ฐฉ์‹์ด๋‹ค.

๊ธฐ์กด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์€ ์˜คํ”„์ฒด์ธ ์€ํ–‰ ๊ณ„์ขŒ์˜ ํ˜„๊ธˆ์ด๋‚˜ ๊ตญ์ฑ„๋กœ ๋ฆฌ์ €๋ธŒ๋ฅผ ์ฑ„์› ๋‹ค. Frax๋Š” ๊ทธ ์ž๋ฆฌ์— ์˜จ์ฒด์ธ ํ† ํฐํ™” ๊ตญ์ฑ„์ธ BUIDL์„ ๋„ฃ์—ˆ๋‹ค. BUIDL์„ ๋ณด๋‚ด๋ฉด frxUSD๊ฐ€ ๋ฏผํŒ…๋˜๊ณ , frxUSD๋ฅผ ๋ณด๋‚ด๋ฉด BUIDL๋กœ ๋Œ๋ ค๋ฐ›๋Š” 1๋Œ€1 ๊ตฌ์กฐ๋‹ค.

frxUSD ์‚ฌ์šฉ์ž๋Š” ์ด ๊ตฌ์กฐ๋ฅผ ์ง์ ‘ ๋ณผ ์ผ์ด ์—†๋‹ค. ๊ฒฐ์ œ๋‚˜ DeFi์—์„œ ๊ทธ๋ƒฅ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์‚ฌ์šฉํ•˜๋ฉด ๋œ๋‹ค. ๊ทธ ๋’ท๋‹จ์—์„œ BUIDL์ด ๋ฏผํŒ…๊ณผ ํ™˜๋งค๋ฅผ ๋’ท๋ฐ›์นจํ•œ๋‹ค.

2.4. Sky/Spark: ์œ ๋™์„ฑ ๋ ˆ์ด์–ด ํฌํŠธํด๋ฆฌ์˜ค

Sky(๊ตฌ MakerDAO)๋Š” DAI ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ์ž˜ ์•Œ๋ ค์ง„ DeFi ํ”„๋กœํ† ์ฝœ์ด๋‹ค. Spark๋Š” Sky ์ƒํƒœ๊ณ„์˜ ์ž๊ธˆ์„ ์šด์šฉํ•˜๋Š” ๋Œ€์ถœยท์œ ๋™์„ฑ ๋ ˆ์ด์–ด๋กœ, ๋‹ด๋ณด ์ž์‚ฐ ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ๊ด€๋ฆฌํ•œ๋‹ค. Tokenization Grand Prix(TGP)๋Š” Spark๊ฐ€ ํ˜„์‹ค ์ž์‚ฐ์„ ์˜จ์ฒด์ธ ๋‹ด๋ณด๋กœ ํŽธ์ž…ํ•˜๊ธฐ ์œ„ํ•ด ์„ค๊ณ„ํ•œ ํ”„๋กœ๊ทธ๋žจ์ด๋‹ค. ์ด 10์–ต ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์˜ RWA ์ž์‚ฐ์„ ๊ฒฝ์Ÿ ์ž…์ฐฐ ๋ฐฉ์‹์œผ๋กœ ์„ ์ •ํ•ด Spark Liquidity Layer์— ํŽธ์ž…ํ•œ๋‹ค.

Spark์˜ TGP ์ง‘ํ–‰์•ˆ์€ ์ด 10์–ต ๋‹ฌ๋Ÿฌ ์ค‘ 5์–ต ๋‹ฌ๋Ÿฌ๋ฅผ BUIDL์— ๋ฐฐ๋ถ„ํ–ˆ๋‹ค. ๋‚˜๋จธ์ง€๋Š” Superstate์˜ USTB์™€ Centrifuge์˜ JTRSY์— ๋‚˜๋ˆด๋‹ค. ๋‹จ์ผ ๋ฆฌ์ €๋ธŒ๊ฐ€ ์•„๋‹ˆ๋ผ ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ๊ตฌ์„ฑํ•œ ๊ฒƒ์ด๋‹ค.

์ „ํ†ต ์ž์‚ฐ์šด์šฉ์‚ฌ๋„ ๊ตญ์ฑ„, MMF, ํฌ๋ ˆ๋”ง ์ƒํ’ˆ์„ ์„ž์–ด ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ์ง ๋‹ค. ๋‹ค๋ฅธ ์ ์€ ์ด ์กฐํ•ฉ์ด ์˜จ์ฒด์ธ์—์„œ ์ž‘๋™ํ•˜๊ณ , ๋‹ด๋ณด๋‚˜ ์œ ๋™์„ฑ์œผ๋กœ DeFi ๋ ˆ์ผ ์œ„์—์„œ ๋‹ค์‹œ ์“ฐ์ธ๋‹ค๋Š” ๊ฒƒ์ด๋‹ค.

์•ž์„  ๋„ค ์‚ฌ๋ก€์—์„œ BUIDL์˜ ์—ญํ• ์€ ๊ฐ๊ฐ ๋‹ฌ๋ž๋‹ค. ๋ฆฌ์ €๋ธŒ๊ฐ€ ๋˜๊ธฐ๋„ ํ–ˆ๊ณ , ๊ธฐ์ดˆ ์ž์‚ฐ์ด ๋˜๊ธฐ๋„ ํ–ˆ๊ณ , ํฌํŠธํด๋ฆฌ์˜ค ๊ตฌ์„ฑ ์ž์‚ฐ์œผ๋กœ ์“ฐ์ด๊ธฐ๋„ ํ–ˆ๋‹ค. ๊ณตํ†ต์ ์€ ํ•˜๋‚˜๋‹ค. ์–ด๋А ๊ฒฝ์šฐ์—๋„ BUIDL์€ ์ตœ์ข… ์ƒํ’ˆ์ด ์•„๋‹ˆ์—ˆ๋‹ค. ํ”„๋กœํ† ์ฝœ๋“ค์ด ์ž๊ธฐ ์‹œ์Šคํ…œ์„ ์ฑ„์šฐ๊ธฐ ์œ„ํ•ด BUIDL์„ ์‚ฌ๋“ค์ด๋Š” ๊ตฌ์กฐ๊ฐ€ ์ด๋ฏธ ์ž‘๋™ํ•˜๊ณ  ์žˆ๋‹ค.

3. BUIDL์ด ํ•œ ๋ฒˆ ๋” ์žฌ๊ฐ€๊ณต๋˜๋Š” ๋ฐฉ์‹

์•ž์„œ ์‚ดํŽด๋ณธ ๊ฒƒ์ฒ˜๋Ÿผ ํ”„๋กœํ† ์ฝœ๋“ค์€ ์ €๋งˆ๋‹ค์˜ ์ด์œ ๋กœ BUIDL์„ ์ง์ ‘ ๋งค์ž…ํ•ด ๋ฆฌ์ €๋ธŒ๋กœ ํŽธ์ž…ํ–ˆ๋‹ค. ์—ฌ๊ธฐ์„œ ๋๋‚˜์ง€ ์•Š์•˜๋‹ค. BUIDL์„ ๊ธฐ๋ฐ˜์œผ๋กœ ๋งŒ๋“  ์ƒํ’ˆ์ด ๋‹ค์‹œ ์ƒˆ๋กœ์šด ์ƒํ’ˆ์˜ ๋ฆฌ์ €๋ธŒ๊ฐ€ ๋˜๋ฉฐ ๋ฌดํ•œํ•œ ํ™•์žฅ์ด ์ด๋ค„์ง€๊ณ  ์žˆ๋‹ค.

MegaETH์˜ USDM์ด ๋Œ€ํ‘œ ์‚ฌ๋ก€๋‹ค. USDm์€ MegaETH๊ฐ€ Ethena์™€ ํ˜‘๋ ฅํ•ด ์„ค๊ณ„ํ•œ ์ƒํƒœ๊ณ„ ์ „์šฉ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด๋‹ค. USDm์˜ ๋ฆฌ์ €๋ธŒ๋Š” USDtb์ด๊ณ , USDtb์˜ ๋ฆฌ์ €๋ธŒ์€ BUIDL์ด๋‹ค. MegaETH์—์„œ USDm ์ˆ˜์š”๊ฐ€ ๋Š˜์–ด๋‚ ์ˆ˜๋ก BUIDL ์ˆ˜์š”๋„ ๋”ฐ๋ผ ์˜ค๋ฅธ๋‹ค.

์ฆ‰, ์ƒํƒœ๊ณ„๊ฐ€ ๋Š˜์–ด๋‚ ์ˆ˜๋ก ๊ฒฝ์Ÿ์ž๊ฐ€ ์•„๋‹ˆ๋ผ ๊ณ ๊ฐ์ด ๋Š˜์–ด๋‚˜๋Š” ๊ตฌ์กฐ๋‹ค. ๋˜, ์˜จ์ฒด์ธ ๊ธˆ์œต์—์„œ๋Š” ์ฑ„ํƒ ์†๋„๊ฐ€ ํฐ ์ฐจ๋ณ„์ ์ด๋‹ค. ๋งŒ์•ฝ, ์ „ํ†ต ๊ธˆ์œต์—์„œ ์ด๋Ÿฐ ํŒŒ์ƒ ๊ตฌ์กฐ๋ฅผ ๋งŒ๋“ ๋‹ค๋ฉด, ๊ทœ์ œ ๊ฒ€ํ† , ๋ฒ•์  ๊ณ„์•ฝ, ์ˆ˜ํƒ ๊ตฌ์กฐ ํ˜‘์˜๊นŒ์ง€ ์ˆ˜๊ฐœ์›”์ด ๊ฑธ๋ฆด ๊ฒƒ์ด๋‹ค. ํ•˜์ง€๋งŒ ์˜จ์ฒด์ธ์—์„œ๋Š” ์ด ๊ณผ์ •์ด ๋Œ€ํญ ์ถ•์†Œ๋˜๋ฉฐ, ๊ทœ์ œ์˜ ํ‹€ ์•ˆ์—๋งŒ ์žˆ๋‹ค๋ฉด ๊ธฐ์ดˆ ์ž์‚ฐ์˜ ์ข…๋ฅ˜์—๋Š” ์‚ฌ์‹ค์ƒ ์ œํ•œ์ด ์—†์–ด์ง„๋‹ค.

์ •๋ฆฌํ•˜๋ฉด BUIDL์ด ํ˜„์‹ค ์„ธ๊ณ„์˜ ์•ˆ์ „ํ•œ ์ž์‚ฐ์„ ๊ธฐ๋ฐ˜์œผ๋กœ ๋ฌดํ•œํ•œ ๊ฐ€๋Šฅ์„ฑ์„ ์—ด๊ณ  ์žˆ์œผ๋ฉฐ, ์ด๋“ค์„ ์ค‘์‹ฌ์œผ๋กœ ๊ณ ๊ฐ์ด ๋ชฐ๋ฆฌ๊ณ  ์žˆ๋‹ค.

4. BUIDL ๊ทธ ๋‹ค์Œ์€?

๋ธ”๋ž™๋ก์ด ๊ธฐ๊ด€์šฉ ํŽ€๋“œ๋ฅผ ๋งŒ๋“ค์—ˆ๊ณ , EthenaยทOndoยทFraxยทSpark๊ฐ€ ๊ธฐ์ดˆ ์ž์‚ฐ์œผ๋กœ ๊ฐ€์ ธ๊ฐ”๊ณ , MegaETH๊ฐ€ ๊ทธ ์œ„์— ์ƒํƒœ๊ณ„ ์ „์šฉ ๋‹ฌ๋Ÿฌ๋ฅผ ์–น์—ˆ๋‹ค. 2024๋…„ 3์›” ์ถœ์‹œ ์ดํ›„ ์ฑ„ 2๋…„์ด ๊ฑธ๋ฆฌ์ง€ ์•Š์•˜๋‹ค.

์ด ์†๋„๊ฐ€ ๊ฐ€๋Šฅํ–ˆ๋˜ ์ด์œ ๋Š” ๋ธ”๋ž™๋ก์˜ ์ด๋ฆ„๋งŒ์ด ์•„๋‹ˆ๋‹ค. ๋ฒ•์  ์ฒญ๊ตฌ๊ถŒ, ์˜จ์ฒด์ธ ์กฐํ•ฉ์„ฑ, ๊ทœ์ œ ์ ํ•ฉ์„ฑ. ์„ธ ์กฐ๊ฑด์„ ๋™์‹œ์— ๊ฐ–์ถ˜ ์ž์‚ฐ์ด ๊ทธ๋•Œ BUIDL๋ฟ์ด์—ˆ๋‹ค. ๊ทธ๋ž˜์„œ ์„ ์  ํšจ๊ณผ๊ฐ€ ์ปธ๋‹ค. ๊ทธ๋ฆฌ๊ณ  ์ง€๊ธˆ์ฒ˜๋Ÿผ DeFi ํ”„๋กœํ† ์ฝœ๋“ค์ด BUIDL์„ ๋ฆฌ์ €๋ธŒ๋กœ ํŽธ์ž…ํ• ์ˆ˜๋ก ์„ ์ ํšจ๊ณผ๋Š” ๋” ๊ตณ์–ด์ง„๋‹ค.

๊ทธ๋ ‡๋‹ค๋ฉด BUIDL ์ดํ›„ ์‹œ์žฅ์— ๋‚˜์˜ฌ ํ† ํฐํ™” ์ž์‚ฐ๋“ค์€ ์–ด๋–ป๊ฒŒ ์ง„์ž…ํ•ด์•ผ ํ•˜๋Š”๊ฐ€.

ํ† ํฐํ™” ์ž์‚ฐ์„ ์„ค๊ณ„ํ•˜๋Š” ํŒ€ ๋Œ€๋ถ€๋ถ„์€ ๋‘ ๊ฐˆ๋ž˜๋กœ ์ƒ๊ฐํ•œ๋‹ค. ํ† ํฐํ™” ์ž์ฒด๊ฐ€ ์ˆ˜์š”๋ฅผ ๋งŒ๋“ค์–ด์ค„ ๊ฑฐ๋ผ ๋ฏฟ๊ฑฐ๋‚˜, ์ „ํ†ต ๊ธˆ์œต์—์„œ ํ•˜๋˜ ๋Œ€๋กœ ์˜์—…ํŒ€ยทํŒ๋งค ์ฑ„๋„ยท๋ธŒ๋กœ์ปค ๋„คํŠธ์›Œํฌ๋ฅผ ๋™์›ํ•˜๊ฑฐ๋‚˜.

ํ•˜์ง€๋งŒ BUIDL์€ ๊ธฐ์กด ํผ๋„์ด ์•„๋‹Œ ์ƒˆ๋กœ์šด ๊ณ ๊ฐ์„ ์ฐพ์•˜๋‹ค. EthenaยทOndoยทFraxยทSpark ๊ฐ™์€ DeFi ํ”„๋กœํ† ์ฝœ์ด ๋จผ์ € ์ฑ„ํƒํ–ˆ๊ณ , ๊ทธ๋‹ค์Œ DeribitยทBinanceยทOKX ๊ฐ™์€ ๊ฑฐ๋ž˜์†Œ์™€ ๊ธฐ๊ด€์ด ๋”ฐ๋ผ์™”๋‹ค. ์ „ํ†ต ๊ธˆ์œต์—๋Š” ์—†๋˜ DeFi ํ”„๋กœํ† ์ฝœ์ด๋ผ๋Š” ๊ณ ๊ฐ์ธต์„ ๋ฐœ๊ฒฌํ•œ ๊ฒƒ์ด๋‹ค.

์ด๋“ค์€ ์ž์‚ฐ์„ ์‚ฌ๋“ค์ด๊ณ , ๊ทธ ์œ„์— ์ž๊ธฐ ์ƒํ’ˆ์„ ์Œ“๊ณ , ๊ทธ ์ƒํ’ˆ์ด ๋‹ค์‹œ ๋‹ค์Œ ํ”„๋กœํ† ์ฝœ์˜ ๊ธฐ๋ฐ˜์ด ๋œ๋‹ค. ์˜์—…์œผ๋กœ ๋งŒ๋‚˜๋Š” ๊ณ ๊ฐ์ด ์•„๋‹ˆ๋ผ ์„ค๊ณ„๋กœ ๋Œ์–ด๋“ค์ด๋Š” ๊ณ ๊ฐ์ด๋‹ค. ์ด ๊ณ ๊ฐ์ธต์„ ๋ฐœ๊ฒฌํ•˜์ง€ ๋ชปํ•œ๋‹ค๋ฉด, ๋‹ค์Œ BUIDL์€ ๋‚˜์˜ค์ง€ ์•Š๋Š”๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[๋„ฅ์„œ์Šค(Nexus): FTX์˜ ๊ตํ›ˆ, AI ์—์ด์ „ํŠธ ์‹œ๋Œ€์— ๋‹ค์‹œ ์“ฐ๋‹ค.]]>https://reports.tiger-research.com/p/nexus-rewriting-the-ftx-lesson-for-korhttps://reports.tiger-research.com/p/nexus-rewriting-the-ftx-lesson-for-korTue, 05 May 2026 14:25:42 GMTFTX๊ฐ€ ๋ฌด๋„ˆ์ง€๊ธฐ ์ „, ์ค€๋น„๊ธˆ์„ ์ง์ ‘ ํ™•์ธํ•  ์ˆ˜ ์žˆ์—ˆ๋‹ค๋ฉด ์–ด๋• ์„๊นŒ์š”? ๊ฒ€์ฆํ•  ์ˆ˜ ์—†๋Š” ๊ธˆ์œต์€ ์–ธ์ œ๋“  ๋ฌด๋„ˆ์ง€๊ณ , AI ์—์ด์ „ํŠธ๊ฐ€ ์‚ฌ๋žŒ ๋Œ€์‹  ๊ฑฐ๋ž˜๋ฅผ ์‹คํ–‰ํ•˜๋Š” ์‹œ๋Œ€์—๋Š” ๊ทธ ๋ฆฌ์Šคํฌ๊ฐ€ ๋” ๋น ๋ฅด๊ฒŒ ํผ์ง‘๋‹ˆ๋‹ค.

Key Takeaways


1. ๊ธˆ์œต์€ ํˆฌ๋ช…ํ•˜์ง€ ์•Š๋‹ค.

์ „ํ†ต ๊ธˆ์œต์˜ ๋ฌธ์ œ๋Š” ์„ฑ๋Šฅ์ด ์•„๋‹ˆ๋‹ค. ์šฐ๋ฆฌ๋Š” ์ด๋ฏธ ํŽธ๋ฆฌํ•œ ๊ธˆ์œต ์„œ๋น„์Šค๋ฅผ ์“ฐ๊ณ  ์žˆ๋‹ค. ๋ฌธ์ œ๋Š” ๊ทธ ํŽธ๋ฆฌํ•จ ๋’คํŽธ์— ์žˆ๋‹ค. ์‚ฌ์šฉ์ž๋Š” ๊ธˆ์œต ์‹œ์Šคํ…œ ์•ˆ์—์„œ ์‹ค์ œ๋กœ ๋ฌด์Šจ ์ผ์ด ๋ฒŒ์–ด์ง€๋Š”์ง€ ์•Œ ์ˆ˜ ์—†๋‹ค.

์‹ค์ œ๋กœ ์ด ๋ถˆํˆฌ๋ช…ํ•จ์€ ๋ฐ˜๋ณต์ ์œผ๋กœ ์œ„๊ธฐ๋ฅผ ๋งŒ๋“ค์–ด ์™”๋‹ค.

2008๋…„ ๊ธˆ์œต์œ„๊ธฐ๊ฐ€ ๋Œ€ํ‘œ์ ์ด๋‹ค. ๋‹น์‹œ ๋ฏธ๊ตญ ์ƒ์—…์€ํ–‰๋“ค์€ ๋Œ€์ถœ ๋ถ€์‹ค์ด ์ปค์ง€๊ณ  ์žˆ๋‹ค๋Š” ์‚ฌ์‹ค์„ ์•Œ๋ฉด์„œ๋„ ์†์‹ค์„ ์žฅ๋ถ€์— ๋ฐ˜์˜ํ•˜์ง€ ์•Š์•˜๋‹ค. ์žฌ๋ฌด์ œํ‘œ๋Š” ๋ฉ€์ฉกํ•ด ๋ณด์˜€๊ณ , ์˜ˆ๊ธˆ์ž๋„ ๊ทœ์ œ ๋‹น๊ตญ๋„ ์‹ค์ œ ์œ„ํ—˜์„ ํŒŒ์•…ํ•˜์ง€ ๋ชปํ–ˆ๋‹ค. ๊ฒฐ๊ตญ ์ˆจ๊ฒจ์ง„ ๋ถ€์‹ค์ด ํ•œ๊บผ๋ฒˆ์— ํ„ฐ์ง€๋ฉด์„œ ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต์‹œ์Šคํ…œ์ด ํ”๋“ค๋ ธ๋‹ค.

๋ฌธ์ œ๋Š” ์•ž์œผ๋กœ ๋” ์ปค์งˆ ๊ฒƒ์ด๋‹ค. AI ์—์ด์ „ํŠธ๊ฐ€ ๊ธˆ์œต ๊ฑฐ๋ž˜์˜ ์ฃผ์ฒด๋กœ ๋ถ€์ƒํ•˜๋ฉด ์‚ฌ๋žŒ์ด ํ•˜๋˜ ํŒ๋‹จ์„ ์•Œ๊ณ ๋ฆฌ์ฆ˜์ด ๋Œ€์‹ ํ•œ๋‹ค. ๊ทธ ์ˆœ๊ฐ„ ๊ฒ€์ฆํ•  ์ˆ˜ ์žˆ๋Š” ์‹œ์Šคํ…œ์ด ์—†์œผ๋ฉด ์ž˜๋ชป์„ ์žก์•„๋‚ผ ๋ฐฉ๋ฒ•์ด ์‚ฌ๋ผ์ง„๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ๋„ฅ์„œ์Šค์˜ ๊ฒ€์ฆ ๊ฐ€๋Šฅํ•œ ๊ธˆ์œต

๋„ฅ์„œ์Šค๊ฐ€ ์ฃผ๋ชฉํ•˜๋Š” ์ง€์ ์€ ํŽธ๋ฆฌํ•จ ๋’ค์— ์ˆจ๊ฒจ์ง„ ๊ฒ€์ฆ์˜ ๋ถ€์žฌ๋‹ค. ๋„ฅ์„œ์Šค๋Š” ์ง€๊ธˆ๊นŒ์ง€ ๊ฒ€์ฆํ•  ์ˆ˜ ์—†๋˜ ๊ธˆ์œต์„ โ€˜๊ฒ€์ฆ ๊ฐ€๋Šฅํ•œ ๊ธˆ์œต(Verifiable Finance)โ€™์œผ๋กœ ๋ฐ”๊พธ๋ ค ํ•œ๋‹ค.

์˜์ง€์‹ ์ฆ๋ช…(Zero-Knowledge Proof, ZKP)์ด ์ด๋ฅผ ๊ฐ€๋Šฅํ•˜๊ฒŒ ํ•œ๋‹ค. ์„ธ๋ถ€ ๋‚ด์šฉ์„ ๊ณต๊ฐœํ•˜์ง€ ์•Š๊ณ ๋„ ์–ด๋–ค ์‚ฌ์‹ค์ด ์ฐธ์ด๋ผ๋Š” ์ ์„ ์ˆ˜ํ•™์ ์œผ๋กœ ์ฆ๋ช…ํ•˜๋Š” ๊ธฐ์ˆ ์ด๋‹ค. ๊ฑฐ๋ž˜์†Œ๊ฐ€ ๊ณ ๊ฐ ์ž์‚ฐ 100์–ต ์›์„ ๋ณด๊ด€ํ•˜๊ณ  ์žˆ๋‹ค๋Š” ์ฃผ์žฅ์„ ์˜ˆ๋กœ ๋“ค์–ด ๋ณด์ž.

์ฆ‰, ๊ฑฐ๋ž˜์†Œ์˜ ๋ง์„ ๋ฏฟ๋Š” ๊ฒŒ ์•„๋‹ˆ๋ผ, ์ˆ˜ํ•™์ด ๋งŒ๋“  ์ฆ๋ช…์œผ๋กœ ํ™•์ธํ•œ๋‹ค.

๋„ฅ์„œ์Šค๋Š” ์ด ๊ธฐ์ˆ ์„ ๊ธˆ์œต ์ „๋ฐ˜์œผ๋กœ ํ™•์žฅํ•˜๋ ค ํ•œ๋‹ค. KYC/AML ํ™•์ธ, ๊ณ ๊ฐ ์ž์‚ฐ ๋ถ„๋ฆฌ ๋ณด๊ด€ ์ฆ๋ช…, ๊ฑฐ๋ž˜ ๋งค์นญ ๋ฐ ๋ผ์šฐํŒ… ์ฆ๋ช…, ์†์ต ๊ณ„์‚ฐ๊ณผ ์ฒญ์‚ฐ ๋กœ์ง ๊ฒ€์ฆ๊นŒ์ง€ ๋ฒ”์œ„๊ฐ€ ๋„“๋‹ค. ๊ธฐ๊ด€์˜ ๋ง์„ ์ผ๋ฐฉํ–ฅ์ ์œผ๋กœ ๋ฏฟ์„ ์ˆ˜๋ฐ–์— ์—†๋˜ ์˜์—ญ์„ ์ฆ๋ช…์˜ ๋Œ€์ƒ์œผ๋กœ ๋ฐ”๊พธ๊ณ , ๊ธˆ์œต ์ธํ”„๋ผ ์ž์ฒด๋ฅผ ๊ฒ€์ฆ ๊ฐ€๋Šฅํ•œ ๊ตฌ์กฐ๋กœ ๋‹ค์‹œ ์ง“๊ฒ ๋‹ค๋Š” ํŒ๋‹จ์ด๋‹ค.

๋„ฅ์„œ์Šค๋Š” ์ด๋ฅผ ๊ฑฐ๋ž˜ ๋งค์นญ, ๋ผ์šฐํŒ… ํ™•์ธ, ๊ทธ๋ฆฌ๊ณ  ์†์ต ๊ณ„์‚ฐ ๋ฐ ์ฒญ์‚ฐ ๋กœ์ง์˜ ๊ฒ€์ฆ ๋“ฑ ๊ธˆ์œต ์Šคํƒ ์ „๋ฐ˜์œผ๋กœ ํ™•์žฅํ•˜๋Š” ๊ฒƒ์„ ๋ชฉํ‘œ๋กœ ํ•œ๋‹ค. ์ด๋Š” ํ•œ๋•Œ ๊ธฐ๊ด€์— ๋Œ€ํ•œ ๋ง‰์—ฐํ•œ ์‹ ๋ขฐ๊ฐ€ ํ•„์š”ํ–ˆ๋˜ ์˜์—ญ๋“ค์„ ์ฆ๋ช…์˜ ๋Œ€์ƒ์œผ๋กœ ์ „ํ™˜ํ•˜๋ ค๋Š” ์˜๋„๋‹ค. ๊ฒฐ๊ณผ์ ์œผ๋กœ ๊ธˆ์œต ์ธํ”„๋ผ๋Š” ๊ฒ€์ฆ ๊ฐ€๋Šฅํ•œ ํ† ๋Œ€ ์œ„์— ์žฌ๊ตฌ์ถ•๋œ๋‹ค.

๋‹ค๋งŒ ์˜์ง€์‹ ์ฆ๋ช…์€ ์ตœ๊ทผ ๋ช‡ ๋…„๊ฐ„ ์ฆ๋ช… ๋น„์šฉ์ด ๋‚ฎ์•„์ง€๊ณ  ์ฒ˜๋ฆฌ๋Ÿ‰๋„ ๋Š˜์—ˆ์ง€๋งŒ, ์‹ค์ œ ์„œ๋น„์Šค๋ณด๋‹ค ๋งˆ์ผ€ํŒ… ์šฉ์–ด๋กœ ์†Œ๋น„๋œ ๊ฒฝ์šฐ๊ฐ€ ๋งŽ์•˜๋‹ค. ๊ทธ๋ž˜์„œ ๋„ฅ์„œ์Šค๋Š” ๋ฒ”์šฉ ์ฆ๋ช… ํ™˜๊ฒฝ ๋Œ€์‹  ๊ธˆ์œต์ด๋ผ๋Š” ๋ช…ํ™•ํ•œ ์‚ฌ์šฉ์ฒ˜๋ฅผ ํƒํ–ˆ๋‹ค. ์ •ํ™•์„ฑ๊ณผ ํˆฌ๋ช…์„ฑ์ด ๋ˆ์˜ ์•ˆ์ „๊ณผ ์ง๊ฒฐ๋˜๋Š” ์˜์—ญ์—์„œ ์˜์ง€์‹ ์ฆ๋ช…์ด ์‹ค์ œ๋กœ ์ž‘๋™ํ•˜๋Š” ๋ชจ์Šต์„ ๋ณด์—ฌ์ฃผ๊ฒ ๋‹ค๋Š” ๊ฒƒ์ด๋‹ค.

3. ์˜์ง€์‹ ๊ธฐ์ˆ ์ด ํ˜„์‹ค๋กœ: ํŠธ๋ผ์ดํŽ™ํƒ€

์ข‹์€ ๊ธฐ์ˆ ์„ ๋งŒ๋“ค๋ฉด ์ข‹์€ ์•ฑ์ด ๋”ฐ๋ผ์˜จ๋‹ค๋Š” ๊ธฐ๋Œ€๋Š” ์ง€๋‚œ ์‚ฌ์ดํด์—์„œ ๊นจ์กŒ๋‹ค. ๋„ฅ์„œ์Šค ํŒ€์€ ์ง์ ‘ ๊ธˆ์œต ์„œ๋น„์Šค๋ฅผ ๋งŒ๋“ ๋‹ค. L1 ์œ„์— ๋„ฅ์„œ์Šค ์ต์Šค์ฒด์ธ์ง€์™€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ USDX๋ฅผ ์˜ฌ๋ ค ํ•˜๋‚˜์˜ ํ†ตํ•ฉ ์Šคํƒ์„ ๊ตฌ์„ฑํ–ˆ๋‹ค.

๊ธฐ์กด ์ฒด์ธ์€ L1, ๊ฑฐ๋ž˜์†Œ, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๋”ฐ๋กœ ๋‘๊ณ  ์™ธ๋ถ€ ์—ฐ๊ฒฐ๋กœ ๋ฌถ์—ˆ๋‹ค. ๊ทธ ๊ฒฐ๊ณผ ์†๋„, ์œ ๋™์„ฑ, ๊ฒ€์ฆ์ด ์„œ๋กœ ๋‹ค๋ฅธ ํ™˜๊ฒฝ์—์„œ ๋Œ์•„๊ฐ„๋‹ค. ๋„ฅ์„œ์Šค๋Š” ๋‹ค๋ฅด๋‹ค. L1๊ณผ ์ต์Šค์ฒด์ธ์ง€๋ฅผ ํ•จ๊ป˜ ์„ค๊ณ„ํ–ˆ๊ณ , USDX๋„ ์ฒด์ธ ์•ˆ์— ์ง์ ‘ ๋’€๋‹ค. ์…‹์ด ํ•˜๋‚˜์˜ ์ฒด์ธ ์•ˆ์— ์žˆ์œผ๋‹ˆ ์†๋„, ์œ ๋™์„ฑ, ๊ฒ€์ฆ์ด ๊ฐ™์€ ํ™˜๊ฒฝ์—์„œ ์ž‘๋™ํ•œ๋‹ค. ๋„ฅ์„œ์Šค๋Š” ์ด ์„ธ ์š”์†Œ๋ฅผ ํŠธ๋ผ์ดํŽ™ํƒ€๋ผ๊ณ  ๋ถ€๋ฅธ๋‹ค.

ํ๋ฆ„์€ ๋‹จ์ˆœํ•˜๋‹ค. ์ต์Šค์ฒด์ธ์ง€์—์„œ ๊ฑฐ๋ž˜๊ฐ€ ๋ฐœ์ƒํ•˜๋ฉด USDX ์ˆ˜์š”๊ฐ€ ๋Š˜๊ณ , ๋” ๋งŽ์€ ์ž๋ณธ์ด ์ƒํƒœ๊ณ„๋กœ ๋“ค์–ด์˜จ๋‹ค. ๊ทธ ์ž๋ณธ์ด ๋‹ค์‹œ ์ต์Šค์ฒด์ธ์ง€์˜ ์œ ๋™์„ฑ์„ ํ‚ค์šฐ๊ณ , ๊ฑฐ๋ž˜๋Ÿ‰์ด ์ปค์ง„๋‹ค. L1์€ ์ด ์ˆœํ™˜ ์ „์ฒด์˜ ์ธํ”„๋ผ๋‹ค.

3.1. ๋„ฅ์„œ์Šค ์ต์Šค์ฒด์ธ์ง€: ํ”„๋กœํ† ์ฝœ์— ๋‚ด์žฅ๋œ ๊ฑฐ๋ž˜์†Œ

๋„ฅ์„œ์Šค ์ต์Šค์ฒด์ธ์ง€๋Š” ์ผ๋ฐ˜์ ์ธ ๋””ํŒŒ์ด ๊ฑฐ๋ž˜์†Œ์™€ ๊ตฌ์กฐ๊ฐ€ ๋‹ค๋ฅด๋‹ค. ๋ณดํ†ต์˜ DEX๋Š” ์ฒด์ธ ์œ„์— ์Šค๋งˆํŠธ ์ปจํŠธ๋ž™ํŠธ๋กœ ๋ฐฐํฌ๋œ๋‹ค. ๋„ฅ์„œ์Šค ์ต์Šค์ฒด์ธ์ง€๋Š” ์ฒด์ธ ์œ„์— ์–นํžŒ ๊ฒŒ ์•„๋‹ˆ๋ผ ์ฒด์ธ ์•ˆ์—์„œ ์ง์ ‘ ๋Œ์•„๊ฐ„๋‹ค. ์•ฑ์Šคํ† ์–ด์—์„œ ๋‹ค์šด๋ฐ›๋Š” ์•ฑ์ด ์•„๋‹ˆ๋ผ, ์šด์˜์ฒด์ œ์— ๊ธฐ๋ณธ ํƒ‘์žฌ๋œ ๊ธฐ๋Šฅ์— ๊ฐ€๊น๋‹ค.

๊ฑฐ๋ž˜์†Œ๋ฅผ ์ด๋ ‡๊ฒŒ ์ฒด์ธ ์•ˆ์— ๋‚ด์žฅํ•˜๋ฉด ๋ชจ๋“  ์•ฑ์ด ํ•˜๋‚˜์˜ ์˜ค๋”๋ถ๊ณผ ์œ ๋™์„ฑ์„ ๊ณต์œ ํ•œ๋‹ค. ์œ ๋™์„ฑ์ด ์—ฌ๋Ÿฌ ํ”„๋กœํ† ์ฝœ์— ํฉ์–ด์ง€์ง€ ์•Š๊ณ  ํ•œ๊ณณ์— ๋ชจ์ธ๋‹ค. ๊ฑฐ๋ž˜ ์ฒด๊ฒฐ๋„ ์ฒด์ธ์˜ ๊ณ ์† ํ™˜๊ฒฝ์—์„œ ์ฒ˜๋ฆฌ๋˜๋ฏ€๋กœ, ์ค‘์•™ํ™” ๊ฑฐ๋ž˜์†Œ(CEX)์— ๊ฐ€๊นŒ์šด ์†๋„๋ฅผ ๋น„์ˆ˜ํƒ ๊ตฌ์กฐ์—์„œ ๋‚ธ๋‹ค.

ํ˜„์žฌ ํ…Œ์ŠคํŠธ๋„ท์—์„œ ์•ŒํŒŒ ๋ฒ„์ „์ด ๊ฐœ๋ฐœ ์ค‘์ด๋‹ค. ์ปค๋ฎค๋‹ˆํ‹ฐ ํ”ผ๋“œ๋ฐฑ์„ ํ†ตํ•ด ๊ธฐ๋Šฅ์„ ํ™•์žฅํ•˜๊ณ  ์žˆ๋‹ค. ์žฅ๊ธฐ์ ์œผ๋กœ ๋„ฅ์„œ์Šค ์ต์Šค์ฒด์ธ์ง€๋Š” ์•„๋ž˜ ์„ธ ๊ฐ€์ง€ ์—ญํ• ์„ ๋™์‹œ์— ์ˆ˜ํ–‰ํ•  ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค.

๊ฑฐ๋ž˜์†Œ ํ•˜๋‚˜๊ฐ€ ์ธํ”„๋ผ๋ฅผ ๋Œ๋ฆฌ๊ณ , ๊ธฐ์ˆ ์„ ์ฆ๋ช…ํ•˜๊ณ , ์ž๋ณธ์„ ๋ชจ์€๋‹ค. ๋ฌธ์ œ๋Š” ๊ฒฐ๊ตญ ๊ฑฐ๋ž˜์†Œ์ด๊ธฐ์— โ€œ๊ฑฐ๋ž˜๋Ÿ‰โ€์ด ์ค‘์š”ํ•˜๋‹ค๋Š” ๊ฒƒ์ด๋‹ค. ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜๋Ÿ‰์€ ์ „๊ณ ์  ๋Œ€๋น„ ์ค„์—ˆ๊ณ , ํฌ๋ฆฝํ†  ์ž์‚ฐ๋งŒ์œผ๋กœ ๊ฑฐ๋ž˜์†Œ๋ฅผ ์ฑ„์šฐ๋Š” ๋ฐ๋Š” ํ•œ๊ณ„๊ฐ€ ์žˆ๋‹ค. RWA, ์ฆ‰ ์ฃผ์‹์ด๋‚˜ ์ฑ„๊ถŒ ๊ฐ™์€ ํ˜„์‹ค ์ž์‚ฐ์„ ์–ผ๋งˆ๋‚˜ ๋น ๋ฅด๊ฒŒ ์˜จ์ฒด์ธ์œผ๋กœ ๋Œ์–ด์˜ค๋А๋ƒ๊ฐ€ ์ค‘์š”ํ•  ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค.

3.2. USDX: ๋„ค์ดํ‹ฐ๋ธŒ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ

USDX๋Š” ๋„ฅ์„œ์Šค ์ƒํƒœ๊ณ„์˜ ๊ธฐ์ถ• ํ†ตํ™”๋‹ค. ๋„ฅ์„œ์Šค ์ต์Šค์ฒด์ธ์ง€์˜ ๊ธฐ๋ณธ ๊ฒฐ์ œ ํ†ตํ™”๋กœ, ๋ชจ๋“  ๊ฑฐ๋ž˜๊ฐ€ USDX๋กœ ํ‘œ์‹œ๋˜๊ณ  ๊ฒฐ์ œ๋œ๋‹ค.

์ฒด์ธ ์•ˆ์—์„œ ์ง์ ‘ ๋ฐœํ–‰๋˜๋ฏ€๋กœ ์™ธ๋ถ€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๋ธŒ๋ฆฌ์ง€๋กœ ๊ฐ€์ ธ์˜ฌ ํ•„์š”๊ฐ€ ์—†๋‹ค. ๊ฑฐ๋ž˜, ๊ฒฐ์ œ, ๋‹ด๋ณด ์„ค์ •์ด ํ•˜๋‚˜์˜ ์ฒด์ธ ์•ˆ์—์„œ ๋Š๊น€ ์—†์ด ์ด๋ค„์ง„๋‹ค.

๋ฐœํ–‰์€ M0 ์ธํ”„๋ผ๋ฅผ ๊ธฐ๋ฐ˜์œผ๋กœ ๋ฏธ๊ตญ ๊ตญ์ฑ„๋ฅผ 1:1 ๋‹ด๋ณด๋กœ ํ•  ์˜ˆ์ •์ด๋‹ค. ๋„ฅ์„œ์Šค๋Š” ์ด ๋‹ด๋ณด ๊ฒ€์ฆ์— ์•”ํ˜ธํ•™์  ์ฆ๋ช…์„ ์ ์šฉํ•˜๋Š” ๊ฒƒ์„ ๋ชฉํ‘œ๋กœ ํ•˜๊ณ  ์žˆ๋‹ค. ๋‹ค๋งŒ zkVM ๊ธฐ๋ฐ˜ ์ค€๋น„๊ธˆ ์ฆ๋ช…์ด ์‹ค์ œ๋กœ ๊ตฌํ˜„๋ ์ง€๋Š” ๋ฉ”์ธ๋„ท ์ดํ›„์— ํ™•์ธํ•  ์ˆ˜ ์žˆ๋‹ค.

๋„ฅ์„œ์Šค ์ต์Šค์ฒด์ธ์ง€๊ฐ€ ๊ฑฐ๋ž˜๋Ÿ‰๊ณผ ์œ ๋™์„ฑ์„ ๋งŒ๋“ค์–ด๋‚ด๋Š” ์—”์ง„์ด๋ผ๋ฉด, USDX๋Š” ๊ทธ ์—”์ง„์„ ๋Œ๋ฆฌ๋Š” ์—ฐ๋ฃŒ๋‹ค. ๊ฑฐ๋ž˜์†Œ ํ™œ๋™์ด USDX ์ˆ˜์š”๋ฅผ ๋งŒ๋“ค๊ณ , USDX ์œ ํ†ต์ด ๋‹ค์‹œ ๊ฑฐ๋ž˜์†Œ์˜ ์œ ๋™์„ฑ์„ ํ‚ค์šด๋‹ค. ๋ฌธ์ œ๋Š” ์ด ์ˆœํ™˜์ด ์‹œ์ž‘๋˜๋ ค๋ฉด USDX๊ฐ€ ๋จผ์ € ์จ์•ผ ํ•  ์ด์œ ๊ฐ€ ์žˆ์–ด์•ผ ํ•œ๋‹ค๋Š” ์ ์ด๋‹ค. USDC, USDT๊ฐ€ ์ด๋ฏธ ๊นŠ๊ฒŒ ์ž๋ฆฌ์žก์€ ์‹œ์žฅ์—์„œ ๋„ค์ดํ‹ฐ๋ธŒ๋ผ๋Š” ๊ตฌ์กฐ์  ์ด์ ๋งŒ์œผ๋กœ๋Š” ๋ถ€์กฑํ•˜๋‹ค. ๊ฒฐ๊ตญ ๊ฑฐ๋ž˜์†Œ์— ์–ผ๋งˆ๋‚˜ ๋น ๋ฅด๊ฒŒ ์œ ๋™์„ฑ์ด ์Œ“์ด๋А๋ƒ๊ฐ€ USDX์˜ ์„ฑํŒจ๋ฅผ ๊ฐ€๋ฅธ๋‹ค.

4. ์ƒํƒœ๊ณ„๋ฅผ ํ‚ค์šฐ๋Š” ์ˆ˜์ต ๊ตฌ์กฐ: Yield Streaming

๊ฑฐ๋ž˜์†Œ์™€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ๋งž๋ฌผ๋ ค๋„ ์ƒํƒœ๊ณ„๊ฐ€ ๋น„์–ด ์žˆ์œผ๋ฉด ํ”Œ๋ผ์ดํœ ์€ ๋Œ์ง€ ์•Š๋Š”๋‹ค. ๋” ๋งŽ์€ ๊ฐœ๋ฐœ์ž์™€ ํ”„๋กœํ† ์ฝœ์ด ๋“ค์–ด์™€์•ผ ์œ ๋™์„ฑ์ด ๊นŠ์–ด์ง€๊ณ  ์ฒด์ธ์ด ์˜๋ฏธ๋ฅผ ๊ฐ€์ง„๋‹ค. ๋„ฅ์„œ์Šค๋Š” ์ด ๋ฌธ์ œ๋ฅผ ์ธ์„ผํ‹ฐ๋ธŒ ๊ตฌ์กฐ๋กœ ํ’€์—ˆ๋‹ค.

ํ•ต์‹ฌ์€ GYDS(Global Yield Distribution System)๋‹ค. USDX ๋‹ด๋ณด์ธ ๋ฏธ๊ตญ ๊ตญ์ฑ„์—์„œ ๋ฐœ์ƒํ•˜๋Š” ์ด์ž ์ˆ˜์ต์„ ์•ฑ ๊ฐœ๋ฐœ์ž์—๊ฒŒ ์ž๋™์œผ๋กœ ๋ถ„๋ฐฐํ•˜๋Š” ๊ตฌ์กฐ๋‹ค. ๊ธฐ์กด ๋””ํŒŒ์ด์—์„œ ๊ฐœ๋ฐœ์ž๊ฐ€ ๋ณด์กฐ๊ธˆ์„ ๋ฐ›์œผ๋ ค๋ฉด ๊ฑฐ๋ฒ„๋„Œ์Šค ํˆฌํ‘œ๋ฅผ ๊ฑฐ์น˜๊ฑฐ๋‚˜ ์žฌ๋‹จ๊ณผ ๋ณ„๋„ ํ˜‘์ƒ์„ ํ•ด์•ผ ํ–ˆ๋‹ค. GYDS๋Š” ์ด ๊ณผ์ •์„ ์—†์•ค๋‹ค. USDX๋ฅผ ํ†ตํ•ฉํ•œ ์•ฑ์ด ํ™•๋ณดํ•œ TVL๊ณผ ๊ฑฐ๋ž˜๋Ÿ‰์— ๋น„๋ก€ํ•ด ์ˆ˜์ต์ด ์ž๋™์œผ๋กœ ์ง€๊ธ‰๋œ๋‹ค.

์ผํšŒ์„ฑ ๋ณด์กฐ๊ธˆ์ด ์•„๋‹ˆ๋‹ค. ํ”„๋กœํ† ์ฝœ ์ˆ˜์ต์ด ์‹ค์‹œ๊ฐ„์œผ๋กœ ์ƒํƒœ๊ณ„ ์ „์ฒด์— ํ๋ฅด๋Š” ๋ฐฉ์‹, ๋„ฅ์„œ์Šค๊ฐ€ Yield Streaming์ด๋ผ ๋ถ€๋ฅด๋Š” ๊ตฌ์กฐ๋‹ค. ๊ฐœ๋ฐœ์ž๋Š” ์™ธ๋ถ€ ์ง€์› ์—†์ด๋„ ์‚ฌ์šฉ์ž๊ฐ€ ๋Š˜๋ฉด ์ˆ˜์ต์ด ์ปค์ง„๋‹ค.

๊ฑฐ๋ž˜๋Ÿ‰์ด ๋Š˜๋ฉด USDX ์ˆ˜์š”๊ฐ€ ์ปค์ง€๊ณ , USDX ์ˆ˜์š”๊ฐ€ ์ปค์ง€๋ฉด ๊ตญ์ฑ„ ์ˆ˜์ต์ด ๋Š˜์–ด๋‚˜๋ฉฐ, ๊ทธ ์ˆ˜์ต์ด ๊ฐœ๋ฐœ์ž์—๊ฒŒ ๋ถ„๋ฐฐ๋ผ ๋” ๋งŽ์€ ์•ฑ์ด ์ƒํƒœ๊ณ„๋กœ ๋“ค์–ด์˜จ๋‹ค. ๋” ๋งŽ์€ ์•ฑ์€ ๋‹ค์‹œ ๊ฑฐ๋ž˜๋Ÿ‰์„ ํ‚ค์šด๋‹ค. ํŠธ๋ผ์ดํŽ™ํƒ€๊ฐ€ ์™„์„ฑ๋˜๋Š” ์ง€์ ์ด๋‹ค.

5. ๋“€์–ผ ์ฝ”์–ด: ๋‘ ๊ฐœ์˜ ํ™œ์ฃผ๋กœ๋ฅผ ๊ฐ€์ง„ ์ฒด์ธ

์•ž์„œ ์„ค๋ช…ํ•œ ๊ฒ€์ฆ ๊ฐ€๋Šฅํ•œ ๊ธˆ์œต์„ ์‹ค์ œ๋กœ ๊ตฌํ˜„ํ•˜๋ ค๋ฉด ๊ทธ์— ๋งž๋Š” ์ธํ”„๋ผ๊ฐ€ ํ•„์š”ํ•˜๋‹ค. ๋„ฅ์„œ์Šค๋Š” ํ•˜๋‚˜์˜ ์ฒด์ธ ์•ˆ์— ๋‘ ๊ฐœ์˜ ์‹คํ–‰ ํ™˜๊ฒฝ์„ ๋‘๋Š” ๋“€์–ผ ์ฝ”์–ด ๊ตฌ์กฐ๋กœ ์ด ๋ฌธ์ œ๋ฅผ ํ’€์—ˆ๋‹ค.

๊ณตํ•ญ์„ ๋– ์˜ฌ๋ฆฌ๋ฉด ์ดํ•ด๊ฐ€ ์‰ฝ๋‹ค. ์ผ๋ฐ˜ ํ•ญ๊ณตํŽธ์šฉ ๋ฉ”์ธ ํ™œ์ฃผ๋กœ์™€ ๊ณ ๋นˆ๋„ ์ „์šฉ ํ™œ์ฃผ๋กœ๊ฐ€ ๊ฐ™์€ ๊ณตํ•ญ ์•ˆ์— ์žˆ๋‹ค. ๊ฐ ํ™œ์ฃผ๋กœ๋Š” ๋…๋ฆฝ์ ์œผ๋กœ ์šด์˜๋˜๊ณ , ๊ด€์ œํƒ‘ ํ•˜๋‚˜๊ฐ€ ๋‘˜์„ ์กฐ์œจํ•œ๋‹ค.

๊ธฐ์กด ๋””ํŒŒ์ด์—์„œ๋Š” ์ด ๋‘˜์„ ๋™์‹œ์— ์žก์„ ์ˆ˜ ์—†์—ˆ๋‹ค. ๋ฒ”์šฉ ์ฒด์ธ์— ์˜ฌ๋ฆฌ๋ฉด ์กฐํ•ฉ์€ ์‰ฝ์ง€๋งŒ ์†๋„๊ฐ€ ๋А๋ฆฌ๊ณ , ์ „์šฉ ์ฒด์ธ์„ ๋งŒ๋“ค๋ฉด ๋น ๋ฅด์ง€๋งŒ ์œ ๋™์„ฑ์ด ์ชผ๊ฐœ์ง„๋‹ค. ๋„ฅ์„œ์Šค์˜ ๋“€์–ผ ์ฝ”์–ด๋Š” ๋ฒ”์šฉ ์•ฑ๊ณผ ๊ณ ์† ๊ธˆ์œต ์•ฑ์ด ๊ฐ™์€ ์ฒด์ธ, ๊ฐ™์€ ์œ ๋™์„ฑ ์•ˆ์—์„œ ๊ฐ์ž์˜ ์†๋„๋กœ ๋Œ์•„๊ฐ€๋Š” ๊ตฌ์กฐ๋‹ค.

๋‹ค๋งŒ ์ผ๋ถ€ ๊ธฐ๋Šฅ์€ ์•„์ง ๊ฐœ๋ฐœ ์ค‘์ด๊ณ , ์„ธ๋ถ€ ์ŠคํŽ™์€ ๋ฉ”์ธ๋„ท ์ถœ์‹œ ์ „๊นŒ์ง€ ๋ฐ”๋€” ์—ฌ์ง€๊ฐ€ ์žˆ๋‹ค.

6. ์˜ค๋Š˜์˜ ๊ธˆ์œต๋ถ€ํ„ฐ ๋‚ด์ผ์˜ AI ์—์ด์ „ํŠธ ๊ธˆ์œต๊นŒ์ง€

์ง„์งœ ์‹œํ—˜์€ ์ง€๊ธˆ๋ถ€ํ„ฐ๋‹ค. ๋‹น์ดˆ 1๋ถ„๊ธฐ ์ถœ์‹œ๋ฅผ ๋ชฉํ‘œ๋กœ ํ–ˆ๋˜ ๋ฉ”์ธ๋„ท์€ 2026๋…„ 2๋ถ„๊ธฐ๋กœ ์กฐ์ •๋๋‹ค. ๋ฉ”์ธ๋„ท ์ถœ์‹œ, USDX ๋ฐœํ–‰, Nexus DEX ๋ณธ๊ฒฉ ๊ฐ€๋™์„ ๋™์‹œ์— ์†Œํ™”ํ•ด์•ผ ํ•œ๋‹ค.

๋‹จ๊ธฐ์ ์œผ๋กœ ์ง€์ผœ๋ณผ ๊ฒƒ์€ ํ”„๋กœ๋•ํŠธ ์‚ฌ์šฉ์„ฑ์ด๋‹ค. ๊ฒ€์ฆ ๊ฐ€๋Šฅ์„ฑ์€ ํ‰์ƒ์‹œ ์‚ฌ์šฉ์ž ๋ˆˆ์— ๋ณด์ด์ง€ ์•Š๋Š” ๊ฐ€์น˜๋‹ค. ํ•˜์ดํผ๋ฆฌํ€ด๋“œ(Hyperliquid)๋ฅผ ์“ฐ๋Š” ํŠธ๋ ˆ์ด๋”๊ฐ€ ์ฒด๊ฐํ•˜๋Š” ์ฐจ๋ณ„์ ์€ ์†๋„์™€ ๊นŠ์€ ์œ ๋™์„ฑ์ด์ง€, ์ž์‚ฐ์ด ์–ด๋–ป๊ฒŒ ๊ฒ€์ฆ๋˜๋Š”์ง€๊ฐ€ ์•„๋‹ˆ๋‹ค. FTX๊ฐ€ ๋ฌด๋„ˆ์ง€๊ธฐ ์ „๊นŒ์ง€ ์‚ฌ์šฉ์ž๊ฐ€ ์ค€๋น„๊ธˆ ์ฆ๋ช…์„ ๋”ฐ์ง€์ง€ ์•Š์•˜๋˜ ๊ฒƒ๊ณผ ๊ฐ™๋‹ค. ๋„ฅ์„œ์Šค์˜ ํŠธ๋ผ์ดํŽ™ํƒ€๊ฐ€ ๊ทธ ๊ฐ€์น˜๋ฅผ ์ธ์ •๋ฐ›๊ธฐ ์ „๊นŒ์ง€ ํ”„๋กœ๋•ํŠธ ์‚ฌ์šฉ์„ฑ ์ž์ฒด๋กœ ๋ฒ„ํ…จ๋‚ผ ์ˆ˜ ์žˆ์„์ง€๊ฐ€ ์ค‘์š”ํ•˜๋‹ค.

ํ•˜์ง€๋งŒ ์žฅ๊ธฐ์ ์œผ๋กœ๋Š” ๊ฒ€์ฆ ๊ฐ€๋Šฅ์„ฑ์ด ์ค‘์š”ํ•˜๋‹ค. AI ์—์ด์ „ํŠธ๊ฐ€ ๊ธˆ์œต ๊ฑฐ๋ž˜์˜ ์ฃผ์ฒด๋กœ ๋ถ€์ƒํ•˜๋ฉด ํŒ์ด ๋ฐ”๋€๋‹ค. AI ์—์ด์ „ํŠธ๋Š” ์ƒ๋Œ€ AI ์—์ด์ „ํŠธ์˜ ๋ฐ์ดํ„ฐ๋ฅผ ๊ทธ๋Œ€๋กœ ์ž…๋ ฅ๊ฐ’์œผ๋กœ ๋ฐ›์•„ ๋‹ค์Œ ๊ฑฐ๋ž˜๋ฅผ ์‹คํ–‰ํ•œ๋‹ค. ํ•œ ๊ณณ์˜ ์˜ค๋ฅ˜๊ฐ€ ์—ฐ์‡„์ ์œผ๋กœ ์ „ํŒŒ๋œ๋‹ค. ์‚ฌ๋žŒ์€ ์ด์ƒํ•˜๋‹ค ์‹ถ์œผ๋ฉด ๋ฉˆ์ถ”์ง€๋งŒ, AI ์—์ด์ „ํŠธ๋Š” ๋ฉˆ์ถ”์ง€ ์•Š๋Š”๋‹ค. ์•”ํ˜ธํ•™์  ์‹คํ–‰ ์ฆ๋ช…์ด ์—†์œผ๋ฉด ์ด ์—ฐ์‡„๋ฅผ ๋Š์„ ๋ฐฉ๋ฒ•์ด ์—†๋‹ค.

๊ธฐ์กด ๋ธ”๋ก์ฒด์ธ์€ ์ด ๊ทœ๋ชจ๋ฅผ ๊ฐ๋‹นํ•˜๋„๋ก ์„ค๊ณ„๋˜์ง€ ์•Š์•˜๋‹ค. ์†๋„์™€ ๊ฒ€์ฆ์„ ๋™์‹œ์— ์žก์œผ๋ ค๋ฉด ๋‘˜ ์ค‘ ํ•˜๋‚˜๋ฅผ ํฌ๊ธฐํ•ด์•ผ ํ–ˆ๋‹ค. ์˜์ง€์‹ ์ฆ๋ช…์€ ์—ฐ์‚ฐ์„ ์˜คํ”„์ฒด์ธ์—์„œ ์ฒ˜๋ฆฌํ•˜๊ณ  ์ฆ๋ช…๋งŒ ์˜จ์ฒด์ธ์— ๊ธฐ๋กํ•œ๋‹ค. ๊ฒ€์ฆ ๊ฐ€๋Šฅ์„ฑ์ด ์„ ํƒ์ด ์•„๋‹Œ ์ „์ œ๊ฐ€ ๋˜๋Š” ์‹œ์žฅ์—์„œ, ๋„ฅ์„œ์Šค์˜ ๊ตฌ์กฐ์  ๊ฐ€์น˜๋Š” ์ง€๊ธˆ๋ณด๋‹ค ์ปค์ง„๋‹ค.

์—์ด์ „ํŠธ ๊ธˆ์œต์€ ์•„์ง ์ดˆ๊ธฐ๋‹ค. ๋‹ค๋งŒ ์‹œ๊ฐ„์€ ๋„ฅ์„œ์Šค ํŽธ์ผ ์ˆ˜ ์žˆ๋‹ค. ์ž์œจ ๊ฑฐ๋ž˜๊ฐ€ ๋Š˜์ˆ˜๋ก ๊ฒ€์ฆ ๊ฐ€๋Šฅํ•œ ์ธํ”„๋ผ์˜ ์ˆ˜์š”๋Š” ํ•จ๊ป˜ ์ปค์ง„๋‹ค. ๋„ฅ์„œ์Šค๊ฐ€ ์ง€๊ธˆ ๋งŒ๋“ค๊ณ  ์žˆ๋Š” ๊ตฌ์กฐ, L1๊ณผ ๊ฑฐ๋ž˜์†Œ์™€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ํ•˜๋‚˜์˜ ๊ฒ€์ฆ ๊ฐ€๋Šฅํ•œ ํ™˜๊ฒฝ ์•ˆ์—์„œ ๋งž๋ฌผ๋ฆฌ๋Š” ์„ค๊ณ„๋Š” ๋”์šฑ ์ค‘์š”ํ•ด์งˆ ๊ฒƒ์ด๋‹ค.

์•„ํ‚คํ…์ฒ˜๋Š” ์„ค๋“๋ ฅ์ด ์žˆ๋‹ค. ๋‚จ์€ ๊ฑด ์‹คํ–‰๊ณผ ์‹œ๊ฐ„์ด๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


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์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ๋„ฅ์„œ์Šค(Nexus)๋กœ๋ถ€ํ„ฐ ์ผ๋ถ€ ์›๊ณ ๋ฃŒ ์ง€์›์„ ๋ฐ›์•˜์œผ๋‚˜, ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ๋…๋ฆฝ์ ์ธ ์กฐ์‚ฌ๋ฅผ ํ†ตํ•ด ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ํ•˜์ง€๋งŒ ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด์— ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์œผ๋ฉฐ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[๋„ํŒŒ๋ฏผ์ด ์‚ฌ๋ผ์ง„ DeFi, RWA๋กœ ๋˜์‚ด์•„๋‚˜๋‹ค]]>https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-korhttps://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-korTue, 28 Apr 2026 13:03:24 GMT๋ฉ€ํ‹ฐํƒญ์— ๋ฉ€ํ‹ฐํƒญ์„ ๊ฝ‚์•„์˜จ ๋””ํŒŒ์ด(DeFi) ์‹œ์žฅ์ด ๊ณผ๊ฑฐ์˜ ๊ณ ์ด์œจ โ€˜๋„ํŒŒ๋ฏผโ€™ ์‹œ๋Œ€๋ฅผ ์ง€๋‚˜, ์‹ค๋ฌผ ์ž์‚ฐ(RWA)์ด๋ผ๋Š” ์‹ค์ œ ์ „๋ ฅ๋ง์— ์—ฐ๊ฒฐ๋˜๋ฉฐ ์ƒˆ๋กœ์šด ๋‹จ๊ณ„๋กœ ๊ฐ€๋Š” ๊ณผ์ •์„ ์•Œ์•„๋ณด๊ฒ ์Šต๋‹ˆ๋‹ค.

Key Takeaways


1. ๋‚ฎ์•„์ง€๋Š” ์ด์œจ, ์„ฑ์žฅํ•˜๋Š” ์‹œ์žฅ

DeFi๋Š” ๋” ์ด์ƒ ๊ณ ์ด์œจ ์ƒํ’ˆ์ด ์•„๋‹ˆ๋‹ค.

2022๋…„ ์ดํ›„ DeFi์™€ ๊ตญ์ฑ„ ๊ฐ„ ์Šคํ”„๋ ˆ๋“œ๋Š” 0์— ๊ฐ€๊นŒ์›Œ์กŒ๊ณ , ์ผ๋ถ€ ๊ตฌ๊ฐ„์—์„œ๋Š” ์—ญ์ „๋๋‹ค. 2026๋…„ 4์›” ๊ธฐ์ค€ Aave V3์˜ USDC ์˜ˆ์น˜ ๊ธˆ๋ฆฌ ์•ฝ 2.7%๋Š” Fed ๊ธฐ์ค€๊ธˆ๋ฆฌ(3.5%) 10๋…„๋ฌผ ๋ฏธ๊ตญ์ฑ„(4.3%)๋ณด๋‹ค๋„ ๋‚ฎ๋‹ค.

์ด์ „์—๋Š” ์œ„ํ—˜์„ ๊ฐ์ˆ˜ํ•  ์ด์œ ๊ฐ€ ๋ถ„๋ช…ํ–ˆ๋‹ค.

์€ํ–‰ ์˜ˆ๊ธˆ๊ณผ ๋น„๊ต์กฐ์ฐจ ์•ˆ ๋  ๋งŒํผ ๋†’์€ ์ด์ž๊ฐ€ ์˜จ์ฒด์ธ์— ์žˆ์—ˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ํ•˜์ง€๋งŒ ์ง€๊ธˆ์€ ์ƒํ™ฉ์ด ๋‹ค๋ฅด๋‹ค. ํ•ดํ‚น, ๋””ํŽ˜๊ทธ ์ด์Šˆ ๋“ฑ ์˜จ์ฒด์ธ ๋ฆฌ์Šคํฌ๋ฅผ ๋ชจ๋‘ ๋– ์•ˆ๊ณ  ๋ฐ›๋Š” ์ˆ˜์ต์ด ์ œ๋„๊ถŒ ๊ธˆ์œต๋ณด๋‹ค ๋‚ฎ๋‹ค๋ฉด, ๋ฆฌํ…Œ์ผ ์œ ์ € ์ž…์žฅ์—์„œ๋Š” DeFi๋ฅผ ์ ๊ทน ํ™œ์šฉํ•  ์ด์œ ๊ฐ€ ์ค„์–ด๋“ ๋‹ค.

๊ทธ๋Ÿฐ๋ฐ ์‹œ์žฅ ์ž์ฒด๋Š” ๋‹ค๋ฅธ ๋ฐฉํ–ฅ์œผ๋กœ ์„ฑ์žฅํ•˜๊ณ  ์žˆ๋‹ค. DeFi ์ด์œจ์€ ๋‚ฎ์•„์กŒ์ง€๋งŒ, ์ „ํ†ต ๊ธˆ์œต๊ณผ ๊ฒฐํ•ฉ๋˜๋Š” RWA, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์‹œ์žฅ์€ ์ˆ˜์ฒœ์–ต ๋‹จ์œ„๋กœ ์„ฑ์žฅํ•˜๊ณ  ์žˆ๋‹ค. ์—ฌ๊ธฐ์—๋Š” ์ „ํ†ต๊ธฐ๊ด€์˜ ์ง„์ž…์ด ํฐ ์˜ํ–ฅ์„ ๋ฏธ์ณค๋‹ค.

๋‹ค๋งŒ ๊ธฐ๊ด€๋“ค์€ ์ข…์ข… DeFi์™€ ๊ธฐ์กด ์ปค๋ฎค๋‹ˆํ‹ฐ์˜ ํžˆ์Šคํ† ๋ฆฌ๋ฅผ ์ง€๋‚˜์น˜๊ณ , ์ „ํ†ต ๊ธˆ์œต์˜ ๋ฌธ๋ฒ•์„ ๊ทธ๋Œ€๋กœ ๋“ค์—ฌ์˜ค๋ ค๋Š” ๋ชจ์Šต์„ ๋ณด์ธ๋‹ค. ๊ธฐ๊ด€์ด ๋“ค์–ด์˜ค๊ธฐ ์ „๊นŒ์ง€์˜ DeFi๋Š” ์ธ์„ผํ‹ฐ๋ธŒ๊ฐ€ ์ค‘์‹ฌ์ด ๋˜๋Š” ์‹œ์žฅ์ด์—ˆ๋‹ค. ์–ด๋–ค ํ”„๋กœํ† ์ฝœ์€ ์ธ์„ผํ‹ฐ๋ธŒ ์ „๋žต์„ ํ†ตํ•ด ์‹œ์žฅ์—์„œ ์ธ์ง€๋„๋ฅผ ๋†’์˜€๊ณ , ๋‚˜์•„๊ฐ€ ์‹œ์žฅ ํŒจ๋Ÿฌ๋‹ค์ž„์„ ๋ฐ”๊ฟจ๋‹ค. ๊ทธ ์–‘์‹์€ ํ˜„์žฌ๊นŒ์ง€๋„ DeFi์—์„œ ํ™œ์šฉ๋˜๋ฉฐ, DeFi Summer ๋‹น์‹œ ๋“ฑ์žฅํ–ˆ๋˜ ํ”„๋กœํ† ์ฝœ์ธ Aave๋Š” ํ˜„์žฌ DeFi ํ”„๋กœํ† ์ฝœ์˜ ๊ธฐ์ค€ ๊ธˆ๋ฆฌ๋ฅผ ์ œ๊ณตํ•˜๋Š” ์—ญํ• ์„ ํ•œ๋‹ค.

์‹œ์žฅ์— ๋‚จ์•„ ์žˆ๋Š” ํ”Œ๋ ˆ์ด์–ด๋“ค์„ ์ดํ•ดํ•˜๋Š” ๊ฒƒ์€ ์‹ ๊ทœ ๊ธฐ๊ด€ ์ง„์ž…์ž์—๊ฒŒ ํ•„์ˆ˜์ ์ธ ์„ ํ–‰ ์ž‘์—…์ด๋‹ค. ์ด ๊ธ€์—์„œ DeFi์˜ ๋Œ€ํ‘œ์ ์ธ ์„œ์‚ฌ๋ฅผ ์ด๋Œ์—ˆ๋˜ ํ”„๋กœํ† ์ฝœ๊ณผ ์ด๋ฅผ ํ†ตํ•ด ๊ตํ›ˆ์„ ์–ป์€ ์‹œ์žฅ์˜ ์ง„ํ™” ๊ณผ์ •์„ ์ฐจ๋ก€๋Œ€๋กœ ํ›‘์–ด๋ณด๊ณ ์ž ํ•œ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. DeFi์˜ ์—ญ์‚ฌ: ์‹คํ—˜์—์„œ ๋ถ•๊ดด, ๊ทธ๋ฆฌ๊ณ  ์žฌํŽธ

DeFi๋Š” ์ฒ˜์Œ๋ถ€ํ„ฐ ์ธ์„ผํ‹ฐ๋ธŒ๋ฅผ ์•ฝ์†ํ•˜๋ฉฐ ์‹œ์ž‘๋œ ์‹œ์žฅ์ด ์•„๋‹ˆ์—ˆ๋‹ค. ์ถœ๋ฐœ์ ์€ ๋‹จ์ˆœํ–ˆ๋‹ค. โ€œ์ค‘๊ฐœ๊ธฐ๊ด€ ์—†์ด ๋ธ”๋ก์ฒด์ธ ์œ„์—์„œ ๋ˆ์„ ๋นŒ๋ฆฌ๊ณ , ๊ตํ™˜ํ•˜๊ณ , ๋‹ด๋ณด๋กœ ์“ธ ์ˆ˜ ์žˆ๋Š”๊ฐ€?โ€์˜€๋‹ค.

์ดˆ๋ฐ˜์€ ๊ธˆ์œต ์‹คํ—˜์— ๊ฐ€๊นŒ์› ๋‹ค. ์€ํ–‰ ์—†์ด ๋Œ€์ถœ์ด ๊ฐ€๋Šฅํ•˜๊ณ , ๊ฑฐ๋ž˜์†Œ ์—†์ด ๊ตํ™˜์ด ๊ฐ€๋Šฅํ•˜๋ฉฐ, ๋ˆ„๊ตฌ๋‚˜ ๋‹ด๋ณด๋ฅผ ๋งก๊ธฐ๊ณ  ์œ ๋™์„ฑ์„ ๋งŒ๋“ค ์ˆ˜ ์žˆ๋‹ค๋Š” ์‚ฌ์‹ค ์ž์ฒด๊ฐ€ ์ค‘์š”ํ–ˆ๋‹ค. ํ•˜์ง€๋งŒ 2020๋…„ ์ดํ›„ ์‹œ์žฅ์€ ๋น ๋ฅด๊ฒŒ ๋‹ค๋ฅธ ๋ฐฉํ–ฅ์œผ๋กœ ์›€์ง์˜€๋‹ค. ํ† ํฐ ์ธ์„ผํ‹ฐ๋ธŒ๊ฐ€ ์ž๋ณธ์„ ๋Œ์–ด๋“ค์ด๋Š” ํ•ต์‹ฌ ์ˆ˜๋‹จ์ด ๋๋‹ค. ์ˆ˜๋งŽ์€ ํ”„๋กœํ† ์ฝœ๊ณผ ์•„์ด๋””์–ด๊ฐ€ ๋“ฑ์žฅํ–ˆ์ง€๋งŒ ์‚ด์•„๋‚จ์€ ํ”„๋กœํ† ์ฝœ์€ ๊ทน์†Œ์ˆ˜์ด๋‹ค, ์‹œ์žฅ์€ ์ง€๋‚œ ์„œ์‚ฌ๋ฅผ ํ†ตํ•ด ๋ฐฐ์šฐ๊ณ  ๊ณ„์† ๋ฐฉํ–ฅ์„ ์ˆ˜์ •ํ•ด ๋‚˜๊ฐ”๋‹ค.

Compound๋Š” ์ž์ฒด ํ† ํฐ($COMP) ์ธ์„ผํ‹ฐ๋ธŒ๋ฅผ ๊ธˆ๋ฆฌ์— ํฌํ•จํ•ด ๋Œ€๊ทœ๋ชจ ์œ ๋™์„ฑ์„ ๋Œ์–ด๋“ค์˜€์ง€๋งŒ, ๊ฐ™์€ ํ”Œ๋ ˆ์ด๋ฅผ ๋‹ค๋ฅธ ํ”„๋กœ์ ํŠธ์—์„œ ์ง„ํ–‰ํ•˜์ž ์‹ ๊ทœ ์œ ์ž…์ด ๋Š๊ธฐ๋ฉฐ ๊ตฌ์กฐ์˜ ์ทจ์•ฝ์„ฑ์„ ๋“œ๋Ÿฌ๋ƒˆ๋‹ค.

Curve๋Š” ๊ฑฐ๋ฒ„๋„Œ์Šค ํˆฌํ‘œ๋ฅผ ํ†ตํ•ด ํŠน์ • ํ’€์˜ ์ˆ˜์ต๋ฅ ์„ ๋ถ€์ŠคํŒ…ํ–ˆ๊ณ , ๋ณดํŒ… ํŒŒ์›Œ๋ฅผ ์œ„ํ•œ ๊ถŒํ•œ ์ „์Ÿ์œผ๋กœ ๋ฐ”๊พผ ์‚ฌ๋ก€๋‹ค. ์‹œ์žฅ์€ ์ด๋ฅผ ํ†ตํ•ด DeFi ๊ฑฐ๋ฒ„๋„Œ์Šค๋„ ๊ฒฐ๊ตญ ๊ถŒํ•œ๊ณผ ์ธ์„ผํ‹ฐ๋ธŒ๊ฐ€ ๋…์ ๋  ์ˆ˜ ์žˆ๋‹ค๋Š” ์ ์„ ๋ฐฐ์› ๋‹ค.

OlympusDAO๋Š” ๊ฐ€์žฅ ๊ทน๋‹จ์ ์ธ ์‚ฌ๋ก€๋กœ, ๋†’์€ APY๋ฅผ ์•ž์„ธ์›Œ DeFi๊ฐ€ ์™ธ๋ถ€ ์œ ๋™์„ฑ์— ์˜์กดํ•˜์ง€ ์•Š๊ณ  ์ž์ฒด ์œ ๋™์„ฑ์„ ์†Œ์œ ํ•  ์ˆ˜ ์žˆ๋‹ค๋Š” ๊ฐ€๋Šฅ์„ฑ์„ ์ฆ๋ช…ํ–ˆ๋‹ค. ๋‹ค๋งŒ ์ˆ˜์ต์˜ ์ƒ๋‹น ๋ถ€๋ถ„์ด ์‹ค์ œ ํ˜„๊ธˆํ๋ฆ„์ด ์•„๋‹ˆ๋ผ ์‹ ๊ทœ ํ† ํฐ ๋ฐœํ–‰๊ณผ ์œ ์ž… ์ž๋ณธ์— ๊ธฐ๋Œ€๊ณ  ์žˆ์—ˆ๊ธฐ ๋•Œ๋ฌธ์—, ์œ ์ž…์ด ๋‘”ํ™”๋˜์ž ๊ฑฐ๋ฒ„๋„Œ์Šค ํ† ํฐ์ธ OHM์˜ ๊ฐ€๊ฒฉ๊ณผ ์‹ ๋ขฐ๊ฐ€ ํ•จ๊ป˜ ๋ฌด๋„ˆ์กŒ๋‹ค.

์œ„ ์„ธ ์‚ฌ๋ก€์—์„œ ์‹œ์žฅ์ด ๋ฐฐ์šด ๊ฒƒ์€ โ€œ์ˆ˜์ต์˜ ์›์ฒœ์ด ํ”„๋กœํ† ์ฝœ ์ž์ฒด ํ† ํฐ์ผ ๋•Œ, ๊ตฌ์กฐ๋Š” ์ง€์†๋˜์ง€ ์•Š๋Š”๋‹คโ€์˜€๋‹ค. ์ด ๊ฒฝํ—˜์ด ์œ ์ €, ๋นŒ๋”, ๊ธฐ๊ด€์ด DeFi๋ฅผ ๋ฐ”๋ผ๋ณด๋Š” ๋ฐฉ์‹์„ ๋ฐ”๊ฟจ๋‹ค.

๊ทธ๋ฆฌ๊ณ  ๊ทธ ๋นˆ์ž๋ฆฌ๋ฅผ EigenLayer, Pendle, YBS, RWA ๊ฐ™์€ ์ƒˆ๋กœ์šด ํ๋ฆ„์ด ์ฑ„์šฐ๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

2.1. Compound: ํ† ํฐ ๋ถ„๋ฐฐ๊ฐ€ ๋งŒ๋“  ๊ฑฐํ’ˆ

2020๋…„ 6์›”, Compound๋Š” ๊ฑฐ๋ฒ„๋„Œ์Šค ํ† ํฐ์ธ $COMP๋ฅผ ์‚ฌ์šฉ์ž์—๊ฒŒ ๋ถ„๋ฐฐํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ์˜ˆ์น˜์ž์™€ ์ฐจ์ž…์ž ๋ชจ๋‘ ํ† ํฐ ๋ณด์ƒ์„ ๋ฐ›์•˜๋‹ค. ์ผ๋ถ€ ๊ตฌ๊ฐ„์—์„œ๋Š” ์ฐจ์ž… ์ด์ž๋ณด๋‹ค $COMP ๋ณด์ƒ์ด ๋” ์ปค์ง€๋ฉฐ โ€œ๋ˆ์„ ๋นŒ๋ฆฌ๋ฉด ์˜คํžˆ๋ ค ๋ˆ์„ ๋ฒ„๋Š”โ€ ์ƒํ™ฉ๊นŒ์ง€ ๋ฒŒ์–ด์กŒ๋‹ค.

์ƒˆ๋กœ์šด ํŒจ๋Ÿฌ๋‹ค์ž„์ด์—ˆ๋‹ค. ์œ ์ €๋“ค์ด ๋ชฐ๋ฆฌ๋ฉด์„œ ์ด๋”๋ฆฌ์›€ ๊ฐ€์Šค๋น„๊ฐ€ ํญ๋“ฑํ–ˆ๊ณ , ๋‹จ์ˆœ ์†ก๊ธˆ ํ•œ ๊ฑด์— ์ˆ˜์‹ญ ๋‹ฌ๋Ÿฌ๋ฅผ ๋‚ด๋Š” ์ผ์ด ํ”ํ•ด์กŒ๋‹ค. ์˜ˆ์น˜์™€ ์ฐจ์ž…์€ ๋” ์ด์ƒ ๋‹จ์ˆœํ•œ ๊ธˆ์œต ํ–‰์œ„๊ฐ€ ์•„๋‹ˆ์—ˆ๋‹ค. ๋ณด์ƒ์„ ์บ๋Š” ์ˆ˜๋‹จ์ด ๋๊ณ , ์ˆ˜์ต์„ ์ซ“๋Š” ์ž๋ณธ์€ ํ”„๋กœํ† ์ฝœ ์‚ฌ์ด๋ฅผ ๋น ๋ฅด๊ฒŒ ์˜ฎ๊ฒจ ๋‹ค๋…”๋‹ค.

์ด ์‹œ๊ธฐ๋ฅผ DeFi Summer๋ผ๊ณ  ๋ถ€๋ฅธ๋‹ค. Uniswap, Aave, Yearn Finance ๋“ฑ์ด ์ž‡๋‹ฌ์•„ ๋ถ€์ƒํ–ˆ๊ณ , ์˜จ์ฒด์ธ ๊ธˆ์œต์€ ํ•˜๋‚˜์˜ ๋…๋ฆฝ์ ์ธ ์‹œ์žฅ์œผ๋กœ ๊ตณ์–ด์กŒ๋‹ค.

ํ•˜์ง€๋งŒ Compound๊ฐ€ ๋งŒ๋“  ๊ฒƒ์€ ๊ฒฐ๊ตญ ํ† ํฐ์— ์˜์กดํ•œ ์ธ์„ผํ‹ฐ๋ธŒ๋กœ ์ž๋ณธ์„ ๋Œ์–ด๋“ค์ด๊ณ , ๊ทธ ์ž๋ณธ์ด ๋‹ค์‹œ ํ† ํฐ ๊ฐ€๊ฒฉ์„ ๋ฐ€์–ด ์˜ฌ๋ฆฌ๋Š” ๊ตฌ์กฐ์˜€๋‹ค. ์ง€๊ธˆ๋„ DeFi ์‚ฌ์šฉ์ž๊ฐ€ ์ˆ˜์ต๋ฅ , ์œ ๋™์„ฑ, ๋ณด์ƒ ๊ตฌ์กฐ์— ๋ฏผ๊ฐํ•˜๊ฒŒ ๋ฐ˜์‘ํ•˜๋Š” ํ˜„์ƒ์€ ์ด๋•Œ ๊ตณ์–ด์ง„ ๊ฒƒ์ด๋‹ค.

2.2. Curve์™€ veCRV: ์ปค๋ธŒ ์ „์Ÿ์˜ ์„œ๋ง‰

Curve๋Š” ์ฒ˜์Œ์—” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ตํ™˜์†Œ์— ๊ฐ€๊นŒ์› ๋‹ค. ํ•˜์ง€๋งŒ veCRV๊ฐ€ ๋“ฑ์žฅํ•˜๋ฉฐ ์„ฑ๊ฒฉ์ด ์™„์ „ํžˆ ๋ฐ”๋€Œ์—ˆ๋‹ค. CRV๋ฅผ ์˜ค๋ž˜ ๋ฝ์—…ํ• ์ˆ˜๋ก ๋” ๋งŽ์€ ํˆฌํ‘œ๊ถŒ ์—ญํ• ์„ ํ•˜๋Š” veCRV๋ฅผ ๋ฐ›์„ ์ˆ˜ ์žˆ์—ˆ๊ณ , ์ด ํˆฌํ‘œ๊ถŒ์€ ์ œ์•ˆ์—์„œ gauge ํˆฌํ‘œ๋ฅผ ํ†ตํ•ด ํŠน์ • ํ’€์— ๋ฐฐ์ •๋˜๋Š” CRV ๋ณด์ƒ ๋น„์ค‘์— ์˜ํ–ฅ์„ ์คฌ๋‹ค.

์ด๋•Œ๋ถ€ํ„ฐ ๊ฒฝ์Ÿ์˜ ์ดˆ์ ์€ ์ˆ˜์ต๋ฅ  ์ž์ฒด๊ฐ€ ์•„๋‹ˆ๋ผ, ์ˆ˜์ต๋ฅ ์„ ์›€์ง์ด๋Š” ๊ถŒํ•œ์œผ๋กœ ์˜ฎ๊ฒจ๊ฐ”๋‹ค. veCRV๋ฅผ ๋งŽ์ด ๊ฐ€์ง„ ์ชฝ์€ ์ž๊ธฐ ํ’€๋กœ ๋” ๋งŽ์€ ์ธ์„ผํ‹ฐ๋ธŒ๋ฅผ ๋Œ์–ด์˜ฌ ์ˆ˜ ์žˆ์—ˆ๋‹ค. ์ž์—ฐ์Šค๋Ÿฝ๊ฒŒ ํ”„๋กœํ† ์ฝœ๋“ค์€ veCRV๋ฅผ ํ™•๋ณดํ•˜๋ ค ํ–ˆ๊ณ , ์ด ๊ฒฝ์Ÿ์ด ์ปค๋ธŒ ์ „์Ÿ์œผ๋กœ ์ด์–ด์กŒ๋‹ค.

์ดˆ๊ธฐ์—๋Š” ๋ฆฌํ…Œ์ผ๊ณผ ๋นŒ๋” ๋ชจ๋‘์—๊ฒŒ ๊ดœ์ฐฎ์€ ๊ตฌ์กฐ์ฒ˜๋Ÿผ ๋ณด์˜€๋‹ค. ๋ฆฌํ…Œ์ผ์€ CRV๋ฅผ ์˜ค๋ž˜ ๋ฌถ์„์ˆ˜๋ก ๋” ๋†’์€ ๋ณด์ƒ์„ ๋ฐ›์„ ์ˆ˜ ์žˆ์—ˆ๊ณ , ๋นŒ๋”๋Š” ํ† ํฐ ์œ ํ†ต๋Ÿ‰์„ ์ค„์ด๋ฉด์„œ ์›ํ•˜๋Š” ํ’€์— ์œ ๋™์„ฑ์„ ์œ ๋„ํ•  ์ˆ˜ ์žˆ์—ˆ๋‹ค. Balancer์˜ veBAL, Frax์˜ veFXS์ฒ˜๋Ÿผ ๋น„์Šทํ•œ ๋ชจ๋ธ์ด ํผ์ง„ ๊ฒƒ๋„ ์ด ๋•Œ๋ฌธ์ด๋‹ค.

ํ•˜์ง€๋งŒ ์‹œ๊ฐ„์ด ์ง€๋‚˜๋ฉฐ ๊ถŒํ•œ์€ ๊ฐœ๋ณ„ ์œ ์ €์—๊ฒŒ๋งŒ ๋ถ€์—ฌ๋˜์ง€ ์•Š์•˜๋‹ค. Convex ๊ฐ™์€ ๋ฉ”ํƒ€ ํ”„๋กœํ† ์ฝœ์ด ์œ ์ € ๋Œ€์‹  CRV๋ฅผ ๋ชจ์œผ๊ณ  ๋ฝ์—…ํ•˜๋ฉด์„œ ๋ณด์ƒ ๋ถ€์ŠคํŠธ๋ฅผ ์ œ๊ณตํ–ˆ๊ณ , ๊ทธ ๋Œ€๊ฐ€๋กœ veCRV ๊ถŒํ•œ์„ ๋ชจ์•˜๋‹ค. ๊ฒฐ๊ตญ Curve War์˜ ์ „์žฅ์€ Convex๋กœ ํ™•์žฅ๋๋‹ค.

๊ฒฐ๊ตญ veCRV๊ฐ€ ์ฆ๋ช…ํ•œ ๊ฒƒ์€ ์ˆ˜์ต๋ฅ  ์ž์ฒด๋ณด๋‹ค ๊ทธ๊ฒƒ์„ ๋งŒ๋“œ๋Š” ๊ถŒํ•œ์ด ๋” ๊ฐ•๋ ฅํ•œ ์œ ์ธ์ด๋ผ๋Š” ์ ์ด์—ˆ๋‹ค. ๊ทธ๋ฆฌ๊ณ  ์‚ฌ๋žŒ๋“ค์€ ๊ทธ ํž˜์„ ์ง์ ‘ ๊ฐ–๊ธฐ๋ณด๋‹ค Convex ๊ฐ™์€ ๋” ํšจ์œจ์ ์ธ ์ค‘๊ฐ„ ํ”Œ๋žซํผ์— ๋งก๊ฒผ๋‹ค. Curve๋Š” DeFi์—์„œ ๊ฑฐ๋ฒ„๋„Œ์Šค ๊ถŒํ•œ๋„ ์ˆ˜์ต์„ ๋งŒ๋“œ๋Š” ์ž์‚ฐ์ด ๋˜๋ฉฐ, ๊ทธ ๊ถŒํ•œ์ด ๋‹ค์‹œ ํ•œ๊ณณ์œผ๋กœ ๋ชจ์ผ ์ˆ˜ ์žˆ๋‹ค๋Š” ๊ฑธ ๋“œ๋Ÿฌ๋ƒˆ๋‹ค.

2.3. OlympusDAO: ๊ฒŒ์ž„์ด๋ก ์œผ๋กœ ์Œ“์•„ ์˜ฌ๋ฆฐ ํ™ฉ๊ธˆ๊ธฐ

Curve์˜ veToken ๋ฉ”์ปค๋‹ˆ์ฆ˜์ด ๋‚˜ํƒ€๋‚œ ์ดํ›„์—๋„ ์—ฌ์ „ํžˆ DeFi์˜ ๊ฐ€์žฅ ํฐ ๊ณ ๋ฏผ์€ ์œ ๋™์„ฑ์ด์—ˆ๋‹ค. ์™ธ๋ถ€์—์„œ ๋นŒ๋ ค์˜จ ์œ ๋™์„ฑ์€ ๋” ๋†’์€ ์ธ์„ผํ‹ฐ๋ธŒ๊ฐ€ ์ƒ๊ธฐ๋ฉด ๊ณง๋ฐ”๋กœ ๋น ์ ธ๋‚˜๊ฐ”๋‹ค. ์ด๋ฅธ๋ฐ” ์šฉ๋ณ‘ ์ž๋ณธ์ด๋‹ค.

2021๋…„ ํ•˜๋ฐ˜๊ธฐ ๋“ฑ์žฅํ•œ OlympusDAO๋Š” ์ด ๋ฌธ์ œ์˜ ํ•ด๋ฒ•์œผ๋กœ ํ™”์ œ๊ฐ€ ๋๋‹ค. ํ•ต์‹ฌ์€ ์„ธ ๊ฐ€์ง€์˜€๋‹ค. ํ”„๋กœํ† ์ฝœ ์ž์ฒด๊ฐ€ ์œ ๋™์„ฑ์„ ์†Œ์œ ํ•˜๋Š” Protocol-Owned Liquidity, ์ฐธ์—ฌ์ž ๋ชจ๋‘๊ฐ€ Stake๋ฅผ ํƒํ•  ๋•Œ ์ตœ์„ ์˜ ๊ฒฐ๊ณผ๊ฐ€ ๋‚˜์˜จ๋‹ค๋Š” 3,3 ๊ฒŒ์ž„์ด๋ก , ๊ทธ๋ฆฌ๊ณ  ๋ก ์นญ ์ดˆ๊ธฐ์— 20๋งŒ%๋ฅผ ๋„˜๊ฒผ๋˜ ๊ทน๋‹จ์ ์ธ APY๋‹ค.

ํ•˜์ง€๋งŒ ์ด ๊ตฌ์กฐ๋Š” ์˜ค๋ž˜ ๋ฒ„ํ‹ฐ์ง€ ๋ชปํ–ˆ๋‹ค. OHM์˜ ์ˆ˜์ต์€ ์‹ค์ œ ํ˜„๊ธˆํ๋ฆ„๋ณด๋‹ค ์‹ ๊ทœ ํ† ํฐ ๋ฐœํ–‰์— ํฌ๊ฒŒ ์˜์กดํ–ˆ๋‹ค. Bonding ๋ฉ”์ปค๋‹ˆ์ฆ˜์€ ์ˆ˜์‹ญ ๊ฐœ์˜ ํฌํฌ ํ”„๋กœ์ ํŠธ๋ฅผ ๋‚ณ์•˜์ง€๋งŒ, OHM ๊ฐ€๊ฒฉ์€ ์ดํ›„ 90% ์ด์ƒ ํ•˜๋ฝํ–ˆ๋‹ค.

๊ทธ ๋’ค ๋นŒ๋”๋“ค์€ โ€œ์ˆ˜์ต๋ฅ ์„ ์–ผ๋งˆ๋‚˜ ๋†’์ผ ๊ฒƒ์ธ๊ฐ€โ€๋ณด๋‹ค โ€œ์ˆ˜์ต์ด ์‹ค์ œ๋กœ ์–ด๋””์„œ ์˜ค๋Š”๊ฐ€โ€๋ฅผ ๋จผ์ € ๊ณ ๋ฏผํ•˜๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

2.4. EigenLayer์™€ Pendle: ์ˆ˜ํ‰์  ํŒŒ๋ฐ์—์„œ ์ˆ˜์ง์  ๋ ˆ๋ฒ„๋ฆฌ์ง€๋กœ

๋ถ•๊ดด์˜ ๊ฒฝํ—˜์€ ๋ฆฌํ…Œ์ผ์˜ ํ–‰๋™ ๋ฐฉ์‹๋„ ๋ฐ”๊ฟจ๋‹ค. 2020๋…„๋ถ€ํ„ฐ 2022๋…„๊นŒ์ง€์˜ ํ”Œ๋ ˆ์ด๋ถ์€ ๋‹จ์ˆœํ–ˆ๋‹ค. ๊ฐ€์žฅ ๋จผ์ € ์ธ์„ผํ‹ฐ๋ธŒ๋ฅผ ์บ๊ณ , ๊ฐ€์žฅ ๋จผ์ € ๋น ์ ธ๋‚˜์˜จ๋‹ค. ํ•œ ์‚ฌ์šฉ์ž๊ฐ€ ๋™์‹œ์— ์—ฌ๋Ÿฌ ํ”„๋กœํ† ์ฝœ์— ์ž๊ธˆ์„ ๋ถ„์‚ฐ ์˜ˆ์น˜ํ•˜๋Š” ์ผ๋„ ํ”ํ–ˆ๋‹ค. ๋‹น์‹œ์˜ ํŒŒ๋ฐ์€ ๋ง ๊ทธ๋Œ€๋กœ ์ˆ˜ํ‰์ ์ด์—ˆ๋‹ค. ์ž๋ณธ์€ ๋” ๋†’์€ APY๋ฅผ ์ฐพ์•„ ํ”„๋กœํ† ์ฝœ ์‚ฌ์ด๋ฅผ ์˜ฎ๊ฒจ ๋‹ค๋…”๋‹ค.

ํ•˜์ง€๋งŒ 2022๋…„ ์ดํ›„ ์ด ๋ฐฉ์‹์˜ ํšจ์œจ์€ ๋–จ์–ด์กŒ๋‹ค. ํ† ํฐ ์ธ์„ผํ‹ฐ๋ธŒ๋Š” ์ง€์†์ด ๋ถˆ๊ฐ€๋Šฅํ–ˆ๊ณ , ์—์–ด๋“œ๋ž ๊ฒฝ์Ÿ์€ ๋” ์น˜์—ดํ•ด์กŒ๋‹ค. ๋‹จ์ˆœํžˆ ์—ฌ๋Ÿฌ ๊ณณ์— ์ž๊ธˆ์„ ๋„ฃ์–ด๋‘๋Š” ๊ฒƒ๋งŒ์œผ๋กœ๋Š” ๋ณด์ƒ์ด ์ค„์—ˆ๋‹ค. ๊ทธ๋ž˜์„œ ์ž๋ณธ์€ ํ•œ ์ž์‚ฐ์„ ์—ฌ๋Ÿฌ ๊ฒน์œผ๋กœ ํ™œ์šฉํ•˜๋Š” ์ชฝ์œผ๋กœ ์›€์ง์˜€๋‹ค. stETH๋ฅผ ๋ฆฌ์Šคํ…Œ์ดํ‚นํ•˜๊ณ , LRT๋ฅผ ๋‹ค์‹œ DeFi์— ๋„ฃ๊ณ , ์ˆ˜์ต๊ถŒ์„ ๋”ฐ๋กœ ๋ถ„๋ฆฌํ•ด ํฌ์ธํŠธ์™€ ๋ฏธ๋ž˜ ์ˆ˜์ต์„ ๋…ธ๋ฆฌ๋Š” ๋ฐฉ์‹์ด๋‹ค.

์ด ์ „ํ™˜์˜ ์ค‘์‹ฌ์— EigenLayer์™€ Pendle์ด ์žˆ์—ˆ๋‹ค. 2024๋…„์„ ์‹œ์ž‘์œผ๋กœ EigenLayer๋Š” ์ด๋ฏธ ์Šคํ…Œ์ดํ‚น๋œ ETH๋‚˜ LST๋ฅผ ๋‹ค์‹œ ํ™œ์šฉํ•ด ์ถ”๊ฐ€ ๋ณด์ƒ์„ ์–ป๋Š” ๋ฆฌ์Šคํ…Œ์ดํ‚น ๊ตฌ์กฐ๋ฅผ ์—ด์—ˆ๋‹ค. EigenLayer์˜ TVL์€ ์•ฝ 6๊ฐœ์›” ์‚ฌ์ด 4์–ต ๋‹ฌ๋Ÿฌ ๋ฏธ๋งŒ์—์„œ 188์–ต ๋‹ฌ๋Ÿฌ๊นŒ์ง€ ์ปค์กŒ๋‹ค. ๋‹จ์ˆœ ์˜ˆ์น˜๋ณด๋‹ค ๋ฆฌ์Šคํ…Œ์ดํ‚น ๊ตฌ์กฐ๋กœ ์ž๋ณธ์ด ๋น ๋ฅด๊ฒŒ ์ด๋™ํ–ˆ๋‹ค๋Š” ๋ฐฉ์ฆ์ด๋‹ค.

Pendle์€ ์ด์ž๊ฐ€ ๋ถ™๋Š” ์ž์‚ฐ์„ PT์™€ YT๋กœ ์ชผ๊ฐฐ๋‹ค. PT๋Š” ์›๊ธˆ์— ๊ฐ€๊นŒ์šด ๊ถŒ๋ฆฌ์ด๊ณ , YT๋Š” ๋งŒ๊ธฐ ์ „๊นŒ์ง€ ๋ฐœ์ƒํ•˜๋Š” ์ˆ˜์ต, ๋ณด์ƒ, ํฌ์ธํŠธ๋ฅผ ๊ฐ€์ ธ๊ฐ€๋Š” ๊ถŒ๋ฆฌ๋‹ค. ํŠนํžˆ YT๋Š” ๋งŒ๊ธฐ์— ๊ฐ€์น˜๊ฐ€ 0์ด ๋˜์ง€๋งŒ, ๊ทธ ์ „๊นŒ์ง€ ํฌ์ธํŠธ์™€ ์ˆ˜์ต์„ ์ตœ๋Œ€ํ•œ ๊ธ์–ด๋ชจ์„ ์ˆ˜ ์žˆ๋‹ค. ๊ตฌ์กฐ๋ฅผ ๊นŠ๊ฒŒ ๋ชฐ๋ผ๋„, YT๋ฅผ ์‚ฌ๋Š” ๊ฒƒ ์ž์ฒด๊ฐ€ ์‹œ๊ฐ„๊ณผ ์ž๋ณธ์„ ๋ ˆ๋ฒ„๋ฆฌ์ง€ํ•˜๋Š” ํŒŒ๋ฐ ์ „๋žต์ด ๋๋‹ค.

์—ฌ๋Ÿฌ ํ”„๋กœํ† ์ฝœ์— ๋ˆ์„ ํฉ๋ฟŒ๋ฆฌ๋˜ ๋ฐฉ์‹์—์„œ, ํ•˜๋‚˜์˜ ์ž์‚ฐ์œผ๋กœ ์—ฌ๋Ÿฌ ์ธต์œ„์˜ ๋ณด์ƒ์„ ์Œ“๋Š” ๋ฐฉ์‹์œผ๋กœ ์ „๋žต์ด ๋ฐ”๋€Œ์—ˆ๋‹ค.

3. ์ˆ˜์ต ๋ชจ๋ธ์˜ ์žฌ์„ค๊ณ„: RWA์™€ YBS

๋นŒ๋”๋“ค์€ ํ•œ๋•Œ ํ† ํฐ ์ธ์„ผํ‹ฐ๋ธŒ๋กœ TVL์„ ๋Œ์–ด์˜ฌ๋ฆฌ๋Š” ๋ฐ ์ง‘์ค‘ํ–ˆ๋‹ค. TVL์ด ์ปค์ง€๋ฉด ํ”„๋กœํ† ์ฝœ์ด ์„ฑ์žฅํ•˜๋Š” ๊ฒƒ์ฒ˜๋Ÿผ ๋ณด์˜€๊ณ , ํ† ํฐ ๊ฐ€๊ฒฉ๋„ ๋”ฐ๋ผ ์›€์ง์˜€๋‹ค. ๋ฌธ์ œ๋Š” ๊ทธ ์œ ๋™์„ฑ์ด ์˜ค๋ž˜ ๋จธ๋ฌผ์ง€ ์•Š๋Š”๋‹ค๋Š” ์ ์ด์—ˆ๋‹ค.

๋ฌผ๋ก  TVL์€ ์—ฌ์ „ํžˆ ์ค‘์š”ํ•œ ์ง€ํ‘œ๋‹ค. ํ•˜์ง€๋งŒ ์ด์ œ๋Š” ์ˆ˜์ˆ˜๋ฃŒ ๊ธฐ๋ฐ˜ ์ˆ˜์ต, ์‹ค๋ฌผ ๋‹ด๋ณด, ๊ทœ์ œ ๋Œ€์‘์— ๋” ๋ฌด๊ฒŒ๋ฅผ ๋‘๊ฒŒ ๋๋‹ค. ๊ธฐ๊ด€์ด๋ผ๋Š” ๋ณ€์ˆ˜๊ฐ€ ์ƒ๊ฒผ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ๊ธฐ๊ด€์€ โ€œ์ด ์ˆ˜์ต์ด ์–ด๋””์„œ ๋‚˜์˜ค๊ณ , ์–ด๋–ค ์ž์‚ฐ์ด ๋ฐ›์ณ์ฃผ๋Š”๊ฐ€โ€๋ฅผ ๋” ๋”ฐ์ง„๋‹ค.

์ œํ’ˆ์€ ์ด ๋‘ ์ˆ˜์š”๋ฅผ ๋ชจ๋‘ ๋ฐ›์•„๋‚ด๋Š” ๋ฐฉํ–ฅ์œผ๋กœ ๋‹ฌ๋ผ์ง€๊ณ  ์žˆ๋‹ค.

3.1. RWA(Real World Asset): ๊ธฐ๊ด€๋“ค์˜ ๋ณธ๊ฒฉ ์‹œ์žฅ ์ง„์ž…

2024๋…„ ์ดํ›„ BlackRock, Franklin Templeton, JPMorgan ๊ฐ™์€ ์ „ํ†ต ๊ธˆ์œต๊ธฐ๊ด€์ด RWA๋ฅผ ์•ž์„ธ์›Œ ์˜จ์ฒด์ธ ์‹œ์žฅ์— ๋“ค์–ด์˜ค๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ๋ฏธ๊ตญ ๊ตญ์ฑ„, ๋จธ๋‹ˆ๋งˆ์ผ“ํŽ€๋“œ, ์‚ฌ๋ชจ ํฌ๋ ˆ๋”ง, ๊ธˆ, ๋ถ€๋™์‚ฐ ๊ฐ™์€ ์˜คํ”„์ฒด์ธ ์ž์‚ฐ์„ ํ† ํฐ ํ˜•ํƒœ๋กœ ๋ฐœํ–‰ํ•ด ์˜จ์ฒด์ธ์—์„œ ์œ ํ†ต์‹œํ‚ค๋Š” ๋ฐฉ์‹์ด๋‹ค.

์˜จ์ฒด์ธ RWA ์‹œ์žฅ์€ 2022๋…„ ์ˆ˜์‹ญ์–ต ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์—์„œ 2026๋…„ 4์›” ์ˆ˜๋ฐฑ์–ต ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ๋กœ ์ปค์กŒ๋‹ค. ํ† ํฐํ™” ๊ตญ์ฑ„์™€ ์‚ฌ๋ชจ ํฌ๋ ˆ๋”ง์ด ์„ฑ์žฅ์„ ๊ฒฌ์ธํ•˜๊ณ  ์žˆ๋‹ค.

ํ˜„์žฌ ์‹œ์žฅ์„ ์ฃผ๋„ํ•˜๋Š” ๊ธฐ๊ด€ ์ƒํ’ˆ์€ BlackRock BUIDL๊ณผ Franklin Templeton BENJI๋‹ค. BUIDL๊ณผ BENJI๋Š” ๋น„์Šทํ•œ ์ž์‚ฐ์„ ๋‹ค๋ฃจ์ง€๋งŒ ์ ‘๊ทผ ๋ฐฉ์‹์€ ๋‹ค๋ฅด๋‹ค. BUIDL์€ ์‚ฌ์‹ค์ƒ ๊ธฐ๊ด€ ์ „์šฉ ์ƒํ’ˆ์— ๊ฐ€๊น๊ณ , BENJI๋Š” 20๋‹ฌ๋Ÿฌ๋ถ€ํ„ฐ ์ ‘๊ทผํ•  ์ˆ˜ ์žˆ์–ด ๋ฏธ๊ตญ ๋ฆฌํ…Œ์ผ์—๊ฒŒ๋„ ์—ด๋ ค ์žˆ๋‹ค.

์ด ์™ธ์—๋„ Apollo, Hamilton Lane, KKR ๋“ฑ์ด Securitize ๊ฐ™์€ ์˜จ์ฒด์ธ ๋ฐœํ–‰ ํ”Œ๋žซํผ๊ณผ ์†์žก๊ณ  ์‚ฌ๋ชจ ํŽ€๋“œ์™€ ์‚ฌ๋ชจ ํฌ๋ ˆ๋”ง ํ† ํฐํ™”์— ์†๋„๋ฅผ ๋‚ด๊ณ  ์žˆ๋‹ค.

๊ธฐ๊ด€์—๊ฒŒ ์˜จ์ฒด์ธ ์‹œ์žฅ์€ ์ƒˆ๋กœ ๊ฐœ์ฒ™ํ•  ์˜์—ญ์ด๋ผ๊ธฐ๋ณด๋‹ค ์ƒˆ๋กœ์šด ์œ ํ†ต ์ฑ„๋„์— ๊ฐ€๊น๋‹ค. ๋•Œ๋ฌธ์— ๊ธฐ๊ด€์„ ๋งž์ดํ•˜๋Š” ํ”„๋กœํ† ์ฝœ๋„ ์—ฌ๊ธฐ์— ๋งž์ถฐ KYC์™€ AML, ์ปค์Šคํ„ฐ๋””, ๋ฒ•์  ๊ด€ํ• ๊ถŒ, ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ ํ”„๋ ˆ์ž„์›Œํฌ๋ฅผ ๊ฐ–์ถฐ๊ฐ€๊ณ  ์žˆ๋‹ค.

3.2. ์ˆ˜์ต ๋‚ด์žฅํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ(YBS): ์ˆ˜์ต์ด ๋‚ด์žฅ๋œ ๋‹ฌ๋Ÿฌ

์—ฌ๊ธฐ์„œ ๋ˆˆ์—ฌ๊ฒจ๋ณผ ์„ธ๊ทธ๋จผํŠธ๋Š” YBS์ด๋‹ค. ์ˆ˜์ต ๋‚ด์žฅํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ(YBS)์€ ์ˆ˜์ต์ด ํ† ํฐ ์ž์ฒด์— ๋‚ด์žฅ๋œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด๋‹ค. Ondo USDY, Sky sUSDS, Ethena sUSDe๊ณผ ์•ž์„œ ์–ธ๊ธ‰ํ•œ BlackRock BUIDL, Franklin BENJI ๋“ฑ์ด ์—ฌ๊ธฐ์— ํฌํ•จ๋œ๋‹ค.

์ด ์ž์‚ฐ๋“ค์€ ๋ณด์œ ๋งŒ ํ•ด๋„ ๊ธฐ์ดˆ ์ž์‚ฐ์—์„œ ๋ฐœ์ƒํ•œ ์ˆ˜์ต์ด ์Œ“์ธ๋‹ค. ๊ธฐ์ดˆ ์ž์‚ฐ์€ ๋ฏธ๊ตญ ๊ตญ์ฑ„, ํŽ€๋”ฉ๋น„, ์Šคํ…Œ์ดํ‚น ์ด์ž, ๋จธ๋‹ˆ๋งˆ์ผ“ํŽ€๋“œ ๋“ฑ์ด๋‹ค. ์ „ํ†ต ๊ธˆ์œต์˜ MMF๋ฅผ ์˜จ์ฒด์ธ์œผ๋กœ ์˜ฎ๊ธด ๊ตฌ์กฐ์— ๊ฐ€๊น๋‹ค.

StableWatch์˜ YPO ๋ฐ์ดํ„ฐ ๊ธฐ์ค€์œผ๋กœ Ethena sUSDe, Sky sUSDS, BlackRock BUIDL, Sky sDAI ๋“ฑ์ด ๋ˆ„์  ์ˆ˜์ต ์ง€๊ธ‰์•ก ์ƒ์œ„๊ถŒ์— ์žˆ๋‹ค. ์ƒํ’ˆ๋ณ„ ์ง‘๊ณ„ ๊ธฐ์ค€์— ๋”ฐ๋ผ ์ฐจ์ด๋Š” ์žˆ์ง€๋งŒ, YBS๊ฐ€ ๋‹จ์ˆœํ•œ ์‹คํ—˜์„ ๋„˜์–ด ์‹ค์ œ ์ด์ž๊ฐ€ ์ง€๊ธ‰๋˜๋Š” ์นดํ…Œ๊ณ ๋ฆฌ๋กœ ๋ถ„๋ช…ํžˆ ์ปค์กŒ๋‹ค.

๋‹ค๋งŒ ๋‹จ์ˆœํžˆ MMF๋ฅผ ์˜จ์ฒด์ธ์œผ๋กœ ์ด์‹ํ•˜๋Š” ๊ฒƒ๋งŒ์œผ๋กœ๋Š” ์ฐจ๋ณ„์ ์ด ์—†๋‹ค. ์ง„์งœ ์ฐจ๋ณ„์ ์€ ์กฐํ•ฉ ๊ฐ€๋Šฅ์„ฑ์— ์žˆ๋‹ค. BUIDL์ด Ethena์˜ USDtb ๋ฆฌ์ €๋ธŒ 90%๋ฅผ ๊ตฌ์„ฑํ•˜๊ณ , USDtb๋Š” Aave์—์„œ ๋‹ด๋ณด๋กœ ํ™œ์šฉ๋œ๋‹ค.

์ฆ‰ ๊ธฐ์กด ๋ฒ ์ด์Šค ์ƒํ’ˆ์ด ํ˜„์‹ค ์„ธ๊ณ„์— ์žˆ๋˜ RWA ์ƒํ’ˆ์ด ๋๊ณ , ์ƒํ’ˆ๋“ค์ด ์•ˆ์ •๋œ ๊ตฌ์กฐ๊ฐ€ ๋˜๋Š” ๊ฒƒ์ด๋‹ค. ํ•œ์ •๋œ ๋ฐฐํ„ฐ๋ฆฌ ์•ˆ์—์„œ ๋Œ์•„๊ฐ€๋Š” ์‹œ์žฅ์ด ์•„๋‹Œ ์™ธ๋ถ€์˜ ์ „๋ ฅ์„ ๋Œ์–ด๋‹ค ์“ฐ๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค.

4. ์‹คํŒจ๋ฅผ ๊ตํ›ˆ์‚ผ์•„ RWA ์ „๋ ฅ๋ง์„ ๊นŒ๋Š” ํ”Œ๋ ˆ์ด์–ด๋“ค

์ง€๊ธˆ๊นŒ์ง€ DeFi๋Š” ์ฝ˜์„ผํŠธ ์—†๋Š” ๋ฉ€ํ‹ฐํƒญ์„ ๊ณ„์† ์ด์–ด ๋ถ™์ด๋ฉฐ ๊ทธ๊ฑธ ํ”Œ๋ผ์ดํœ ์ด๋ผ๊ณ  ๋ถˆ๋ €๋‹ค.

๋ฉ€ํ‹ฐํƒญ ์œ„์— ๋ฉ€ํ‹ฐํƒญ์„ ๊ฝ‚๊ณ , ๊ทธ ๋์— ๋‹ค์‹œ ๋ ˆ๋ฒ„๋ฆฌ์ง€์™€ ํŒŒ์ƒ ์ƒํ’ˆ์„ ์—ฐ๊ฒฐํ–ˆ๋‹ค. ๋ฌธ์ œ๋Š” ์ „๋ฅ˜๊ฐ€ ์™ธ๋ถ€์—์„œ ๋“ค์–ด์˜จ ๊ฒƒ์ด ์•„๋‹ˆ๋ผ, ๋Œ€๋ถ€๋ถ„ ํ”„๋กœํ† ์ฝœ์ด ์Šค์Šค๋กœ ๋งŒ๋“  ํ† ํฐ ์ธ์„ผํ‹ฐ๋ธŒ์˜€๋‹ค๋Š” ์ ์ด๋‹ค. Compound๋Š” ์ž์ฒด ํ† ํฐ์„ ๋‹ด๋ณด๋กœ ๋Œ€์ถœ์„ ๋งŒ๋“ค์—ˆ๊ณ , Curve๋Š” ์ž์ฒด ํ† ํฐ์œผ๋กœ ์œ ๋™์„ฑ ๊ณต๊ธ‰์ž๋ฅผ ๋ถ™์žก์•˜๋‹ค. ์„œ๋กœ๊ฐ€ ์„œ๋กœ์—๊ฒŒ ์ „๋ ฅ์„ ๊ณต๊ธ‰ํ•˜๋Š” ๊ฒƒ์ฒ˜๋Ÿผ ๋ณด์˜€์ง€๋งŒ, ์‹ค์ œ๋กœ๋Š” ํ•œ์ •๋œ ๋ฐฐํ„ฐ๋ฆฌ๋ฅผ ๋Œ๋ ค ์“ฐ๋Š” ๊ตฌ์กฐ์˜€๋‹ค. ์‹œ์žฅ์ด ํ”๋“ค๋ฆฌ์ž ์ „์••์€ ์•„๋ž˜๋ถ€ํ„ฐ ๋–จ์–ด์กŒ๊ณ , ๊ฐ€์žฅ ๋์— ์—ฐ๊ฒฐ๋œ ์ƒํ’ˆ๋ถ€ํ„ฐ ๊บผ์ง€๊ธฐ ์‹œ์ž‘ํ–ˆ๋‹ค. ์ฝ˜์„ผํŠธ ์—†๋Š” ๋ฉ€ํ‹ฐํƒญ์ด ๊ฐ๋‹นํ•  ์ˆ˜ ์žˆ๋Š” ๋ถ€ํ•˜์—๋Š” ํ•œ๊ณ„๊ฐ€ ์žˆ์—ˆ๋‹ค.

RWA๋Š” ์ด ๊ตฌ์กฐ๋ฅผ ์‹ค์ œ ์ „๋ ฅ๋ง์— ์—ฐ๊ฒฐํ•œ๋‹ค. ์ฑ„๊ถŒ ์ด์ž, ๋ถ€๋™์‚ฐ ์ž„๋Œ€๋ฃŒ, ์ˆ˜์ถœ์ž… ๋Œ€๊ธˆ์ฒ˜๋Ÿผ ํ˜„์‹ค ๊ฒฝ์ œ์—์„œ ๋ฐœ์ƒํ•˜๋Š” ํ˜„๊ธˆํ๋ฆ„์ด ์˜จ์ฒด์ธ ๊ธˆ์œต์˜ ์ „๋ฅ˜๊ฐ€ ๋œ๋‹ค. ์ด์ž์œจ๋„ ๋‚ด๋ถ€ ํ† ํฐ ์ธ์„ผํ‹ฐ๋ธŒ๊ฐ€ ์•„๋‹ˆ๋ผ ์™ธ๋ถ€ ์‹œ์žฅ์˜ ์ˆ˜์š”, ๊ธˆ๋ฆฌ, ์‹ ์šฉ์œ„ํ—˜์— ์˜ํ•ด ๊ฒฐ์ •๋œ๋‹ค. ์ „๋ฅ˜๊ฐ€ ๋“ค์–ด์˜ค๊ธฐ ์‹œ์ž‘ํ•˜๋ฉด ๊ทธ ์œ„์— ๋ฐœํ–‰, ๋ณด๊ด€, ๋‹ด๋ณด, ๋Œ€์ถœ, ๊ฒฐ์ œ๋ผ๋Š” ์žฅ์น˜๋ฅผ ์ฐจ๋ก€๋กœ ์—ฐ๊ฒฐํ•  ์ˆ˜ ์žˆ๋‹ค. ๊ธฐ์กด DeFi์—์„œ๋Š” ์„ค๊ณ„ํ•˜๊ธฐ ์–ด๋ ค์› ๋˜ ๊ธˆ์œต ์ƒํ’ˆ๋„ ์ด ์ „๋ ฅ๋ง ์œ„์—์„œ๋Š” ์ž‘๋™ ๊ฐ€๋Šฅํ•ด์ง„๋‹ค. ๋ฌธ์ œ๋Š” ๋” ๋งŽ์€ ๋ฉ€ํ‹ฐํƒญ์„ ๊ฝ‚๋Š” ๊ฒƒ์ด ์•„๋‹ˆ๋ผ, ์–ผ๋งˆ๋‚˜ ์•ˆ์ •์ ์ธ ์ „๋ฅ˜๋ฅผ ๋Œ์–ด์˜ฌ ์ˆ˜ ์žˆ๋А๋ƒ๋‹ค.

์˜จ์ฒด์ธ RWA์˜ ํ•ต์‹ฌ์€ ๋ฐ”๋กœ ์—ฌ๊ธฐ์— ์žˆ๋‹ค. ์‹ค์งˆ ๊ฐ€์น˜๋ฅผ ๊ฐ€์ง„ ์ž์‚ฐ์„ ์˜จ์ฒด์ธ์— ์˜ฌ๋ฆฌ๊ณ , ๊ทธ ํ˜„๊ธˆํ๋ฆ„์„ ๊ธฐ๋ฐ˜์œผ๋กœ ๊ธˆ์œต ๊ธฐ๋Šฅ์„ ์—ฐ๊ฒฐํ•˜๋Š” ๊ฒƒ์ด๋‹ค. ๊ณผ๊ฑฐ DeFi๊ฐ€ ํ† ํฐ ์ธ์„ผํ‹ฐ๋ธŒ๋ผ๋Š” ์ž„์‹œ ๋ฐฐํ„ฐ๋ฆฌ๋กœ ์œ ๋™์„ฑ์„ ๋นŒ๋ ค์™”๋‹ค๋ฉด, ์ง€๊ธˆ์˜ RWA ์‹œ์žฅ์€ ์ž์‚ฐ ์ž์ฒด์˜ ํ˜„๊ธˆํ๋ฆ„์œผ๋กœ ์œ ๋™์„ฑ์„ ๋ถ™์žก์œผ๋ ค ํ•œ๋‹ค.

ํ˜„์žฌ ์‹œ์žฅ์˜ ํ”Œ๋ ˆ์ด์–ด๋“ค์€ ์ด ์ „๋ ฅ๋ง์„ ๊ฐ์ž์˜ ์œ„์น˜์—์„œ ๊ตฌ์ถ•ํ•˜๊ณ  ์žˆ๋‹ค.

ํ•œ ํ”Œ๋ ˆ์ด์–ด๊ฐ€ ๋ชจ๋“  ์ „๋ ฅ๋ง์„ ์†Œ์œ ํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹ˆ๋‹ค. ์ „๋ ฅ์›, ์†ก์ „๋ง, ์‚ฌ์šฉ์ฒ˜๊ฐ€ ๋งž๋ฌผ๋ฆด ๋•Œ ์˜จ์ฒด์ธ RWA๋ผ๋Š” ์ƒˆ๋กœ์šด ๊ธˆ์œต ํšŒ๋กœ๊ฐ€ ์™„์„ฑ๋œ๋‹ค.

4.1. Theo: ๊ณ ๊ฐ์ธต์„ ๋ฐ”๊พผ ์‚ฌ๋ก€

Theo๋Š” ์ž์‚ฐ์„ ๊ณ ๋ฅด๋Š” ์ž๋ฆฌ์—์„œ ์ถœ๋ฐœํ•ด ๊ณ ๊ฐ์ธต๊นŒ์ง€ ๋‹ค์‹œ ์ง  ์‚ฌ๋ก€๋‹ค.

๊ณผ๊ฑฐ Theo์˜ ์ฃผ๋ ฅ ์ƒํ’ˆ์€ ์ „๋žต ๋ณผํŠธ์˜€๋‹ค. ํ•˜์ง€๋งŒ ์‹œ์žฅ์ด ๋ฐ”๋€Œ๋ฉด์„œ ๋ฆฌํ…Œ์ผ์ด ์›ํ•˜๋Š” ๊ฒƒ๊ณผ ๊ธฐ๊ด€์ด ์›ํ•˜๋Š” ๊ฒƒ์ด ๊ฐˆ๋ผ์กŒ๋‹ค. Theo๋Š” ์ด ์ „ํ™˜์„ ๋ฐ›์•„๋“ค์˜€๊ณ , ๊ณ ๊ฐ์ธต ์ž์ฒด๋ฅผ ๋‹ค์‹œ ์ •์˜ํ–ˆ๋‹ค.

ํ•ต์‹ฌ ์ œํ’ˆ์€ thBILL์ด๋‹ค. ๊ทœ์ œ๋œ ๋ฐœํ–‰์ž์—๊ฒŒ์„œ ์กฐ๋‹ฌํ•œ ๊ธฐ๊ด€๊ธ‰ ํ† ํฐํ™” ๋ฏธ๊ตญ ๋‹จ๊ธฐ๊ตญ์ฑ„ ๋ฐ”์Šค์ผ“์œผ๋กœ, Theo ์ƒํƒœ๊ณ„ ์•ˆ์—์„œ ์•ˆ์ •์ ์œผ๋กœ ์ˆ˜์ต์„ ๋‚ด๋„๋ก ์„ค๊ณ„๋œ ํ•ต์‹ฌ ์ž์‚ฐ์ด๋‹ค. ์ดํ›„ ๋กœ๋“œ๋งต์— thGOLD๋ฅผ ์ถœ์‹œํ–ˆ๊ณ  ๊ณง thGOLD๋ฅผ ๋‹ด๋ณด๋กœ ๋ฐœํ–‰๋˜๋Š” YBS, thUSD๋„ ์ถœ์‹œ๋  ์˜ˆ์ •์ด๋‹ค.

์ƒํ’ˆ๋งŒ ๋ฐ”๊พผ ๊ฒŒ ์•„๋‹ˆ๋‹ค. ๋ฆฌํ…Œ์ผ ์ธ์„ผํ‹ฐ๋ธŒ๋กœ ์‹œ์ž‘ํ•œ ํ”Œ๋ ˆ์ด์–ด๊ฐ€ ๋™์‹œ์— ๊ธฐ๊ด€์˜ ์–ธ์–ด๋กœ๋„ ์„ค๊ณ„๋  ์ˆ˜ ์žˆ๋‹ค๋Š” ๊ฒƒ์„ ๋ณด์—ฌ์ค€๋‹ค.

4.2. Plume: RWA๊ฐ€ ์ž‘๋™ํ•˜๋Š” ํ™˜๊ฒฝ์„ ๋งŒ๋“œ๋Š” ํ”Œ๋ ˆ์ด์–ด

Plume์€ ์ž์‚ฐ์ด ์œ ํ†ต๋  ์ธํ”„๋ผ๋ถ€ํ„ฐ ๊ทธ ์œ„ ์ˆ˜์š”๊นŒ์ง€ ํ•œ ๋ฒˆ์— ๋ฌถ์€ ์‚ฌ๋ก€๋‹ค.

๊ธฐ๊ด€์œผ๋กœ์„œ๋Š” ์ž์‚ฐ์„ ์ฒด์ธ์— ์˜ฌ๋ฆฌ๋Š” ๊ฒƒ๋งŒ์œผ๋กœ๋Š” ๋ถ€์กฑํ•˜๋‹ค. ๋ฐœํ–‰, ์ปดํ”Œ๋ผ์ด์–ธ์Šค, ์œ ํ†ต, ์ˆ˜์ต ์ƒํ’ˆํ™”๊นŒ์ง€ ์ด์–ด์ง€๋Š” ์ธํ”„๋ผ๊ฐ€ ํ•„์š”ํ•˜๋‹ค. ์˜จ์ฒด์ธ ์‚ฌ์šฉ์ž ์ž…์žฅ์—์„œ๋Š” ๊ตญ์ฑ„๋‚˜ ํŽ€๋“œ ๊ฐ™์€ ๊ธฐ๊ด€๊ธ‰ ์ž์‚ฐ์— ์ ‘๊ทผํ•  ์ˆ˜ ์žˆ๋Š” ์ƒํ’ˆ ๊ตฌ์กฐ๊ฐ€ ๋’ท๋ฐ›์นจ๋ผ์•ผ ํ•œ๋‹ค.

Nest๋Š” Plume์˜ ์ธํ”„๋ผ ์œ„์— ์˜ฌ๋ผ๊ฐ€๋Š” ์ˆ˜์ต ํ”„๋กœํ† ์ฝœ์ด๋‹ค. ๊ธฐ๊ด€๊ธ‰ RWA์—์„œ ๋ฐœ์ƒํ•˜๋Š” ์ˆ˜์ต์„ ์‚ฌ์šฉ์ž๊ฐ€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์˜ˆ์น˜ํ•ด ์ ‘๊ทผํ•  ์ˆ˜ ์žˆ๋Š” ํ˜•ํƒœ๋กœ ๊ตฌ์„ฑํ•ด ์ œ๊ณตํ•œ๋‹ค. nBASIS, nTBILL, nWisdom ๋“ฑ ๊ฐ ๋ณผํŠธ๋Š” ์„œ๋กœ ๋‹ค๋ฅธ ์‹ค๋ฌผ ์ž์‚ฐ์„ ๊ธฐ๋ฐ˜์œผ๋กœ ์ˆ˜์ต์„ ์ œ๊ณตํ•˜๊ณ , ๋ณผํŠธ ํ† ํฐ์€ DeFi ๋‚ด์—์„œ ์ž์œ ๋กญ๊ฒŒ ์ด๋™ยทํ™œ์šฉ๋œ๋‹ค.

WisdomTree๊ฐ€ 14๊ฐœ ํ† ํฐํ™” ํŽ€๋“œ๋ฅผ ์ถœ์‹œํ–ˆ๊ณ , Apollo Global์ด 5000๋งŒ ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์˜ ํฌ๋ ˆ๋”ง ์ „๋žต์„ ๋ฐฐํฌํ–ˆ์œผ๋ฉฐ, Invesco๋Š” 63์–ต ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์˜ ์„ ์ˆœ์œ„ ๋Œ€์ถœ ์ „๋žต์„ Plume ์œ„๋กœ ์˜ฎ๊ฒผ๋‹ค. Nest๋Š” ์ด ๊ธฐ๊ด€๊ธ‰ ์ž์‚ฐ์— ๋Œ€ํ•œ ์ˆ˜์š” ์ฐฝ๊ตฌ๋‹ค.

Plume์€ ์ž์ฒด ๋ ˆ์ผ๊ณผ ๋”๋ถˆ์–ด, ๊ธฐ๊ด€ ์ž์‚ฐ๊ณผ ์˜จ์ฒด์ธ ์ˆ˜์š” ์‚ฌ์ด์˜ ์œ ํ†ต ๊ฒฝ๋กœ๋ฅผ ๋งŒ๋“œ๋Š” ํ†ตํ•ฉ ์ธํ”„๋ผ ์—ญํ• ์„ ํ•œ๋‹ค.

4.3. Morpho: ๊ธฐ๊ด€ ์ž์‚ฐ์— ๊ธˆ์œต ๊ธฐ๋Šฅ์„ ๋ถ™์ด๋Š” ํ”Œ๋ ˆ์ด์–ด

Morpho๋Š” ์ž์‚ฐ์„ ๋‹ด๋ณด์™€ ๋Œ€์ถœ๊ณผ ์œ ๋™์„ฑ์œผ๋กœ ๋ฐ”๊พธ๋Š” ์‚ฌ๋ก€๋‹ค.

๊ธฐ๊ด€์—๊ฒŒ ์ž์‚ฐ์„ ์ฒด์ธ์— ๋“ฑ๋กํ•˜๋Š” ๊ฒƒ์€ ์‹œ์ž‘์ผ ๋ฟ์ด๋‹ค. ๊ด€๊ฑด์€ ๊ทธ ์ž์‚ฐ์„ ๋‹ด๋ณด๋กœ ์“ธ ์ˆ˜ ์žˆ๋Š”์ง€, ์ด๋ฅผ ํ† ๋Œ€๋กœ ์œ ๋™์„ฑ์„ ๋ฝ‘์•„๋‚ผ ์ˆ˜ ์žˆ๋Š”์ง€๋‹ค. ๋Œ€์ถœ ์กฐ๊ฑด๊ณผ ๋ฆฌ์Šคํฌ๊ฐ€ ๋ช…ํ™•ํ•ด์•ผ ํ•˜๊ณ , ์ˆ˜ํƒ๊ณผ ์ปดํ”Œ๋ผ์ด์–ธ์Šค ํ™˜๊ฒฝ ์•ˆ์—์„œ ์‹คํ–‰ ๊ฐ€๋Šฅํ•ด์•ผ ํ•œ๋‹ค.

๋Œ€ํ‘œ ์‚ฌ๋ก€๋Š” Apollo ACRED๋‹ค. Apollo๋Š” Plume์—์„œ ํฌ๋ ˆ๋”ง ์ „๋žต์„ ๋ฐฐํฌํ–ˆ์„ ๋ฟ ์•„๋‹ˆ๋ผ, Morpho ์œ„์—์„œ ACRED๋ฅผ ๋‹ด๋ณด๋กœ ์“ฐ๋ฉด, ๋ณด์œ ์ž๋Š” ํŽ€๋“œ ํฌ์ง€์…˜์„ ๊ทธ๋Œ€๋กœ ์œ ์ง€ํ•˜๋ฉด์„œ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๋นŒ๋ฆด ์ˆ˜ ์žˆ๊ฒŒ ํ–ˆ๋‹ค. ACRED๋Š” Apollo์˜ Diversified Credit Securitize Fund๋ฅผ ํ† ํฐํ™”ํ•œ ์‚ฌ๋ชจ์‹ ์šฉ ํŽ€๋“œ๋กœ, Securitize๋ฅผ ํ†ตํ•ด ์˜จ์ฒด์ธ์— ๋ฐœํ–‰๋œ๋‹ค.

๊ธฐ๊ด€ ์ž์‚ฐ์ด ๋‹ด๋ณด๊ฐ€ ๋˜๊ณ , ๋Œ€์ถœ์ด ๋˜๊ณ , ์œ ๋™์„ฑ์ด ๋˜์–ด์•ผ ๋น„๋กœ์†Œ ์˜จ์ฒด์ธ ๊ธˆ์œต์˜ ์žฌ๋ฃŒ๊ฐ€ ๋œ๋‹ค.

5. ๋„ํŒŒ๋ฏผ์ด ์‚ฌ๋ผ์ง„ ๋’ค ๋‚จ์€ ๊ฒƒ

๊ณผ๊ฑฐ DeFi์˜ ํ™ฉ๊ธˆ๊ธฐ๋Š” ๋Œ์ด์ผœ๋ณด๋ฉด ํ† ํฐ ์ธ์„ผํ‹ฐ๋ธŒ์™€ ๋ ˆ๋ฒ„๋ฆฌ์ง€๊ฐ€ ๋งŒ๋“  ์‹ ๊ธฐ๋ฃจ์— ๊ฐ€๊นŒ์› ๋‹ค.

์‹œ์žฅ ์ผ๊ฐ์—์„œ๋Š” ์—ฐ์ด์€ ํ•ดํ‚น ์‚ฌํƒœ๋ฅผ ๊ทผ๊ฑฐ๋กœ DeFi ํšŒ๋ณต ๊ฐ€๋Šฅ์„ฑ์„ ํšŒ์˜์ ์œผ๋กœ ๋ณธ๋‹ค.

๋‹ค๋งŒ ์ตœ๊ทผ Kelp DAO์˜ rsETH ์‚ฌํƒœ์™€ DeFi United์˜ ๊ฒฐ์„ฑ์€ ์ด์™€ ์ƒ๋ฐ˜๋˜๋Š” ๊ฝค ๋‚ญ๋งŒ์ ์ธ ์ด์•ผ๊ธฐ๋ฅผ ๋งŒ๋“ค์–ด๋‚ด๊ณ  ์žˆ๋‹ค. 2026๋…„ 4์›” 28์ผ ํ˜„์žฌ, Aave์™€ DeFi United๋Š” ์œ ์ถœ ๊ธˆ์•ก์ธ 1์–ต 9์ฒœ๋งŒ ๋‹ฌ๋Ÿฌ๋ฅผ ๋„˜์–ด์„œ๋Š” 3์–ต ๋‹ฌ๋Ÿฌ ์ด์ƒ์„ ๋ชจ๊ธˆํ•˜๋Š” ๋ฐ ์„ฑ๊ณตํ–ˆ๋‹ค.

์ด๋Š” ์‹œ์žฅ์— ์‹ ๋ขฐ ๊ตฌ์กฐ์™€ ์„ฑ์ˆ™ํ•œ ์ฑ…์ž„ ๋ถ„๋‹ด์ด ํ˜•์„ฑ๋˜๊ณ  ์žˆ์Œ์„ ๋ณด์—ฌ์ค€๋‹ค.

DeFi์˜ ์—ญ์‚ฌ์—์„œ ๋ฐฐ์šด ๊ฒƒ์€ ์ด์ „์—” ์•„๋ฌด๋„ ์ฑ…์ž„์ง€์ง€ ์•Š๋Š” ์‹œ์žฅ์ด์—ˆ๋‹ค๋Š” ์‚ฌ์‹ค์ด๋‹ค. ๋น ๋ฅธ ๊ณ ์ˆ˜์ต ํ† ํฐ ์ˆ˜๊ธ‰์ด ์‚ฌ์šฉ์ž๋“ค์˜ ์œ ์ผํ•œ ๋ชฉํ‘œ์˜€๊ณ , ๋นŒ๋”๋“ค ๋˜ํ•œ ์‚ฌ์šฉ์ž๋“ค์˜ ์ˆ˜์š”์— ๋”ฐ๋ผ ์ด์ž ๋ฉ”์ปค๋‹ˆ์ฆ˜์„ ์„ค๊ณ„ํ–ˆ๋‹ค. ๋ชฉํ‘œ ์ž๊ธˆ์ด ์ถฉ์กฑ๋˜๋ฉด ์†์‰ฝ๊ฒŒ ์‹œ์žฅ์„ ๋– ๋‚˜๊ธฐ๋„ ํ–ˆ๋‹ค.

๊ทธ๋Ÿฌ๋‚˜ ์ด์ œ๋Š” ๋ˆ„๊ฐ€ ์–ด๋–ป๊ฒŒ ์ฑ…์ž„์งˆ์ง€ ์„ค๊ณ„ํ•ด์•ผ ํ•˜๋Š” ์‹œ์žฅ์œผ๋กœ ๋„˜์–ด๊ฐ€๊ณ  ์žˆ๋‹ค. ์•„์ง ์™„์„ฑ๋œ ๊ธˆ์œต ์‹œ์Šคํ…œ์€ ์•„๋‹ˆ์ง€๋งŒ, ๊ณตํ†ต์˜ ๋ฌธ์ œ๋ฅผ ๋ฐœ๊ฒฌํ•˜๊ณ  ์†์‹ค๊ณผ ์ฑ…์ž„์„ ๋‚˜๋ˆ  ๊ฐ€์ง€๋ ค๋Š” ์›€์ง์ž„์ด ์ƒ๊ฒผ๋‹ค๋Š” ์ ๋งŒ์€ ๋ถ„๋ช…ํ•˜๋‹ค.

๋งŽ์€ ์‚ฌ๋žŒ๋“ค์ด ์‹œ์žฅ์ด ๋” ์ด์ƒ ์œ ํšจํ•˜์ง€ ์•Š๋‹ค๊ณ  ๋А๋ผ๋Š” ์ด์œ ๋Š” ๋ณด์•ˆ ๋ฌธ์ œ์™€ ๋”๋ถˆ์–ด ์ฆ‰๊ฐ์ ์ธ ๋ณด์ƒ๊ณผ ์ด์œจ์ด ๋” ์ด์ƒ ๋ณด์ด์ง€ ์•Š๊ณ  ์ƒˆ๋กœ์šด ๋‚ด๋Ÿฌํ‹ฐ๋ธŒ์™€ ์ด‰๋งค์ œ๊ฐ€ ๋А๊ปด์ง€์ง€ ์•Š๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค.

DeFi๋ผ๋Š” ๋‹จ์–ด๋Š” ์‹œ๊ฐ„์ด ์ง€๋‚˜๋ฉฐ ํž˜์„ ์žƒ๊ณ  ์žˆ๋‹ค. ์ด๋ฏธ ์‹œ์žฅ์€ ๋ Œ๋”ฉ, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ, RWA, ๋ฆฌ์Šคํ…Œ์ดํ‚น, ์˜จ์ฒด์ธ ํฌ๋ ˆ๋”ง์ฒ˜๋Ÿผ ๋” ๊ตฌ์ฒด์ ์ธ ์ด๋ฆ„์œผ๋กœ ๋‚˜๋‰˜๊ณ  ์žˆ๋‹ค. ํ•ต์‹ฌ์€ ๋‹จ์–ด๊ฐ€ ์•„๋‹ˆ๋‹ค. ๊ทธ ๋‹จ์–ด์—์„œ ์ถœ๋ฐœํ•œ ์‹คํ—˜๋“ค์ด ๋” ๋งŽ์€ ์ž์‚ฐ์„ ์‹ค์ œ๋กœ ๊ตด๋Ÿฌ๊ฐ€๊ฒŒ ๋งŒ๋“œ๋Š” ๊ตฌ์กฐ๋กœ ์„ฑ์ˆ™ํ•ด๊ฐ€๊ณ  ์žˆ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[๊ฒฐ์ œ ์‹œ์žฅ 3.0: AI ์—์ด์ „ํŠธ ๊ฒฐ์ œ ์‹œ์žฅ ๋ถ„์„]]>https://reports.tiger-research.com/p/payments-30-the-ai-agent-payments-korhttps://reports.tiger-research.com/p/payments-30-the-ai-agent-payments-korMon, 27 Apr 2026 14:41:26 GMT๐Ÿ“ฅ Download Report


1. ์—์ด์ „ํŠธ ์‹œ๋Œ€ ๊ฒฐ์ œ ์ธํ”„๋ผ๋Š” ์ด๋ฏธ ์‹œ์ž‘๋๋‹ค.

์ง€๋‚œ 1๋…„ ์‚ฌ์ด ๊ธ€๋กœ๋ฒŒ ๋น…ํ…Œํฌ, ์นด๋“œ์‚ฌ, ๊ฑฐ๋ž˜์†Œ ๋“ฑ์—์„œ ๊ฐ์ž์˜ ์—์ด์ „ํŠธ(์ดํ•˜, ์—์ด์ „ํŠธ) ๊ฒฐ์ œ ํ‘œ์ค€์„ ๋ฐœํ‘œํ•˜๊ณ  ์žˆ๋‹ค. ์ด๋ฏธ 2025๋…„ ํ•œ ํ•ด ๋™์•ˆ๋งŒ 8๊ฐœ ํ‘œ์ค€ ํ”„๋กœํ† ์ฝœ์ด ๋ฐœํ‘œ๋๊ณ  ํ˜‘๋ ฅ ๋ฐœํ‘œ๊ฐ€ ์ด์–ด์ง€๊ณ  ์žˆ๋‹ค.

๊ฒฐ์ œ ํ‘œ์ค€ ์„ ์ ์€ ๊ฒฐ์ œ ํ™˜๊ฒฝ์ด ๋ฐ”๋€Œ๋Š” ์ „ํ™˜์ ์—์„œ ๊ฐ€์žฅ ๊ฐ•๋ ฅํ•œ ํž˜์„ ๋ฐœํœ˜ํ•œ๋‹ค. ์˜คํ”„๋ผ์ธ ์ƒ๊ฑฐ๋ž˜๊ฐ€ ์ค‘์‹ฌ์ด๋˜ ์‹œ๋Œ€, ๋น„์ž(Visa)์™€ ๋งˆ์Šคํ„ฐ์นด๋“œ(Mastercard)๋Š” ์นด๋“œ ๊ฒฐ์ œ ํ‘œ์ค€์„ ์„ ์ ํ•˜๋ฉฐ ์‹œ์žฅ์„ ์žฅ์•…ํ–ˆ๋‹ค. ์ดํ›„ ๋ชจ๋“  ์นด๋“œ ๊ฑฐ๋ž˜๋Š” ์ด๋“ค์˜ ๋„คํŠธ์›Œํฌ๋ฅผ ๊ฒฝ์œ ํ•˜๋Š” ๊ตฌ์กฐ๊ฐ€ ๊ณ ์ฐฉ๋๋‹ค.

์ดํ›„ ์˜จ๋ผ์ธ์œผ๋กœ ํ™˜๊ฒฝ์ด ๋ฐ”๋€ ๋’ค์— ๋˜ ๋‹ค๋ฅธ ํ”Œ๋ ˆ์ด์–ด๋“ค์ด ๋“ฑ์žฅํ–ˆ๋‹ค. ๋Œ€ํ‘œ์ ์œผ๋กœ ํŽ˜์ดํŒ”์€ ์ด๋ฉ”์ผ ๊ธฐ๋ฐ˜ ์†ก๊ธˆ ์„œ๋น„์Šค๋กœ ์˜จ๋ผ์ธ ๊ฒฐ์ œ ์„œ๋น„์Šค๋ฅผ ๊ตฌ์ถ•ํ–ˆ๊ณ  ์ŠคํŠธ๋ผ์ดํ”„๊ฐ€ ๊ทธ ๋’ค๋ฅผ ์ด์—ˆ๋‹ค.

์ด์ œ ๋‹ค์Œ ๊ฒฐ์ œ ์‹œ์žฅ์€ ์—์ด์ „ํŠธ๋‹ค. AI ๊ธฐ์ˆ ์ด ๋Œ€์ค‘ํ™”๋˜๋ฉฐ, ์—์ด์ „ํŠธ ์‹œ๋Œ€๊ฐ€ ์˜ฌ ๊ฒƒ์ž„์—๋Š” ๊ทธ ๋ˆ„๊ตฌ๋„ ๋ถ€์ •ํ•˜์ง€ ์•Š๋Š”๋‹ค.

์‚ฌ๋žŒ๋“ค์ด AI ์—์ด์ „ํŠธ ๊ฒฐ์ œ๋ฅผ ๋– ์˜ฌ๋ฆด ๋•Œ ๋ณดํ†ต ๋‘ ๊ฐ€์ง€ ์žฅ๋ฉด์„ ๊ทธ๋ฆฐ๋‹ค. ๋‚ด๊ฐ€ ์ง€์‹œ๋ฅผ ๋‚ด๋ฆฌ๋ฉด ์—์ด์ „ํŠธ๊ฐ€ ๋‚˜ ๋Œ€์‹  ์ƒํ’ˆ์„ ์ฐพ๊ณ  ๊ฒฐ์ œ๋ฅผ ์™„๋ฃŒํ•˜๋Š” ์žฅ๋ฉด, ๊ทธ๋ฆฌ๊ณ  ์—์ด์ „ํŠธ๋ผ๋ฆฌ ์‚ฌ๋žŒ์˜ ๊ฐœ์ž… ์—†์ด ์ง์ ‘ ๊ฑฐ๋ž˜ํ•˜๋Š” ์žฅ๋ฉด์ด๋‹ค.

๊ฐ๊ฐ์€ ํ˜„์žฌ๋ถ€ํ„ฐ ๋ณด๋‹ค ๋จผ ๋ฏธ๋ž˜์— ํ•ด๋‹นํ•˜๋Š” ์žฅ๋ฉด์ด๋‹ค. ๋‚ด ์ง€์‹œ์— ๋”ฐ๋ผ ์ฃผ๋ฌธ์ด ์ด๋ค„์ง€๋Š” ๋ชจ์Šต์€ ์—์ด์ „ํ‹ฑ ์ปค๋จธ์Šค(General Agentic Commerce)๋กœ ํ˜„์žฌ ์ ์ฐจ ์‹œ์ž‘๋˜๊ณ  ์žˆ๋Š” ํ˜•ํƒœ์ด๋ฉฐ, ์—์ด์ „ํŠธ๋ผ๋ฆฌ ์ง์ ‘ ๊ฒฐ์ œํ•˜๋Š” ๋ชจ์Šต์€ ํŽ˜์ดํผ์ฝœ (Pay-per-call)๋กœ ๋ณด๋‹ค ๋จผ ๋ฏธ๋ž˜์˜ ๋ชจ์Šต์ด๋‹ค.

์ด ๋‘ ๊ฐœ์˜ ์นดํ…Œ๊ณ ๋ฆฌ๋Š” ๋งˆ์น˜ ๋Œ€์ฒ™์ ์— ์„œ ์žˆ๋Š” ๊ฒƒ์ฒ˜๋Ÿผ ๋ณด์ธ๋‹ค. ํ•˜์ง€๋งŒ ๋‹จ์ˆœํžˆ ์„œ๋กœ ๋‹ค๋ฅธ ๋ฌธ์ œ๋ฅผ ํ’€๊ณ  ์žˆ๋Š” ํ”Œ๋ ˆ์ด์–ด์ผ ๋ฟ์ด๋‹ค. ๋ณธ ๋ฆฌํฌํŠธ๋Š” ์—์ด์ „ํŠธ ๊ฒฐ์ œ ์‚ฐ์—…์—์„œ ๋‘ ๊ฐ€์ง€ ์นดํ…Œ๊ณ ๋ฆฌ ์‚ฐ์—…์—์„œ ์–ด๋–ค ํ”Œ๋ ˆ์ด์–ด๊ฐ€ ์–ด๋–ป๊ฒŒ ํ‘œ์ค€์„ ์„ธ์šฐ๊ณ  ์žˆ๋Š”์ง€ ์‚ดํŽด๋ณธ๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


2. ์—์ด์ „ํ‹ฑ ์ปค๋จธ์Šค(General Agentic Commerce)

์—์ด์ „ํ‹ฑ ์ปค๋จธ์Šค๋Š” ์‚ฌ๋žŒ์ด ์—์ด์ „ํŠธ์—๊ฒŒ ์‡ผํ•‘์„ ์œ„์ž„ํ•˜๋Š” ๊ตฌ์กฐ๋‹ค. ํŠน์ • ํ”Œ๋žซํผ ์•ˆ์—์„œ ์‚ฌ๋žŒ์ด ์นด๋“œ๋ฅผ ๋“ฑ๋กํ•˜๊ณ  ์—์ด์ „ํŠธ์—๊ฒŒ ์œ„์ž„ ๋ฒ”์œ„๋ฅผ ์„ค์ •ํ•˜๋ฉด ์—์ด์ „ํŠธ๋Š” ํ•ด๋‹น ํ”Œ๋žซํผ์•ˆ์—์„œ ์‹คํ–‰์„ ํ•˜๋Š” ๊ตฌ์กฐ๋‹ค.

์˜ˆ๋ฅผ ๋“ค์–ด ๋ณด์ž. ์‚ฌ์šฉ์ž๊ฐ€ ์—์ด์ „ํŠธ์—๊ฒŒ โ€œ๋‹ค์Œ ์ฃผ ๋„์ฟ„ ์ถœ์žฅ ์ค€๋น„ํ•ด์ค˜. ์˜ˆ์‚ฐ์€ 200๋งŒ ์›์ด์•ผโ€๋ผ๊ณ  ๋งํ•œ๋‹ค. ์ด ํ•œ ๋งˆ๋””๊ฐ€ ์‚ฌ์šฉ์ž์˜ ์—์ด์ „ํŠธ์—๊ฒŒ ์กฐ๊ฑด๋ถ€ ๊ฒฐ์ œ ๊ถŒํ•œ์„ ๋ถ€์—ฌํ•œ๋‹ค. ์—์ด์ „ํŠธ๋Š” ์˜ˆ์‚ฐ ๋ฒ”์œ„ ์•ˆ์—์„œ ์ถœ์žฅ์— ํ•„์š”ํ•œ ํ•ญ๊ณต๊ถŒยทํ˜ธํ…”ยท๊ณตํ•ญ ํ”ฝ์—…ยทํ™˜์ „ยท์—ฌํ–‰์ž ๋ณดํ—˜ ๋“ฑ์„ ์ง์ ‘ ์„ ํƒํ•ด ์‚ฌ์šฉ์ž์˜ ์นด๋“œ๋กœ ์ˆœ์ฐจ ๊ฒฐ์ œํ•œ๋‹ค.

  1. ํƒ์ƒ‰ ๋ ˆ์ด์–ด: ์‚ฌ์šฉ์ž๊ฐ€ ์—์ด์ „ํŠธ๋ฅผ ํ†ตํ•ด ํ”Œ๋žซํผ ๋‚ด์—์„œ ์ƒํ’ˆ์„ ์ฐพ์•„์ฃผ๊ฒŒ ํ•˜๋Š” ๋ ˆ์ด์–ด

  2. ๊ฒฐ์ œ ๋ ˆ์ด์–ด: ์—์ด์ „ํŠธ๊ฐ€ ์‚ฌ์šฉ์ž๊ฐ€ ์„ค์ •ํ•œ ๋ฒ”์œ„๋‚ด์—์„œ ๊ฒฐ์ œ๋ฅผ ๋Œ€ํ–‰ํ•˜๋Š” ๋ ˆ์ด์–ด

์œ„์™€ ๊ฐ™์€ ํ”„๋กœ์„ธ์Šค๊ฐ€ ์ž‘๋™ํ•˜๊ธฐ ์œ„ํ•ด์„œ๋Š” ์—์ด์ „ํŠธ๋Š” ์‚ฌ์šฉ์ž์˜ ์˜๋„๋ฅผ ํ•ด์„ํ•ด ์ ์ ˆํ•œ ์ƒํ’ˆ์„ ํƒ์ƒ‰ํ•ด์•ผํ•˜๋ฉฐ, ๋‹ค์Œ์œผ๋กœ ์•ˆ์ „ํ•˜๊ฒŒ ๊ฒฐ์ œ๊นŒ์ง€ ์ด๋ค„๋‚ด์•ผ ํ•œ๋‹ค. ์ฆ‰ ํฌ๊ฒŒ ํƒ์ƒ‰๊ณผ ๊ฒฐ์ œ, ๋‘ ๊ฐ€์ง€ ๋ ˆ์ด์–ด๋กœ ๋‚˜๋‰œ๋‹ค. ๋Œ€ํ‘œ์ ์ธ ํ”Œ๋ ˆ์ด์–ด๋“ค์€ ํ•˜๋‚˜์˜ ๋ ˆ์ด์–ด์— ์ง‘์ค‘ํ•˜๋Š” ์‚ฌ๋ก€๋„ ์žˆ์œผ๋‚˜, ๋‘ ๊ฐ€์ง€ ๋ ˆ์ด์–ด ๋ชจ๋‘๋ฅผ ์žฅ์•…ํ•˜๋ ค๋Š” ํ”Œ๋ ˆ์ด์–ด๊ฐ€ ๋‹ค์ˆ˜์ด๋‹ค.

๊ตฌ๊ธ€(Google) (GOOG)

ํ•ต์‹ฌ๊ธฐ์ˆ 

๊ตฌ๊ธ€์€ UCP์™€ AP2 ๋‘ ํ‘œ์ค€์„ ๊ธฐ๋ฐ˜์œผ๋กœ ํƒ์ƒ‰๊ณผ ๊ฒฐ์ œ ๋‘ ๋ ˆ์ด์–ด ๋ชจ๋‘๋ฅผ ์žก์œผ๋ ค๊ณ  ํ•˜๊ณ  ์žˆ๋‹ค.

๋จผ์ €, UCP(Universal Commerce Protocol)๋Š” โ€˜์—์ด์ „ํŠธ๊ฐ€ ์‡ผํ•‘๋ชฐ๊ณผ ์–ด๋–ป๊ฒŒ ๋Œ€ํ™”ํ•  ๊ฒƒ์ธ๊ฐ€โ€™๋ฅผ ๋‹ค๋ฃจ๋Š” ํ‘œ์ค€์ด๋‹ค.

์—์ด์ „ํŠธ๊ฐ€ ์‚ฌ์šฉ์ž ๋Œ€์‹  ์‡ผํ•‘์„ ์ฒ˜๋ฆฌํ•˜๋ ค๋ฉด, ์„œ๋กœ ๋‹ค๋ฅธ ์„œ๋น„์Šค๋“ค๊ณผ ์ˆ˜์—†์ด ๋งŽ์€ ํ†ต์‹  ๊ณผ์ •์„ ๊ฑฐ์ณ์•ผ ํ•œ๋‹ค. ๋ฌธ์ œ๋Š” ์„œ๋น„์Šค๋งˆ๋‹ค ๊ตฌ์กฐ๊ฐ€ ์ œ๊ฐ๊ฐ์ด๋ผ๋Š” ์ ์ด๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ์ƒˆ ์„œ๋น„์Šค๋ฅผ ํƒ์ƒ‰ํ•˜๊ณ  ๊ฑฐ๋ž˜๋ฅผ ์‹œ์ž‘ํ•˜๋ ค๋ฉด ๋งค๋ฒˆ ๋ณ„๋„์˜ ์—ฐ๊ฒฐ ์ž‘์—…์„ ํ•ด์•ผ ํ–ˆ๋‹ค. ๊ตฌ๊ธ€์€ ์ด ๋น„ํšจ์œจ์„ UCP ํ‘œ์ค€์œผ๋กœ ํ•ด์†Œํ•˜๋ ค ํ•œ๋‹ค. ๊ฐ€๋งน์ ์ด ํ•œ ๋ฒˆ๋งŒ ํ‘œ์ค€์— ๋งž์ถฐ ์„ค์ •ํ•ด ๋‘๋ฉด, ์ดํ›„ ์–ด๋–ค ์—์ด์ „ํŠธ๋“  ๋™์ผํ•œ ๋ฐฉ์‹์œผ๋กœ ํ•ด๋‹น ๊ฐ€๋งน์ ๊ณผ ๋น ๋ฅด๊ฒŒ ์—ฐ๊ฒฐํ•  ์ˆ˜ ์žˆ๋‹ค.

AP2(Agent Payments Protocol)๋Š” ํƒ์ƒ‰์—์„œ ๊ฒฐ์ œ๋กœ ๋„˜์–ด๊ฐ€๋Š” ์ˆœ๊ฐ„, โ€˜๋ˆ„๊ฐ€ ๋ฌด์—‡์„ ์–ผ๋งˆ๊นŒ์ง€ ์Šน์ธํ–ˆ๋Š”๊ฐ€โ€™๋ฅผ ๋ณด์žฅํ•˜๋Š” ๊ถŒํ•œ ํ‘œ์ค€์ด๋‹ค.

์‚ฌ๋žŒ์ด ์ง์ ‘ ๊ฒฐ์ œ ๋ฒ„ํŠผ์„ ๋ˆ„๋ฅผ ๋•Œ๋Š” ์ฃผ์ฒด์™€ ์ฑ…์ž„์ด ๋ช…ํ™•ํ•˜์ง€๋งŒ, ์—์ด์ „ํŠธ๊ฐ€ ๋Œ€์‹  ๊ฒฐ์ œํ•˜๋ฉด ๊ถŒํ•œ ๋ฒ”์œ„์™€ ์ฑ…์ž„ ์†Œ์žฌ๊ฐ€ ๋ชจํ˜ธํ•ด์ง„๋‹ค. AP2๋Š” ์‚ฌ์šฉ์ž๊ฐ€ ์ฒ˜์Œ ๋‚ด๋ฆฐ ์ง€์‹œ๋ฅผ ๋ณ€์กฐ ๋ถˆ๊ฐ€๋Šฅํ•œ ๋””์ง€ํ„ธ ๊ณ„์•ฝ(Mandate)์œผ๋กœ ๊ธฐ๋กํ•œ๋‹ค. ์—์ด์ „ํŠธ๋Š” ์‚ฌ์šฉ์ž๊ฐ€ ๋‚ด๋ฆฐ ์ง€์‹œ์•ˆ์—์„œ๋งŒ ํ–‰๋™ํ•  ์ˆ˜ ์žˆ๊ณ , ๊ฑฐ๋ž˜ ํ›„์—๋„ ๋ˆ„๊ฐ€ ๋ฌด์—‡์„ ์–ธ์ œ ์Šน์ธํ–ˆ๋Š”์ง€ ์ถ”์  ๊ฐ€๋Šฅํ•œ ํ˜•ํƒœ๋กœ ๋‚จ๋Š”๋‹ค.

์ฆ‰, UCP๊ฐ€ ํƒ์ƒ‰์„ ์œ„ํ•œ ํ‘œ์ค€์ด๋ผ๋ฉด, AP2๋Š” ๊ฑฐ๋ž˜์— ์ฑ…์ž„์˜ ์„œ๋ช…์„ ๋‚จ๊ธฐ๋Š” ํ‘œ์ค€์ด๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

๊ตฌ๊ธ€์˜ ํ˜„์žฌ ๋งค์ถœ์€ ํฌ๊ฒŒ ๊ด‘๊ณ ์™€ ํด๋ผ์šฐ๋“œ(Cloud) ๋‘ ์ถ•์œผ๋กœ ๊ตฌ์„ฑ๋œ๋‹ค. 2025๋…„ ๊ธฐ์ค€ ๊ด‘๊ณ  ๋งค์ถœ์€ 2,627์–ต ๋‹ฌ๋Ÿฌ, ํด๋ผ์šฐ๋“œ ๋งค์ถœ์€ 580์–ต ๋‹ฌ๋Ÿฌ๋กœ, ์ „์ฒด ๋งค์ถœ 4,000์–ต ๋‹ฌ๋Ÿฌ์˜ ๋Œ€๋ถ€๋ถ„์„ ์ฐจ์ง€ํ•œ๋‹ค.

๋ฌธ์ œ๋Š” ์‹œ๋Œ€๊ฐ€ ๋ฐ”๋€Œ๊ณ  ์žˆ๋‹ค๋Š” ์ ์ด๋‹ค. ์†Œ๋น„์ž๊ฐ€ ๊ฒ€์ƒ‰์ฐฝ์— ํ‚ค์›Œ๋“œ๋ฅผ ์ž…๋ ฅํ•˜๋Š” ๋Œ€์‹  AI ์—์ด์ „ํŠธ์—๊ฒŒ ๊ตฌ๋งค๋ฅผ ๋งก๊ธฐ๊ธฐ ์‹œ์ž‘ํ•˜๋ฉด, ๊ธฐ์กด ๊ฒ€์ƒ‰ ๊ด‘๊ณ  ๋ชจ๋ธ์€ ํ”๋“ค๋ฆฐ๋‹ค. ๊ตฌ๊ธ€์ด UCP์™€ AP2์— ๊ณต์„ ๋“ค์ด๋Š” ์ด์œ ๋Š” ์—ฌ๊ธฐ์„œ ์ถœ๋ฐœํ•œ๋‹ค. ๋ฏธ๋ž˜๋ฅผ ์ค€๋น„ํ•˜๋Š” ๊ฒƒ์ด๋‹ค.

๋•Œ๋ฌธ์— ๊ตฌ๊ธ€์€ ํ˜„์žฌ AI ๋ชจ๋“œ๋ฅผ ๊ฒ€์ƒ‰์˜ ๋‹ค์Œ ๋‹จ๊ณ„๋กœ ์ง„ํ™”์‹œํ‚ค๊ณ  ์žˆ๋‹ค. ์ฒ˜์Œ์—๋Š” ์งˆ๋ฌธ์— ๋‹ต์„ ๋‚ด๋†“๋Š” ์ˆ˜์ค€์ด์—ˆ์ง€๋งŒ, ์ ์ฐจ ์‚ฌ์šฉ์ž ๋Œ€์‹  ๊ตฌ๋งค๊นŒ์ง€ ์‹คํ–‰ํ•˜๋Š” ์—์ด์ „ํŠธ๋กœ ๋ฐ”๋€” ๊ฒƒ์ด๋‹ค. ๊ฐ€๋งน์ ์ด UCP ํ‘œ์ค€์— ํ•ฉ๋ฅ˜ํ•ด ์ƒํ’ˆ์„ ์˜ฌ๋ฆฌ๋Š” ์ˆœ๊ฐ„, ์—์ด์ „ํŠธ๊ฐ€ ๊ฑฐ๋ž˜ํ•  ์ˆ˜ ์žˆ๋Š” ๋ฒ”์œ„์— ๋“ค์–ด๊ฐ€๋Š” ๊ตฌ์กฐ๋‹ค.

์ด ์™ธ์— ํด๋ผ์šฐ๋“œ๋Š” ํ˜„์žฌ๋กœ์„  ๊ฐ€๋Šฅ์„ฑ์˜ ์˜์—ญ์ด๋‹ค. ๊ฐ€๋งน์ ์ด ์—์ด์ „ํŠธ ๊ฑฐ๋ž˜๋ฅผ ์ฒ˜๋ฆฌํ•˜๋ ค๋ฉด AI ์ถ”๋ก , ๋ฐ์ดํ„ฐ ์ €์žฅ, API ์—ฐ๋™ ๋“ฑ ์ƒ๋‹นํ•œ ์ธํ”„๋ผ๊ฐ€ ํ•„์š”ํ•˜๋‹ค. ์ด ์ˆ˜์š”๊ฐ€ ๊ตฌ๊ธ€ ํด๋ผ์šฐ๋“œ(Google Cloud)๋กœ ํ˜๋Ÿฌ๋“ ๋‹ค๋ฉด, ์—์ด์ „ํŠธ ์ƒํƒœ๊ณ„๊ฐ€ ์ปค์งˆ์ˆ˜๋ก ํด๋ผ์šฐ๋“œ ๋งค์ถœ๋„ ํ•จ๊ป˜ ์„ฑ์žฅํ•˜๋Š” ๊ตฌ์กฐ๊ฐ€ ๋งŒ๋“ค์–ด์ง„๋‹ค.

๊ตฌ๊ธ€์ด UCP์™€ AP2์— ๊ณต์„ ๋“ค์ด๋Š” ์ด์œ ๋Š” ๊ฒฐ๊ตญ ํ•˜๋‚˜๋‹ค. ์‹œ๋Œ€๊ฐ€ ๋ฐ”๋€Œ์–ด๋„ ๊ธฐ์กด ๋งค์ถœ์„ ์ง€ํ‚ค๋ฉด์„œ, AI ๊ฑฐ๋ž˜๊ฐ€ ๋Š˜์–ด๋‚˜๋Š” ํ๋ฆ„ ์†์—์„œ ์ƒˆ๋กœ์šด ์ ์œ ๊นŒ์ง€ ๊ฐ€์ ธ๊ฐ€๋Š” ๊ฒƒ์ด๋‹ค. ์—์ด์ „ํŠธ ๊ฑฐ๋ž˜๋Ÿ‰์ด ์Œ“์ผ์ˆ˜๋ก ๊ด‘๊ณ ์™€ ๊ฒฐ์ œ ๋งค์ถœ ์œ„์— ์ˆ˜์ˆ˜๋ฃŒ ์ˆ˜์ต์ด ์Œ“์ธ๋‹ค. ๊ตฌ๊ธ€ ์ž…์žฅ์—์„œ ์ด ๋‘ ํ‘œ์ค€์€ ๋ฐฉ์–ด์ด์ž ๋™์‹œ์— ๊ณต๊ฒฉ์ด๋‹ค.

์•„์›ƒ๋ฃฉ

๊ตฌ๊ธ€์˜ ์ฐจ๋ณ„์ ์€ ์ž์‚ฌ์˜ ๊ธฐ์กด ๋„คํŠธ์›Œํฌ์ด๋‹ค.

๊ตฌ๊ธ€์€ ์ธํ„ฐ๋„ท ์‹œ๋Œ€๋ฅผ ์ด๋ˆ ๊ฑฐ์ธ์œผ๋กœ ๊ตฌ๊ธ€ ํŽ˜์ด๋ฅผ ํฌํ•จํ•ด ์ด๋ฏธ ์ˆ˜๋งŽ์€ ๊ฐ€๋งน์ ์„ ํฌํ•จํ•œ ์™„๋ฒฝ์— ๊ฐ€๊นŒ์šด ๊ฒฐ์ œ ์ธํ”„๋ผ๊ฐ€ ๊ตฌ์„ฑ๋˜์–ด ์žˆ๋‹ค. ๋˜ํ•œ AI ์‹œ๋Œ€์—๋„ ์ œ๋ฏธ๋‚˜์ด๋ฅผ ์ค‘์‹ฌ์œผ๋กœ ๋‘๊ฐ์„ ๋‚˜ํƒ€๋‚ด๊ณ  ์žˆ์–ด ๊ธฐ์ˆ ์˜ ๋ณ€ํ™”์—๋„ ๋ฏผ๊ฐํ•˜๋ฉฐ, ๊ตฌ๊ธ€ ์•ˆ๋“œ๋กœ์ด๋“œ, ํฌ๋กฌ ๋“ฑ์„ ํ†ตํ•œ ์‚ฌ์šฉ์ž์˜ ์ ‘์  ์—ญ์‹œ ๋งˆ๋ จ๋˜์–ด ์žˆ๋‹ค.

AP2, UCP๋ฅผ ํ™œ์šฉํ•œ๋‹ค๋ฉด ์‚ฌ์šฉ์ž๋Š” ์ฒ˜์Œ๋ถ€ํ„ฐ ๋๊นŒ์ง€ ๊ตฌ๊ธ€ ์ธํ”„๋ผ์—์„œ ๊ตฌ๋งค๋ฅผ ํ•˜๊ฒŒ ํ•œ๋‹ค. ๊ทธ๋Ÿฌ๋ฉด ๊ฐ€๋งน์ ๋„ ๊ตฌ๊ธ€ ์ธํ”„๋ผ๋กœ ์ž…์ ์ด ์ž์—ฐ์Šค๋Ÿฌ์›Œ์ง„๋‹ค. ์™œ๋ƒํ•˜๋ฉด ๊ธฐ์กด ์‹œ์Šคํ…œ์€ ์‚ฌ๋žŒ์„ ๋Œ€์ƒ์œผ๋กœ ์„ค๊ณ„๋๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์—์ด์ „ํŠธ๋ฅผ ์œ„ํ•œ ๊ตฌ์กฐ์ธ UCP, AP2์— ์ž…์ ํ•˜์ง€ ์•Š์œผ๋ฉด ๊ฒฝ์Ÿ์‚ฌ ๋Œ€๋น„ ๊ฒฝ์Ÿ๋ ฅ์ด ๋–จ์–ด์ง„๋‹ค.

๊ทธ๋ ‡๊ธฐ์— ๊ฐ€๋งน์ ๋“ค์€ ๋”์šฑ ๊ตฌ๋งค์ž๋“ค์—๊ฒŒ ๋‹ฟ๊ธฐ ์œ„ํ•ด์„œ๋Š” ๊ตฌ๊ธ€์˜ UCP, AP2์— ์ž์—ฐ์Šค๋Ÿฝ๊ฒŒ ์˜จ๋ณด๋”ฉ์„ ํ•ด์•ผ ํ•œ๋‹ค.

๊ตฌ๊ธ€์€ ํ‘œ์ค€์„ ์ œ์‹œํ•˜๊ณ  ์ž์‚ฌ ์ƒํƒœ๊ณ„๋กœ ๋Œ์–ด๋“ค์ด๋Š” ์ „๋žต์„ ํ•œ ๋ฒˆ ์„ฑ๊ณต์‹œํ‚จ ๊ฒฝํ—˜์ด ์žˆ๋‹ค. 2008๋…„, ๊ตฌ๊ธ€์€ ์•ˆ๋“œ๋กœ์ด๋“œ OS๋ฅผ ์˜คํ”ˆ์†Œ์Šค๋กœ ์ œ๊ณตํ–ˆ๊ณ , ์ œ์กฐ์‚ฌ๋“ค์ด ํ•ฉ๋ฅ˜ํ–ˆ๊ณ , ์‚ฌ์šฉ์ž๊ฐ€ ์ฆ๊ฐ€ํ–ˆ๊ณ , ๊ทธ ์œ„์— ํ”Œ๋ ˆ์ด ์Šคํ† ์–ด(Play Store)์™€ ๊ตฌ๊ธ€ ํŽ˜์ด(Google Pay) ๊ฐ™์€ ์ž์‚ฌ ์ธํ”„๋ผ๊ฐ€ ์–นํ˜”๋‹ค.

๊ทธ ๊ฒฐ๊ณผ ๊ตฌ๊ธ€์€ ์Šค๋งˆํŠธํฐ์„ ์ง์ ‘ ๋งŒ๋“ค์ง€ ์•Š๊ณ ๋„ ๋ชจ๋ฐ”์ผ ์‹œ์žฅ์˜ ๊ฐ€์žฅ ํฐ ์ˆ˜ํ˜œ์ž๊ฐ€ ๋˜์—ˆ๋‹ค.

์‹œ์žฅ์—์„œ ์—์ด์ „ํŠธ ๊ฑฐ๋ž˜๊ฐ€ ๋ณธ๊ฒฉ์ ์œผ๋กœ ํ˜•์„ฑ๋˜๋Š” ์ˆœ๊ฐ„, ๊ตฌ๊ธ€์€ ์•ˆ๋“œ๋กœ์ด๋“œ ๋•Œ์™€ ๊ฐ™์€ ๊ธธ์„ ๋‹ค์‹œ ๊ฑธ์„ ๊ฐ€๋Šฅ์„ฑ์ด ํฌ๋‹ค. ์ž์‚ฌ ์ธํ”„๋ผ ์œ„์—์„œ ๊ตฌ๋งค์ž์™€ ๊ฐ€๋งน์ ์ด ๋ชจ๋‘ ์›€์ง์ด๊ฒŒ ํ•˜๊ณ , ๊ฑฐ๋ž˜์˜ ๋ชจ๋“  ๋‹จ๊ณ„์—์„œ ์ˆ˜์ต์„ ๊ฐ€์ ธ๊ฐ€๋Š” ๊ตฌ์กฐ๋‹ค.

OpenAI

ํ•ต์‹ฌ๊ธฐ์ˆ 

์˜คํ”ˆAI(OpenAI)๋Š” ์ŠคํŠธ๋ผ์ดํ”„(Stripe)์™€ ๊ณต๋™์œผ๋กœ ACP(Agentic Commerce Protocol)๋ฅผ ๊ฐœ๋ฐœํ•ด 2025๋…„ 9์›” 29์ผ ๊ณต๊ฐœํ–ˆ๋‹ค. ACP๋Š” ์ฑ—GPT(ChatGPT) ๋‚ด์—์„œ ์—์ด์ „ํŠธ๊ฐ€ ์‚ฌ์šฉ์ž๋ฅผ ๋Œ€์‹ ํ•ด ์ƒํ’ˆ์„ ์ฐพ๊ณ  ๊ฒฐ์ œํ•  ์ˆ˜ ์žˆ๋„๋ก ํ•˜๋Š” ์˜คํ”ˆ์†Œ์Šค ํ”„๋กœํ† ์ฝœ์ด๋‹ค.

ACP๋Š” ์—์ด์ „ํŠธ๊ฐ€ ํŒ๋งค์ž์˜ ๊ฒฐ์ œ ์‹œ์Šคํ…œ์„ ํ˜ธ์ถœํ•ด ์‚ฌ์šฉ์ž ๋Œ€์‹  ์ƒํ’ˆ์„ ๊ตฌ๋งคํ•  ์ˆ˜ ์žˆ๋„๋ก ํ•˜๋Š” ์˜คํ”ˆ์†Œ์Šค ํ”„๋กœํ† ์ฝœ์ด๋‹ค. ACP๋Š” 1) Buyer 2) Seller 3) Agent 4) Payment Provider ์ฃผ์ฒด ๊ตฌ์กฐ๋กœ ๊ถŒํ•œ์„ ๋ถ€์—ฌํ•œ๋‹ค.

ACP์˜ ๊ฐ€์žฅ ํฐ ๊ณ ๋ฏผ์€ โ€œ์—์ด์ „ํŠธ์—๊ฒŒ ์–ผ๋งˆ๋งŒํผ์˜ ๊ฒฐ์ œ ๊ถŒํ•œ์„ ์ค„ ๊ฒƒ์ธ๊ฐ€โ€์˜€๋‹ค. ์‚ฌ์šฉ์ž์˜ ์นด๋“œ ์ •๋ณด๋ฅผ ์—์ด์ „ํŠธ์—๊ฒŒ ๊ทธ๋Œ€๋กœ ๋„˜๊ธฐ๋ฉด, ์—์ด์ „ํŠธ๋Š” ์ด๋ก ์ƒ ์–ด๋А ๊ฐ€๋งน์ ์—์„œ๋“ , ์–ผ๋งˆ๋“ ์ง€, ์–ธ์ œ๋“  ๊ฒฐ์ œํ•  ์ˆ˜ ์žˆ๊ฒŒ ๋œ๋‹ค. ํ•˜์ง€๋งŒ ์ž˜๋ชป ํ•™์Šต๋œ ์—์ด์ „ํŠธ๊ฐ€ ๋ถˆํ•„์š”ํ•œ ์ƒํ’ˆ์„ ๋ฐ˜๋ณต ๊ตฌ๋งคํ•  ์ˆ˜๋„ ์žˆ๊ณ , ํƒˆ์ทจ๋‹นํ•œ ์„ธ์…˜์ด ์•…์šฉ๋  ์ˆ˜๋„ ์žˆ๋‹ค.

ACP๋Š” ์ด ๋ฌธ์ œ๋ฅผ ์œ„์ž„ ๊ฒฐ์ œ(Delegate Payment)์œผ๋กœ ํ’€์—ˆ๋‹ค. ์‚ฌ์šฉ์ž์˜ ์‹ค์ œ ์นด๋“œ ์ •๋ณด๋Š” ์—์ด์ „ํŠธ์—๊ฒŒ ์ „๋‹ฌ๋˜์ง€ ์•Š๋Š”๋‹ค. ๋Œ€์‹  PSP(์˜ˆ: Stripe)๊ฐ€ ์นด๋“œ ์ •๋ณด๋ฅผ ๋ฐ›์•„์„œ ์ผํšŒ์šฉ ํ† ํฐ์„ ๋ฐœ๊ธ‰ํ•˜๊ณ , ์—์ด์ „ํŠธ๋Š” ์ด ํ† ํฐ๋งŒ ๋‹ค๋ฃฌ๋‹ค. ์ด ํ† ํฐ์—๋Š” ๋„ค ๊ฐ€์ง€ ์ œ์•ฝ์ด ์žˆ๋‹ค.

  1. ์–ด๋А ๊ฐ€๋งน์ ์—์„œ๋งŒ ์“ธ ์ˆ˜ ์žˆ๋Š”์ง€

  2. ์–ผ๋งˆ๊นŒ์ง€ ๊ฒฐ์ œ ๊ฐ€๋Šฅํ•œ์ง€

  3. ์–ธ์ œ ๋งŒ๋ฃŒ๋˜๋Š”์ง€

  4. ์–ด๋–ค ์ฒดํฌ์•„์›ƒ ์„ธ์…˜์—๋งŒ ์œ ํšจํ•œ์ง€

๊ฒฐ๊ณผ์ ์œผ๋กœ ์—์ด์ „ํŠธ๊ฐ€ ์„ค๋ น ์˜ค์ž‘๋™ํ•˜๊ฑฐ๋‚˜ ํƒˆ์ทจ๋˜๋”๋ผ๋„, ํ”ผํ•ด ๋ฒ”์œ„๋Š” โ€œ์ง€๊ธˆ ์ด ์‡ผํ•‘ ํ•œ ๊ฑดโ€์„ ๋„˜์ง€ ๋ชปํ•œ๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

์˜คํ”ˆAI์˜ ํ˜„์žฌ ๋งค์ถœ์€ ํฌ๊ฒŒ ์„ธ ์ถ•์—์„œ ๋‚˜์˜จ๋‹ค. 2025๋…„ ์—ฐ๊ฐ„ ๋งค์ถœ ์•ฝ $200์–ต(ARR ๊ธฐ์ค€)์œผ๋กœ, ์ฑ—GPT ๊ตฌ๋…์ด ์ „์ฒด ๋งค์ถœ์˜ ์•ฝ 85%๋ฅผ ์ฐจ์ง€ํ•œ๋‹ค. ๋‚˜๋จธ์ง€๋Š” API ์‚ฌ์šฉ๋ฃŒ์™€ ์—”ํ„ฐํ”„๋ผ์ด์ฆˆ ๊ณ„์•ฝ์ด๋‹ค. ์‚ฌ์šฉ์ž ์ˆ˜์— ๋น„๋ก€ํ•ด ์„ ํ˜•์œผ๋กœ ์„ฑ์žฅํ•˜๋Š” ๊ตฌ๋… ๋ชจ๋ธ์ด๋‹ค.

๋ฌธ์ œ๋Š” ์ด ๊ตฌ์กฐ์˜ ์ฒœ์žฅ์ด ๋ณด์ธ๋‹ค๋Š” ์ ์ด๋‹ค. ํด๋กœ๋“œ, ์ œ๋ฏธ๋‚˜์ด์™€ ๊ตฌ๋… ๊ฒฝ์Ÿ์„ ํ•˜๋Š” ํ•œ, ์„ฑ์žฅ์€ ์‚ฌ์šฉ์ž ์ˆ˜๋ฅผ ์–ผ๋งˆ๋‚˜ ๋” ๋Œ์–ด์˜ค๋А๋ƒ์— ๋ฌถ์ธ๋‹ค. ACP๋Š” ์ด ์ฒœ์žฅ์„ ๋šซ๊ธฐ ์œ„ํ•œ ์‹œ๋„๋‹ค. ๊ตฌ๋…๋ฃŒ์— ๋”ํ•œ ๊ฑฐ๋ž˜ ์ˆ˜์ˆ˜๋ฃŒ. ์‚ฌ์šฉ์ž ์ˆ˜์— ๋”ํ•œ ๊ฑฐ๋ž˜ ๊ฑด์ˆ˜. ์„ฑ์žฅ์— ์„ฑ์žฅ์„ ๋”ํ•˜๋Š” ๊ตฌ์กฐ์ด๋‹ค.

2025๋…„ 9์›” ์˜คํ”ˆAI๋Š” ์ฑ—GPT ์•ˆ์—์„œ ๊ฒฐ์ œ๊นŒ์ง€ ์™„๋ฃŒํ•˜๋Š” ์ธ์Šคํ„ดํŠธ ์ฒดํฌ์•„์›ƒ์„ ์ถœ์‹œํ–ˆ๋‹ค. ์‡ผํ”ผํŒŒ์ด ๊ฐ€๋งน์  ๊ธฐ์ค€ ๊ฑฐ๋ž˜๋‹น 4% ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ๋ถ€๊ณผํ•˜๋Š” ๊ตฌ์กฐ์˜€๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์‹ค์‹œ๊ฐ„ ์žฌ๊ณ  ๋™๊ธฐํ™”, ์„ธ๊ธˆ ์ฒ˜๋ฆฌ ์ธํ”„๋ผ ๋ฏธ๋น„, ๋‚ฎ์€ ์ „ํ™˜์œจ์ด ๋ฐœ๋ชฉ์„ ์žก์•˜๋‹ค.

์žฌ๊ณ  ํ˜„ํ™ฉ, ์„ธ๊ธˆ ์ฒ˜๋ฆฌ, ๊ฐ€๊ฒฉ ์—…๋ฐ์ดํŠธ ๊ฐ™์€ ๋ณต์žกํ•œ ๋ณ€์ˆ˜๋ฅผ ์ฑ—GPT ์•ˆ์—์„œ ์ง์ ‘ ์ฒ˜๋ฆฌํ•˜๊ธฐ ์–ด๋ ต๋‹ค๋Š” ๊ฐ€๋งน์  ๋ฐ˜๋ฐœ์ด ์ด์–ด์กŒ๋‹ค. ํŠนํžˆ ์›”๋งˆํŠธ๋Š” ์ฑ—GPT๋ฅผ ํ†ตํ•œ ์ „ํ™˜์œจ์ด ์ž์‚ฌ ์›น์‚ฌ์ดํŠธ ๋Œ€๋น„ 3๋ถ„์˜ 1 ์ˆ˜์ค€์— ๋ถˆ๊ณผํ–ˆ๋‹ค๊ณ  ๋ฐํ˜”๋‹ค. ๊ฒฐ๊ตญ ์˜คํ”ˆAI๋Š” 2026๋…„ 3์›” ์ธ์Šคํ„ดํŠธ ์ฒดํฌ์•„์›ƒ์„ ์‚ฌ์‹ค์ƒ ์ข…๋ฃŒํ•˜๊ณ , ๊ฒฐ์ œ๋Š” ๊ฐ€๋งน์  ์ž์ฒด ์•ฑ๊ณผ ์‹œ์Šคํ…œ์œผ๋กœ ๋„˜๊ธฐ๊ณ  ์ฑ—GPT๋Š” ์ƒํ’ˆ ํƒ์ƒ‰ ๋‹จ๊ณ„๊นŒ์ง€๋งŒ ๊ด€์—ฌํ•˜๋Š” ๋ฐฉ์‹์œผ๋กœ ์ „ํ™˜ํ–ˆ๋‹ค.

ํŠนํžˆ, ์›”๋งˆํŠธ๋Š” ์ฑ—GPT๋ฅผ ํ†ตํ•œ ์ „ํ™˜์œจ์ด ์ž์‚ฌ ์›น์‚ฌ์ดํŠธ ๋Œ€๋น„ 3๋ถ„์˜ 1 ์ˆ˜์ค€์— ๋ถˆ๊ณผํ–ˆ๋‹ค๊ณ  ๋ฐํ˜”๋‹ค. ๊ฒฐ๊ตญ ์˜คํ”ˆAI๋Š” 2026๋…„ 3์›” ์ธ์Šคํ„ดํŠธ ์ฒดํฌ์•„์›ƒ์„ ์‚ฌ์‹ค์ƒ ์ข…๋ฃŒํ–ˆ๋‹ค. ๊ฒฐ์ œ๋Š” ๊ฐ€๋งน์  ์ž์ฒด ์•ฑ๊ณผ ์‹œ์Šคํ…œ์œผ๋กœ ๋„˜๊ธฐ๊ณ , ์ฑ—GPT๋Š” ์ƒํ’ˆ ํƒ์ƒ‰ ๋‹จ๊ณ„๊นŒ์ง€๋งŒ ๊ด€์—ฌํ•˜๋Š” ๋ฐฉ์‹์œผ๋กœ ์ „ํ™˜ํ•œ ๊ฒƒ์ด๋‹ค.

ํฌ๊ธฐ๊ฐ€ ์•„๋‹Œ ๋‹จ๊ณ„ ์กฐ์ •์ด๋‹ค. ๊ฐœ์ธ ๊ธˆ์œต ์•ฑ Hiro Finance ์ธ์ˆ˜๋„ ๊ฐ™์€ ํ๋ฆ„์ด๋‹ค. ์ฑ—GPT๋ฅผ ๋‹จ์ˆœ ์ƒํ’ˆ ํƒ์ƒ‰ ์ฑ„๋„์„ ๋„˜์–ด ์‚ฌ์šฉ์ž์˜ ์†Œ๋น„ ํŒจํ„ด๊ณผ ์žฌ๋ฌด ์ƒํ™ฉ์„ ์ดํ•ดํ•˜๋Š” ๊ฐœ์ธ ๋น„์„œ๋กœ ๊ณ ๋„ํ™”ํ•œ ๋’ค, ๊ทธ ์œ„์—์„œ ์ธํ•˜์šฐ์Šค ๊ฒฐ์ œ๋กœ ์žฌ์ง„์ž…ํ•˜๋Š” ์ˆ˜์ˆœ์ด๋‹ค.

์ด ์ƒํƒœ๊ณ„๊ฐ€ ๊ฐ–์ถฐ์ง€๋ฉด ์˜คํ”ˆAI๊ฐ€ ์ฒ˜์Œ๋ถ€ํ„ฐ ์›ํ–ˆ๋˜ ๊ตฌ์กฐ, ์ฆ‰ ๊ฑฐ๋ž˜์˜ ์‹œ์ž‘์ ์„ ์ฑ—GPT๊ฐ€ ์ฅ๋Š” ๊ตฌ์กฐ๊ฐ€ ์™„์„ฑ๋˜๋ฉฐ ์ค‘๊ณ„ ์ˆ˜์ˆ˜๋ฃŒ ๊ตฌ์กฐ๋ฅผ ๊ฐ–์ถœ ์ˆ˜ ์žˆ์„ ๊ฒƒ์œผ๋กœ ๋ณด์ธ๋‹ค.

์•„์›ƒ๋ฃฉ

์˜คํ”ˆAI๋Š” ๊ตฌ๊ธ€๊ณผ ๋‹ฌ๋ฆฌ ์ฑ—GPT ํ•˜๋‚˜์˜ ํ”Œ๋žซํผ์œผ๋กœ ์Šน๋ถ€ํ•ด์•ผ ํ•œ๋‹ค. ๊ฒฐ์ œยท์ดํ–‰ยท๊ณ ๊ฐ ๊ด€๊ณ„๋ฅผ ๊ฐ€๋งน์ ์— ๋„˜๊ธฐ๊ณ , ์˜คํ”ˆAI๋Š” ์ƒํ’ˆ ํƒ์ƒ‰(Product Discovery)๋งŒ ์žก๊ฒ ๋‹ค๋Š” ์ „๋žต์ด๋‹ค.

์˜คํ”ˆAI์˜ ์„ฑํŒจ๋Š” ๊ฐ€๋งน์ ๊ณผ ๊ตฌ๋งค์ž๋ฅผ ์–ผ๋งŒํผ ๋งŒ์กฑ์‹œํ‚ค๋А๋ƒ์— ๋”ฐ๋ผ ๋‹ฌ๋ ค ์žˆ๋‹ค. ๊ฐ€๋งน์  ์ชฝ์—์„œ๋Š” ์›”๋งˆํŠธ์ฒ˜๋Ÿผ ์ž์‚ฌ ํ˜œํƒ๊ณผ ๊ฒฐ์ œ๋ฅผ ์ฑ—GPT ์•ˆ์— ๊นŠ๊ฒŒ ์—ฐ๋™ํ•˜๋Š” ์‚ฌ๋ก€๊ฐ€ ์ด์–ด์ ธ์•ผ ํ•œ๋‹ค. ์†Œ๋น„์ž ์ชฝ์—์„œ๋Š” ์ฑ—GPT ์ถ”์ฒœ์ด ์‹ค์ œ ๊ตฌ๋งค๋กœ ์ด์–ด์ ธ์•ผ ํ•œ๋‹ค. ํ•œ์ชฝ์ด ํ”๋“ค๋ฆฌ๋ฉด ๋‹ค๋ฅธ ์ชฝ๋„ ๋ฉˆ์ถ˜๋‹ค. ๊ฐ€๋งน์ ์ด ์ถฉ๋ถ„ํžˆ ๋“ค์–ด์˜ค์ง€ ์•Š์œผ๋ฉด ๋ณผ ์ƒํ’ˆ์ด ๋นˆ์•ฝํ•ด์ง€๊ณ , ๊ตฌ๋งค ์ „ํ™˜์ด ๋‚ฎ์œผ๋ฉด ๊ฐ€๋งน์ ์ด ํˆฌ์ž๋ฅผ ๊ฑฐ๋‘”๋‹ค. ๊ตฌ๊ธ€์ฒ˜๋Ÿผ ๋‹ค๋ฅธ ์ž์‚ฐ์œผ๋กœ ๋ฒ„ํ‹ฐ๋ฉฐ ์‹œ๊ฐ„์„ ๋ฒŒ ์—ฌ์œ ๊ฐ€ ์—†๋‹ค.

๊ฒฐ๊ตญ ์˜คํ”ˆAI๊ฐ€ ์‡ผํ•‘์˜ ์ฒซ ์žฅ๋ฉด์„ ์ฐจ์ง€ํ•  ์ˆ˜ ์žˆ๋А๋ƒ๋Š”, ์ฑ—GPT๊ฐ€ ๊ฒ€์ƒ‰์„ ๋Œ€์ฒดํ•œ ๊ฒƒ์ฒ˜๋Ÿผ ์‡ผํ•‘์˜ ์‹œ์ž‘์ ๋„ ๋Œ€์ฒดํ•  ์ˆ˜ ์žˆ๋А๋ƒ์— ๋‹ฌ๋ ค ์žˆ๋‹ค. ๋‹ค๋งŒ ๊ตฌ๊ธ€์ด ์ œ๋ฏธ๋‚˜์ด๋กœ ๋™์ผํ•œ ๊ฒฝ์Ÿ์„ ํ•˜๊ณ  ์žˆ๋‹ค๋Š” ์ ์—์„œ ์˜คํ”ˆAI์—๊ฒŒ ๊ฐ€์žฅ ํ—˜๋‚œํ•œ ์‹ธ์›€์ด ๋  ๊ฒƒ์ด๋‹ค.

Visa (V)

ํ•ต์‹ฌ๊ธฐ์ˆ 

๋น„์ž(Visa)๋Š” ์—์ด์ „ํŠธ ์‹œ๋Œ€์—๋„ โ€˜๊ฐ€์žฅ ๋งŽ์ด ์“ฐ์ด๋Š” ๊ฒฐ์ œ ์ˆ˜๋‹จโ€™์˜ ์ž๋ฆฌ๋ฅผ ์ง€ํ‚ค๋ ค๋Š” ํšŒ์‚ฌ๋‹ค. ๋น„์ž๋Š” ์—์ด์ „ํŠธ ๊ฒฐ์ œ ์‹œ๋Œ€๋ฅผ ๋Œ€๋น„ํ•˜๊ธฐ ์œ„ํ•ด ๊ธฐ์กด ๊ฒฐ์ œ ๋„คํŠธ์›Œํฌ๋ฅผ ์—์ด์ „ํŠธ๊ฐ€ ์“ธ ์ˆ˜ ์žˆ๊ฒŒ ์—ฌ๋Š” ์ „๋žต์„ ํƒํ–ˆ๋‹ค.

2025๋…„ 4์›” Visa Intelligent Commerce๋ผ๋Š” ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ๊ณต๊ฐœํ–ˆ๋‹ค. Visa Intelligent Commerce๋Š” ์‚ฌ๋žŒ๊ณผ ๋˜‘๊ฐ™์ด ์—์ด์ „ํŠธ๊ฐ€ ๊ฒฐ์ œํ•  ์ˆ˜ ์žˆ๋„๋ก ์ง€์›ํ•˜๋Š” ๋„ค ๊ฐœ์˜ ๊ตฌ์„ฑ์š”์†Œ๋กœ ์ด๋ฃจ์–ด์ ธ ์žˆ๋‹ค.

๋„ค ๊ฐ€์ง€ ๊ตฌ์„ฑ์˜ ๊ณตํ†ต์ ์€ ๋น„์ž๊ฐ€ ์ง์ ‘ ํ”„๋กœํ† ์ฝœ ๊ฒฝ์Ÿ์— ๋›ฐ์–ด๋“ค์ง€ ์•Š์•˜๋‹ค๋Š” ์ ์ด๋‹ค. Agent APIs๋Š” ๋น„์ž ์นด๋“œ๊ฐ€ ์“ฐ์ผ ๋•Œ ๋™์ž‘ํ•˜๋Š” ์ž์ฒด ๊ธฐ์ˆ ์ด์ง€๋งŒ, Intelligent Commerce Connect๋Š” ๊ฒฝ์Ÿ ํ”„๋กœํ† ์ฝœ๊นŒ์ง€ ๋ชจ๋‘ ์ˆ˜์šฉํ•˜๋Š” ์ „๋žต์ด๋‹ค.

๊ฒฐ๊ตญ ๋น„์ž๋Š” ์‹œ์žฅ์ด ์–ด๋А ๋ฐฉํ–ฅ์œผ๋กœ ๊ฐ€๋“  ๊ฒฐ์ œ ์ˆœ๊ฐ„์— ๋น„์ž๊ฐ€ ๊ฐœ์ž…๋˜๊ฒŒ ๋งŒ๋“œ๋Š” โ€˜๊ฒฐ์ œ ๋ ˆ์ด์–ด ์ค‘๋ฆฝํ™”โ€™ ํ™˜๊ฒฝ์„ ๋งŒ๋“ค๊ฒŒ ํ•˜๋Š” ๊ฒƒ์ด ๋ชฉ์ ์ด๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

๋น„์ž์˜ ํ˜„์žฌ ๋งค์ถœ์€ ์นด๋“œ ๊ฒฐ์ œ ์ˆ˜์ˆ˜๋ฃŒ์—์„œ ๋‚˜์˜จ๋‹ค. 2025๋…„ ๋งค์ถœ ์•ฝ $400์–ต, ์—ฐ๊ฐ„ ๊ฑฐ๋ž˜์•ก 14์กฐ ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ๋‹ค. Visa Intelligent Commerce๋Š” ์ง€๊ธˆ ๋‹น์žฅ ๋ณ„๋„ ๋งค์ถœ์„ ์ผ์œผํ‚ค์ง€๋Š” ์•Š๋Š”๋‹ค. ์—์ด์ „ํŠธ ์ปค๋จธ์Šค ์‹œ๋Œ€์—๋„ ์ง€๊ธˆ์˜ ์ˆ˜์ต ๊ตฌ์กฐ๋ฅผ ๊ทธ๋Œ€๋กœ ์œ ์ง€ํ•˜๊ธฐ ์œ„ํ•œ ํฌ์„์ด๋‹ค.

์ˆ˜์ต ๊ฒฝ๋กœ๋Š” ๊ธฐ์กด๊ณผ ๊ฐ™๋‹ค. ์ฒซ์งธ, ๊ฒฐ์ œ ์ˆ˜์ˆ˜๋ฃŒ๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ์‚ฌ์šฉ์ž ๋Œ€์‹  ๊ฒฐ์ œ ๋ฒ„ํŠผ์„ ๋ˆ„๋ฅด๋“ , ์‚ฌ๋žŒ์ด ์ง์ ‘ ๋ˆ„๋ฅด๋“  ๋น„์ž ์ž…์žฅ์—์„œ๋Š” ๋™์ผํ•˜๋‹ค. ๊ฒฐ์ œ๊ฐ€ ๋น„์ž ๋„คํŠธ์›Œํฌ๋กœ ํ๋ฅด๋ฉด ์นด๋“œ ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๋ฐœ์ƒํ•œ๋‹ค. ๋น„์ž๊ฐ€ Intelligent Commerce Connect๋กœ ๊ฒฝ์Ÿ ํ”„๋กœํ† ์ฝœ๊นŒ์ง€ ์ˆ˜์šฉํ•œ ์ด์œ ๋„ ์—ฌ๊ธฐ ์žˆ๋‹ค. ์–ด๋А ํ”„๋กœํ† ์ฝœ์—์„œ ๋Œ์•„๊ฐ€๋“  ๊ฒฐ์ œ๋งŒ ๋น„์ž ์นด๋“œ๋กœ ์ด๋ค„์ง€๋ฉด ์ˆ˜์ˆ˜๋ฃŒ๋Š” ๋“ค์–ด์˜จ๋‹ค.

๋‘˜์งธ, ํ† ํฐ ์ธํ”„๋ผ ์ด์šฉ๋ฃŒ๋‹ค. Agent APIs 5์ข… ์ค‘ Tokenization์ด ๋ฐœ๊ธ‰ํ•˜๋Š” AI ์ „์šฉ ํ† ํฐ์ด ์‹ค์ œ ๊ฑฐ๋ž˜์— ์“ฐ์ผ ๋•Œ๋งˆ๋‹ค, ๋น„์ž๊ฐ€ ํฌ๋ ˆ๋ด์…œ ๋ณ€ํ™˜๊ณผ ์ธ์ฆ์„ ๋‹ด๋‹นํ•œ๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„ ๊ฐ™์€ PSP์™€ AI ํ”Œ๋žซํผ์ด ์ด ํ† ํฐ ์„œ๋น„์Šค๋ฅผ ์“ธ ๋•Œ ๋น„์ž๋Š” ๋„คํŠธ์›Œํฌ ์ด์šฉ๋ฃŒ๋ฅผ ๋ฐ›๋Š”๋‹ค. ์นด๋“œ ์œ„์— ์Œ“์ธ ํ† ํฐ ๋ ˆ์ด์–ด๊ฐ€ ์—์ด์ „ํŠธ ์‹œ๋Œ€์˜ ์ƒˆ๋กœ์šด ๊ณผ๊ธˆ ์ถ•์ด ๋˜๋Š” ๊ฒƒ์ด๋‹ค.

๊ฒฐ๊ตญ ๋น„์ž์˜ ์ „๋žต์€ ํ”„๋กœํ† ์ฝœ ๊ฒฝ์Ÿ์—์„œ ์ด๊ธฐ๋Š” ๊ฒƒ์ด ์•„๋‹ˆ๋ผ, ์ด๊ธฐ๋Š” ์ชฝ๊ณผ ์ง€๋Š” ์ชฝ ๋ชจ๋‘์—๊ฒŒ ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ๋ถ€๊ณผํ•˜๋Š” ๊ฒƒ์ด๋‹ค. ๊ตฌ๋งค์ž ์ชฝ์—๋Š” ์˜คํ”ˆAI, ์•คํŠธ๋กœํ”ฝ(Anthropic), ํผ๋ธ”๋ ‰์‹œํ‹ฐ(Perplexity) ๊ฐ™์€ AI ํ”Œ๋žซํผ์„, ํŒ๋งค์ž ์ชฝ์—๋Š” ์‡ผํ”ผํŒŒ์ด(Shopify) ๊ฐ™์€ ์ด์ปค๋จธ์Šค ํ”Œ๋žซํผ๊ณผ ์ŠคํŠธ๋ผ์ดํ”„ ๊ฐ™์€ PSP๋ฅผ ํŒŒํŠธ๋„ˆ๋กœ ๊น”์•„๋’€๋‹ค. ์—์ด์ „ํŠธ ๊ฑฐ๋ž˜๊ฐ€ ์–ด๋А ๋ฐฉํ–ฅ์œผ๋กœ ์„ฑ์žฅํ•˜๋“ , ์–‘์ชฝ ๋์— ๋น„์ž๊ฐ€ ๋ถ™์–ด ์žˆ๋Š” ๊ตฌ์กฐ๋‹ค.

์•„์›ƒ๋ฃฉ

๋น„์ž์˜ ์•„์›ƒ๋ฃฉ์„ ํ•œ ์ค„๋กœ ์ •๋ฆฌํ•˜๋ฉด, ์ž์ฒด ํ”„๋กœํ† ์ฝœ๋กœ ์Šน๋ถ€ํ•˜์ง€ ์•Š๊ณ  ๋ชจ๋“  ํ”„๋กœํ† ์ฝœ์„ ํฌ์šฉํ•˜๋Š” ๊ฒฐ์ œ ์ธํ”„๋ผ๋กœ ๊ฐ„๋‹ค๋Š” ๊ฒƒ์ด๋‹ค.

์ด ์„ ํƒ์ด ์ค‘์š”ํ•œ ์ด์œ ๋Š” ๋น„์ž์˜ ํฌ์ง€์…˜์ด ๋‹ค๋ฅธ ํ”Œ๋ ˆ์ด์–ด๋“ค๊ณผ ๊ทผ๋ณธ์ ์œผ๋กœ ๋‹ค๋ฅด๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ๊ตฌ๊ธ€, ์˜คํ”ˆAI, ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ์ž๊ธฐ ํ”„๋กœํ† ์ฝœ์ด ์Šน์ž๊ฐ€ ๋˜์–ด์•ผ ์ด๊ธฐ๋Š” ๊ฒŒ์ž„์„ ํ•œ๋‹ค. AP2๊ฐ€ ํ‘œ์ค€์ด ๋˜๊ฑฐ๋‚˜, ACP๊ฐ€ ํ‘œ์ค€์ด ๋˜๊ฑฐ๋‚˜, x402๊ฐ€ ํ‘œ์ค€์ด ๋˜์–ด์•ผ ๊ฐ์ž์˜ ์ƒํƒœ๊ณ„์—์„œ ์ˆ˜์ต์ด ๊ทน๋Œ€ํ™”๋œ๋‹ค. ํ”„๋กœํ† ์ฝœ ์ „์Ÿ ์ž์ฒด๊ฐ€ ์ œ๋กœ์„ฌ์— ๊ฐ€๊น๋‹ค.

๋ฐ˜๋ฉด ๋น„์ž๋Š” ์–ด๋А ํ”„๋กœํ† ์ฝœ์ด ์ด๊ธฐ๋“  ๊ฒฐ์ œ๋งŒ ์ž์‚ฌ ๋„คํŠธ์›Œํฌ๋ฅผ ํ†ต๊ณผํ•˜๋ฉด ๋˜๋Š” ๊ฒŒ์ž„์„ ํ•œ๋‹ค. ํ”„๋กœํ† ์ฝœ ์ „์Ÿ์˜ ์Šน์ž๊ฐ€ ๋ˆ„๊ตฌ์ธ์ง€๊ฐ€ ๋น„์ž์—๊ฒŒ๋Š” ์ค‘์š”ํ•˜์ง€ ์•Š๋‹ค. ์ด๊ธฐ๋Š” ์ชฝ์— ๋ถ™์–ด ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ๋ฐ›๊ณ , ์‹œ์žฅ์˜ ํ๋ฆ„์ด ๋ฐ”๋€Œ์–ด ๋‹ค๋ฅธ ํ”„๋กœํ† ์ฝœ๋กœ ์ด๋™ํ•ด๋„ ๋˜ ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ๋ฐ›๋Š”๋‹ค.

ํฌ์šฉ ์ „๋žต์ด โ€˜์–‘๋ณดโ€™๊ฐ€ ์•„๋‹ˆ๋ผ ์˜คํžˆ๋ ค ๋น„์ž์—๊ฒŒ ๊ฐ€์žฅ ์œ ๋ฆฌํ•œ ํฌ์ง€์…˜์ธ ๊ฒƒ์ด๋‹ค. ์นด๋“œ 48์–ต ์žฅ๊ณผ ๊ฐ€๋งน์  1์–ต 5์ฒœ๋งŒ ๊ณณ์ด๋ผ๋Š” ๊ธฐ์กด ์ž์‚ฐ์„ ๋ณด์œ ํ•œ ๋น„์ž์ด๊ธฐ ๋•Œ๋ฌธ์— ๊ฐ€๋Šฅํ•œ ์„ ํƒ์ด๊ณ , ์ด ์ž์‚ฐ์„ ๊ฐ€์ง„ ๋น„์ž๋งŒ ํ•  ์ˆ˜ ์žˆ๋Š” ์„ ํƒ์ด๊ธฐ๋„ ํ•˜๋‹ค.

๋‹ค๋งŒ ํ•œ ๊ฐ€์ง€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด๋ผ๋Š” ๋ณ€์ˆ˜๊ฐ€ ์žˆ๋‹ค. ์—์ด์ „ํŠธ ๊ฐ„ ๊ฒฐ์ œ๊ฐ€ ๋น„์ž ๋„คํŠธ์›Œํฌ๋ฅผ ์•„์˜ˆ ์ง€๋‚˜์ง€ ์•Š๊ณ  ๋ธ”๋ก์ฒด์ธ ์œ„์—์„œ ์ง์ ‘ ์ •์‚ฐ๋˜๋ฉด, ๋น„์ž๋Š” ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ๊ฐ€์ ธ์˜ฌ ๋ ˆ์ด์–ด ์ž์ฒด๊ฐ€ ์‚ฌ๋ผ์ง„๋‹ค. ๋น„์ž๊ฐ€ Bridge์™€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์นด๋“œ๋ฅผ ๋งŒ๋“ค๊ณ  ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ „์šฉ ์ฒด์ธ ํ…œํฌ(ํ…œํฌ)์˜ ๋ฐธ๋ฆฌ๋ฐ์ดํ„ฐ๋กœ ์ฐธ์—ฌํ•œ ๊ฒƒ๋„ ์ด ๋ฆฌ์Šคํฌ์— ๋Œ€ํ•œ ๋Œ€์‘์ด๋‹ค.

ํฌ์šฉ ์ „๋žต์ด ์ž‘๋™ํ•˜๋ ค๋ฉด ๊ฒฐ์ œ๊ฐ€ ์–ด๋””์„ ๊ฐ€๋Š” ๋น„์ž ์ธํ”„๋ผ๋ฅผ ์ง€๋‚˜์•ผ ํ•œ๋‹ค๋Š” ์ „์ œ๊ฐ€ ์„ฑ๋ฆฝํ•ด์•ผ ํ•˜๋Š”๋ฐ, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์€ ์ด ์ „์ œ ์ž์ฒด๋ฅผ ์œ„ํ˜‘ํ•  ์ˆ˜ ์žˆ๋Š” ์œ ์ผํ•œ ๊ฒฝ๋กœ๋‹ค.

๊ฒฐ๊ตญ ๋น„์ž๊ฐ€ ํ”„๋กœํ† ์ฝœ ์ „์Ÿ์˜ ์Šน์ž ์ž๋ฆฌ๋ฅผ ๋…ธ๋ฆฌ์ง€ ์•Š๋Š” ์ด์œ ๋Š” ๋ถ„๋ช…ํ•˜๋‹ค. ์นด๋“œ ๋„คํŠธ์›Œํฌ์˜ ๊ธฐ์กด ์ง€์œ„๋งŒ ์ง€์ผœ๋‚ด๋„ ์—์ด์ „ํŠธ ์‹œ๋Œ€์˜ ๊ฐ€์žฅ ํฐ ์ˆ˜ํ˜œ์ž๊ฐ€ ๋  ์ˆ˜ ์žˆ๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ๊ด€์ „ ํฌ์ธํŠธ๋Š” ๋‹จ ํ•˜๋‚˜, ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ์นด๋“œ ๋„คํŠธ์›Œํฌ๋ฅผ ์‹ค์ œ๋กœ ์šฐํšŒํ•˜๋Š” ์‹œ์ ์ด ์–ผ๋งˆ๋‚˜ ๋นจ๋ฆฌ ์˜ค๋Š”๊ฐ€๋‹ค.

Mastercard (MA)

ํ•ต์‹ฌ๊ธฐ์ˆ 

๋งˆ์Šคํ„ฐ์นด๋“œ(Mastercard)๋„ ๋น„์ž์™€ ๊ฐ™์€ ๊ฒŒ์ž„์„ ํ•œ๋‹ค. ์—์ด์ „ํŠธ ์‹œ๋Œ€์—๋„ ์นด๋“œ ๋„คํŠธ์›Œํฌ์˜ ์ž๋ฆฌ๋ฅผ ์ง€ํ‚ค๋ ค๋Š” ํšŒ์‚ฌ๋‹ค. ์ „ ์„ธ๊ณ„ 210์—ฌ ๊ฐœ๊ตญ์—์„œ ์ž‘๋™ํ•˜๋Š” ๊ธฐ์กด ๊ฒฐ์ œ๋ง์„ ์—์ด์ „ํŠธ๊ฐ€ ์“ธ ์ˆ˜ ์žˆ๊ฒŒ ์—ฌ๋Š” ์ „๋žต์„ ํƒํ–ˆ์ง€๋งŒ, ๊ฐ€๋งน์ ์ด ์ž์‚ฌ ์‹œ์Šคํ…œ์— ์‰ฝ๊ฒŒ ์˜จ๋ณด๋”ฉํ•  ์ˆ˜ ์žˆ๊ฒŒ ๊ตฌ์ถ•ํ–ˆ๋‹ค.

2025๋…„ 4์›” Mastercard Agent Pay๋ฅผ ๋Ÿฐ์นญํ–ˆ๊ณ , 9์›”์— ๊ฐœ๋ฐœ์ž ๋„๊ตฌ๋ฅผ, 10์›”์— Agent Pay ์ˆ˜์šฉ ํ”„๋ ˆ์ž„์›Œํฌ(Acceptance Framework)๋ฅผ ๊ณต๊ฐœํ•˜๋ฉด์„œ ์—์ด์ „ํŠธ ๊ฒฐ์ œ ์‹œ์Šคํ…œ์„ ๋‹จ๋‹จํžˆ ๊ตฌ์ถ•ํ•˜๊ณ  ์žˆ๋‹ค.

๋‹ค์„ฏ ๊ตฌ์„ฑ์˜ ๊ณตํ†ต์ ์€ ๋งˆ์Šคํ„ฐ์นด๋“œ๊ฐ€ ์ž์ฒด ํ”„๋กœํ† ์ฝœ๋กœ ์‹œ์žฅ์„ ์žฅ์•…ํ•˜๋ ค ํ•˜์ง€ ์•Š๋Š”๋‹ค๋Š” ์ ์ด๋‹ค. ์‹œ์žฅ์ด ์–ด๋А ๋ฐฉํ–ฅ์œผ๋กœ ๊ฐ€๋“  ๊ฒฐ์ œ์™€ ์ธ์ฆ์˜ ์ˆœ๊ฐ„์— ๋งˆ์Šคํ„ฐ์นด๋“œ๊ฐ€ ๊ฐœ์ž…๋˜๊ฒŒ ๋งŒ๋“œ๋Š” ์ „๋žต์ด๋‹ค. ๋น„์ž์™€ ๋™์ผํ•œ โ€˜๊ฒฐ์ œ ๋ ˆ์ด์–ด ์ค‘๋ฆฝํ™”โ€™ ์ „๋žต์ด์ง€๋งŒ, ๋งˆ์Šคํ„ฐ์นด๋“œ๋Š” ์—ฌ๊ธฐ์— ๊ฐ€๋งน์  ์ˆ˜์šฉ์— ์ง‘์ค‘ํ–ˆ๋‹ค.

๋งˆ์Šคํ„ฐ์นด๋“œ์˜ ์ง„์งœ ์Šน๋ถ€์ฒ˜๋Š” ๊ฐ€๋งน์ ์ด ์•„๋ฌด๊ฒƒ๋„ ํ•˜์ง€ ์•Š์•„๋„ ์—์ด์ „ํŠธ ๊ฒฐ์ œ๊ฐ€ ์ž‘๋™ํ•˜๊ฒŒ ๋งŒ๋“  ๊ฒƒ์ด๋‹ค. ๋ณดํ†ต ๊ฐ€๋งน์ ์ด ์ƒˆ๋กœ์šด ๊ฒฐ์ œ ๋ฐฉ์‹์„ ๋„์ž…ํ•˜๋ ค๋ฉด ์ž์‚ฌ ์›น์‚ฌ์ดํŠธ์— ์ฝ”๋“œ๋ฅผ ์ƒˆ๋กœ ์‹ฌ์–ด์•ผ ํ•œ๋‹ค. ๋งˆ์Šคํ„ฐ์นด๋“œ๋Š” ์ด ๋ถ€๋‹ด์„ ์—†์•ด๋‹ค.

ํด๋ผ์šฐ๋“œํ”Œ๋ ˆ์–ด(Cloudflare)์™€ ํ˜‘๋ ฅํ•ด ๊ฐ€๋งน์  ์›น์‚ฌ์ดํŠธ ์•ž๋‹จ์—์„œ โ€œ์ด ํŠธ๋ž˜ํ”ฝ์ด ์‹ ๋ขฐํ•  ๋งŒํ•œ ์—์ด์ „ํŠธ์ธ์ง€, ์•…์„ฑ ๋ด‡์ธ์ง€โ€๋ฅผ ์ž๋™์œผ๋กœ ๊ตฌ๋ถ„ํ•˜๊ณ , ์‹ ๋ขฐ ์—์ด์ „ํŠธ๋งŒ ๊ฐ€๋งน์ ์œผ๋กœ ํ†ต๊ณผ์‹œํ‚ค๋Š” ๊ตฌ์กฐ๋ฅผ ๋งŒ๋“ค์—ˆ๋‹ค. ๊ฐ€๋งน์ ์€ ์ž์‚ฌ ์ฝ”๋“œ๋ฅผ ํ•œ ์ค„๋„ ๊ฑด๋“œ๋ฆฌ์ง€ ์•Š๊ณ  ์—์ด์ „ํŠธ ๊ฑฐ๋ž˜๋ฅผ ๋ฐ›์„ ์ˆ˜ ์žˆ๋‹ค.

๋” ๊นŠ์€ ์—ฐ๋™์„ ์›ํ•˜๋Š” ๊ฐ€๋งน์ ์„ ์œ„ํ•œ ๊ธธ๋„ ๋”ฐ๋กœ ๋’€๋‹ค. ์ž์‚ฌ ์‹œ์Šคํ…œ์„ ์—์ด์ „ํŠธ์™€ ์ง์ ‘ ๋Œ€ํ™”์‹œํ‚ค๊ณ  ์‹ถ๋‹ค๋ฉด MCP, A2A, ACP ๊ฐ™์€ ์ฃผ์š” ์—์ด์ „ํŠธ ํ”„๋กœํ† ์ฝœ์„ ํ†ตํ•ด ์—ฐ๊ฒฐํ•˜๋ฉด ๋œ๋‹ค. ๊ฒฐ๊ตญ ๊ฐ€๋งน์  ์ž…์žฅ์—์„œ๋Š” ๋‘ ๊ฐ€์ง€ ์„ ํƒ์ง€๊ฐ€ ์ƒ๊ธด ์…ˆ์ด๋‹ค. ์•„๋ฌด๊ฒƒ๋„ ์•ˆ ํ•˜๊ณ  ๊ธฐ๋ณธ ํŠธ๋ž˜ํ”ฝ๋งŒ ๋ฐ›์„์ง€, ํ”„๋กœํ† ์ฝœ์„ ์—ฐ๊ฒฐํ•ด ๋งž์ถค ๊ฒฝํ—˜์„ ๋งŒ๋“ค์ง€. ์–ด๋А ์ชฝ์„ ํƒํ•˜๋“  ๋งˆ์Šคํ„ฐ์นด๋“œ๋ฅผ ํ†ตํ•˜๊ฒŒ ๋œ๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

๋งˆ์Šคํ„ฐ์นด๋“œ์˜ ๋งค์ถœ ๊ตฌ์กฐ๋Š” ๋‹จ์ˆœํ•˜๋‹ค. ๋งˆ์Šคํ„ฐ์นด๋“œ ๋„คํŠธ์›Œํฌ๋กœ ๊ฒฐ์ œ๊ฐ€ ์ด๋ค„์งˆ ๋•Œ๋งˆ๋‹ค ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๋ฐœ์ƒํ•œ๋‹ค. 2025 ํšŒ๊ณ„์—ฐ๋„ ๊ธฐ์ค€ ๋งค์ถœ ์•ฝ 280์–ต ๋‹ฌ๋Ÿฌ, ๊ฑฐ๋ž˜๋Ÿ‰ 1,650์–ต ๊ฑด. ์—์ด์ „ํŠธ๊ฐ€ ๊ฒฐ์ œํ•˜๋“  ์‚ฌ๋žŒ์ด ํ•˜๋“  ๋งˆ์Šคํ„ฐ์นด๋“œ ๋„คํŠธ์›Œํฌ๋ฅผ ์ง€๋‚˜๋ฉด ๋˜‘๊ฐ™์ด ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๋ถ™๋Š”๋‹ค.

๋ฌธ์ œ๋Š” ์—์ด์ „ํŠธ ๊ฒฐ์ œ๊ฐ€ ์นด๋“œ ๋„คํŠธ์›Œํฌ๋ฅผ ์•„์˜ˆ ์šฐํšŒํ•  ์ˆ˜ ์žˆ๋‹ค๋Š” ์ ์ด๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ์˜จ์ฒด์ธ์—์„œ ์ง์ ‘ ์ •์‚ฐ๋˜๋ฉด ๋งˆ์Šคํ„ฐ์นด๋“œ๊ฐ€ ๋‚„ ์ž๋ฆฌ๊ฐ€ ์—†๋‹ค. ์—์ด์ „ํŠธ ํŽ˜์ด(Agent Pay)๋Š” ์ด ๊ตฌ๋ฉ์„ ๋ง‰๊ธฐ ์œ„ํ•œ ์ „๋žต์ด๋‹ค.

๋งˆ์Šคํ„ฐ์นด๋“œ๊ฐ€ ํƒํ•œ ๋ฐฉ๋ฒ•์€ ๊ฐ€๋งน์ ์˜ ๋ฌธํ„ฑ์„ ๋‚ฎ์ถ”๋Š” ๊ฒƒ์ด๋‹ค. ์ƒˆ๋กœ์šด ๊ฒฐ์ œ ๋ฐฉ์‹์„ ๋„์ž…ํ•˜๋ ค๋ฉด ๊ฐ€๋งน์ ์€ ๋ณดํ†ต ์ž์‚ฌ ์‹œ์Šคํ…œ์— ์ฝ”๋“œ๋ฅผ ์ƒˆ๋กœ ์‹ฌ์–ด์•ผ ํ•œ๋‹ค. ๋งˆ์Šคํ„ฐ์นด๋“œ๋Š” ์ด ๋ถ€๋‹ด์„ ์—†์•ด๋‹ค. ํด๋ผ์šฐ๋“œํ”Œ๋ ˆ์–ด์™€ ํ˜‘๋ ฅํ•ด ๊ฐ€๋งน์  ์›น์‚ฌ์ดํŠธ ์•ž๋‹จ์—์„œ ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์—์ด์ „ํŠธ ํŠธ๋ž˜ํ”ฝ์„ ์ž๋™์œผ๋กœ ๊ฑธ๋Ÿฌ๋‚ด๋Š” ๊ตฌ์กฐ๋ฅผ ๋งŒ๋“ค์—ˆ๋‹ค. ๊ฐ€๋งน์ ์€ ๋ณ„๋„ ์ž‘์—… ์—†์ด ์—์ด์ „ํŠธ ๊ฒฐ์ œ๋ฅผ ๋ฐ›๋Š”๋‹ค. ๋„คํŠธ์›Œํฌ์— ์—ฐ๊ฒฐ๋œ ๊ฐ€๋งน์ ์ด ๋งŽ์•„์งˆ์ˆ˜๋ก ๋งˆ์Šคํ„ฐ์นด๋“œ๋ฅผ ํ†ตํ•ด ํ๋ฅด๋Š” ๊ฑฐ๋ž˜๋Ÿ‰๋„ ์ปค์ง„๋‹ค.

์ˆ˜์ต ๊ฒฝ๋กœ๋Š” ๊ธฐ์กด๊ณผ ๊ฐ™๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ๋งˆ์Šคํ„ฐ์นด๋“œ ๋„คํŠธ์›Œํฌ๋กœ ๊ฒฐ์ œ๋ฅผ ์™„๋ฃŒํ•  ๋•Œ๋งˆ๋‹ค ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๋ฐœ์ƒํ•œ๋‹ค. ์‚ฌ๋žŒ์ด ์นด๋“œ๋ฅผ ๊ธ์„ ๋•Œ์™€ ๋™์ผํ•œ ๊ตฌ์กฐ๋‹ค. ๋‹ค๋งŒ ์—์ด์ „ํŠธ๋Š” ์‚ฌ๋žŒ๋ณด๋‹ค ๋น ๋ฅด๊ณ  ๋นˆ๋ฒˆํ•˜๊ฒŒ ๊ฒฐ์ œํ•œ๋‹ค. ๊ฑฐ๋ž˜ ๊ฑด์ˆ˜๊ฐ€ ๋Š˜์–ด๋‚˜๋Š” ๋งŒํผ ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ์Œ“์ด๋Š” ์†๋„๋„ ๋นจ๋ผ์ง„๋‹ค.

๋งˆ์Šคํ„ฐ์นด๋“œ ์ž…์žฅ์—์„œ ์—์ด์ „ํŠธ ๊ฑฐ๋ž˜ ์ฆ๊ฐ€๋Š” ์ˆ˜์ˆ˜๋ฃŒ ์ˆ˜์ž…์˜ ์ž์—ฐ์Šค๋Ÿฌ์šด ํ™•๋Œ€๋‹ค. ์ƒˆ๋กœ์šด ์‚ฌ์—…์„ ์—ฌ๋Š” ๊ฒŒ ์•„๋‹ˆ๋ผ, ๊ธฐ์กด ๊ตฌ์กฐ๋ฅผ ์—์ด์ „ํŠธ ์‹œ๋Œ€์—๋„ ๊ทธ๋Œ€๋กœ ์ด์–ด๊ฐ€๋Š” ๊ฒƒ์ด๋‹ค.

์•„์›ƒ๋ฃฉ

๋งˆ์Šคํ„ฐ์นด๋“œ์˜ ์•„์›ƒ๋ฃฉ์„ ํ•œ ์ค„๋กœ ์ •๋ฆฌํ•˜๋ฉด, ๋น„์ž์™€ ๊ฐ™์ด ํ”„๋กœํ† ์ฝœ ์ „์Ÿ์˜ ์Šน์ž๋ฅผ ๊ณ ๋ฅด์ง€ ์•Š๊ณ  ๊ฐ€๋งน์ ์„ ์—์ด์ „ํŠธ๋ฅผ ๋ฐ›์•„๋“ค์ด๋Š” ๋ฐฉ์‹ ์ž์ฒด๋ฅผ ์žฅ์•…ํ•˜๊ฒ ๋‹ค๋Š” ๊ฒƒ์ด๋‹ค.

์ด ์ „๋žต์˜ ํ•ต์‹ฌ์€ ๊ฐ€๋งน์ ์˜ ์ง„์ž… ์žฅ๋ฒฝ์„ ์—†์•ค ๊ฒƒ์ด๋‹ค. ์ƒˆ๋กœ์šด ๊ฒฐ์ œ ๋ฐฉ์‹์„ ๋„์ž…ํ•˜๋ ค๋ฉด ๊ฐ€๋งน์ ์€ ๋ณดํ†ต ์ž์‚ฌ ์‹œ์Šคํ…œ์— ์ฝ”๋“œ๋ฅผ ์ƒˆ๋กœ ์‹ฌ์–ด์•ผ ํ•œ๋‹ค. ๋งˆ์Šคํ„ฐ์นด๋“œ๋Š” ํด๋ผ์šฐ๋“œํ”Œ๋ ˆ์–ด์™€ ํ˜‘๋ ฅํ•ด ์ด ๋ถ€๋‹ด์„ ์ œ๊ฑฐํ–ˆ๋‹ค. ๊ฐ€๋งน์  ์›น์‚ฌ์ดํŠธ ์•ž๋‹จ์—์„œ ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์—์ด์ „ํŠธ ํŠธ๋ž˜ํ”ฝ์„ ์ž๋™์œผ๋กœ ๊ฑธ๋Ÿฌ๋‚ด๋Š” ๊ตฌ์กฐ๋ฅผ ๊น”์•˜๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ๊ฐ€๋งน์ ์€ ์ฝ”๋“œ ํ•œ ์ค„ ๊ฑด๋“œ๋ฆฌ์ง€ ์•Š์•„๋„ ์—์ด์ „ํŠธ ๊ฒฐ์ œ๋ฅผ ๋ฐ›์„ ์ˆ˜ ์žˆ๋‹ค.

๋น„์ž๋„ ๊ฐ™์€ ๋ฐฉํ–ฅ์„ ๋ณด๊ณ  ์žˆ์ง€๋งŒ, ์ง€๊ธˆ ๋น„์ž๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด๋ผ๋Š” ๋ณ€์ˆ˜๊นŒ์ง€ ๋™์‹œ์— ์ƒ๋Œ€ํ•˜๊ณ  ์žˆ๋‹ค. ๋ธŒ๋ฆฟ์ง€(Bridge) ์ธ์ˆ˜, ํ…œํฌ ๋ฐธ๋ฆฌ๋ฐ์ดํ„ฐ ์ฐธ์—ฌ๊นŒ์ง€ ์ „์„ ์ด ๋„“์–ด์ง„ ์ƒํƒœ๋‹ค. ๋งˆ์Šคํ„ฐ์นด๋“œ๋Š” ์•„์ง ๊ฐ€๋งน์  ์ˆ˜์šฉ ๋ ˆ์ด์–ด์— ์ „๋ ฅ์„ ์ง‘์ค‘ํ•  ์ˆ˜ ์žˆ๋Š” ์œ„์น˜์— ์žˆ๋‹ค. ์ „์„ ์ด ํ•˜๋‚˜๋ผ๋Š” ๊ฒƒ ์ž์ฒด๊ฐ€ ์ง€๊ธˆ ์‹œ์ ์—์„œ๋Š” ์œ ๋ฆฌํ•˜๊ฒŒ ์ž‘๋™ํ•œ๋‹ค.

๊ด€๊ฑด์€ ์ด ์ง‘์ค‘์ด ์–ผ๋งˆ๋‚˜ ์˜ค๋ž˜ ์œ ํšจํ•˜๋А๋ƒ๋‹ค. ์—์ด์ „ํŠธ ๊ฐ„ ๊ฒฐ์ œ๊ฐ€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ๋ธ”๋ก์ฒด์ธ ์œ„์—์„œ ์ง์ ‘ ์ •์‚ฐ๋˜๊ธฐ ์‹œ์ž‘ํ•˜๋ฉด ๊ธฐ์กด ๊ฒฐ์ œ ๋„คํŠธ์›Œํฌ์˜ ์‚ฌ์šฉ๋Ÿ‰์ด ๋‚ฎ์•„์งˆ ์ˆ˜ ์žˆ๋‹ค. ๋น„์ž๊ฐ€ ์ด๋ฏธ ๋ธŒ๋ฆฟ์ง€ ์ธ์ˆ˜ ๋“ฑ์œผ๋กœ ๋Œ€์‘์— ๋‚˜์„  ๋ฐ˜๋ฉด, ๋งˆ์Šคํ„ฐ์นด๋“œ๋Š” ์ด ๋ฆฌ์Šคํฌ์— ๋Œ€ํ•ด ์•„์ง ๊ณต๊ฐœ๋œ ์›€์ง์ž„์ด ์—†๋‹ค.

๊ฐ€๋งน์  ๋ ˆ์ด์–ด ์„ ์ ์ด ๊ฐ•์ ์ด ๋˜๋ ค๋ฉด, ๊ทธ ์œ„์— ํ๋ฅด๋Š” ๊ฒฐ์ œ๊ฐ€ ์—ฌ์ „ํžˆ ์นด๋“œ ๋„คํŠธ์›Œํฌ๋ฅผ ์ง€๋‚˜์•ผ ํ•œ๋‹ค๋Š” ์ „์ œ๊ฐ€ ์œ ์ง€๋˜์–ด์•ผ ํ•œ๋‹ค.

Stripe

ํ•ต์‹ฌ๊ธฐ์ˆ 

์ŠคํŠธ๋ผ์ดํ”„(Stripe)๋Š” ์ง€๋‚œ 15๋…„๊ฐ„ ๊ฐœ๋ฐœ์ž ์นœํ™”์  API๋กœ ์ธํ„ฐ๋„ท ์ปค๋จธ์Šค์˜ ๊ฒฐ์ œ ํ‘œ์ค€์ด ๋œ ํšŒ์‚ฌ๋‹ค. ์—์ด์ „ํŠธ ์‹œ๋Œ€์—๋„ ๊ฐ™์€ ํฌ์ง€์…˜์„ ์œ ์ง€ํ•˜๊ธฐ ์œ„ํ•ด, ์ž์‚ฌ ์ธํ”„๋ผ ์œ„์— ์—์ด์ „ํŠธ๊ฐ€ ์“ธ ์ˆ˜ ์žˆ๋Š” ์ƒˆ ๊ฒฐ์ œ ๋ ˆ์ผ์„ ๊ทธ๋Œ€๋กœ ์–น๋Š” ์ „๋žต์„ ํƒํ–ˆ๋‹ค.

์ด๋ฅผ ์œ„ํ•ด 2025๋…„ 9์›” ์˜คํ”ˆAI์™€ ๊ณต๋™์œผ๋กœ ACP๋ฅผ ์˜คํ”ˆ ํ‘œ์ค€์œผ๋กœ ๊ณต๊ฐœํ–ˆ๊ณ , ๊ฐ™์€ ํ๋ฆ„์—์„œ SPT(Shared Payment Token)๋ผ๋Š” ์ž์ฒด ๊ฒฐ์ œ ํ”„๋ฆฌ๋ฏธํ‹ฐ๋ธŒ๋ฅผ ๋ฐœํ‘œํ–ˆ๋‹ค.

์ŠคํŠธ๋ผ์ดํ”„์˜ ์—์ด์ „ํŠธ ๊ฒฐ์ œ ๊ธฐ๋Šฅ์€ ๋„ค ๊ฐœ๋กœ ๊ตฌ์„ฑ๋œ๋‹ค.

๋„ค ๊ตฌ์„ฑ์˜ ๊ณตํ†ต์ ์€ ACP๋งŒ ์˜คํ”ˆ ํ‘œ์ค€์ด๊ณ  ๋‚˜๋จธ์ง€๋Š” ๋ชจ๋‘ ์ŠคํŠธ๋ผ์ดํ”„ ์ž์‚ฌ์˜ ๊ธฐ์ˆ ์ด๋‹ค. ACP๊ฐ€ โ€˜์—์ด์ „ํŠธ์™€ ๊ฐ€๋งน์ ์ด ์–ด๋–ป๊ฒŒ ๋Œ€ํ™”ํ•˜๋Š”๊ฐ€โ€™๋ฅผ ๋‹ค๋ฃจ๋Š” ๊ณต์šฉ์–ด๋ผ๋ฉด, SPT๋Š” ๊ทธ ๋Œ€ํ™” ์•ˆ์—์„œ ์‹ค์ œ ๋ˆ์ด ์–ด๋–ป๊ฒŒ ํ๋ฅด๋Š”๊ฐ€๋ฅผ ๋‹ด๋‹นํ•˜๋Š” ์ŠคํŠธ๋ผ์ดํ”„ ๊ณ ์œ ์˜ ๊ฒฐ์ œ ํ† ํฐ์ด๋‹ค.

SPT์˜ ํ๋ฆ„์€ ์•„๋ž˜์™€ ๊ฐ™๋‹ค.

  1. ์‚ฌ์šฉ์ž๊ฐ€ ์ฑ—GPT์—์„œ โ€œ์ด๊ฑฐ ์‚ฌ์ค˜โ€๋ผ๊ณ  ํ•˜๋ฉด

  2. ์ŠคํŠธ๋ผ์ดํ”„๊ฐ€ ์ผํšŒ์šฉ ๊ฒฐ์ œ ํ‹ฐ์ผ“(SPT)์„ ๋ฐœํ–‰

  3. ์—์ด์ „ํŠธ๊ฐ€ ๊ทธ ํ‹ฐ์ผ“์„ ๊ฐ€๋งน์ ์— ์ „๋‹ฌ

  4. ๊ฐ€๋งน์ ์ด ํ‹ฐ๊ฒŸ์„ ํ™•์ธํ•˜๊ณ  ๊ฒฐ์ œ ์™„๋ฃŒ

์นด๋“œ ๋ฒˆํ˜ธ๋ฅผ ์—์ด์ „ํŠธ์— ์ง์ ‘ ์ฃผ์ง€ ์•Š๋Š”๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„๊ฐ€ ์ด ๊ฑฐ๋ž˜์—์„œ๋งŒ ์“ธ ์ˆ˜ ์žˆ๋Š” ์ผํšŒ์šฉ ํ† ํฐ(SPT)์„ ๋ฐœํ–‰ํ•˜๊ณ , ์—์ด์ „ํŠธ๋Š” ๊ทธ ํ† ํฐ๋งŒ ๊ฐ€๋งน์ ์— ์ „๋‹ฌํ•œ๋‹ค. ์นด๋“œ ์ •๋ณด๊ฐ€ ์ด๋™ํ•˜์ง€ ์•Š์œผ๋‹ˆ ํƒˆ์ทจํ•  ๊ฒƒ๋„ ์—†๋‹ค.

๊ฐ€๋งน์  ์ง„์ž… ์žฅ๋ฒฝ๋„ ๋‚ฎ์ท„๋‹ค. ์ด๋ฏธ ์ŠคํŠธ๋ผ์ดํ”„๋ฅผ ์“ฐ๋Š” ๊ฐ€๋งน์ ์€ ์ฝ”๋“œ ํ•œ ์ค„ ์ถ”๊ฐ€๋กœ ๋๋‚œ๋‹ค. ๋‹ค๋ฅธ ๊ฒฐ์ œ์‚ฌ๋ฅผ ์“ฐ๋Š” ๊ฐ€๋งน์ ๋„ ๋ณ„๋„ ๊ฒฝ๋กœ๋กœ ์ฐธ์—ฌํ•  ์ˆ˜ ์žˆ๋‹ค. Etsy, Anthropologie, Free People, Urban Outfitters๊ฐ€ ์ฒซ ๋ฒˆ์งธ๋กœ ๋“ค์–ด์™”๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

์ŠคํŠธ๋ผ์ดํ”„์˜ ์ฐจ๋ณ„์ ์€ SPT๋ฅผ ๋‹จ์ˆœํ•œ ๊ฒฐ์ œ ํ† ํฐ์ด ์•„๋‹ˆ๋ผ โ€˜์—์ด์ „ํŠธ ๊ฒฐ์ œ๊ฐ€ ์ŠคํŠธ๋ผ์ดํ”„ ์ƒํƒœ๊ณ„๋กœ ๋“ค์–ด์˜ค๋Š” ํ—ˆ๋ธŒโ€™๋กœ ์„ค๊ณ„ํ–ˆ๋‹ค๋Š” ์ ์ด๋‹ค. ๊ฐ€๋งน์ ์ด ์—์ด์ „ํŠธ ๊ฒฐ์ œ๋ฅผ ๋ฐ›๊ธฐ ์œ„ํ•ด SPT๋ฅผ ๋„์ž…ํ•˜๋Š” ์ˆœ๊ฐ„, ๋’ค์— ๋ถ™์–ด ์žˆ๋Š” ์ŠคํŠธ๋ผ์ดํ”„ ์ œํ’ˆ๋“ค์ด ๋ฒˆ๋“ค์ฒ˜๋Ÿผ ํ•จ๊ป˜ ๋”ฐ๋ผ๋ถ™๋Š”๋‹ค. ํ•˜๋‚˜๋ฅผ ์—ด์—ˆ์„ ๋ฟ์ธ๋ฐ ๋‹ค์„ฏ ๊ฐœ๊ฐ€ ๊ฐ™์ด ์—ฐ๊ฒฐ๋˜๋Š” ๊ตฌ์กฐ๋‹ค.

SPT๋ฅผ ์ค‘์‹ฌ์œผ๋กœ ์—ฐ๊ฒฐ๋˜๋Š” ์ŠคํŠธ๋ผ์ดํ”„ ์ œํ’ˆ๋“ค์€ ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

์ž‘๋™ ๋ฐฉ์‹์€ ์ด๋ ‡๋‹ค. ๊ฐ€๋งน์ ์ด ์—์ด์ „ํŠธ ๊ฒฐ์ œ๋ฅผ ๋ฐ›๊ธฐ ์œ„ํ•ด SPT๋ฅผ ๋„์ž…ํ•˜๋Š” ์ˆœ๊ฐ„, ์ŠคํŠธ๋ผ์ดํ”„์˜ ๋ถ€๊ฐ€ ์„œ๋น„์Šค๋“ค์ด ๋ฒˆ๋“ค์ฒ˜๋Ÿผ ๋”ฐ๋ผ๋ถ™๋Š”๋‹ค.

๋น„์žยท๋งˆ์Šคํ„ฐ์นด๋“œ๋Š” ๊ฒฐ์ œ๊ฐ€ ์ž์‚ฌ ๋ง์„ ์ง€๋‚  ๋•Œ ์ˆ˜์ˆ˜๋ฃŒ ํ•œ ๋ฒˆ ๋ฐ›๊ณ  ๋์ด๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„๋Š” ๊ฒฐ์ œ๋ฅผ ์ž…๊ตฌ๋กœ ์‚ผ์•„ ๊ฐ€๋งน์ ์„ ์ž์‚ฌ ๊ธˆ์œต ์„œ๋น„์Šค ์ „์ฒด์— ๋ฌถ์–ด๋‘๋Š” ๊ตฌ์กฐ๋‹ค. ๊ฐ€๋งน์  ์ž…์žฅ์—์„œ๋Š” ์—์ด์ „ํŠธ ๊ฒฐ์ œ ํ•˜๋‚˜ ๋ถ™์ด๋ ค๋‹ค ์ŠคํŠธ๋ผ์ดํ”„ ์ƒํƒœ๊ณ„ ์ „์ฒด์— ์—ฎ์ด๊ฒŒ ๋œ๋‹ค.

์•„์›ƒ๋ฃฉ

์ŠคํŠธ๋ผ์ดํ”„์˜ ์•„์›ƒ๋ฃฉ์„ ํ•œ ์ค„๋กœ ์ •๋ฆฌํ•˜๋ฉด, ์—์ด์ „ํŠธ ๊ฒฐ์ œ์˜ ๋ชจ๋“  ๋ ˆ์ด์–ด๋ฅผ ๋™์‹œ์— ์ปค๋ฒ„ํ•˜๋Š” ์ „๋ฉด ํฌ์œ„ ์ „๋žต์ด๋‹ค.

ํ”„๋กœํ† ์ฝœ ๋ ˆ์ด์–ด(ACP), ๊ฒฐ์ œ ํ† ํฐ ๋ ˆ์ด์–ด(SPT), ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ(ํ…œํฌ)๊นŒ์ง€ ์—์ด์ „ํŠธ ๊ฒฐ์ œ์˜ ๋ชจ๋“  ์ธต์— ์ž๋ฆฌ๋ฅผ ์žก์•˜๋‹ค. ๋น„์žยท๋งˆ์Šคํ„ฐ์นด๋“œ๊ฐ€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ๋ฐฉ์–ด ๊ณผ์ œ๋กœ ๋ณด๋Š” ๋™์•ˆ, ์ŠคํŠธ๋ผ์ดํ”„๋Š” ๊ณต๊ฒฉ ์ž์‚ฐ์œผ๋กœ ์นด๋“œ๋ง ์šฐํšŒ ๊ฒฝ๋กœ๊นŒ์ง€ ์„ ์ ํ–ˆ๋‹ค.

๊ทธ๋Ÿฌ๋‚˜ ํ•ต์‹ฌ ์งˆ๋ฌธ์€ ํ•˜๋‚˜๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„๊ฐ€ ์นด๋“œ ๋„คํŠธ์›Œํฌ๋ฅผ ๋„˜์„ ์ˆ˜ ์žˆ๋Š”๊ฐ€.

์ง€๊ธˆ ์ŠคํŠธ๋ผ์ดํ”„์˜ ์ˆ˜์ต ๊ตฌ์กฐ๋Š” ์—ฌ์ „ํžˆ ๋น„์žยท๋งˆ์Šคํ„ฐ์นด๋“œ ๋ง ์œ„์—์„œ ๋Œ์•„๊ฐ„๋‹ค. SPT๋„, ๊ฒฐ์ œ ์ˆ˜์ˆ˜๋ฃŒ๋„, ๊ฐ€๋งน์  ๋ฒˆ๋“ค๋ง๋„ ์นด๋“œ ๋„คํŠธ์›Œํฌ๋ฅผ ์ „์ œ๋กœ ์ž‘๋™ํ•œ๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ์นด๋“œ๋ง์„ ์‹ค์งˆ์ ์œผ๋กœ ๋Œ€์ฒดํ•˜๋Š” ์‹œ์ ์ด ์˜ค๋ฉด ๊ตฌ์กฐ๊ฐ€ ๋‹ฌ๋ผ์ง€๊ฒ ์ง€๋งŒ, ๊ทธ ์‹œ์ ์ด ์–ธ์ œ์ธ์ง€๋Š” ์•„๋ฌด๋„ ๋ชจ๋ฅธ๋‹ค.

๊ฒฐ๊ตญ ์ŠคํŠธ๋ผ์ดํ”„์˜ ์•„์›ƒ๋ฃฉ์€ ๋‘ ์‹œ๋‚˜๋ฆฌ์˜ค๋กœ ๊ฐˆ๋ฆฐ๋‹ค. ์นด๋“œ๋ง์ด ๊ณ„์† ์ง€๋ฐฐ์ ์ธ ์„ธ๊ณ„์—์„œ๋Š” PSP 1์œ„๋ผ๋Š” ์œ„์น˜๊ฐ€ ์œ ์ง€๋˜์ง€๋งŒ ์นด๋“œ์‚ฌ๋ฅผ ๋„˜์ง€๋Š” ๋ชปํ•œ๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ์นด๋“œ๋ง์„ ์ž ์‹ํ•˜๋Š” ์„ธ๊ณ„์—์„œ๋Š” ํ…œํฌ๋ฅผ ์•ž์„ธ์›Œ ์นด๋“œ์‚ฌ๋ฅผ ์šฐํšŒํ•  ์ˆ˜ ์žˆ๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„๊ฐ€ ์ง€๊ธˆ ๋‘ ๋ฐฉํ–ฅ์— ๋ชจ๋‘ ๋ฒ ํŒ…ํ•˜๊ณ  ์žˆ๋Š” ๊ฑด ๋งž๋‹ค. ๋‹ค๋งŒ ๋น„์žยท๋งˆ์Šคํ„ฐ์นด๋“œ๊ฐ€ ๊ณ ์†๋„๋กœ๋ฅผ ์šด์˜ํ•œ๋‹ค๋ฉด ์ŠคํŠธ๋ผ์ดํ”„๋Š” ๊ทธ ์œ„์—์„œ ๊ฐ€์žฅ ์ž˜ ๋‚˜๊ฐ€๋Š” ๋ฌผ๋ฅ˜ ํšŒ์‚ฌ๋‹ค. ๋ฌผ๋ฅ˜ ํšŒ์‚ฌ 1๋“ฑ์ด ๋˜๋Š” ๊ฒƒ๊ณผ ๊ณ ์†๋„๋กœ๋ฅผ ์†Œ์œ ํ•˜๋Š” ๊ฒƒ์€ ์ „ํ˜€ ๋‹ค๋ฅธ ๊ฒŒ์ž„์ด๋‹ค.

๋‹ค๋งŒ ๋‘ ๊ฐ€์ง€ ๋ณ€์ˆ˜๊ฐ€ ์žˆ๋‹ค.

์ฒซ์งธ, ์˜คํ”ˆAI์™€์˜ ๊ด€๊ณ„๋‹ค. ACP๋Š” ๊ณต๋™ ๊ฐœ๋ฐœ์ด์ง€๋งŒ ์ฑ—GPT ์ฆ‰์‹œ๊ฒฐ์ œ ๊ธฐ๋Šฅ์€ ์‚ฌ์‹ค์ƒ ์ŠคํŠธ๋ผ์ดํ”„๊ฐ€ ๋…์ ํ•œ๋‹ค. ์˜คํ”ˆAI๊ฐ€ ํŠธ๋ž˜ํ”ฝ์ด ์ถฉ๋ถ„ํžˆ ์Œ“์ธ ์‹œ์ ์— ์ž์ฒด ๊ฒฐ์ œ ๋ ˆ์ผ์„ ๋งŒ๋“ค๊ฑฐ๋‚˜ ํƒ€ PSP์™€ ์—ฐํ•ฉํ•˜๋ฉด ์ŠคํŠธ๋ผ์ดํ”„๋Š” ๊ฐ€์žฅ ํฐ AI ์ฑ„๋„์„ ์žƒ๋Š”๋‹ค. ํ˜„์žฌ๋Š” ์„œ๋กœ ํ•„์š”ํ•œ ๊ด€๊ณ„์ด์ง€๋งŒ ์˜์›ํ•œ ์—ฐํ•ฉ์€ ์•„๋‹ˆ๋‹ค.

๋‘˜์งธ, ACP์˜ ๊ฐœ๋ฐฉ์„ฑ์ด๋‹ค. ACP๋Š” ์˜คํ”ˆ ํ‘œ์ค€์ด๋ผ ์–ด๋„์˜Œ, ์›”๋“œํŽ˜์ด ๊ฐ™์€ ๊ฒฝ์Ÿ PSP๋„ ํ˜ธํ™˜ ํ† ํฐ์„ ๋งŒ๋“ค ์ˆ˜ ์žˆ๋‹ค. ์ง€๊ธˆ์€ ์ŠคํŠธ๋ผ์ดํ”„์˜ ์‹œ์žฅ ์ ์œ ์œจ ๋•๋ถ„์— ๊ฐ€๋งน์ ์ด ์ž์—ฐ์Šค๋Ÿฝ๊ฒŒ SPT๋ฅผ ์„ ํƒํ•˜์ง€๋งŒ, ๊ฒฝ์Ÿ์‚ฌ๊ฐ€ ๋™๋“ฑํ•œ ์ˆ˜์ค€์˜ ํ† ํฐ์„ ๋‚ด๋†“๋Š” ์ˆœ๊ฐ„ ํ”„๋กœํ† ์ฝœ ์ œ์•ˆ์ž ํ”„๋ฆฌ๋ฏธ์—„์€ ๋น ๋ฅด๊ฒŒ ํฌ์„๋œ๋‹ค.

3. ํŽ˜์ดํผ์ฝœ(Pay-per-call)

์•ž์„œ ์‚ดํŽด๋ณธ ์—์ด์ „ํŠธ ์ปค๋จธ์Šค๋Š” ์‚ฌ๋žŒ์ด ๊ฒฐ์ œ๋ฅผ ๊ฒฐ์ •ํ•˜๋Š” ์‹œ์žฅ์ด๋ผ๋ฉด, ํŽ˜์ดํผ์ฝœ(Pay-per-call)์€ ์—์ด์ „ํŠธ๊ฐ€ ์ง์ ‘ ๊ฒฐ์ œ ์ฃผ์ฒด๊ฐ€ ๋˜๋Š” ์‹œ์žฅ์ด๋‹ค. ์ฆ‰, ๊ณ„์ขŒ์— ๋ˆ์ด ์žˆ์œผ๋ฉด ์—์ด์ „ํŠธ๊ฐ€ ์•Œ์•„์„œ ๊ฒฐ์ œํ•˜๋Š” ์‹œ์Šคํ…œ์ด๋‹ค. ์ด๋Š” ์—์ด์ „ํŠธ๊ฐ€ ๋‹ค๋ฅธ ์—์ด์ „ํŠธ์˜ API, ๋ฐ์ดํ„ฐ, ์—ฐ์‚ฐ์„ ์š”๊ตฌํ•  ๋•Œ ๊ฒฐ์ œ๊ฐ€ ๋ฐœ์ƒํ•˜๋Š” ๊ตฌ์กฐ๋‹ค.

์—์ด์ „ํŠธ๊ฐ€ ์‹œ์žฅ ๋ถ„์„ ๋ฆฌํฌํŠธ๋ฅผ ์ž‘์„ฑํ•œ๋‹ค๊ณ  ์˜ˆ๋ฅผ ๋“ค์–ด ๋ณด์ž.

  1. ์‚ฌ์šฉ์ž๊ฐ€ ์—์ด์ „ํŠธ์—๊ฒŒ ์‹œ์žฅ ๋ถ„์„ ๋ฆฌํฌํŠธ๋ฅผ ์ž‘์„ฑํ•ด๋‹ฌ๋ผ๊ณ  ์š”์ฒญ

  2. ์—์ด์ „ํŠธ๋Š” OpenAI API์— ์ ‘๊ทผํ•˜์—ฌ ์งˆ๋ฌธ์„ ํ•˜์—ฌ ๋‹ต๋ณ€์„ ๋ฐ›์Œ

  3. ๋ฐ์ดํ„ฐ์˜ ๊ฒ€์ฆ์„ ์œ„ํ•ด Dune, Nansen AI API์—์„œ ์ž๋ฃŒ ์š”์ฒญ

  4. ๊ฒฐ๊ณผ ๋ณด๊ณ ์„œ๋ฅผ ๋‹ค๋ฅธ ์—์ด์ „ํŠธ์—๊ฒŒ ๊ฒ€์ˆ˜ ์˜๋ขฐ

ํ•œ ๋ฒˆ์˜ ๋ฆฌํฌํŠธ ์ž‘์„ฑ ์•ˆ์—์„œ ์ˆ˜์‹ญ ๊ฑด์˜ ๊ฒฐ์ œ๊ฐ€ ๋ฐœ์ƒํ•œ๋‹ค. ํ•˜์ง€๋งŒ ์—์ด์ „ํŠธ ์ปค๋จธ์Šค์™€ ๋‹ฌ๋ฆฌ ๊ฒฐ์ œ๋˜๋Š” ๊ธˆ์•ก์ด ์†Œ์ˆ˜์ ๊นŒ์ง€ ๋ฐœ์ƒํ•œ๋‹ค. ์ „ํ†ต ๊ฒฐ์ œ ์‹œ์Šคํ…œ์ƒ์—์„œ๋Š” ์ˆ˜์ˆ˜๋ฃŒ๋กœ ์ธํ•ด ๊ฑฐ๋ž˜ํ• ์ˆ˜๋ก ์†ํ•ด๋ฅผ ๋ณด๋Š” ๊ตฌ์กฐ๋‹ค. ๊ทธ๋ž˜์„œ ํŽ˜์ดํผ์ฝœ์€ ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๋‚ฎ์€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ํ™œ์šฉํ•œ๋‹ค๋Š” ๊ฒƒ์ด ํŠน์ง•์ด๋‹ค.

ํ˜„์žฌ ํŽ˜์ดํผ์ฝœ์—๋Š” ์„ธ ๊ฐ€์ง€ ์ธํ”„๋ผ ํ‘œ์ค€์ด ์žˆ๋‹ค.

  1. ํ”„๋กœํ† ์ฝœ ๋ ˆ์ด์–ด: ์—์ด์ „ํŠธ๊ฐ€ ๊ฒฐ์ œ ์˜์‚ฌ๋ฅผ ์–ด๋–ค ๋ฉ”์‹œ์ง€๋กœ ํ‘œํ˜„ํ•˜๋Š”๊ฐ€

  2. ์ •์‚ฐ ๋ ˆ์ด์–ด: ๊ทธ ๊ฒฐ์ œ๊ฐ€ ์–ด๋–ค ์ฒด์ธ ์œ„์—์„œ ์–ด๋–ค ์ž์‚ฐ์œผ๋กœ ์ผ์–ด๋‚˜๋Š”๊ฐ€

  3. ์‹ ๋ขฐ ๋ ˆ์ด์–ด: ๋ˆ„๊ฐ€ ์–ด๋–ค ๊ถŒํ•œ์œผ๋กœ ๊ฒฐ์ œํ–ˆ๋Š”์ง€๋ฅผ ๋ˆ„๊ฐ€ ๊ฒ€์ฆํ•˜๋Š”๊ฐ€

Coinbase (Coin)

ํ•ต์‹ฌ๊ธฐ์ˆ 

์ฝ”์ธ๋ฒ ์ด์Šค(Coinbase)๋Š” ์—์ด์ „ํŠธ๊ฐ€ ์นด๋“œ ๋„คํŠธ์›Œํฌ๋ฅผ ๊ฑฐ์น˜์ง€ ์•Š๊ณ  ๊ฒฐ์ œํ•  ์ˆ˜ ์žˆ๋Š” x402 ํ‘œ์ค€์„ ๋งŒ๋“  ํšŒ์‚ฌ๋‹ค.

2025๋…„ 5์›”, HTTP 402 ์ƒํƒœ ์ฝ”๋“œ(Payment Required)๋ฅผ ์‹ค์ œ๋กœ ํ™œ์„ฑํ™”ํ•˜๋Š” x402 ํ”„๋กœํ† ์ฝœ์„ ๊ณต๊ฐœํ–ˆ๋‹ค. ๋˜ํ•œ, ๊ฐ™์€ ํ•ด ํด๋ผ์šฐ๋“œํ”Œ๋ ˆ์–ด(Cloudflare)์™€ x402 Foundation์„ ์„ค๋ฆฝํ•˜๋ฉด์„œ ๋ฒ”์šฉ ๊ฒฐ์ œ ๋ ˆ์ด์–ด๋กœ ํ™•์žฅํ–ˆ๋‹ค.

x402๋Š” ๋‹ค์„ฏ ๊ฐœ์˜ ๊ตฌ์„ฑ ์š”์†Œ๋กœ ์ด๋ฃจ์–ด์ง„ ์˜คํ”ˆ ๊ฒฐ์ œ ํ”„๋กœํ† ์ฝœ์ด๋‹ค.

x402์˜ ์ž‘๋™ ์›๋ฆฌ๋Š” ๋‹จ์ˆœํ•˜๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ API๋ฅผ ํ˜ธ์ถœํ•˜๋ฉด ์„œ๋ฒ„๊ฐ€ HTTP 402 ์‘๋‹ต์— ๊ฐ€๊ฒฉ, ์ˆ˜์‹  ์ฃผ์†Œ, ์ž์‚ฐ, ๋„คํŠธ์›Œํฌ ์ •๋ณด๋ฅผ ๋‹ด์•„ ๋Œ๋ ค์ค€๋‹ค. ์—์ด์ „ํŠธ๋Š” ์ž๊ธฐ ์ง€๊ฐ‘์œผ๋กœ ๊ฒฐ์ œ๋ฅผ ์„œ๋ช…ํ•ด ํ—ค๋”์— ๋‹ด์•„ ์žฌ์š”์ฒญํ•˜๊ณ , ์„œ๋ฒ„๋Š” ํผ์‹ค๋ฆฌํ…Œ์ดํ„ฐ(Facilitator)๋ฅผ ํ†ตํ•ด ๊ฒฐ์ œ๋ฅผ ๊ฒ€์ฆยท์ •์‚ฐํ•œ ๋’ค ๋ฆฌ์†Œ์Šค๋ฅผ ์‘๋‹ตํ•œ๋‹ค.

ํ”„๋กœ์„ธ์Šค

  1. ์—์ด์ „ํŠธ๊ฐ€ ์„œ๋ฒ„์— ๋ฆฌ์†Œ์Šค ์š”์ฒญ.

  2. ์„œ๋ฒ„๊ฐ€ HTTP 402์™€ ๊ฒฐ์ œ ์กฐ๊ฑด ๋ฐ˜ํ™˜(maxAmountRequired, asset, payTo, network ๋“ฑ).

  3. ์—์ด์ „ํŠธ๊ฐ€ ์ž๊ธฐ ์ง€๊ฐ‘์œผ๋กœ ๊ฒฐ์ œ authorization์— ์„œ๋ช…ํ•˜๊ณ  X-PAYMENT ํ—ค๋”์— ๋‹ด์•„ ์žฌ์š”์ฒญ.

  4. ์„œ๋ฒ„๊ฐ€ facilitator(๊ฒ€์ฆยท์ •์‚ฐ ์„œ๋น„์Šค)๋กœ payload๋ฅผ ๋„˜๊ธฐ๊ณ , facilitator๊ฐ€ ์˜จ์ฒด์ธ์— ๋ธŒ๋กœ๋“œ์บ์ŠคํŠธ.

  5. ์ •์‚ฐ ํ™•์ธ ํ›„ ์„œ๋ฒ„๊ฐ€ 200 ์‘๋‹ต๊ณผ ํ•จ๊ป˜ ๋ฆฌ์†Œ์Šค ๋ฐ˜ํ™˜.

x402๊ฐ€ ๊ธฐ์กด ๊ฒฐ์ œ ์‹œ์Šคํ…œ๊ณผ ๋‹ค๋ฅธ ํ•ต์‹ฌ์€ ๊ฒฐ์ œ ์ž์ฒด๊ฐ€ ์ธ์ฆ ์—ญํ• ์„ ํ•œ๋‹ค๋Š” ์ ์ด๋‹ค. ๊ธฐ์กด API๋Š” ์‚ฌ์šฉ ์ „์— ๊ณ„์ • ๋“ฑ๋ก๊ณผ ํ‚ค ๋ฐœ๊ธ‰์„ ์š”๊ตฌํ•˜์ง€๋งŒ, x402๋Š” ๋ˆ์„ ๋‚ผ ์ˆ˜ ์žˆ์œผ๋ฉด ์ ‘๊ทผ์ด ์—ด๋ฆฐ๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ์‚ฌ๋žŒ ๊ฐœ์ž… ์—†์ด ์ƒˆ API๋ฅผ ์ž์œจ์ ์œผ๋กœ ๋ฐœ๊ฒฌํ•˜๊ณ , ๊ฒฐ์ œํ•˜๊ณ , ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ๋Š” ๊ตฌ์กฐ๋‹ค.

V2 ์—…๋ฐ์ดํŠธ๋Š” ๋‹จ์ผ ํ˜ธ์ถœ ๊ฒฐ์ œ์—์„œ ๋‹ค์–‘ํ•œ ์‹๋ณ„, ์„ธ์…˜, ์ฒด์ธ์„ ๋ชจ๋‘ ๋‹ด๋Š” ๋ฒ”์šฉ ๋ ˆ์ด์–ด๋กœ ํ™•์žฅ๋๋‹ค

๊ฐ€์žฅ ์˜๋ฏธ ์žˆ๋Š” ๋ณ€ํ™”๋Š” ์ง€๊ฐ‘ ๊ธฐ๋ฐ˜ ์„ธ์…˜์ด๋‹ค. V1์€ ๋งค ํ˜ธ์ถœ๋งˆ๋‹ค ๊ฒฐ์ œ๊ฐ€ ํ•„์š”ํ–ˆ๋Š”๋ฐ, V2๋Š” ํ•œ ๋ฒˆ ๊ฒฐ์ œํ•˜๋ฉด ์ผ์ • ๊ธฐ๊ฐ„ ์žฌ์‚ฌ์šฉ ๊ฐ€๋Šฅํ•œ ์„ธ์…˜์„ ๋„์ž…ํ–ˆ๋‹ค. LLM ํ˜ธ์ถœ์ด๋‚˜ ๋ฉ€ํ‹ฐ์ฝœ ์—์ด์ „ํŠธ์ฒ˜๋Ÿผ ๋งค๋ฒˆ ๊ฒฐ์ œํ•˜๊ธฐ์—๋Š” ๋„ˆ๋ฌด ๋А๋ฆฌ๊ณ  ๋น„์‹ผ ์›Œํฌ๋กœ๋“œ๋ฅผ ์ฒ˜์Œ์œผ๋กœ x402๋กœ ์ฒ˜๋ฆฌํ•  ์ˆ˜ ์žˆ๊ฒŒ ๋งŒ๋“  ๋ณ€ํ™”๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

์ฝ”์ธ๋ฒ ์ด์Šค์˜ ํ˜„์žฌ ๋งค์ถœ์€ ๊ฑฐ๋ž˜์†Œ ์ˆ˜์ˆ˜๋ฃŒ์—์„œ ๋‚˜์˜จ๋‹ค. 2025๋…„ ์—ฐ๊ฐ„ ๋งค์ถœ ์•ฝ 72์–ต ๋‹ฌ๋Ÿฌ, ๋Œ€๋ถ€๋ถ„์ด ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜ ์ˆ˜์ˆ˜๋ฃŒ๋‹ค. x402๋Š” ์•„์ง ์ด ๋งค์ถœ ๊ตฌ์กฐ์™€ ๋ฌด๊ด€ํ•˜๋‹ค. ๊ทธ๋Ÿฐ๋ฐ ์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ x402๋ฅผ ์˜คํ”ˆ์†Œ์Šค๋กœ ๊ณต๊ฐœํ•œ ์ด์œ ๊ฐ€ ์—ฌ๊ธฐ ์žˆ๋‹ค. ํ‘œ์ค€์„ ๋ฌด๋ฃŒ๋กœ ํ’€๊ณ , ๊ทธ ํ‘œ์ค€์ด ์ž‘๋™ํ•˜๋Š” ์ธํ”„๋ผ์—์„œ ๋ˆ์„ ๋ฒ„๋Š” ๊ตฌ์กฐ๋‹ค.

์•ˆ๋“œ๋กœ์ด๋“œ๋ฅผ ์˜คํ”ˆ์†Œ์Šค๋กœ ํ’€๊ณ  ํ”Œ๋ ˆ์ด์Šคํ† ์–ด์™€ ๊ตฌ๊ธ€ ํŽ˜์ด๋กœ ์ˆ˜์ต์„ ๊ฐ€์ ธ๊ฐ„ ๊ตฌ๊ธ€์˜ ์ „๋žต๊ณผ ๊ฐ™๋‹ค.

x402๊ฐ€ ๊ฒจ๋ƒฅํ•˜๋Š” ์‹œ์žฅ์€ ๋น„์žยท๋งˆ์Šคํ„ฐ์นด๋“œยท์ŠคํŠธ๋ผ์ดํ”„์™€ ์• ์ดˆ์— ๋‹ค๋ฅด๋‹ค. ์นด๋“œ ๊ฒฐ์ œ๋Š” ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๊ฑด๋‹น 0.30๋‹ฌ๋Ÿฌ์— ๊ฑฐ๋ž˜์•ก์˜ 2.9%๋‹ค. ํ•˜์ง€๋งŒ, 0.01๋‹ฌ๋Ÿฌ์งœ๋ฆฌ API ํ˜ธ์ถœ, 0.005๋‹ฌ๋Ÿฌ์งœ๋ฆฌ ์ด๋ฏธ์ง€ ๋ถ„๋ฅ˜, 0.50๋‹ฌ๋Ÿฌ์งœ๋ฆฌ GPU 1๋ถ„ ๊ฐ™์€ ๋งˆ์ดํฌ๋กœํŽ˜์ด๋จผํŠธ๋Š” ์นด๋“œ ๋„คํŠธ์›Œํฌ ์œ„์—์„œ ๊ตฌํ˜„์ด ์•ˆ๋œ๋‹ค.

x402๊ฐ€ ์—ฌ๋Š” ์‹œ์žฅ์€ ์—์ด์ „ํŠธ๊ฐ€ ๋‹ค๋ฅธ ์—์ด์ „ํŠธ์—๊ฒŒ, ๋˜๋Š” ์—์ด์ „ํŠธ๊ฐ€ API ์ œ๊ณต์ž์—๊ฒŒ, ์‚ฌ๋žŒ์ด ๊ฒฐ์ œ ๋ฒ„ํŠผ์„ ๋ˆ„๋ฅผ ์ˆ˜ ์—†๋Š” ๋‹จ์œ„์™€ ๋นˆ๋„๋กœ ๊ฐ’์„ ์น˜๋ฅด๋Š” ์˜์—ญ์ด๋‹ค.

์ด ๋จผ ๋ฏธ๋ž˜์˜ ์‹œ์žฅ์ด ์—ด๋ฆฌ๋ฉด ์ฝ”์ธ๋ฒ ์ด์Šค์—๊ฒŒ ๋‘ ๊ฐ€์ง€ ์ˆ˜์ต์ด ๋“ค์–ด์˜จ๋‹ค.

๋‹ค๋งŒ ์ตœ๊ทผ x402 V2๋ถ€ํ„ฐ๋Š” ๋‹ค๋ฅธ ํšŒ์‚ฌ ํผ์‹ค๋ฆฌํ…Œ์ดํ„ฐ๋„ ๊ณจ๋ผ ์“ธ ์ˆ˜ ์žˆ๊ฒŒ ๋๋‹ค. ๊ทธ๋ž˜์„œ ํผ์‹ค๋ฆฌํ…Œ์ดํ„ฐ ์ž์ฒด๋กœ ๋ฌถ์–ด๋‘๋Š” ํž˜์€ ์ƒ๊ฐ๋ณด๋‹ค ์•ฝํ•˜๋‹ค. ์ฝ”์ธ๋ฒ ์ด์Šค์˜ ์ง„์งœ ํ•œ ์ˆ˜๋Š” ๋‹ค๋ฅธ ๊ณณ์— ์žˆ๋‹ค. x402๊ฐ€ ๊ฐ€์žฅ ์ €๋ ดํ•˜๊ณ  ๋น ๋ฅด๊ฒŒ ๋Œ์•„๊ฐ€๋„๋ก ๋งŒ๋“ค์–ด์ง„ ๋ธ”๋ก์ฒด์ธ์ด ์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ ๋งŒ๋“  Base์ธ๋ฐ, ๊ณต์‹ ๋ฐฑ์„œ๋งˆ์ € x402๋Š” Base์—์„œ ์“ธ ๋•Œ๊ฐ€ ๊ฐ€์žฅ ์ข‹์€ ์กฐํ•ฉ์ด๋ผ๊ณ  ๋Œ€๋†“๊ณ  ๋ณด์—ฌ์ค€๋‹ค.

์‰ฝ๊ฒŒ ๋น„์œ ํ•˜๋ฉด ์ด๋ ‡๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„๋Š” ๊ฐ€๋งน์ ์ด ์นด๋“œ ๊ฒฐ์ œ๋ฅผ ๋ฐ›๋Š” ๊ทธ ์ˆœ๊ฐ„์„ ์ž๊ธฐ ์‹œ์Šคํ…œ์— ๋ฌถ์–ด๋‘๋Š” ๋ฐฉ์‹์ด๋‹ค. ๋ฐ˜๋ฉด ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ๊ฒฐ์ œ๊ฐ€ ์ง€๋‚˜๋‹ค๋‹ˆ๋Š” ๊ณ ์†๋„๋กœ๋ฅผ ๊น”์•„๋‘๊ณ , ๊ทธ ๊ธธ์„ ์“ฐ๋Š” ์‚ฌ๋žŒ๋“ค์ด ์ž์—ฐ์Šค๋Ÿฝ๊ฒŒ ์ฝ”์ธ๋ฒ ์ด์Šค ํœด๊ฒŒ์†Œ(CDP ๋„๊ตฌ๋“ค)์— ๋“ค๋ฅด๊ฒŒ ๋งŒ๋“œ๋Š” ๋ฐฉ์‹์ด๋‹ค.

์•„์›ƒ๋ฃฉ

์ฝ”์ธ๋ฒ ์ด์Šค์˜ ์•„์›ƒ๋ฃฉ์„ ํ•œ ์ค„๋กœ ์ •๋ฆฌํ•˜๋ฉด, ๊ฒฝ์Ÿ์‚ฌ๋ฅผ ์ด๊ธฐ๋Š” ๊ฒŒ์ž„์ด ์•„๋‹ˆ๋ผ ์•„์ง ์กด์žฌํ•˜์ง€ ์•Š๋Š” ์‹œ์žฅ์ด ์–ผ๋งˆ๋‚˜ ๋นจ๋ฆฌ ์—ด๋ฆฌ๋Š”๊ฐ€์˜ ๊ฒŒ์ž„์ด๋‹ค.

์ด ํ”„๋ ˆ์ž„์ด ์ค‘์š”ํ•œ ์ด์œ ๋Š” x402๊ฐ€ ์นด๋“œ ๋„คํŠธ์›Œํฌ์™€ ๊ฐ™์€ ์˜์—ญ์—์„œ ๊ฒฝ์Ÿํ•˜์ง€ ์•Š๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์‹ ์šฉ์นด๋“œ๋Š” ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ๊ฑด๋‹น 0.30๋‹ฌ๋Ÿฌ + 2.9%๋‹ค. ๊ทธ๋ž˜์„œ 0.01๋‹ฌ๋Ÿฌ์งœ๋ฆฌ API ํ˜ธ์ถœ, 0.005๋‹ฌ๋Ÿฌ์งœ๋ฆฌ ์ด๋ฏธ์ง€ ํ•œ ์žฅ ๋ถ„๋ฅ˜, 0.50๋‹ฌ๋Ÿฌ์งœ๋ฆฌ GPU 1๋ถ„ ๊ฐ™์€ ๋งˆ์ดํฌ๋กœํŽ˜์ด๋จผํŠธ๋Š” ์นด๋“œ ๋„คํŠธ์›Œํฌ ์œ„์—์„œ ์• ์ดˆ์— ์„ฑ๋ฆฝํ•˜์ง€ ์•Š๋Š”๋‹ค.

๋น„์ž์™€ ๋งˆ์Šคํ„ฐ์นด๋“œ๊ฐ€ ์—์ด์ „ํŠธ ๊ฒฐ์ œ๋ฅผ ์ˆ˜์šฉํ•œ๋‹ค๊ณ  ํ•ด๋„, ๊ทธ๊ฒƒ์€ ์‚ฌ๋žŒ์ด ์‡ผํ•‘ํ•˜๋˜ ๋ฐฉ์‹์„ ์—์ด์ „ํŠธ๊ฐ€ ๋Œ€์‹  ์ˆ˜ํ–‰ํ•˜๋Š” ์˜์—ญ์ด๋‹ค. x402๊ฐ€ ์—ฌ๋Š” ์‹œ์žฅ์€ ๊ทธ ์•„๋ž˜์ธต์— ์žˆ๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ๋‹ค๋ฅธ ์—์ด์ „ํŠธ์—๊ฒŒ, ๋˜๋Š” ์—์ด์ „ํŠธ๊ฐ€ ์„œ๋น„์Šค ์ œ๊ณต์ž์—๊ฒŒ, ์‚ฌ๋žŒ์ด ๊ฒฐ์ œ ๋ฒ„ํŠผ์„ ๋ˆ„๋ฅผ ์ˆ˜ ์—†๋Š” ๋‹จ์œ„์™€ ๋นˆ๋„๋กœ ๊ฐ’์„ ์น˜๋ฅด๋Š” ์˜์—ญ์ด๋‹ค.

๋ฌธ์ œ๋Š” ์•„์ง๊นŒ์ง€ ์—์ด์ „ํŠธ๊ฐ„๊ฑฐ๋ž˜ ์‹œ์žฅ์ด ์•„์ง ์ž‘๋‹ค๋Š” ๊ฒƒ์ด๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ์ž์œจ์ ์œผ๋กœ ๋ฐ์ดํ„ฐ๋ฅผ ์‚ฌ๊ณ , ์—ฐ์‚ฐ์„ ์‚ฌ๊ณ , ๋‹ค๋ฅธ ์—์ด์ „ํŠธ์˜ ์ž‘์—…์„ ์‚ฌ๋Š” ํ–‰์œ„๊ฐ€ ์ผ์ƒ์ ์ธ ์›Œํฌํ”Œ๋กœ์šฐ๊ฐ€ ๋˜๋ ค๋ฉด ๋ช‡ ๊ฐ€์ง€ ์กฐ๊ฑด์ด ์ฑ„์›Œ์ ธ์•ผ ํ•œ๋‹ค. LLM ์ถ”๋ก ์ด ์ถฉ๋ถ„ํžˆ ์ €๋ ดํ•ด์ง€๊ณ , ์—์ด์ „ํŠธ ํ”„๋ ˆ์ž„์›Œํฌ๊ฐ€ ํ”„๋กœ๋•์…˜ ํ™˜๊ฒฝ์— ์ž๋ฆฌ ์žก๊ณ , ๋ฐ์ดํ„ฐ์™€ API ๊ณต๊ธ‰์ž๊ฐ€ x402๋ฅผ ์ง€์›ํ•ด์•ผ ํ•œ๋‹ค.

์‹œ์žฅ์ด ํญ๋ฐœ์ ์œผ๋กœ ์ปค์ง€๋Š” ์‹œ์ ์ด 6๊ฐœ์›” ๋’ค์ธ์ง€, 2๋…„ ๋’ค์ธ์ง€, 5๋…„ ๋’ค์ธ์ง€๋Š” ์•„๋ฌด๋„ ๋ชจ๋ฅธ๋‹ค.

Stripe (MPP)

์ŠคํŠธ๋ผ์ดํ”„๋Š” ์—์ด์ „ํ‹ฑ ์ปค๋จธ์Šค์™€ ํŽ˜์ดํผ์ฝœ ๋‘ ์นดํ…Œ๊ณ ๋ฆฌ ๋ชจ๋‘์— ์ž์‚ฌ ํ‘œ์ค€์„ ์‹ฌ์–ด ๋‘” ์œ ์ผํ•œ ๊ฒฐ์ œ ํ”Œ๋ ˆ์ด์–ด๋‹ค. ์•ž์„œ ์‚ดํŽด๋ณธ ACP์™€ SPT๊ฐ€ ์‚ฌ๋žŒ์ด ์—์ด์ „ํŠธ์— ์‡ผํ•‘์„ ์œ„์ž„ํ•˜๋Š” ์นด๋“œ ๋ ˆ์ผ ์œ„์˜ ๊ฒฐ์ œ์˜€๋‹ค๋ฉด, MPP(Machine Payments Protocol)๋Š” ์—์ด์ „ํŠธ๊ฐ€ ๋‹ค๋ฅธ ์—์ด์ „ํŠธ์˜ APIยท๋ฐ์ดํ„ฐยท์—ฐ์‚ฐ์„ ์ž์œจ์ ์œผ๋กœ ๊ฒฐ์ œํ•˜๋Š” ํŽ˜์ดํผ์ฝœ ์˜์—ญ์„ ์œ„ํ•ด ์„ค๊ณ„๋œ ๋ณ„๋„ ํ”„๋กœํ† ์ฝœ์ด๋‹ค.

2026๋…„ 3์›” 18์ผ ์ŠคํŠธ๋ผ์ดํ”„์™€ ํŒจ๋Ÿฌ๋‹ค์ž„(Paradigm)์ด ๊ณต๋™ ๊ฐœ๋ฐœํ•œ ํ…œํฌ ๋ฉ”์ธ๋„ท ์ถœ์‹œ์™€ ๋™์‹œ์— ์˜คํ”ˆ ํ‘œ์ค€์œผ๋กœ ๊ณต๊ฐœ๋๋‹ค.

ํ•ต์‹ฌ๊ธฐ์ˆ 

MPP๋Š” x402์™€ ๋งˆ์ฐฌ๊ฐ€์ง€๋กœ HTTP 402 ํŒจํ„ด ์œ„์— ์–น์€ ์˜คํ”ˆ ๊ฒฐ์ œ ํ”„๋กœํ† ์ฝœ์ด๋‹ค. ๋‹ค๋งŒ ๋‘ ๊ฐ€์ง€ ์ง€์ ์—์„œ x402์™€ ๊ฒฐ์ •์ ์œผ๋กœ ๋‹ค๋ฅด๋‹ค.

์ฒซ์งธ, ๊ฒฐ์ œ ์ˆ˜๋‹จ ์ค‘๋ฆฝ์„ฑ์ด๋‹ค. x402๊ฐ€ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฒฐ์ œ์— ํŠนํ™”๋œ ๊ตฌ์กฐ๋ผ๋ฉด, MPP๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ๊ณผ ์นด๋“œยท๊ธฐํƒ€ ๋ฒ•์ •ํ™”ํ๋ฅผ ๋™์ผํ•œ ํ”„๋กœํ† ์ฝœ๋กœ ๋‹ค๋ฃฌ๋‹ค. ๋น„์ž๊ฐ€ ์นด๋“œ ๊ฒฐ์ œ์šฉ์œผ๋กœ MPP๋ฅผ ํ™•์žฅํ–ˆ๊ณ , ์ŠคํŠธ๋ผ์ดํ”„๋Š” ์ž์‚ฌ ํ”Œ๋žซํผ์„ ํ†ตํ•ด ์นด๋“œ์™€ ์ง€๊ฐ‘์„ ์ง€์›ํ•œ๋‹ค. ํ•˜๋‚˜์˜ ํ”„๋กœํ† ์ฝœ ์œ„์— ์„œ๋กœ ๋‹ค๋ฅธ ๊ฒฐ์ œ ์ˆ˜๋‹จ์ด ํ”Œ๋Ÿฌ๊ทธ์ธ์ฒ˜๋Ÿผ ์–นํžˆ๋Š” ๊ตฌ์กฐ๋‹ค.

๋‘˜์งธ, Sessions ์ง€์›์ด๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ์„ธ์…˜์„ ์—ด ๋•Œ ์˜จ์ฒด์ธ์— ํ•œ ๋ฒˆ ์˜ˆ์น˜ํ•˜๊ณ , ์„ธ์…˜ ์ค‘์—๋Š” voucher๋ฅผ ์˜คํ”„์ฒด์ธ์œผ๋กœ ์ฃผ๊ณ ๋ฐ›๋‹ค๊ฐ€, ์„ธ์…˜์ด ๋๋‚  ๋•Œ ์ตœ์ข… voucher๋กœ ํ•œ ๋ฒˆ ์ •์‚ฐํ•œ๋‹ค.

ํ”„๋กœ์„ธ์Šค ์‹œ๊ฐํ™”์—์„œ ๋‘ ๋ชจ๋“œ๊ฐ€ ๊ทน๋ช…ํ•˜๊ฒŒ ๋Œ€๋น„๋œ๋‹ค. ์ผํšŒ์„ฑ ๊ฒฐ์ œ(Charge)๋Š” ์˜จ์ฒด์ธ ํŠธ๋žœ์žญ์…˜ 1๊ฑด์œผ๋กœ ์™„๊ฒฐ๋˜๋Š” x402์™€ ์œ ์‚ฌํ•œ ํ๋ฆ„์ด๊ณ , ์—ฐ์† ๊ฒฐ์ œ(Session)๋Š” ์ฒ˜์Œ ์˜ˆ์น˜์™€ ๋งˆ์ง€๋ง‰ ์ •์‚ฐ ๋‘ ๋ฒˆ๋งŒ ์˜จ์ฒด์ธ์— ๊ธฐ๋กํ•˜๋ฉฐ ๊ทธ ์‚ฌ์ด N๋ฒˆ์˜ ํ˜ธ์ถœ์€ ์ „๋ถ€ ์˜คํ”„์ฒด์ธ์—์„œ voucher๋กœ ์ฒ˜๋ฆฌ๋œ๋‹ค.

์ด ์ฐจ์ด๊ฐ€ MPP์˜ ์ฒ˜๋ฆฌ๋Ÿ‰ ๋ชฉํ‘œ(์ดˆ๋‹น 100๋งŒ ๊ฑด)๋ฅผ ๊ฐ€๋Šฅํ•˜๊ฒŒ ๋งŒ๋“œ๋Š” ํ•ต์‹ฌ์ด๋‹ค.

์ฃผ์œ ์†Œ ๊ฒฐ์ œ์™€ ๊ฐ™์€ ๊ตฌ์กฐ๋‹ค. ์ฃผ์œ  ์‹œ์ž‘ํ•  ๋•Œ ์นด๋“œ ์Šน์ธ ํ•œ ๋ฒˆ, ์ข…๋ฃŒํ•  ๋•Œ ์ตœ์ข… ๊ธˆ์•ก ์ฒญ๊ตฌ ํ•œ ๋ฒˆ. ๊ทธ ์‚ฌ์ด ํ๋ฅด๋Š” ์—ฐ๋ฃŒ๋Ÿ‰์— ๊ด€๊ณ„์—†์ด ๊ฑฐ๋ž˜๋Š” ๋‘ ๊ฑด์ด๋‹ค. ์ด ๊ตฌ์กฐ๋กœ MPP๋Š” ์ดˆ๋‹น 100๋งŒ ๊ฑด ์ด์ƒ์˜ ์Šค์ผ€์ผ์„ ๋ชฉํ‘œํ•œ๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

์ŠคํŠธ๋ผ์ดํ”„๋Š” ์—์ด์ „ํŠธ ๊ฒฐ์ œ ์‹œ์žฅ์„ ๋‘ ์ธต์œผ๋กœ ๋‚˜๋ˆ ์„œ ๋ณธ๋‹ค. ์‚ฌ๋žŒ์ด ์—์ด์ „ํŠธ์—๊ฒŒ ์‡ผํ•‘์„ ๋งก๊ธฐ๋Š” ์ธต์€ ACP์™€ SPT๋กœ ์ด๋ฏธ ์žก์•˜๋‹ค. MPP๋Š” ๊ทธ ์•„๋ž˜์ธต, ์ฆ‰ ์—์ด์ „ํŠธ๊ฐ€ ๋‹ค๋ฅธ ์—์ด์ „ํŠธ์˜ APIยท๋ฐ์ดํ„ฐยท์—ฐ์‚ฐ์„ ์ž์œจ์ ์œผ๋กœ ๊ฒฐ์ œํ•˜๋Š” ์˜์—ญ์„ ์œ„ํ•œ ํ”„๋กœํ† ์ฝœ์ด๋‹ค. x402์™€ ๊ฐ™์€ ํŽ˜์ดํผ์ฝœ ์‹œ์žฅ์„ ๊ฒจ๋ƒฅํ•˜์ง€๋งŒ, ์„ค๊ณ„ ๋ฐฉ์‹์ด ๋‹ค๋ฅด๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ๋งŒ ๋˜๋Š” x402์™€ ๋‹ฌ๋ฆฌ MPP๋Š” ์นด๋“œยท์Šคํ…Œ์ด๋ธ”์ฝ”์ธยท๋น„ํŠธ์ฝ”์ธ ๋ผ์ดํŠธ๋‹์„ ์ง€์›ํ•˜๋ฉด ๊ฒฐ์ œ ๋ฐฉ์‹์„ ๋‹ค์–‘ํ•˜๊ฒŒ ๊ตฌ์ถ•ํ•œ๋‹ค.

ํ…œํฌ์˜ ์ดˆ๊ธฐ ๋””์ž์ธ ํŒŒํŠธ๋„ˆ ๋ช…๋‹จ์„ ๋ณด๋ฉด ์ด ์‹œ์žฅ์˜ ์„ฑ๊ฒฉ์ด ๋“œ๋Ÿฌ๋‚œ๋‹ค. ์•ค์Šค๋กœํ”ฝ, ์˜คํ”ˆAI, ๋„์ด์น˜๋ฑ…ํฌ, ๋น„์ž๊ฐ€ ๋“ค์–ด์™€ ์žˆ๋‹ค. MPP ์ž์ฒด์˜ ํ™•์žฅ ๊ตฌํ˜„์€ ๋น„์ž(์นด๋“œ), ์ŠคํŠธ๋ผ์ดํ”„(์นด๋“œยท์ง€๊ฐ‘), ๋ผ์ดํŠธ์ŠคํŒŒํฌ(๋ผ์ดํŠธ๋‹)๊ฐ€ ์žˆ๋‹ค.

์—์ด์ „ํŠธ๊ฐ€ ๊ฐ€์žฅ ์ž์ฃผ ๊ฒฐ์ œํ•  ๋Œ€์ƒ์ด AI ๋ชจ๋ธ ํ˜ธ์ถœ์ด๊ธฐ ๋•Œ๋ฌธ์ด๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ๋ฆฌ์„œ์น˜๋ฅผ ํ•˜๋“  ์ฝ”๋“œ๋ฅผ ์งœ๋“  ์˜คํ”ˆAI๋‚˜ ์•ค์Šค๋กœํ”ฝ ์„œ๋น„์Šค๋ฅผ ๊ณ„์† ๋ถˆ๋Ÿฌ ์“ด๋‹ค. ๊ทธ ๋ˆ์„ ๋ฐ›์„ ํšŒ์‚ฌ๋“ค์ด ์„ค๊ณ„ ๋‹จ๊ณ„๋ถ€ํ„ฐ ๋“ค์–ด์™€ ์žˆ๋‹ค๋Š” ๊ฑด, ๊ฑฐ๋ž˜๋Ÿ‰์ด ์Œ“์ผ ๊ฒฝ๋กœ๊ฐ€ ๋ฏธ๋ฆฌ ๊น”๋ ค ์žˆ๋‹ค๋Š” ๋œป์ด๋‹ค.

์ด ๊ตฌ์กฐ์—์„œ ์ŠคํŠธ๋ผ์ดํ”„์—๊ฒŒ ๋‘ ๊ฐ€์ง€ ์ˆ˜์ต์ด ๋“ค์–ด์˜จ๋‹ค.

๊ฒฐ๊ตญ ์ŠคํŠธ๋ผ์ดํ”„๋Š” ์—์ด์ „ํ‹ฑ ์ปค๋จธ์Šค์—์„œ ์“ด ์„ค๊ณ„๋ฅผ ํŽ˜์ดํผ์ฝœ ์˜์—ญ์— ๊ทธ๋Œ€๋กœ ๋ณต์ œํ–ˆ๋‹ค. ACPยทSPT๋ฅผ ์นด๋“œ ๋ ˆ์ผ ์œ„์— ์˜ฌ๋ ธ๋‹ค๋ฉด, MPPยทํ…œํฌ๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋ ˆ์ผ ์œ„์— ์˜ฌ๋ ธ๋‹ค. ํ”„๋กœํ† ์ฝœ์€ ์—ด๊ณ , ์ธํ”„๋ผ๋Š” ๋‹ซ๋Š”๋‹ค. ์–ด๋А ๋ ˆ์ผ์—์„œ ๊ฒฐ์ œ๊ฐ€ ์ผ์–ด๋‚˜๋“  ์ŠคํŠธ๋ผ์ดํ”„๋ฅผ ์ง€๋‚˜๊ฒŒ ๋งŒ๋“œ๋Š” ๊ตฌ์กฐ๋‹ค.

์•„์›ƒ๋ฃฉ

์ŠคํŠธ๋ผ์ดํ”„์˜ MPP ์•„์›ƒ๋ฃฉ์„ ํ•œ ์ค„๋กœ ์ •๋ฆฌํ•˜๋ฉด, ๋น„์ž์˜ ์ „๋žต ์ „ํ™˜์„ ์ด๋Œ์–ด๋‚ธ ํ”„๋กœํ† ์ฝœ์ด๋‹ค.

์ด์ „ ๋น„์ž๋Š” ์ž์ฒด Trusted Agent Protocol๊ณผ Intelligent Commerce๋กœ ๋…์ž ์ƒํƒœ๊ณ„๋ฅผ ๊ตฌ์ถ•ํ•˜๋ ค ํ–ˆ๋‹ค. โ€œ์šฐ๋ฆฌ ํ‘œ์ค€ ์จ๋ผโ€์˜ ์ ‘๊ทผ์ด์—ˆ๋‹ค. ๊ทธ๋Ÿฐ๋ฐ MPP ์ถœ์‹œ์™€ ๋™์‹œ์— ๋น„์ž๊ฐ€ ์นด๋“œ ๋ ˆ์ผ ํ™•์žฅ ํŒŒํŠธ๋„ˆ๋กœ ํ•ฉ๋ฅ˜ํ–ˆ๋‹ค. Cuy Sheffield(๋น„์ž Crypto ์ˆ˜์žฅ)๋Š” โ€œMPP๋ฅผ ์—์ด์ „ํŠธ์™€ ํŒ๋งค์ž ๊ฐ„ ์ปค๋ฎค๋‹ˆ์ผ€์ด์…˜ ๋ฐฉ์‹์ด ๋ช…ํ™•ํ•˜๊ฒŒ ์ •์˜๋œ ๋˜ ๋‹ค๋ฅธ ๋ฐฉ๋ฒ•์œผ๋กœ ๋ณธ๋‹คโ€๊ณ  ๋ฐœ์–ธํ–ˆ๋‹ค. ์ด ํ•œ ๋ฌธ์žฅ์€ ๋น„์ž๊ฐ€ ํฌ๋ฆฝํ†  ๋„ค์ดํ‹ฐ๋ธŒ ํ‘œ์ค€์— ๋งž์„œ๊ธฐ๋ณด๋‹ค ๊ทธ ์•ˆ์— ์นด๋“œ ๋ ˆ์ผ์„ ์‹ฌ๋Š” ๋ฐฉ์‹์œผ๋กœ ์ „๋žต์„ ๋ฐ”๊ฟจ๋‹ค๋Š” ์‹ ํ˜ธ๋‹ค.

์—์ด์ „ํŠธ ๊ฒฐ์ œ ์‹œ์žฅ์€ ์ด๋ถ„ํ™”๋˜๋Š” ์ค‘์ด๋‹ค. ๊ทœ์ œ๋œ ์ธ๊ฐ„ ์ƒ๊ฑฐ๋ž˜๋Š” ์นด๋“œ ๋ ˆ์ผ์—, ์—์ด์ „ํŠธ๋ผ๋ฆฌ์˜ ๊ฑฐ๋ž˜(API ํ˜ธ์ถœ, ์ปดํ“จํŒ… ๊ตฌ๋งค, ๋งˆ์ดํฌ๋กœํŽ˜์ด๋จผํŠธ)๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ํ๋ฅธ๋‹ค. x402๊ฐ€ ํ›„์ž์˜ ํฌ๋ฆฝํ†  ๋„ค์ดํ‹ฐ๋ธŒ ํ‘œ์ค€์„ ์„ ์ ํ–ˆ๋‹ค๋ฉด, MPP๋Š” ๋‘ ๋ ˆ์ผ์„ ํ•˜๋‚˜์˜ ํ”„๋กœํ† ์ฝœ ์•ˆ์— ํ†ตํ•ฉํ•˜๋Š” ๋ธŒ๋ฆฌ์ง€ ํฌ์ง€์…˜์„ ์žก์•˜๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„๋Š” ์ด ๋ธŒ๋ฆฌ์ง€๋ฅผ ์ž์‹ ์ด ์šด์˜ํ•˜๋Š” ๊ตฌ์กฐ๋ฅผ ๋งŒ๋“  ๊ฒƒ์ด๋‹ค.

๋‹ค๋งŒ ๋‘ ๊ฐ€์ง€ ๋ณ€์ˆ˜๊ฐ€ ์žˆ๋‹ค.

์ฒซ์งธ, x402์™€์˜ ํ‘œ์ค€ ๊ฒฝ์Ÿ์ด๋‹ค. ์ฝ”์ธ๋ฒ ์ด์Šค์˜ x402๋Š” ์ด๋ฏธ 1์–ต ๊ฑด ์ด์ƒ์˜ ๊ฒฐ์ œ ์‹ค์ ์„ ์Œ“์•˜๊ณ  Linux Foundation ์‚ฐํ•˜๋กœ ์ด๊ด€๋˜๋ฉฐ ์ค‘๋ฆฝ ๊ฑฐ๋ฒ„๋„Œ์Šค๋ฅผ ํ™•๋ณดํ–ˆ๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„๊ฐ€ x402 Foundation์—๋„ ํŒŒํŠธ๋„ˆ๋กœ ์ฐธ์—ฌํ•œ ๊ฑด ์–‘๋ฉด ์ „๋žต์ด์ง€๋งŒ, ๋‘ ํ”„๋กœํ† ์ฝœ์ด ์žฅ๊ธฐ์ ์œผ๋กœ ๊ณต์กดํ• ์ง€ ์•„๋‹ˆ๋ฉด ํ•œ์ชฝ์œผ๋กœ ์ˆ˜๋ ดํ• ์ง€๋Š” ๋ฏธ์ง€์ˆ˜๋‹ค.

๋‘˜์งธ, ํ…œํฌ์˜ ์ฑ„ํƒ ์†๋„๋‹ค. MPP์˜ ๋ ˆํผ๋Ÿฐ์Šค ์ •์‚ฐ ๋ ˆ์ด์–ด๊ฐ€ ํ…œํฌ์ธ๋ฐ, ํ…œํฌ๊ฐ€ ์‹ค์ œ๋กœ ์–ผ๋งˆ๋‚˜ ๋งŽ์€ ์—์ด์ „ํŠธ ๊ฒฐ์ œ ํŠธ๋ž˜ํ”ฝ์„ ๋Œ์–ด์˜ฌ์ง€๋Š” ์•„์ง ๊ฒ€์ฆ๋˜์ง€ ์•Š์•˜๋‹ค. ๋น„์žยท์Šคํƒ ๋‹ค๋“œ์ฐจํƒ€๋“œ ์žํšŒ์‚ฌ๊ฐ€ ๊ฒ€์ฆ์ž๋กœ ์ฐธ์—ฌํ•œ ์‹ ๋ขฐ ์ž๋ณธ์€ ํฌ์ง€๋งŒ, ๊ฐœ๋ฐœ์ž์™€ ์„œ๋น„์Šค ์ œ๊ณต์ž๊ฐ€ ์‹ค์ œ๋กœ ํ…œํฌ๋ฅผ ์„ ํƒํ• ์ง€๋Š” ๋‹ค๋ฅธ ๋ฌธ์ œ๋‹ค.

์„œํด(Circle) - CRCL

ํ•ต์‹ฌ ๊ธฐ์ˆ 

์„œํด(Circle)์€ USDC ๋ฐœํ–‰์‚ฌ๋ผ๋Š” ์ •์ฒด์„ฑ์—์„œ ์ถœ๋ฐœํ•ด ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ธํ”„๋ผ ์ „๋ฐ˜์œผ๋กœ ํ™•์žฅํ•ด์˜จ ํšŒ์‚ฌ๋‹ค. ์—์ด์ „ํŠธ ๊ฒฐ์ œ ์‹œ๋Œ€์—๋Š” USDC๊ฐ€ ๋‹จ์ˆœํžˆ ๊ฒฐ์ œ ์ˆ˜๋‹จ์— ๋จธ๋ฌผ์ง€ ์•Š๊ณ , ๊ฒฐ์ œ ํ”„๋ฆฌ๋ฏธํ‹ฐ๋ธŒยท์ง€๊ฐ‘ยท์ •์‚ฐ ์ฒด์ธ๊นŒ์ง€ ์ž์‚ฌ ์Šคํƒ์œผ๋กœ ์ˆ˜์ง ํ†ตํ•ฉํ•˜๋Š” ํ’€์Šคํƒ ์ „๋žต์„ ํƒํ–ˆ๋‹ค.

2025๋…„ 9์›” Developer-Controlled Wallets์™€ x402 ํ†ตํ•ฉ ์ƒ˜ํ”Œ์„ ๊ณต๊ฐœํ–ˆ๊ณ , 2026๋…„ 3์›” ๋‚˜๋…ธ๊ฒฐ์ œ(Nanopayments) ํ…Œ์ŠคํŠธ๋„ท์„ ๊ฐ€๋™ํ–ˆ์œผ๋ฉฐ, ๊ฐ™์€ ์‹œ๊ธฐ ์•„ํฌ ํผ๋ธ”๋ฆญ ํ…Œ์ŠคํŠธ๋„ท๋„ ์šด์˜ ์ค‘์ด๋‹ค. ์„œํด์˜ ํŽ˜์ดํผ์ฝœ์Šคํƒ์€ ์„ธ ๊ฐ€์ง€ ๊ตฌ์„ฑ์œผ๋กœ ์ด๋ฃจ์–ด์ ธ ์žˆ๋‹ค.

๋‚˜๋…ธ๊ฒฐ์ œ์˜ ํ•ต์‹ฌ์€ ์˜คํ”„์ฒด์ธ ์ง‘๊ณ„์™€ ๋ฐฐ์น˜ ์ •์‚ฐ์ด๋‹ค.

์•„ํฌ๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ธˆ์œต ์ „์šฉ์œผ๋กœ ์„ค๊ณ„๋œ L1์ด๋‹ค. ๊ฐ€์žฅ ์ฐจ๋ณ„์ ์ธ ์„ค๊ณ„๋Š” USDC๋ฅผ native gas๋กœ ์“ด๋‹ค๋Š” ์ ์ด๋‹ค. Malachite ์ปจ์„ผ์Šค ์—”์ง„ ๊ธฐ๋ฐ˜์˜ sub-second finality, ๋‚ด์žฅ FX ์—”์ง„, ์˜ตํŠธ์ธ ํ”„๋ผ์ด๋ฒ„์‹œ, EVM ํ˜ธํ™˜์ด ํ•ต์‹ฌ ์ŠคํŽ™์ด๋‹ค.

Developer-Controlled Wallets๋Š” ๊ฐœ๋ฐœ์ž๊ฐ€ API ํ•œ ๋ฒˆ์œผ๋กœ ์—์ด์ „ํŠธ ์ง€๊ฐ‘์„ ์ƒ์„ฑยท๊ด€๋ฆฌํ•  ์ˆ˜ ์žˆ๊ฒŒ ํ•œ๋‹ค. MPC ๊ธฐ๋ฐ˜์ด๋ผ ๊ฐœ์ธํ‚ค ๋…ธ์ถœ ์—†์ด ์šด์˜๋˜๊ณ , BaseยทEthereumยทArc ๋“ฑ ์—ฌ๋Ÿฌ ์ฒด์ธ์˜ USDC๋ฅผ ๋‹จ์ผ ์ž”๊ณ ๋กœ ๋‹ค๋ฃฌ๋‹ค.

์„ธ ๊ธฐ์ˆ ์ด ๋ฌถ์ด๋ฉด ์—์ด์ „ํŠธ๋Š” USDC ๋ฐœํ–‰(USDC) โ†’ ๊ฒฐ์ œ ๋ ˆ์ผ(Nanopayments) โ†’ ์ •์‚ฐ ์ฒด์ธ(Arc) โ†’ ์ง€๊ฐ‘ ๊ด€๋ฆฌ(Wallets) ๊นŒ์ง€ Circle ์Šคํƒ ์•ˆ์—์„œ ์™„๊ฒฐ๋œ ๊ฒฐ์ œ ๊ฒฝํ—˜์„ ์–ป๋Š”๋‹ค. OpenMind์˜ ์ž์œจ ๋กœ๋ด‡ ๋„๊ทธ๊ฐ€ Nanopayments๋กœ USDC๋ฅผ ์ง€๋ถˆํ•ด ์Šค์Šค๋กœ ์ถฉ์ „ํ•˜๋Š” ์‚ฌ๋ก€๊ฐ€ ์ด ์Šคํƒ์ด ์‹ค์ œ๋กœ ์ž‘๋™ํ•จ์„ ๋ณด์—ฌ์ค€ ์ฒซ ๋ ˆํผ๋Ÿฐ์Šค๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

์„œํด์˜ ๋งค์ถœ ๊ตฌ์กฐ๋Š” ๋‹จ์ˆœํ•˜๋‹ค. 2025๋…„ ์ด๋งค์ถœ ๋ฐ ์˜ˆ์น˜๊ธˆ ์ˆ˜์ต์ด 27์–ต ๋‹ฌ๋Ÿฌ, ๊ทธ์ค‘ 95% ์ด์ƒ์ด USDC ์˜ˆ์น˜๊ธˆ์—์„œ ๋‚˜์˜ค๋Š” ์ด์ž ์ˆ˜์ต(Reserve Income)์ด๋‹ค. USDC๊ฐ€ ์–ด๋””์„œ ์“ฐ์ด๋“  ์„œํด์˜ ์˜ˆ์น˜๊ธˆ ์ด์ž๊ฐ€ ๋ฐœ์ƒํ•œ๋‹ค๋Š” ๊ฑด ๋ณ€ํ•จ์ด ์—†๋‹ค. ๋‹จ, ์ฝ”์ธ๋ฒ ์ด์Šค ๋“ฑ ์ฃผ์š” ๋ถ„๋ฐฐ ํŒŒํŠธ๋„ˆ์™€๋Š” ์ด์ž ์ˆ˜์ต์„ ์ผ์ • ๋น„์œจ๋กœ ๋‚˜๋ˆ„๋Š” ๊ณ„์•ฝ์ด ์žˆ๋‹ค๋Š” ์ ์€ ์งš์–ด๋‘˜ ํ•„์š”๊ฐ€ ์žˆ๋‹ค. ๊ทธ๋ž˜๋„ USDC๊ฐ€ ๊ฒฐ์ œ ์ˆ˜๋‹จ์œผ๋กœ ์“ฐ์ด๋Š” ํ•œ ์„œํด์˜ ๋งค์ถœ ํ’€ ์ž์ฒด๊ฐ€ ์ปค์ง€๋Š” ๊ตฌ์กฐ๋ผ๋Š” ํฐ ๊ทธ๋ฆผ์€ ์œ ํšจํ•˜๋‹ค.

์ŠคํŠธ๋ผ์ดํ”„๋Š” ํ…œํฌ๋ฅผ ๋งŒ๋“ค์–ด๋„ ๊ทธ ์œ„์—์„œ ๋Œ์•„๊ฐ€๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์ง์ ‘ ๋ฐœํ–‰ํ•˜์ง€ ์•Š๋Š”๋‹ค. ์ฝ”์ธ๋ฒ ์ด์Šค๋„ ๋งˆ์ฐฌ๊ฐ€์ง€๋‹ค. ์ฒด์ธ ๊ฒฝ์Ÿ์—์„œ ๋ˆ„๊ฐ€ ์ด๊ธฐ๋“  ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฒฐ์ œ๊ฐ€ ์„ฑ์žฅํ•˜๋ฉด ์„œํด์˜ ์˜ˆ์น˜๊ธˆ์€ ๋Š˜์–ด๋‚œ๋‹ค.

์—์ด์ „ํŠธ ๊ฒฐ์ œ๊ฐ€ ํ™•๋Œ€๋ ์ˆ˜๋ก ์ด ๊ตฌ์กฐ๊ฐ€ ๋” ๊ฐ•ํ•ด์ง„๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ API๋ฅผ ํ˜ธ์ถœํ•˜๊ณ , ๋ฐ์ดํ„ฐ๋ฅผ ์‚ฌ๊ณ , ์—ฐ์‚ฐ์„ ๊ตฌ๋งคํ•  ๋•Œ๋งˆ๋‹ค USDC ์œ ํ†ต๋Ÿ‰์ด ๋Š˜์–ด๋‚œ๋‹ค. USDC ์œ ํ†ต๋Ÿ‰์ด ๋Š˜์–ด๋‚˜๋Š” ๋งŒํผ ์˜ˆ์น˜๊ธˆ ๊ทœ๋ชจ๋„ ์ปค์ง€๊ณ , ์ด์ž ์ˆ˜์ต๋„ ํ•จ๊ป˜ ์Œ“์ธ๋‹ค.

์—ฌ๊ธฐ์— ๋”ํ•ด ์„œํด์€ ์•„ํฌ(Arc)๋กœ ์ˆ˜์ต ๊ฒฝ๋กœ๋ฅผ ํ•˜๋‚˜ ๋” ์—ด๊ณ  ์žˆ๋‹ค. ์•„ํฌ๊ฐ€ ๋ฉ”์ธ๋„ท์œผ๋กœ ์ „ํ™˜๋˜๋ฉด ์ฒด์ธ ๊ฑฐ๋ž˜๋งˆ๋‹ค ๊ฐ€์Šค๋น„๊ฐ€ ๋ฐœ์ƒํ•˜๋Š”๋ฐ, ์ด ๊ฐ€์Šค๋น„๋ฅผ USDC๋กœ ๋ฐ›๋Š”๋‹ค๋Š” ๊ฒŒ ํ•ต์‹ฌ์ด๋‹ค. Arc ๊ฑฐ๋ž˜๋Ÿ‰์ด ๋Š˜์ˆ˜๋ก ๊ฐ€์Šค ์ˆ˜์š”๋งŒํผ USDC ์ˆ˜์š”๋„ ํ•จ๊ป˜ ๋Š˜์–ด๋‚œ๋‹ค. ๋Š˜์–ด๋‚œ USDC๋Š” ๋‹ค์‹œ ์˜ˆ์น˜๊ธˆ ํ’€๋กœ ๋Œ์•„์™€ ์ด์ž ์ˆ˜์ต์„ ํ‚ค์šด๋‹ค. ํ…œํฌ๊ฐ€ ์™ธ๋ถ€ ์ž์‚ฐ์ธ USDC๋ฅผ ๊ฐ€์ ธ๋‹ค ์“ฐ๋Š” ๊ตฌ์กฐ๋ผ๋ฉด, ์•„ํฌ๋Š” ์ž๊ธฐ ์ž์‚ฐ์„ ๊ฐ€์Šค๋กœ ์ฑ„ํƒํ•ด ์ฒด์ธ ํ™œ๋™๋Ÿ‰์„ ๊ณง์žฅ USDC ์ˆ˜์š”๋กœ ํ™˜์›์‹œํ‚ค๋Š” ๊ตฌ์กฐ๋‹ค.

๊ฒฐ๊ตญ ์„œํด์˜ ๊ฒŒ์ž„์€ ๊ฒฝ์Ÿ์ž๋“ค๊ณผ ์ธต์œ„๊ฐ€ ๋‹ค๋ฅด๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„์™€ ์ฝ”์ธ๋ฒ ์ด์Šค๊ฐ€ ์ฒด์ธ๊ณผ ๊ทœ์•ฝ์œผ๋กœ ์—์ด์ „ํŠธ ๊ฒฐ์ œ ํ๋ฆ„์„ ์žก์œผ๋ ค ํ•œ๋‹ค๋ฉด, ์„œํด์€ ๊ทธ ํ๋ฆ„ ์•ˆ์—์„œ ์“ฐ์ด๋Š” ์ž์‚ฐ ์ž์ฒด๋ฅผ ์ฅ๊ณ  ์žˆ๋‹ค.

์–ด๋А ์ฒด์ธ์ด ์ด๊ธฐ๋“ , ์–ด๋А ๊ทœ์•ฝ์ด ํ‘œ์ค€์ด ๋˜๋“ , USDC๊ฐ€ ๊ฒฐ์ œ ์ˆ˜๋‹จ์œผ๋กœ ์“ฐ์ด๋Š” ํ•œ ์„œํด์˜ ๋ชซ์€ ์ƒ๊ธด๋‹ค.

์•„์›ƒ๋ฃฉ

์„œํด์˜ ์•„์›ƒ๋ฃฉ์„ ํ•œ ์ค„๋กœ ์ •๋ฆฌํ•˜๋ฉด, ์ž์‚ฐ ๋ฐœํ–‰๊ถŒ์„ ์ฅ” ์œ ์ผํ•œ ํ’€์Šคํƒ ํ”Œ๋ ˆ์ด์–ด์˜ ๊ฒŒ์ž„์ด๋‹ค.

์„œํด์ด ๋‹ค๋ฅธ ์ •์‚ฐ ์ธํ”„๋ผ ๊ฒฝ์Ÿ์ž(ํ…œํฌยทBase)์™€ ๊ฒฐ์ •์ ์œผ๋กœ ๋‹ค๋ฅธ ์ง€์ ์€ USDC ๋ฐœํ–‰๊ถŒ์„ ๋…์ ํ•œ๋‹ค๋Š” ์ ์ด๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„๋Š” ํ…œํฌ๋ฅผ ๋งŒ๋“ค์–ด๋„ ๊ทธ ์œ„์—์„œ ๋Œ์•„๊ฐ€๋Š” ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์„ ์ง์ ‘ ๋ฐœํ–‰ํ•˜์ง€ ์•Š๋Š”๋‹ค. ํ…œํฌ์—์„œ ์“ฐ์ด๋Š” USDC๋„ ๊ฒฐ๊ตญ ์„œํด์ด ์ฐ์–ด๋‚ธ ๊ฒƒ์ด๋‹ค. ์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ๋ฒ ์ด์Šค๋ฅผ ๋งŒ๋“ค์–ด๋„ ๊ฐ™์€ ์ƒํ™ฉ์ด๋‹ค. ์ฒด์ธ ๊ฒฝ์Ÿ์—์„œ ๋ˆ„๊ฐ€ ์ด๊ธฐ๋“ , ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฒฐ์ œ๊ฐ€ ์„ฑ์žฅํ•˜๋ฉด ์„œํด์˜ ์˜ˆ์น˜๊ธˆ์€ ๋Š˜์–ด๋‚œ๋‹ค. ์ž์‚ฐ ๋ ˆ์ด์–ด์—์„œ ๊ตฌ์กฐ์  ์šฐ์œ„๋ฅผ ์ฅ๊ณ  ์žˆ๋‹ค๋Š” ๋œป์ด๋‹ค.

๋‹ค๋งŒ ์ด ์šฐ์œ„๋Š” ๋‘ ๊ฐ€์ง€ ๋ณ€์ˆ˜๊ฐ€ ์žˆ๋‹ค.

์ฒซ์งธ, USDC์˜ ์‹œ์žฅ ์ ์œ ์œจ์ด๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์‹œ์žฅ์€ USDT์™€ USDC ์–‘๊ฐ• ๊ตฌ๋„๋‹ค. ํ…Œ๋”, ํŽ˜์ดํŒ”, ์€ํ–‰ ๋ฐœํ–‰ ์Šคํ…Œ์ด๋ธ”์ด๋ธ” ์ฝ”์ธ์ด ๊ฒฝ์Ÿ์— ํ•ฉ๋ฅ˜ํ•˜๊ณ  ์žˆ๋‹ค. ์—์ด์ „ํŠธ ๊ฒฐ์ œ ์˜์—ญ์—์„œ USDC๊ฐ€ ๊ธฐ๋ณธ๊ฐ’์œผ๋กœ ์ž๋ฆฌ ์žก๋Š”๊ฐ€, ์•„๋‹ˆ๋ฉด ๊ฒฝ์Ÿ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ์‹œ์žฅ์„ ๋‚˜๋ˆ„๋Š”๊ฐ€๊ฐ€ ์ฒซ ๋ฒˆ์งธ ๋ณ€์ˆ˜๋‹ค.

๋‘˜์งธ, ์•„ํฌ์˜ ์ฑ„ํƒ ์†๋„๋‹ค. ์„œํด์ด ์•„ํฌ๋กœ ์ฒด์ธ ๋ ˆ์ด์–ด๊นŒ์ง€ ๋‚ด๋ ค์˜จ ๊ฑด ํฐ ๋ฒ ํŒ…์ด๋‹ค. ํ•˜์ง€๋งŒ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ์ „์šฉ L1 ์‹œ์žฅ์€ ์ด๋ฏธ ํ˜ผ์žกํ•˜๋‹ค. ํ…œํฌ๊ฐ€ ๊ธฐ๊ด€ ์‹ ๋ขฐ ์ž๋ณธ(VisaยทStandard Chartered)์„ ํ™•๋ณดํ–ˆ๊ณ , Base๋Š” ๊ฑฐ๋ž˜๋Ÿ‰ ์„ ์ ์—์„œ ์•ž์„ฐ๋‹ค. ์„œํด์ด USDC ๋ฐœํ–‰๊ถŒ์ด๋ผ๋Š” ๊ณ ์œ  ์ž์‚ฐ์„ Arc๋กœ ์–ผ๋งˆ๋‚˜ ์ด์ „์‹œํ‚ฌ ์ˆ˜ ์žˆ๋Š”๊ฐ€๊ฐ€ ๊ด€๊ฑด์ด๋‹ค. ์•„ํฌ์—์„œ ์“ฐ์ด๋Š” USDC๊ฐ€ ๋Š˜์–ด๋‚˜์•ผ Circle์˜ ์ˆ˜์ง ํ†ตํ•ฉ์ด ์˜๋ฏธ๋ฅผ ๊ฐ–๋Š”๋‹ค.

์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๊ฒฐ์ œ๊ฐ€ ์—์ด์ „ํŠธ ์‹œ๋Œ€์— ๊ธฐ๋ณธ๊ฐ’์ด ๋œ๋‹ค๋ฉด ์„œํด์€ ๊ตฌ์กฐ์ ์œผ๋กœ ๊ฐ€์žฅ ํฐ ์ˆ˜ํ˜œ์ž๊ฐ€ ๋˜์ง€๋งŒ, ๊ทธ ์ „์ œ๋ฅผ ์„œํด์ด ์Šค์Šค๋กœ ๋งŒ๋“ค์–ด์•ผ ํ•˜๋Š” ์ž…์žฅ์ด๊ธฐ๋„ ํ•˜๋‹ค.

์ด๋”๋ฆฌ์›€ - ETH

์ด๋”๋ฆฌ์›€์€ ์—์ด์ „ํŠธ ๊ฒฝ์ œ์˜ ์‹ ๋ขฐ ๋ ˆ์ด์–ด๋ฅผ ์˜คํ”ˆ ํ‘œ์ค€์œผ๋กœ ์ œ๊ณตํ•˜๋Š” ์ชฝ์„ ํƒํ–ˆ๋‹ค. ๋‹ค๋ฅธ ํ”Œ๋ ˆ์ด์–ด๋“ค์ด ์ž์‚ฌ ์ˆ˜์ˆ˜๋ฃŒ ๊ตฌ์กฐ ์•ˆ์—์„œ ์—์ด์ „ํŠธ ๊ฒฐ์ œ๋ฅผ ์ฒ˜๋ฆฌํ•œ๋‹ค๋ฉด, ์ด๋”๋ฆฌ์›€์€ ์—์ด์ „ํŠธ๊ฐ€ ๋ˆ„๊ตฌ์ธ์ง€, ์–ด๋–ค ํ‰ํŒ์„ ๊ฐ€์กŒ๋Š”์ง€, ์ž‘์—… ๊ฒฐ๊ณผ๊ฐ€ ๊ฒ€์ฆ๋๋Š”์ง€๋ฅผ ์ฒด์ธ ์œ„์— ํ‘œ์ค€ํ™”๋œ ๋ฐฉ์‹์œผ๋กœ ๊ธฐ๋กํ•˜๋Š” ๊ธฐ๋ฐ˜ ํ”„๋กœํ† ์ฝœ์„ ๋งŒ๋“ ๋‹ค.

Ethereum Foundation์ด 2025๋…„ 8์›” 13์ผ ERC-8004(Trustless Agents)๋ฅผ ๊ณต์‹ ์ œ์ถœํ–ˆ๊ณ , 2026๋…„ 1์›” 29์ผ ๋ฉ”์ธ๋„ท์— ๋ผ์ด๋ธŒ๋๋‹ค.

ํ•ต์‹ฌ ๊ธฐ์ˆ 

ERC-8004๋Š” ํ”„๋กœํ† ์ฝœ์˜ ์‹ ๋ขฐ ํ™•์žฅ์œผ๋กœ ์„ค๊ณ„๋๋‹ค. ๊ณต์ €์ž ๋ช…๋‹จ์ด ํ‘œ์ค€์˜ ์„ฑ๊ฒฉ์„ ๋ณด์—ฌ์ค€๋‹ค. Marco De Rossi(MetaMask), Davide Crapis(Ethereum Foundation), Jordan Ellis(Google), Erik Reppel(Coinbase) ๋„ค ๋ช…์ด ๊ณต์ €์ž๋กœ ์ฐธ์—ฌํ–ˆ๋‹ค. AI ์ธํ”„๋ผยทํฌ๋ฆฝํ†  ๊ฑฐ๋ž˜์†Œยท์ง€๊ฐ‘ยท์žฌ๋‹จ์ด ํ•œ ์ž๋ฆฌ์— ๋ชจ์ธ ๊ตฌ์„ฑ์ด๋‹ค.

ERC-8004์˜ ๊ตฌ์กฐ๋Š” ์„ธ ๊ฐœ์˜ ์˜จ์ฒด์ธ ๋ ˆ์ง€์ŠคํŠธ๋ฆฌ๋กœ ์ด๋ฃจ์–ด์ ธ ์žˆ๋‹ค.

์„ธ ๋ ˆ์ง€์ŠคํŠธ๋ฆฌ๊ฐ€ ๊ฒฐํ•ฉ๋˜๋ฉด ์—์ด์ „ํŠธ์˜ ์‹ ์› โ†’ ๊ฑฐ๋ž˜ ์ด๋ ฅ โ†’ ๊ฒ€์ฆ ๊ฒฐ๊ณผ๊ฐ€ ๋ชจ๋‘ ์ฒด์ธ์— ์Œ“์ธ๋‹ค. ๊ธฐ์กด์—๋Š” ํ”Œ๋žซํผ A๊ฐ€ ์•Œ๊ณ  ์žˆ๋Š” ์—์ด์ „ํŠธ ํ‰ํŒ์„ ํ”Œ๋žซํผ B๋กœ ๊ฐ€์ ธ๊ฐˆ ์ˆ˜ ์—†์—ˆ๋‹ค. ERC-8004 ์œ„์—์„œ๋Š” ํ‰ํŒ์ด ์—์ด์ „ํŠธ ์ž์‹ ์˜ portable asset์ด ๋œ๋‹ค.

์‹ ๋ขฐ ๋ชจ๋ธ์€ ์ž‘์—… ์œ„ํ—˜๋„์— ๋น„๋ก€ํ•ด ๊ณ ๋ฅธ๋‹ค. ์ €์œ„ํ—˜ ์ž‘์—…(์˜ˆ: ํ”ผ์ž ์ฃผ๋ฌธ)์€ reputation ์กฐํšŒ๋งŒ์œผ๋กœ ์ถฉ๋ถ„ํ•˜๊ณ , ๊ณ ์œ„ํ—˜ ์ž‘์—…(์˜ˆ: ์˜๋ฃŒ ์ง„๋‹จ)์€ stake-secured re-execution์ด๋‚˜ TEE attestation๊นŒ์ง€ ์š”๊ตฌํ•œ๋‹ค. ๊ฐ™์€ ํ‘œ์ค€์ด์ง€๋งŒ ์ž‘์—… ์„ฑ๊ฒฉ์— ๋”ฐ๋ผ ๊ฒ€์ฆ ๊ฐ•๋„๊ฐ€ ๋‹ฌ๋ผ์ง€๋Š” ์œ ์—ฐํ•œ ์„ค๊ณ„๋‹ค.

์ค‘์š”ํ•œ ์ ์€ ๊ฒฐ์ œ ์ž์ฒด๊ฐ€ ERC-8004์— ํฌํ•จ๋˜์ง€ ์•Š๋Š”๋‹ค๋Š” ๊ฒƒ์ด๋‹ค. x402๋‚˜ ERC-20 ์ „์†ก ๊ฐ™์€ ๊ฒฐ์ œ ๋ ˆ์ด์–ด๊ฐ€ ๋ณ„๋„๋กœ ๋ถ™๊ณ , ๊ฒฐ์ œ ์ฆ๋น™์ด Reputation Registry์— ํ”ผ๋“œ๋ฐฑ์œผ๋กœ ์ฒจ๋ถ€๋˜๋Š” ๊ตฌ์กฐ๋‹ค. ์ด๋”๋ฆฌ์›€์€ ๊ฒฐ์ œ ํ”„๋กœํ† ์ฝœ์„ ๋งŒ๋“œ๋Š” ๋Œ€์‹ , ๊ฒฐ์ œ ์œ„์— ์Œ“์ด๋Š” ์‹ ๋ขฐ์™€ ํ‰ํŒ์˜ ๊ณตํ†ต ๋ ˆ์ด์–ด๋ฅผ ์ œ๊ณตํ•œ๋‹ค.

ํ”„๋กœ์„ธ์Šค

ERC-8004 ๊ธฐ๋ฐ˜ ์—์ด์ „ํŠธ ๊ฑฐ๋ž˜ ํ๋ฆ„์€ ์ด๋ ‡๋‹ค.

  1. ์—์ด์ „ํŠธ ๊ฐœ๋ฐœ์ž๊ฐ€ Identity Registry์— ์—์ด์ „ํŠธ ๋“ฑ๋ก. ERC-721 NFT๊ฐ€ ๋ฐœํ–‰๋˜๊ณ , ๊ทธ NFT๊ฐ€ ์—ญ๋Ÿ‰ยทendpointยท๊ฒฐ์ œ ์ฃผ์†Œ๊ฐ€ ๋‹ด๊ธด registration file(agent card)์„ ๊ฐ€๋ฆฌํ‚จ๋‹ค.

  2. ๋‹ค๋ฅธ ์—์ด์ „ํŠธ๋‚˜ ์‚ฌ์šฉ์ž๊ฐ€ Registry์—์„œ ์—์ด์ „ํŠธ๋ฅผ ๊ฒ€์ƒ‰. ์–ด๋А EVM ์ฒด์ธ์—์„œ๋“  ์กฐํšŒ ๊ฐ€๋Šฅํ•˜๋‹ค.

  3. ์ž‘์—… ์ˆ˜ํ–‰ ํ›„ ๊ฒฐ๊ณผ ํ”ผ๋“œ๋ฐฑ์ด Reputation Registry์— ๊ธฐ๋ก๋œ๋‹ค. EIP-191์ด๋‚˜ ERC-1271 ์„œ๋ช… ๊ฒ€์ฆ์œผ๋กœ ํ”ผ๋“œ๋ฐฑ ์ถœ์ฒ˜๊ฐ€ ํ™•์ธ๋œ๋‹ค.

  4. ๊ณ ์œ„ํ—˜ ์ž‘์—…์€ Validation Registry์—์„œ ๋…๋ฆฝ validator๊ฐ€ ์žฌ์‹คํ–‰ยทzkML proofยทTEE๋กœ ๊ฒฐ๊ณผ๋ฅผ ๊ฒ€์ฆํ•œ ๋’ค ์˜จ์ฒด์ธ์— ๊ธฐ๋กํ•œ๋‹ค.

  5. ๋ถ„์Ÿ์ด ์ƒ๊ธฐ๋ฉด ์˜จ์ฒด์ธ pointer์™€ hash๊ฐ€ ์‚ญ์ œ ๋ถˆ๊ฐ€๋Šฅํ•˜๋ฏ€๋กœ audit trail ๋ฌด๊ฒฐ์„ฑ์ด ์œ ์ง€๋œ๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

ERC-8004๋Š” ํŠน์ • ํšŒ์‚ฌ์˜ ์ˆ˜์ต ๊ตฌ์กฐ๊ฐ€ ์•„๋‹ˆ๋ผ ์ด๋”๋ฆฌ์›€ ์ƒํƒœ๊ณ„ ์ „์ฒด๊ฐ€ ๊ณต์œ ํ•˜๋Š” ์˜คํ”ˆ ํ‘œ์ค€์ด๋‹ค. ๋Œ€์‹  ์ด ํ‘œ์ค€์ด ๋„“๊ฒŒ ์ฑ„ํƒ๋ ์ˆ˜๋ก ์ด๋”๋ฆฌ์›€ ์ƒํƒœ๊ณ„ ์ „์ฒด๊ฐ€ ์ˆ˜ํ˜œ๋ฅผ ๋ณธ๋‹ค. ๋‹ค๋ฅธ ๊ฒฐ์ œ ํ‘œ์ค€ ํ”Œ๋ ˆ์ด์–ด๋“ค๊ณผ ์ธต์œ„ ์ž์ฒด๊ฐ€ ๋‹ค๋ฅด๋‹ค. ๋น„์žยท๋งˆ์Šคํ„ฐ์นด๋“œ๋Š” ๊ฒฐ์ œ๊ฐ€ ์ž์‚ฌ ๋ง์„ ์ง€๋‚  ๋•Œ ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ๊ฐ€์ ธ๊ฐ„๋‹ค.

์ŠคํŠธ๋ผ์ดํ”„ยท์ฝ”์ธ๋ฒ ์ด์Šค๋Š” ํ”„๋กœํ† ์ฝœ์„ ์—ด๊ณ  ์ธํ”„๋ผ์—์„œ ์ˆ˜์ต์„ ์žก๋Š”๋‹ค. ์ด๋”๋ฆฌ์›€์€ ๊ทธ ๊ฒฐ์ œ ๋ ˆ์ด์–ด๋“ค์ด ๊ณตํ†ต์œผ๋กœ ์ฐธ์กฐํ•  ์‹ ๋ขฐ ๋ ˆ์ด์–ด๋ฅผ ์ œ๊ณตํ•œ๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ๋ˆ„๊ตฌ์ธ์ง€, ์–ด๋–ค ํ‰ํŒ์„ ๊ฐ€์กŒ๋Š”์ง€, ์ž‘์—… ๊ฒฐ๊ณผ๊ฐ€ ๊ฒ€์ฆ๋๋Š”์ง€๋ฅผ ์ฒด์ธ ์œ„์— ํ‘œ์ค€ํ™”๋œ ๋ฐฉ์‹์œผ๋กœ ๊ธฐ๋กํ•œ๋‹ค. ๊ฒฐ์ œ ํ”„๋กœํ† ์ฝœ ๊ฒฝ์Ÿ์—์„œ ๋ˆ„๊ฐ€ ์ด๊ธฐ๋“ , ๊ทธ ๊ฑฐ๋ž˜์˜ ์‹ ๋ขฐ ์ฆ๋น™์€ ERC-8004๊ฐ€ ์ฒ˜๋ฆฌํ•˜๋Š” ๊ตฌ์กฐ๋‹ค.

์ด ๊ตฌ์กฐ์—์„œ ์ด๋”๋ฆฌ์›€ ์ƒํƒœ๊ณ„๊ฐ€ ์–ป๋Š” ๊ฐ€์น˜๋Š” ํ•˜๋‚˜๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ID ๋ ˆ์ง€์ŠคํŠธ๋ฆฌ์— ๋“ฑ๋ก๋˜๊ณ  ํ‰ํŒ์„ ์Œ“์„์ˆ˜๋ก ๊ทธ ๋ฉ”ํƒ€๋ฐ์ดํ„ฐ๊ฐ€ EVM ํ™˜๊ฒฝ์—์„œ ๊ฐ€์žฅ ํ˜ธํ™˜์„ฑ ๋†’๊ฒŒ ์ž‘๋™ํ•œ๋‹ค. ๋ฉ”ํƒ€๋งˆ์Šคํฌ ๊ฐ™์€ ํ•ต์‹ฌ ํ”Œ๋ ˆ์ด์–ด๊ฐ€ โ€˜agent workflow์˜ ๊ฑฐ์ ์ด ์ด๋”๋ฆฌ์›€๊ณผ Linea L2๊ฐ€ ๋  ๊ฒƒโ€™์ด๋ผ๊ณ  ์ง์ ‘ ๋ฐํžŒ ๋ฐ์„œ๋„ ์ด ์˜๋„๊ฐ€ ๋“œ๋Ÿฌ๋‚œ๋‹ค.

ํ‘œ์ค€์ด ์ด๋”๋ฆฌ์›€์—์„œ ์ถœ๋ฐœํ–ˆ๊ณ  EVM ํ˜ธํ™˜ ์ฒด์ธ์—์„œ ๊ฐ€์žฅ ์ž์—ฐ์Šค๋Ÿฝ๊ฒŒ ์ž‘๋™ํ•œ๋‹ค. ๋น„EVM ์ฒด์ธ๋„ SDK ์ฐจ์›์—์„œ ํ™•์žฅ์ด ์ง„ํ–‰๋˜๊ณ ๋Š” ์žˆ์ง€๋งŒ(๋ฉ”ํƒ€๋งˆ์Šคํฌ ์ž์ฒด๊ฐ€ ๋ฉ€ํ‹ฐ์ฒด์ธ SDK๋ฅผ ์šด์˜ํ•œ๋‹ค), ํ‘œ์ค€์˜ ๋””ํดํŠธ ํ™˜๊ฒฝ์ด EVM์ด๋ผ๋Š” ์‚ฌ์‹ค์€ ๋ณ€ํ•˜์ง€ ์•Š๋Š”๋‹ค.

ํ‘œ์ค€์ด ๋„“๊ฒŒ ์“ฐ์ผ์ˆ˜๋ก EVM ์ƒํƒœ๊ณ„์˜ ๊ธฐ๋ณธ๊ฐ’ ์ง€์œ„๋Š” ๋” ๊ตณ์–ด์ง„๋‹ค. ๊ฒฐ๊ตญ ์ด๋”๋ฆฌ์›€ ์žฌ๋‹จ๊ณผ ๋ฉ”ํƒ€๋งˆ์Šคํฌ๊ฐ€ ERC-8004๋กœ ๋…ธ๋ฆฌ๋Š” ํฌ์ง€์…˜์€ ๊ฒฐ์ œ ๋ ˆ์ด์–ด์—์„œ ์ˆ˜์ˆ˜๋ฃŒ๋ฅผ ๊ฐ€์ ธ๊ฐ€๋Š” ๊ฒŒ์ž„์ด ์•„๋‹ˆ๋‹ค. ๊ฒฐ์ œ ๋ ˆ์ด์–ด๋“ค์ด ๊ณตํ†ต์œผ๋กœ ์ฐธ์กฐํ•ด์•ผ ํ•˜๋Š” ์‹ ๋ขฐ ์ธํ”„๋ผ ์ž์ฒด๊ฐ€ ๋˜๋Š” ๊ฒŒ์ž„์ด๋‹ค. ํ‘œ์ค€์ด ๋„๋ฆฌ ์“ฐ์ผ์ˆ˜๋ก EVM ์ƒํƒœ๊ณ„ ์ „์ฒด์˜ ๊ธฐ๋ณธ๊ฐ’ ์ง€์œ„๊ฐ€ ๊ฐ•ํ™”๋˜๋Š” ๊ตฌ์กฐ๋‹ค.

์•„์›ƒ๋ฃฉ

์ด๋”๋ฆฌ์›€์˜ ์•„์›ƒ๋ฃฉ์„ ํ•œ ์ค„๋กœ ์ •๋ฆฌํ•˜๋ฉด, ๊ฒฐ์ œ๋ณด๋‹ค ์‹ ๋ขฐ ๋ ˆ์ด์–ด๋ฅผ ๋…์ ํ•˜๋Š” ์ „๋žต์ด๋‹ค.

์ด ์„ ํƒ์˜ ์˜๋ฏธ๋Š” ๋ช…ํ™•ํ•˜๋‹ค. ์ด๋”๋ฆฌ์›€์€ ๊ฒฐ์ œ ํ”„๋กœํ† ์ฝœ ๊ฒฝ์Ÿ์— ๋›ฐ์–ด๋“ค์ง€ ์•Š์•˜๋‹ค. x402๋„, MPP๋„, ์œ„์ž„๊ฒฐ์ œ(Delegate Payment)๋„ ๋ชจ๋‘ ๊ฒฐ์ œ โ€œํ–‰์œ„โ€ ์ž์ฒด๋ฅผ ๋‹ค๋ฃฌ๋‹ค. ์ด๋”๋ฆฌ์›€์€ ๊ฒฐ์ œ ์œ„์— ์Œ“์ด๋Š” โ€œ๋ˆ„๊ฐ€ ๊ฑฐ๋ž˜ํ–ˆ๊ณ , ๊ฒฐ๊ณผ๊ฐ€ ์–ด๋• ๋Š”๊ฐ€โ€ ๋ฅผ ํ‘œ์ค€ํ™”ํ•˜๋Š” ์ชฝ์„ ํƒํ–ˆ๋‹ค.

์—์ด์ „ํŠธ๊ฐ„ ๊ฑฐ๋ž˜์ธ ํŽ˜์ดํผ์ฝœ์—์„œ๋Š” ์–ด๋А ๊ฒฐ์ œ ํ”„๋กœํ† ์ฝœ์ด ์ด๊ธฐ๋“  ๊ทธ ๊ฑฐ๋ž˜์˜ ์ฆ๋น™์€ ERC-8004์˜ ํ™˜๊ฒฝ์ด ๊ธฐ๋ก๋  ๊ฐ€๋Šฅ์„ฑ์ด ๋†’๋‹ค. ํ‘œ์ค€์ด ๋„๋ฆฌ ์ฑ„ํƒ๋˜๊ธฐ๋งŒ ํ•˜๋ฉด, ๊ฒฐ์ œ ๋ ˆ์ด์–ด ์Šน์ž๊ฐ€ ๋ˆ„๊ตฌ๋“  ์ด๋”๋ฆฌ์›€ ์ƒํƒœ๊ณ„๋Š” ์ˆ˜ํ˜œ๋ฅผ ๋ณธ๋‹ค.

๋‹ค๋งŒ ๋‘ ๊ฐ€์ง€ ๋ณ€์ˆ˜๊ฐ€ ์žˆ๋‹ค.

์ฒซ์งธ, EVM ํ˜ธํ™˜์„ฑ์˜ ํ•œ๊ณ„๋‹ค. ERC-8004๋Š” EVM ์ฒด์ธ ๊ธฐ๋ฐ˜์ด๋‹ค. Base, Arc, ํ…œํฌ, Linea, BNB Chain ๊ฐ™์€ EVM ๊ณ„์—ด์€ ๊ทธ๋Œ€๋กœ ์“ธ ์ˆ˜ ์žˆ์ง€๋งŒ, Solana์™€ Bitcoin Lightning ๊ฐ™์€ ๋น„EVM ์ง„์˜์€ ๋ณ„๋„ adapter๊ฐ€ ํ•„์š”ํ•˜๋‹ค. ๋น„EVM ์ฒด์ธ์ด ์ž์ฒด ์‹ ์›ยทํ‰ํŒ ํ‘œ์ค€์„ ๋งŒ๋“ ๋‹ค๋ฉด, ์—์ด์ „ํŠธ ๊ฒฝ์ œ๊ฐ€ EVM๊ณผ ๋น„EVM์œผ๋กœ ์ชผ๊ฐœ์งˆ ์œ„ํ—˜์ด ์žˆ๋‹ค. Solana๊ฐ€ ์ด๋ฏธ x402 ๊ฑฐ๋ž˜์˜ 24%๋ฅผ ์ ์œ ํ•˜๊ณ  ์žˆ๋‹ค๋Š” ์‚ฌ์‹ค์€ ์ด ๋ถ„ํ™”๊ฐ€ ์‹ค์ œ๋กœ ์ผ์–ด๋‚˜๊ณ  ์žˆ์Œ์„ ์‹œ์‚ฌํ•œ๋‹ค.

๋‘˜์งธ, ERC-8004์˜ ์‹ค์ œ ์ฑ„ํƒ ๊นŠ์ด๋‹ค. ํ‘œ์ค€์ด ๋ฉ”์ธ๋„ท์— ๋ผ์ด๋ธŒ๋๋‹ค๊ณ  ํ•ด์„œ ์—์ด์ „ํŠธ๋“ค์ด ์‹ค์ œ๋กœ Identity Registry์— ๋“ฑ๋กํ•˜๊ณ  Reputation Registry์— ํ”ผ๋“œ๋ฐฑ์„ ์Œ“๋Š” ๊ฑด ๋ณ„๊ฐœ์˜ ๋ฌธ์ œ๋‹ค. ์ดˆ๊ธฐ ํ”„๋กœํ† ํƒ€์ž…(ChaosChain) ์ˆ˜์ค€์„ ๋„˜์–ด ์ฃผ์š” facilitator์™€ ์—์ด์ „ํŠธ ํ”Œ๋žซํผ์ด ERC-8004๋ฅผ ๊ธฐ๋ณธ๊ฐ’์œผ๋กœ ๋ฐ›์•„๋“ค์ผ์ง€๊ฐ€ ๊ด€๊ฑด์ด๋‹ค.

ํ•˜์ง€๋งŒ, ํŽ˜์ดํผ์ฝœ ์‹œ๋Œ€๊ฐ€ ์˜ค๋”๋ผ๋„ ์‚ฌ๋žŒ๋“ค์€ ํŽธ๋ฆฌ์„ฑ์„ ์œ„ํ•ด ์ง€๊ฐ‘์— ํƒ‘์žฌ๋œ ๊ธฐ๋Šฅ์„ ์“ฐ๊ฒŒ๋œ๋‹ค๋ฉด ํ‘œ์ค€์œผ๋กœ ๋‚˜ํƒ€๋ƒˆ์–ด๋„ ์˜๋ฏธ๊ฐ€ ์—†๋‹ค.

Kite AI

ํ•ต์‹ฌ ๊ธฐ์ˆ 

์นด์ดํŠธ(Kite AI)๋Š” AI ์—์ด์ „ํŠธ๋ฅผ ์œ„ํ•ด ์ฒ˜์Œ๋ถ€ํ„ฐ ์„ค๊ณ„๋œ ์ „์šฉ ๊ฒฐ์ œ ์ธํ”„๋ผ๋‹ค. ๋น„์žยท๋งˆ์Šคํ„ฐ์นด๋“œยท์ŠคํŠธ๋ผ์ดํ”„๊ฐ€ ๊ธฐ์กด ์นด๋“œ ๊ฒฐ์ œ๋ง์ด๋‚˜ PSP ์ธํ”„๋ผ๋ฅผ ์—์ด์ „ํŠธ ํ™˜๊ฒฝ์— ์ด์‹ํ•˜๋Š” ๋ฐฉ์‹์ด๋ผ๋ฉด, Kite๋Š” ๋ฐ˜๋Œ€ ๋ฐฉํ–ฅ์—์„œ ์ถœ๋ฐœํ•œ๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ์ž์œจ์ ์œผ๋กœ ๊ฒฐ์ œํ•˜๋Š” ํ™˜๊ฒฝ์„ ์ „์ œ๋กœ ์ฒด์ธยท์‹ ์›ยท์„ธ์…˜ยทํ‰ํŒ์„ ํ•˜๋‚˜์˜ ์Šคํƒ์œผ๋กœ ๋ฌถ์—ˆ๋‹ค.

ํ•ต์‹ฌ์€ ๋„ค ๊ฐ€์ง€๋‹ค. EVM ํ˜ธํ™˜ L1 ์ฒด์ธ(์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋„ค์ดํ‹ฐ๋ธŒ ์ •์‚ฐ), Kite Passport(์—์ด์ „ํŠธ ์‹ ์›ยท์œ„์ž„ ๊ด€๋ฆฌ), Programmable Trust Layer(์•”ํ˜ธํ•™์  ์ง€์ถœ ๊ทœ์น™), SLA ์ปจํŠธ๋ž™ํŠธ(์„œ๋น„์Šค ๋ณด์ฆ ์ž๋™ ์ง‘ํ–‰). ์ด ๋„ค ๊ฐ€์ง€๊ฐ€ ๋ถ„๋ฆฌ๋œ ์ œํ’ˆ์ด ์•„๋‹ˆ๋ผ ํ•˜๋‚˜์˜ ์Šคํƒ์œผ๋กœ ์ž‘๋™ํ•œ๋‹ค๋Š” ๊ฒŒ ๋‹ค๋ฅธ ํ”Œ๋ ˆ์ด์–ด๋“ค๊ณผ ๊ตฌ์กฐ์ ์œผ๋กœ ๋‹ค๋ฅธ ์ง€์ ์ด๋‹ค.

ํ”„๋กœํ† ์ฝœ ํ˜ธํ™˜์„ฑ๋„ ๊ฐ–์ท„๋‹ค. MCP(Anthropic), A2AยทAP2(Google), x402(Coinbase), MPP(Stripeยทํ…œํฌ), OAuth 2.1์„ ๋ชจ๋‘ ์ง€์›ํ•œ๋‹ค. ๊ฐœ๋ฐœ์ž๊ฐ€ Kite์™€ ๊ธฐ์กด ์Šคํƒ ์‚ฌ์ด์—์„œ ์„ ํƒํ•˜๋Š” ๊ฒŒ ์•„๋‹ˆ๋ผ, ๊ธฐ์กด ์Šคํƒ์— Kite๋ฅผ ๋”ํ•˜๋Š” ๊ตฌ์กฐ๋กœ ์„ค๊ณ„ํ–ˆ๋‹ค.

์นด์ดํŠธ์˜ ํ•ต์‹ฌ ๊ธฐ์ˆ ์€ ์„ธ ๊ฐ€์ง€๋‹ค.

์นด์ดํŠธ์˜ ํ•ต์‹ฌ ์ฐจ๋ณ„์ ์€ 3๊ณ„์ธต ์‹ ์› ์•„ํ‚คํ…์ฒ˜๋‹ค. ์ธ๊ฐ„์šฉ ํ‚ค ๊ด€๋ฆฌ๋ฅผ ์—์ด์ „ํŠธ์— ๊ทธ๋Œ€๋กœ ์ ์šฉํ•˜๋Š” ๋Œ€์‹  ๊ถŒํ•œ์„ ์„ธ ๋‹จ๊ณ„๋กœ ๋ถ„๋ฆฌํ•œ ์„ค๊ณ„๋‹ค.

๊ฒฐ์ œ ํ๋ฆ„์€ ๋‹ค์„ฏ ๋‹จ๊ณ„๋‹ค.

  1. ์‚ฌ์šฉ์ž์˜ Kite Passport ์„ค์น˜ ๋ฐ ํŒจ์Šคํ‚ค(์ง€๋ฌธยทFace ID) ๋“ฑ๋ก.

  2. ์—์ด์ „ํŠธ์˜ Session ์ƒ์„ฑ. ์˜ˆ์‚ฐ ํ•œ๋„ยท์œ ํšจ ์‹œ๊ฐ„ยทํ—ˆ์šฉ ํ–‰๋™ ๋ช…์‹œ.

  3. ์‚ฌ์šฉ์ž์˜ ํŒจ์Šคํ‚ค ์Šน์ธ. ํ•œ๋„ ๋‚ด ์—์ด์ „ํŠธ ์ž์œจ ์‹คํ–‰.

  4. ๋งค ๊ฑฐ๋ž˜๋งˆ๋‹ค 3์ธต ์„œ๋ช…(์‚ฌ์šฉ์ž ๋ฃจํŠธ ๊ถŒํ•œยท์—์ด์ „ํŠธ ์œ„์ž„ ํ† ํฐยท์„ธ์…˜ ์„œ๋ช…) ์ฒจ๋ถ€ ๋ฐ ๊ฒ€์ฆ. ์„ธ ์„œ๋ช… ๋ชจ๋‘ ํ†ต๊ณผ ์‹œ ๊ฑฐ๋ž˜ ์„ฑ๋ฆฝ.

  5. ์œ„๋ฐ˜ ๋ฐœ์ƒ ์‹œ SLA ์˜ค๋ผํด์˜ ์˜จ์ฒด์ธ ์–ดํ…Œ์Šคํ…Œ์ด์…˜ ์ œ์ถœ. ์Šค๋งˆํŠธ ์ปจํŠธ๋ž™ํŠธ๊ฐ€ ํ™˜๋ถˆยทํŽ˜๋„ํ‹ฐ ์ž๋™ ์ง‘ํ–‰.

๊ฐ€๋งน์ ์€ x402์™€ MPP ๋‘ ๊ฒฝ๋กœ๋กœ ์ฐธ์—ฌํ•  ์ˆ˜ ์žˆ๋‹ค. x402๋Š” HTTP 402 ์‘๋‹ต์œผ๋กœ ๊ฒฐ์ œ ์กฐ๊ฑด์„ ๋ฐ˜ํ™˜ํ•˜๊ณ  ์˜จ์ฒด์ธ์œผ๋กœ ์ •์‚ฐํ•˜๋Š” ๋ฐฉ์‹์ด๊ณ , MPP๋Š” ์ŠคํŠธ๋ผ์ดํ”„ยทํ…œํฌ ๊ธฐ๋ฐ˜์œผ๋กœ ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ๊ณผ ๋ฒ•์ •ํ™”ํ๋ฅผ ๋ชจ๋‘ ์ง€์›ํ•œ๋‹ค. ์–ด๋А ๊ฒฝ๋กœ๋ฅผ ํƒํ•˜๋“  Kite Passport ์—์ด์ „ํŠธ์˜ ๊ฒฐ์ œ๋ฅผ ๋ฐ›์„ ์ˆ˜ ์žˆ๋‹ค.

ํ•ต์‹ฌ ๋น„์ฆˆ๋‹ˆ์Šค

์นด์ดํŠธ์˜ ์ ‘๊ทผ ๋ฐฉ์‹์€ ๋‹ค๋ฅธ ํ”Œ๋ ˆ์ด์–ด๋“ค๊ณผ ์ถœ๋ฐœ์ ์ด ๋‹ค๋ฅด๋‹ค. ๋น„์žยท๋งˆ์Šคํ„ฐ์นด๋“œ๋Š” ๊ธฐ์กด ์นด๋“œ๋ง์„ ์—์ด์ „ํŠธ ํ™˜๊ฒฝ์— ์ด์‹ํ•œ๋‹ค. ์ŠคํŠธ๋ผ์ดํ”„๋Š” ๊ธฐ์กด PSP ์ธํ”„๋ผ ์œ„์— ์—์ด์ „ํŠธ ๋ ˆ์ด์–ด๋ฅผ ์–น๋Š”๋‹ค. ์นด์ดํŠธ๋Š” ์ฒ˜์Œ๋ถ€ํ„ฐ ์—์ด์ „ํŠธ๋งŒ์„ ์œ„ํ•ด ์„ค๊ณ„ํ–ˆ๋‹ค. ์ฒด์ธยท์‹ ์›ยท์„ธ์…˜ยทํ‰ํŒ์„ ํ•˜๋‚˜์˜ ์Šคํƒ์œผ๋กœ ๋ฌถ๊ณ , ์—์ด์ „ํŠธ๊ฐ€ ์กด์žฌํ•˜๋Š” ๋ ˆ์ด์–ด ์ž์ฒด๋ฅผ ์ธํ”„๋ผ๋กœ ๋งŒ๋“ค๋ ค ํ•œ๋‹ค.

์—ฌ๊ธฐ์„œ ๊ตฌ์กฐ๊ฐ€ ๋…ํŠนํ•˜๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์œผ๋กœ ๋“ค์–ด์˜จ ์ˆ˜์ˆ˜๋ฃŒ๊ฐ€ ์‹œ์žฅ์—์„œ ์นด์ดํŠธ ํ† ํฐ์œผ๋กœ ์Šค์™‘๋ผ ๋ถ„๋ฐฐ๋œ๋‹ค. ๊ฑฐ๋ž˜๋Ÿ‰์ด ๋Š˜์–ด๋‚ ์ˆ˜๋ก ํ† ํฐ ๋งค์ˆ˜ ์••๋ ฅ์ด ์ปค์ง€๋Š” ๊ตฌ์กฐ๋‹ค. ๋‹จ์ˆœํ•œ ์ˆ˜์ˆ˜๋ฃŒ ์ˆ˜์ต์ด ์•„๋‹ˆ๋ผ, ๊ฑฐ๋ž˜๋Ÿ‰์ด ํ† ํฐ ๊ฐ€์น˜๋กœ ์ „ํ™˜๋˜๋Š” ์„ค๊ณ„๋‹ค.

์นด์ดํŠธ์˜ ํฌ์ง€์…˜์„ ํ•œ ์ค„๋กœ ์ •๋ฆฌํ•˜๋ฉด, ์™ธ๋ถ€ ๊ฒฐ์ œ ํ‘œ์ค€๊ณผ ํ˜ธํ™˜๋˜๋Š” ๋™์‹œ์—, ๊ทธ ํ‘œ์ค€์ด ์‹คํ–‰๋˜๋Š” ๋ ˆ์ด์–ด๋ฅผ ์ง์ ‘ ์†Œ์œ ํ•˜๊ฒ ๋‹ค๋Š” ์ „๋žต์ด๋‹ค. Kite Passport, Agent SLA ๋“ฑ ์ž์ฒด ์‹ ์›ยท๊ฒ€์ฆ ํ‘œ์ค€๋„ ํ•จ๊ป˜ ๋งŒ๋“ค๊ณ  ์žˆ์ง€๋งŒ, ํ•ต์‹ฌ ๊ฐ€์น˜๋Š” ๊ทธ ๋ชจ๋‘๊ฐ€ ํ๋ฅด๋Š” ์ฒด์ธ ์ž์ฒด๋ฅผ ์ž๊ธฐ ์ธํ”„๋ผ๋กœ ๋‘๋Š” ๋ฐ ์žˆ๋‹ค.

Google AP2 ๊ฐ™์€ ๊ฒฐ์ œ ๊ถŒํ•œ ํ‘œ์ค€์ด ์œ„ ๋ ˆ์ด์–ด์— ์žˆ๋‹ค๋ฉด, ์นด์ดํŠธ๋Š” ๊ทธ ๊ถŒํ•œ์ด ์˜จ์ฒด์ธ์—์„œ ์‹ค์ œ๋กœ ์ง‘ํ–‰๋˜๋Š” ์•„๋ž˜ ๋ ˆ์ด์–ด๋ฅผ ์ฐจ์ง€ํ•˜๋ ค ํ•œ๋‹ค. ์‹ค์ œ๋กœ ์นด์ดํŠธ๋Š” A2AยทMCPยทOAuth 2.1ยทAP2 ๋“ฑ ๊ธฐ์กด ํ‘œ์ค€๊ณผ ํ˜ธํ™˜๋˜๋„๋ก ์„ค๊ณ„๋˜์–ด ์žˆ๋‹ค. ๋‹ค๋งŒ ํ˜„์žฌ๋Š” ํ…Œ์ŠคํŠธ๋„ท๊ณผ ์ดˆ๊ธฐ ํŒŒํŠธ๋„ˆ์‹ญ ๋‹จ๊ณ„๋‹ค. ํŽ˜์ดํŒ”๊ณผ ์ฝ”์ธ๋ฒ ์ด์Šค ๋ฒค์ฒ˜์Šค๊ฐ€ ๋™์‹œ์— ํˆฌ์žํ–ˆ๋‹ค๋Š” ๊ฑด ๊ฐ€๋Šฅ์„ฑ์„ ์ธ์ •๋ฐ›์•˜๋‹ค๋Š” ์‹ ํ˜ธ์ง€๋งŒ, ํˆฌ์ž์™€ ์‹ค์ œ ์ฑ„ํƒ์€ ๋‹ค๋ฅธ ๋ฌธ์ œ๋‹ค.

์•„์›ƒ๋ฃฉ

์นด์ดํŠธ์˜ ํฌ์ง€์…˜์€ ๊ฐ€์žฅ ์•ผ์‹ฌ์ฐจ๊ณ , ๋™์‹œ์— ๊ฐ€์žฅ ๋ถˆํ™•์‹คํ•˜๋‹ค.

์—์ด์ „ํŠธ ๊ฒฐ์ œ ์ธํ”„๋ผ๋ฅผ ์ฒ˜์Œ๋ถ€ํ„ฐ ๋‹ค์‹œ ์„ค๊ณ„ํ•œ๋‹ค๋Š” ๋ช…์ œ๋Š” ๋งž๋‹ค. ๊ธฐ์กด ์นด๋“œ๋ง ์œ„์—์„œ ์ž‘๋™ํ•˜๋Š” ๋น„์žยท๋งˆ์Šคํ„ฐ์นด๋“œยท์ŠคํŠธ๋ผ์ดํ”„์™€ ๋‹ฌ๋ฆฌ, ์นด์ดํŠธ๋Š” ์นด๋“œ๋ง์„ ์ „์ œํ•˜์ง€ ์•Š๋Š”๋‹ค. ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ ๋„ค์ดํ‹ฐ๋ธŒ ์ •์‚ฐ, ์•”ํ˜ธํ•™์  ์‹ ์› ๊ฒ€์ฆ, ์ž๋™ ์ง‘ํ–‰ SLA๊นŒ์ง€ ์—์ด์ „ํŠธ ํ™˜๊ฒฝ์— ํ•„์š”ํ•œ ์š”์†Œ๋ฅผ ํ•˜๋‚˜์˜ ์Šคํƒ์œผ๋กœ ๋ฌถ์€ ์„ค๊ณ„๋Š” ๊ตฌ์กฐ์ ์œผ๋กœ ์ฐจ๋ณ„ํ™”๋œ๋‹ค.

์ด๋Š” ์™„์ „ํžˆ ํŽ˜์ดํผ์ฝœ์— ๋งž์ถ˜ ์—์ด์ „ํŠธ๊ฐ„ ๊ฑฐ๋ž˜์— ํŠนํ™”๋˜๊ฒ ๋‹ค๋Š” ๋œป์ด๋‹ค.

๋ฌธ์ œ๋Š” ์‹คํ–‰์ด๋‹ค. ํ˜„์žฌ ์นด์ดํŠธ๋Š” ํ…Œ์ŠคํŠธ๋„ท๊ณผ ์ดˆ๊ธฐ ํŒŒํŠธ๋„ˆ์‹ญ ๋‹จ๊ณ„๋‹ค. ์ด๋”๋ฆฌ์›€์ด ERC-8004๋กœ ํ‘œ์ค€ ์ฃผ๋„๊ถŒ์„ ์ฅ๊ณ  ์žˆ๊ณ , ์ŠคํŠธ๋ผ์ดํ”„ยท์ฝ”์ธ๋ฒ ์ด์Šคยท๊ตฌ๊ธ€์ด ์ด๋ฏธ ๊ธฐ์กด ์ธํ”„๋ผ์™€ ๊ฐœ๋ฐœ์ž ์ƒํƒœ๊ณ„๋ฅผ ๊ฐ–์ถ˜ ์ƒํƒœ์—์„œ ์ž์ฒด L1์œผ๋กœ ์ ์œ ์œจ์„ ํ™•๋ณดํ•˜๋Š” ๊ฑด ๋‹ค๋ฅธ ๊ฒŒ์ž„์ด๋‹ค.

ํŽ˜์ดํŒ”๊ณผ ์ฝ”์ธ๋ฒ ์ด์Šค ๋ฒค์ฒ˜์Šค๊ฐ€ ๋™์‹œ์— ํˆฌ์žํ–ˆ๋‹ค๋Š” ๊ฑด ์–‘ ์ง„์˜์—์„œ ๊ฐ€๋Šฅ์„ฑ์„ ์ธ์ •ํ–ˆ๋‹ค๋Š” ์‹ ํ˜ธ์ง€๋งŒ, ํˆฌ์ž์™€ ์ฑ„ํƒ์€ ๋‹ค๋ฅด๋‹ค. ์‹ค์ œ ํŽ˜์ดํผ์ฝœ์ด ์ ์œ ์œจ์ด ์˜ฌ๋ผ์˜ค๊ฒŒ ๋œ๋‹ค๋ฉด ์นด์ดํŠธ๋Š” ์••๋„์ ์ธ ์ƒํƒœ๊ณ„๋ฅผ ๊ตฌ์ถ•ํ•  ์ˆ˜ ์žˆ์„ ๊ฒƒ์ด๋‹ค. ํ•˜์ง€๋งŒ ๊ทธ๊ฒŒ ์–ผ๋งˆ๋‚˜ ๊ฑธ๋ฆด์ง€๋Š” ์•„๋ฌด๋„ ๋ชจ๋ฅธ๋‹ค.

4. ๊ฒฐ์ œ์˜ ๋‹ค์Œ ํŒ, ์ˆœ์„œ๊ฐ€ ์žˆ๋‹ค

์—์ด์ „ํ‹ฑ ์ปค๋จธ์Šค๋Š” ๊ฒฐ๊ตญ ์„ฑ๊ณตํ•  ๋ชจ๋ธ์ด๋‹ค. ์งˆ๋ฌธ์€ โ€œ์ด ์‚ฌ์žฅ์ด ์—ด๋ฆฌ๋А๋ƒ?โ€๊ฐ€ ์•„๋‹Œ โ€œ๋ˆ„๊ฐ€ ๊ทธ ์‹œ์žฅ์„ ์ฐจ์ง€ํ•˜๋А๋ƒโ€๋‹ค.

์™œ๋ƒํ•˜๋ฉด, ์—์ด์ „ํ‹ฑ ์ปค๋จธ์Šค๋Š” ์™„์ „ํžˆ ์ƒˆ๋กœ์šด ๊ตฌ์กฐ๊ฐ€ ์•„๋‹ˆ๋‹ค. ๊ธฐ์กด ์ฒด๊ณ„์—์„œ ์‚ฌ์šฉ์ž, ์นด๋“œ์‚ฌ, ๊ฐ€๋งน์ ๋“ค์€ ๊ฐ๊ฐ ์—…๋ฐ์ดํŠธ ํ•œ๋ฒˆ๋งŒ ํ•˜๋ฉด๋œ๋‹ค. ์ด๋Š” ๊ธฐ์ˆ ์˜ ์šฐ์ˆ˜์„ฑ๋ณด๋‹ค๋Š” ์‹œ์žฅ์— ์–ผ๋งˆ๋‚˜ ๋น ๋ฅด๊ฒŒ ์˜จ๋ณด๋”ฉ๋˜๋ƒ์ด๋‹ค. ์‹ค์ œ๋กœ ์ด๋ฏธ ์‹œ์žฅ์€ ์ดํ•ด๊ด€๊ณ„์ž๋“ค๋ผ๋ฆฌ ๋ญ‰์ณค๋‹ค. ๊ตฌ๊ธ€๊ณผ ์˜คํ”ˆAI์˜ ํŒŒํŠธ๋„ˆ์‚ฌ๋กœ ์›”๋งˆํŠธ, ์—ฃ์‹œ, ์‡ผํ”ผํŒŒ์ด๋“ฑ๊ณผ ๊ฐ™์€ ์ด์ปค๋จธ์Šค ๊ฐ€๋งน์ ๋“ค์„ ๋”๋ถˆ์–ด ๊ฒฐ์ œ ๋„คํŠธ์›Œํฌ ๋ฐ ์—”ํ„ฐํ”„๋ผ์ด์ฆˆ ํšŒ์‚ฌ๋“ค๋„ ํ•ฉ๋ฅ˜ํ–ˆ๋‹ค.

ํŽ˜์ดํผ์ฝœ์€ ๋‹ค๋ฅธ ์ด์•ผ๊ธฐ๋‹ค. ์ด ์‹œ์žฅ์ด ์—ด๋ฆด ๊ฐ€๋Šฅ์„ฑ ์ž์ฒด๋ฅผ ๋ถ€์ •ํ•  ์ˆ˜๋Š” ์—†์ง€๋งŒ, ์ง€๊ธˆ ๋‹น์žฅ ์ˆ˜์š”๊ฐ€ ์กด์žฌํ•˜๋Š”์ง€๋Š” ๋ถˆํ™•์‹คํ•˜๋‹ค. ํ•ต์‹ฌ ์ด์œ ๋Š” ํ˜„์žฌ์˜ API ๊ฒฐ์ œ ๊ตฌ์กฐ์— ์žˆ๋‹ค. OpenAI, Anthropic, AWS ๊ฐ™์€ API ์ œ๊ณต์ž๋“ค์€ ์ด๋ฏธ ์›” ๊ตฌ๋… ๋˜๋Š” ์‚ฌ์šฉ๋Ÿ‰ ๊ธฐ๋ฐ˜ ํ›„๋ถˆ ์ฒญ๊ตฌ ๋ฐฉ์‹์œผ๋กœ ์šด์˜๋œ๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ API๋ฅผ ํ˜ธ์ถœํ•  ๋•Œ ํ”Œ๋žซํผ์ด ์นด๋“œ๋ฅผ ์ž๋™ ์—ฐ๋™ํ•ด ์›” ๋‹จ์œ„๋กœ ์ฒญ๊ตฌํ•˜๋ฉด, ๊ธฐ์กด SaaS ์ฒญ๊ตฌ ๊ตฌ์กฐ์™€ ๊ธฐ๋Šฅ์ ์œผ๋กœ ๋™์ผํ•œ ๊ฒฐ๊ณผ๊ฐ€ ๋‚˜์˜จ๋‹ค. ๊ธฐ์—… ์žฌ๋ฌดํŒ€ ์ž…์žฅ์—์„œ๋Š” ์˜ˆ์ธก ๊ฐ€๋Šฅํ•˜๊ณ  ์ต์ˆ™ํ•œ ์ด ๊ตฌ์กฐ๋ฅผ ๊ตณ์ด ๋ฐ”๊ฟ€ ์œ ์ธ์ด ์—†๋‹ค. x402๋‚˜ MPP ๊ฐ™์€ ํŽ˜์ดํผ์ฝœ ํ”„๋กœํ† ์ฝœ์ด ๋ฐ˜๋“œ์‹œ ํ•„์š”ํ•œ ์ˆ˜์š”๊ฐ€ ์•„์ง ๊ฒ€์ฆ๋˜์ง€ ์•Š์€ ์ด์œ ๊ฐ€ ์—ฌ๊ธฐ ์žˆ๋‹ค.

ํŽ˜์ดํผ์ฝœ์ด ์˜๋ฏธ ์žˆ๋Š” ์‹œ์žฅ์ด ๋˜๋ ค๋ฉด ์กฐ๊ฑด์ด ๋งž๋ฌผ๋ ค์•ผ ํ•œ๋‹ค. ์—์ด์ „ํŠธ๊ฐ€ ์‚ฌ์ „ ๊ณ„์•ฝ ์—†์ด ๋ถˆํŠน์ • ๋‹ค์ˆ˜์˜ ์™ธ๋ถ€ ์ž์›์„ ์ž์œจ์ ์œผ๋กœ ์กฐ๋‹ฌํ•˜๊ณ , ๊ทธ ๊ฑฐ๋ž˜๊ฐ€ ์ดˆ๋‹น ์ˆ˜์‹ญ ๊ฑด, ๊ฑด๋‹น $0.001 ์ดํ•˜ ์ˆ˜์ค€์œผ๋กœ ๋ฐœ์ƒํ•ด์•ผ ํ•œ๋‹ค. ๊ธฐ์กด ๊ตฌ๋… ๊ตฌ์กฐ๋กœ๋Š” ์ฒ˜๋ฆฌํ•  ์ˆ˜ ์—†๋Š” ์†๋„์™€ ๋‹จ๊ฐ€๊ฐ€ ๋‚˜์™€์•ผ ๋น„๋กœ์†Œ โ€œํŽ˜์ดํผ์ฝœ์ด ์‹ ์šฉ์นด๋“œ๋ณด๋‹ค ๋‚ซ๋‹คโ€๋Š” ๋ช…์ œ๊ฐ€ ์„ฑ๋ฆฝํ•œ๋‹ค.

๊ฒฐ๊ตญ ์ด ์‹œ์žฅ์˜ ํ™•์žฅ์€ ์ˆœ์„œ๊ฐ€ ์žˆ๋‹ค. ์—์ด์ „ํ‹ฑ ์ปค๋จธ์Šค๊ฐ€ ๋จผ์ € ์„ฑ์žฅํ•˜๊ณ , ๊ทธ ๊ณผ์ •์—์„œ ์—์ด์ „ํŠธ์— ๋Œ€ํ•œ ์‹ ๋ขฐ์™€ ์ž์œจ์„ฑ์ด ์ถ•์ ๋œ ๋’ค์—์•ผ ํŽ˜์ดํผ์ฝœ ์‹œ์žฅ์˜ ์ˆ˜์š”๊ฐ€ ๊ฒ€์ฆ๋œ๋‹ค.

์—์ด์ „ํ‹ฑ ์ปค๋จธ์Šค์˜ ์Šน์ž๋Š” ์ด๋ฏธ ๊ฒฝ์Ÿ ์ค‘์ด๊ณ , ํŽ˜์ดํผ์ฝœ์˜ ์Šน์ž๋Š” ์‹œ์žฅ์ด ์—ด๋ฆฌ๋Š” ์‹œ์ ์— ๊ฒฐ์ •๋œ๋‹ค.

23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


๐Ÿฏ More from Tiger Research

์ด๋ฒˆ ๋ฆฌ์„œ์น˜์™€ ๊ด€๋ จ๋œ ๋” ๋งŽ์€ ์ž๋ฃŒ๋ฅผ ์ฝ์–ด๋ณด์„ธ์š”.

Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

Terms of Usage

ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[ํŽ„ ๋žฉ์Šค(Perle Labs) ์ƒ์žฅ ์ง€์—ฐ, ๋ˆ„๊ตฌ๋„ ์•Œ ์ˆ˜ ์—†๋Š” ํ† ํฌ๋…ธ๋ฏน์Šค์˜ ๋ฌธ์ œ]]>https://reports.tiger-research.com/p/perle-labs-listing-delay-korhttps://reports.tiger-research.com/p/perle-labs-listing-delay-korMon, 27 Apr 2026 13:31:46 GMT

Key Takeaways


์—…๋น„ํŠธ๋Š” ์˜ค๋Š˜ ํŽ„ ๋žฉ์Šค(Perle Labs) $PRL ํ† ํฐ์„ KRWยทBTCยทUSDT ๋งˆ์ผ“์— ์‹ ๊ทœ ์ƒ์žฅํ•˜๊ธฐ๋กœ ๊ฒฐ์ •ํ–ˆ๋‹ค. ํ•˜์ง€๋งŒ ๊ณต์‹œ ์งํ›„ ํŒ€ ๋‚ด๋ถ€ ๋ฌผ๋Ÿ‰์„ ๋งค๋„ํ–ˆ๋‹ค๋Š” ์˜ํ˜น์ด ์ œ๊ธฐ๋˜๋ฉฐ, ์ƒ์žฅ์€ ์ง€์—ฐ๋๋‹ค. ์‹ค์ œ๋กœ ์—…๋น„ํŠธ๋Š” ๊ณต์‹ ๊ณต์ง€์—์„œ โ€œ์œ ํ†ต๋Ÿ‰ ์ด์Šˆ์— ๋Œ€ํ•œ ์†Œ๋ช…โ€์„ ์ด์œ ๋กœ ๊ฑฐ๋ž˜ ๊ฐœ์‹œ๋ฅผ ์—ฐ๊ธฐํ–ˆ๋‹ค. ํ•˜์ง€๋งŒ ๊ณง์ด์–ด ์†Œ๋ช… ์ ˆ์ฐจ๋ฅผ ์™„๋ฃŒํ–ˆ๋‹ค๊ณ  ์•Œ๋ฆฌ๋ฉฐ, $PRL์€ ์—…๋น„ํŠธ์— ์ •์‹ ์ƒ์žฅ๋๋‹ค.


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


์™œ ์ง€๊ธˆ์ธ๊ฐ€

์‚ฌ์‹ค ๋‚ด๋ถ€์ž ๊ฑฐ๋ž˜ ์˜ํ˜น์€ ํ•œ๋‘ ๋ฒˆ ์žˆ๋Š” ์†Œ์‹์ด ์•„๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์˜ํ˜น๋งŒ์œผ๋กœ ์ƒ์žฅ์ด ์—ฐ๊ธฐ๋œ ๊ฑด ์ด๋ฒˆ์ด ์ฒ˜์Œ์ด์—ˆ๋‹ค. ์˜ํ˜น์˜ ๋‚ด์šฉ์€ ๋‹ค์Œ๊ณผ ๊ฐ™๋‹ค.

๊ทธ๋ฆฌ๊ณ  ๋งŽ์€ ์ด๋“ค์€ ์ •ํ™ฉ์ƒ ๋งค๋„๋œ ๋ฌผ๋Ÿ‰์ด ํŒ€ ๋ฌผ๋Ÿ‰์ด๋ผ๊ณ  ์˜์‹ฌํ–ˆ๋‹ค.

ํ•˜์ง€๋งŒ ํŒ€์˜ ํ•ด๋ช…์— ๋”ฐ๋ฅด๋ฉด, ํ•ด๋‹น ๋ฌผ๋Ÿ‰์€ ์—์ฝ”์‹œ์Šคํ…œ ํ• ๋‹น ๋ฌผ๋Ÿ‰์œผ๋กœ, ๊ณต๊ฐœ๋œ ์œ ํ†ต ์Šค์ผ€์ค„ ๋ฒ”์œ„ ์ด๋‚ด ๋ฌผ๋Ÿ‰์ด ์™ธ๋ถ€ ์ง€๊ฐ‘์—์„œ ๋งค๋„๋œ ๊ฒƒ์œผ๋กœ ํ•ด๋ช…ํ–ˆ๋‹ค.

ํ•˜์ง€๋งŒ ์–ด๋–ป๊ฒŒ ์ด๋ฅผ ์•Œ ์ˆ˜ ์žˆ์„๊นŒ?

์‰ฝ๊ฒŒ ์ดํ•ดํ•˜๊ธฐ

A ์•„ํŒŒํŠธ ๋ถ„์–‘์„ ์•ž๋‘๊ณ , ์‹œํ–‰์‚ฌ ๊ธˆ๊ณ ์—์„œ ์ž…์ฃผ๊ถŒ 5๊ฐœ๊ฐ€ ๋น ์ ธ๋‚˜๊ฐ”๋‹ค. ํƒ€์ด๋ฐ์ด ๋ฌ˜ํ•˜๋‹ค. 2๊ฐœ๋Š” ๋ถ„์–‘ ๊ณต๊ณ  ์ „๋‚  ํŒ”๋ ธ๊ณ , 3๊ฐœ๋Š” ๊ณต๊ณ  ์งํ›„ ํŒ”๋ ธ๋‹ค.

์‚ฌ๋žŒ๋“ค์ด ๋ถ„๋…ธํ•ด ํ™•์ธํ•˜๋ ค๊ณ  ํ–ˆ์œผ๋‚˜, ๋ด‰ํˆฌ์— ์ฃผ์†Œ๋งŒ ์žˆ๊ณ  ์ด๋ฆ„์ด ์—†์–ด ๋ˆ„๊ตฌํ•œํ…Œ ๊ฑด๋„ธ๋Š”์ง€ ํ™•์ธํ•  ์ˆ˜๊ฐ€ ์—†๋‹ค. ํ•˜์ง€๋งŒ ์‹œํ–‰์‚ฌ ๋ง์ด ํ‹€๋ ธ๋‹ค๋Š” ์ฆ๊ฑฐ๋„ ์—†๋‹ค.

์ฃผ์ฃผ๋ช…๋ถ€๊ฐ€ ์•„๋‹ˆ๊ธฐ์—

์ผ๋ฐ˜์ ์œผ๋กœ ์ฃผ์ฃผ๋ช…๋ถ€์—๋Š” ๋ˆ„๊ฐ€ ์–ผ๋งˆ๋ฅผ ๋ณด์œ ํ•˜๋Š”์ง€ ๊ธฐ๋ก๋˜๊ณ , ๋ณ€๋™์ด ์ƒ๊ธฐ๋ฉด ๊ทธ ์ด๋ ฅ์ด ์ถ”์ ๋œ๋‹ค. ํ† ํฌ๋…ธ๋ฏน์Šค๋Š” ๋‹ค๋ฅด๋‹ค.

ํ† ํฌ๋…ธ๋ฏน์Šค๋ž€ ์ „์ฒด ํ† ํฐ ๊ณต๊ธ‰๋Ÿ‰์„ ํŒ€ยทํˆฌ์ž์žยท์—์ฝ”์‹œ์Šคํ…œยท์ปค๋ฎค๋‹ˆํ‹ฐ ๋“ฑ ํ•ญ๋ชฉ๋ณ„๋กœ ๋‚˜๋ˆˆ ๋ฐฐ๋ถ„ ๊ณ„ํš์ด๋‹ค. ๊ฐ ํ•ญ๋ชฉ์˜ ๋น„์œจ๊ณผ ๋ฝ์—… ์ผ์ •์ด ๊ณต๊ฐœ๋œ๋‹ค. ์—ฌ๊ธฐ๊นŒ์ง€๋Š” ํˆฌ๋ช…ํ•˜๋‹ค.

๊ทธ๋Ÿฌ๋‚˜ โ€œ์—์ฝ”์‹œ์Šคํ…œ 20%โ€๋ผ๊ณ  ์ ํ˜€ ์žˆ์–ด๋„, ๊ทธ 20%๋ฅผ ์‹ค์ œ๋กœ ๋ˆ„๊ฐ€ ๋ฐ›๋Š”์ง€๋Š” ์–ด๋””์—๋„ ๋ช…์‹œ๋˜์ง€ ์•Š๋Š”๋‹ค. ํŒŒํŠธ๋„ˆ์‚ฌ์ผ ์ˆ˜๋„ ์žˆ๊ณ , ๊ฐœ๋ฐœ์ž์ผ ์ˆ˜๋„ ์žˆ๊ณ , ์ปค๋ฎค๋‹ˆํ‹ฐ ๊ธฐ์—ฌ์ž์ผ ์ˆ˜๋„ ์žˆ๋‹ค. ๊ณต๊ฐœ ์˜๋ฌด๊ฐ€ ์—†๊ธฐ ๋•Œ๋ฌธ์— ๋Œ€๋ถ€๋ถ„์˜ ํ”„๋กœ์ ํŠธ๋Š” ์ˆ˜๋ น์ธ์„ ๋ฐํžˆ์ง€ ์•Š๋Š”๋‹ค.

์ฃผ์ฃผ๋ช…๋ถ€๊ฐ€ โ€˜๋ˆ„๊ฐ€โ€™๊นŒ์ง€ ๊ธฐ๋กํ•œ๋‹ค๋ฉด, ํ† ํฌ๋…ธ๋ฏน์Šค๋Š” โ€˜์–ผ๋งˆ๋‚˜โ€™๋งŒ ๊ณต๊ฐœํ•œ๋‹ค. ํˆฌ๋ช…ํ•ด ๋ณด์ด์ง€๋งŒ ์ •์ž‘ ์ค‘์š”ํ•œ ์ •๋ณด๋Š” ๋น ์ ธ ์žˆ๋Š” ๊ตฌ์กฐ๋‹ค. ์‚ฌ์‹ค์ƒ ์—์ฝ”์‹œ์Šคํ…œ ๋ฌผ๋Ÿ‰์„ ๋ˆ„๊ฐ€ ๋ฐ›์•˜๋Š”์ง€๋Š” ํ”„๋กœ์ ํŠธ ๋‚ด๋ถ€์—์„œ๋งŒ ์•Œ ์ˆ˜ ์žˆ๋‹ค. ๋ฌผ๋ก  ํŒŒํŠธ๋„ˆ์‚ฌ์ผ ์ˆ˜๋„ ์žˆ๊ณ , ํŒŒ์šด๋” ๊ฐ€์กฑ์ผ ์ˆ˜๋„ ์žˆ๋‹ค. ํ™•์ธํ•  ๋ฐฉ๋ฒ•์ด ์—†๋‹ค. ์ด๋Š” ์—…๋น„ํŠธ๋„ ๋งˆ์ฐฌ๊ฐ€์ง€๋‹ค.

๊ฑฐ๋ž˜์†Œ๊ฐ€ ์‹ฌ์‚ฌ ๋‹จ๊ณ„์—์„œ ํ™•์ธํ•  ์ˆ˜ ์žˆ๋Š” ๊ฑด ์ „์ฒด ๋ฌผ๋Ÿ‰ ํ˜„ํ™ฉ๊ณผ ํŒ€ยทํˆฌ์ž์ž ๋ฌผ๋Ÿ‰์— ๋ฒ ์ŠคํŒ… ๋ฝ์ด ์ œ๋Œ€๋กœ ๊ฑธ๋ ค ์žˆ๋Š”์ง€๋‹ค. ์ด ๋ถ€๋ถ„์ด ๋ฌถ์—ฌ ์žˆ์œผ๋ฉด ์ƒ์žฅ ์š”๊ฑด์ƒ ๋ฌธ์ œ๊ฐ€ ์—†๋‹ค. ๋‹น์‹œ ํŽ„ ๋žฉ์Šค๋„ ํŒ€ยทํˆฌ์ž์ž ๋ฌผ๋Ÿ‰ ์ž์ฒด์—๋Š” ๋ณ€๋™์ด ์—†์—ˆ๋‹ค. ์—์ฝ”์‹œ์Šคํ…œ ๋ฌผ๋Ÿ‰์ด ํ’€๋ ค ์œ ํ†ต๋œ ๊ฑด ๊ตฌ์กฐ์ ์œผ๋กœ ํ—ˆ์šฉ๋œ ๋ฒ”์œ„ ์•ˆ์˜ ์ผ์ด์—ˆ๋‹ค.

์ฆ‰, ์—…๋น„ํŠธ์˜ ์ž…์žฅ์—์„œ ๊ณต์ง€๋ฅผ ์™„๋ฃŒํ•œ ์ดํ›„์— 100% ์ฆ๋ช…ํ•  ์ˆ˜ ์—†๋Š” ์˜ํ˜น์— ์˜ํ•ด ์ƒ์žฅ์„ ์ทจ์†Œํ•  ์ˆ˜ ์—†๋Š” ๊ฒƒ์ด๋‹ค. ๋˜ํ•œ ๊ฐ™์€ ์ด์œ ๋กœ ๋™์ผํ•œ ์žฃ๋Œ€๋ฅผ ๊ธฐ์กด ํ”„๋กœ์ ํŠธ ๋ฐ ์•ž์œผ๋กœ์˜ ๋ชจ๋“  ์ƒ์žฅ์— ์ ์šฉํ•˜๋ฉฐ ์ทจ์†Œ ์ž์ฒด๊ฐ€ ์ž์ฒด ์‹ฌ์‚ฌ์˜ ์‹คํŒจ๋ฅผ ์‹œ์ธํ•˜๋Š” ๊ผด์ด๊ธฐ๋„ ํ•˜๋‹ค.

์ด๋Ÿฌํ•œ ๋ฌธ์ œ์™€ ์˜ํ˜น์€ ์˜ค๋Š˜๋งŒ์˜ ์ผ์ด ์•„๋‹ˆ๋‹ค. ์ด๋ฒˆ ์‚ฌํƒœ๋Š” ๊ทธ๊ฒƒ์ด ์ˆ˜๋ฉด ์œ„๋กœ ๋“œ๋Ÿฌ๋‚œ ๊ณ„๊ธฐ์— ๋ถˆ๊ณผํ•˜๋‹ค. ๋ณด์™„์ฑ…์ด ํ•„์š”ํ•˜๋‹ค๋Š” ๊ฑด ๋ถ„๋ช…ํ•˜์ง€๋งŒ, ํ˜„์‹ค์ ์ธ ํ•ด๋ฒ•์€ ๋ณด์ด์ง€ ์•Š๋Š”๋‹ค. ๋ธ”๋ก์ฒด์ธ์€ ๊ฑฐ๋ž˜ ๋‚ด์—ญ์„ ํˆฌ๋ช…ํ•˜๊ฒŒ ๊ณต๊ฐœํ•˜๋ฉด์„œ๋„ ์ˆ˜๋ น์ธ์˜ ์‹ ์›์€ ์ต๋ช…์œผ๋กœ ๋‚จ๊ธด๋‹ค. ์ด ๊ตฌ์กฐ์  ๋ชจ์ˆœ์ด ์œ ์ง€๋˜๋Š” ํ•œ, ๊ฑฐ๋ž˜์†Œ ์‹ฌ์‚ฌ๋งŒ์œผ๋กœ๋Š” ์ด ๋ถ€๋ถ„์€ ์ฑ„์šธ ์ˆ˜ ์—†๋‹ค. ์—…๊ณ„ ์ „์ฒด์˜ ๋ฌธ์ œ๋‹ค.

(์ž‘์„ฑ์— ๋„์›€์ฃผ์‹  Manbull๋‹˜๊ป˜ ๊ฐ์‚ฌ์˜ ์ธ์‚ฌ๋ฅผ ๋“œ๋ฆฝ๋‹ˆ๋‹ค.)


23,000๋ช… ์ด์ƒ์˜ ์›น3 ์‹œ์žฅ ๋ฆฌ๋”๋“ค์ด ์ฝ๊ณ ์žˆ๋Š” ์•„์‹œ์•„ ์›น3 ์‹œ์žฅ์˜ ์ธ์‚ฌ์ดํŠธ๋ฅผ ๊ฐ€์žฅ ๋จผ์ € ํ™•์ธํ•ด๋ณด์„ธ์š”.


Disclaimer

์ด ๋ณด๊ณ ์„œ๋Š” ์‹ ๋ขฐํ•  ์ˆ˜ ์žˆ๋Š” ์ž๋ฃŒ๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์Šต๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ •๋ณด์˜ ์ •ํ™•์„ฑ, ์™„์ „์„ฑ, ๊ทธ๋ฆฌ๊ณ  ์ ํ•ฉ์„ฑ์„ ๋ช…์‹œ์ ์œผ๋กœ๋‚˜ ์•”์‹œ์ ์œผ๋กœ ๋ณด์ฆํ•˜์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ๋‹น์‚ฌ๋Š” ๋ณธ ๋ณด๊ณ ์„œ๋‚˜ ๊ทธ ๋‚ด์šฉ์„ ์ด์šฉํ•จ์— ๋”ฐ๋ฅธ ๋ชจ๋“  ์†์‹ค์— ๋Œ€ํ•ด ์ฑ…์ž„์„ ์ง€์ง€ ์•Š์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ์˜ ๊ฒฐ๋ก ๊ณผ ๊ถŒ๊ณ ์‚ฌํ•ญ, ์˜ˆ์ƒ, ์ถ”์ •, ์ „๋ง, ๋ชฉํ‘œ, ์˜๊ฒฌ ๋ฐ ๊ด€์ ์€ ์ž‘์„ฑ ๋‹น์‹œ์˜ ์ •๋ณด๋ฅผ ๋ฐ”ํƒ•์œผ๋กœ ํ•˜๋ฉฐ ์˜ˆ๊ณ  ์—†์ด ๋ณ€๊ฒฝ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ๋˜ํ•œ ํƒ€์ธ ๋ฐ ํƒ€์กฐ์ง์˜ ์˜๊ฒฌ๊ณผ ์ผ์น˜ํ•˜์ง€ ์•Š๊ฑฐ๋‚˜ ๋ฐ˜๋Œ€๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ๋ณด๊ณ ์„œ๋Š” ์ •๋ณด ์ œ๊ณต์˜ ๋ชฉ์ ์œผ๋กœ ์ž‘์„ฑ๋˜์—ˆ์œผ๋ฉฐ, ๋ฒ•๋ฅ , ์‚ฌ์—…, ํˆฌ์ž, ๋˜๋Š” ์„ธ๊ธˆ์— ๊ด€ํ•œ ์กฐ์–ธ์œผ๋กœ ๊ฐ„์ฃผ๋˜์–ด์„œ๋Š” ์•ˆ ๋ฉ๋‹ˆ๋‹ค. ๋˜ํ•œ ์ฆ๊ถŒ์ด๋‚˜ ๋””์ง€ํ„ธ ์ž์‚ฐ์— ๋Œ€ํ•œ ์–ธ๊ธ‰์€ ์„ค๋ช…์„ ์œ„ํ•œ ๊ฒƒ์ผ ๋ฟ, ํˆฌ์ž ๊ถŒ๊ณ ๋‚˜ ํˆฌ์ž ์ž๋ฌธ ์„œ๋น„์Šค ์ œ๊ณต์„ ์ œ์•ˆํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹™๋‹ˆ๋‹ค. ์ด ์ž๋ฃŒ๋Š” ํˆฌ์ž์ž๋‚˜ ์ž ์žฌ์  ํˆฌ์ž์ž๋ฅผ ๋Œ€์ƒ์œผ๋กœ ํ•˜์ง€ ์•Š์•˜์Šต๋‹ˆ๋‹ค.

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ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜๋Š” ๋ฆฌํฌํŠธ์˜ ๊ณต์ • ์‚ฌ์šฉ์„ ์ง€์ง€ํ•ฉ๋‹ˆ๋‹ค. ์ด๋Š” ๊ณต์ต์  ๋ชฉ์ ์œผ๋กœ ์ฝ˜ํ…์ธ ๋ฅผ ์ธ์šฉํ•˜๋˜ ์ƒ์—…์  ๊ฐ€์น˜์— ์˜ํ–ฅ์„ ์ฃผ์ง€ ์•Š๋Š” ๋ฒ”์œ„์—์„œ์˜ ๋„“์€ ์‚ฌ์šฉ์„ ํ—ˆ์šฉํ•˜๋Š” ์›์น™์ž…๋‹ˆ๋‹ค. ๊ณต์ • ์‚ฌ์šฉ ๊ทœ์น™์— ๋”ฐ๋ผ, ๋ฆฌํฌํŠธ๋ฅผ ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†์ด ์‚ฌ์šฉํ•  ์ˆ˜ ์žˆ์œผ๋‚˜, ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜ ๋ฆฌํฌํŠธ๋ฅผ ์ธ์šฉ ์‹œ์—๋Š” 1) ์ถœ์ฒ˜๋กœ โ€˜ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜โ€™๋ฅผ ๋ถ„๋ช…ํžˆ ๋ฐํžˆ๊ณ , 2) ํƒ€์ด๊ฑฐ๋ฆฌ์„œ์น˜์˜ ๋ธŒ๋žœ๋“œ ๊ฐ€์ด๋“œ๋ผ์ธ์— ๋งž๋Š” ๋กœ๊ณ (Black/White)๋ฅผ ํฌํ•จ์‹œ์ผœ์•ผ ํ•ฉ๋‹ˆ๋‹ค. ์ž๋ฃŒ๋ฅผ ์žฌ๊ตฌ์„ฑํ•˜์—ฌ ์ถœํŒํ•  ๊ฒฝ์šฐ์—๋Š” ๋ณ„๋„์˜ ํ˜‘์˜๊ฐ€ ์š”๊ตฌ๋ฉ๋‹ˆ๋‹ค. ์‚ฌ์ „ ํ—ˆ๊ฐ€ ์—†๋Š” ์‚ฌ์šฉ์€ ๋ฒ•์  ์กฐ์น˜๋ฅผ ์ดˆ๋ž˜ํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

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<![CDATA[ 2026๋…„ ์ƒ๋ฐ˜๊ธฐ ๊ธ€๋กœ๋ฒŒ ์•”ํ˜ธํ™”ํ ์ฑ„์šฉ ์‹œ์žฅ ๋ถ„์„ ๋ณด๊ณ ์„œ ]]>
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<![CDATA[ &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#50640;&#49436; 2026&#45380; &#49345;&#48152;&#44592; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#52292;&#50857; &#45936;&#51060;&#53552; 2,932&#44148;&#51012; &#48516;&#49437;&#54664;&#49845;&#45768;&#45796;. &#50644;&#51648;&#45768;&#50612;&#47553;&#44284; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;&#44032; &#52292;&#50857;&#51012; &#51452;&#46020;&#54616;&#45716; &#44032;&#50868;&#45936;, &#51460;&#50612;&#46300;&#45716; &#49884;&#51109; &#50504;&#50640;&#49436; &#49332;&#50500;&#45224;&#51008; &#51649;&#44400;&#44284; &#49324;&#46972;&#51652; &#51649;&#44400;&#51012; &#45936;&#51060;&#53552;&#47196; &#54869;&#51064;&#54616;&#49892; &#49688; &#51080;&#49845;&#45768;&#45796;. ]]>
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<pubDate>Tue, 23 Jun 2026 13:03:06 GMT</pubDate>
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<![CDATA[ <p>&#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51032; &#52292;&#50857;&#51060; &#51460;&#50612;&#46300;&#45716; &#51473;&#50640;&#46020; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#54252;&#51648;&#49496;&#51008; &#45720;&#44256; &#51080;&#49845;&#45768;&#45796;. &#51204;&#52404; &#52292;&#50857;&#51060; &#44553;&#44048;&#54620; &#49884;&#51109;&#50640; &#50612;&#46500; &#48320;&#54868;&#44032; &#51080;&#50632;&#51012;&#44620;&#50836;?</p><div><hr></div><h2><strong><span>Key Takeaways</span></strong></h2><ul><li><p><span>&#50516;&#54840;&#54868;&#54224; &#52292;&#50857; &#49884;&#51109;&#51008; 2022&#45380; &#51060;&#54980; &#44256;&#51216;&#51012; &#54924;&#48373;&#54616;&#51648; &#47803;&#54616;&#44256; &#51080;&#45796;. Coincub &#44592;&#51456; 2025&#45380; &#50516;&#54840;&#54868;&#54224; &#49888;&#44508; &#51068;&#51088;&#47532;&#45716; 66,494&#44148;&#51004;&#47196; &#51204;&#45380; &#45824;&#48708; 47% &#48152;&#46321;&#54664;&#51004;&#45208;, 2022&#45380; &#44256;&#51216;&#50640;&#45716; &#48120;&#52824;&#51648; &#47803;&#54664;&#45796;.</span></p></li><li><p><span>2026&#45380; &#46308;&#50612; &#50948;&#52629;&#51008; &#45908; &#46748;&#47159;&#54644;&#51276;&#45796;. 2026&#45380; 1&#50900; &#51452;&#50836; &#49888;&#44508; &#52292;&#50857;&#44277;&#44256;&#45716; &#51204;&#45380; &#46041;&#44592; &#45824;&#48708; &#50557; 80% &#51460;&#50632;&#45796;.</span></p></li><li><p><span>H1 2026 &#54876;&#49457; &#44277;&#44256; 2,932&#44148; &#44592;&#51456;, &#50644;&#51648;&#45768;&#50612;&#47553;&#51008; 34.1%&#47196; 1&#50948;, &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;/&#48277;&#47456;&#51008; 10.4%&#47196; &#45800;&#46021; 2&#50948;&#45796;. &#54788;&#51116; &#54876;&#49457;&#54868;&#46108; &#44277;&#44256;&#45716; &#44508;&#51228; &#45824;&#51025;&#44284; &#44592;&#49696; &#44060;&#48156;&#50640; &#47792;&#47140; &#51080;&#45796;.</span></p></li><li><p><span>&#49465;&#53552;&#48324;&#47196;&#45716; CEX(30.8%)&#50752; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#183;&#44208;&#51228;(13.4%)&#44032; &#51204;&#52404;&#51032; &#51208;&#48152; &#44032;&#44620;&#51060;&#47484; &#52264;&#51648;&#54620;&#45796;. &#44172;&#51076;&#183;NFT&#45716; 2.4%&#47196; &#50756;&#51204;&#54620; &#52840;&#52404;&#47484; &#48372;&#51064;&#45796;.</span></p></li><li><p><span>&#53664;&#53360; &#49464;&#51068; &#50948;&#51452;&#51032; &#49884;&#51109;&#50640;&#49440; &#52964;&#48036;&#45768;&#54000;&#50752; &#53664;&#53360; &#49464;&#51068; &#44288;&#47144; &#51649;&#47924;&#50640; &#45824;&#54620; &#49688;&#50836;&#44032; &#47566;&#50520;&#51648;&#47564;, &#54788;&#51116; &#44592;&#44288; &#50948;&#51452;&#51032; &#49884;&#51109;&#51004;&#47196; &#48320;&#54868;&#54616;&#47728; &#51228;&#54408; &#50868;&#50689;, &#44508;&#51228; &#51456;&#49688;&#50752; &#44057;&#51008; &#50629;&#47924;&#47484; &#49688;&#54665;&#54624; &#51064;&#51116;&#44032; &#45908; &#51473;&#50836;&#54644;&#51276;&#45796;.</span></p></li></ul><div><hr></div><h2><strong><span>1. &#50669;&#45824; &#52572;&#44256;&#51216;&#51060;&#50632;&#45912; 2022&#45380;&#44284; &#51648;&#44552;&#51032; &#52292;&#50857; &#49884;&#51109;</span></strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ZsSq!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7daa1c6c-0aae-46de-a883-8cf99be9ea6f_2048x1338.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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src="https://substackcdn.com/image/fetch/$s_!ZsSq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7daa1c6c-0aae-46de-a883-8cf99be9ea6f_2048x1338.png" width="1456" height="951" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7daa1c6c-0aae-46de-a883-8cf99be9ea6f_2048x1338.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:951,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span>&#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#50640;&#49436; &#52292;&#50857;&#51060; &#44032;&#51109; &#54876;&#48156;&#54664;&#45912; &#49884;&#44592;&#45716; 2021&#45380; &#47568;&#50640;&#49436; 2022&#45380; &#49345;&#48152;&#44592;&#50688;&#45796;. &#48708;&#53944;&#53076;&#51064;&#44284; &#51060;&#45908;&#47532;&#50880;&#51060; &#52572;&#44256;&#44032;&#47484; &#52237;&#50632;&#44256;, NFT &#44144;&#47000;&#47049;&#51060; &#54253;&#48156;&#51201;&#51004;&#47196; &#45720;&#50632;&#45796;. DeFi TVL&#51008; &#49688;&#52380;&#50613; &#45804;&#47084; &#44508;&#47784;&#50688;&#45796;.</span></p><p><span>&#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#46308;&#51008; &#44544;&#47196;&#48268; &#50868;&#50689; &#54869;&#51109;&#51012; &#50948;&#54644; &#44277;&#44201;&#51201;&#51004;&#47196; &#51064;&#47141;&#51012; &#45720;&#47160;&#45796;. &#45817;&#49884; &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; 250&#44060; &#51060;&#49345;, &#53356;&#46972;&#52996;&#51008; 300&#44060; &#51060;&#49345;, &#48148;&#51060;&#45240;&#49828;&#45716; 600&#44060; &#51060;&#49345;&#51032; &#52292;&#50857; &#44277;&#44256;&#47484; &#50732;&#47140;&#46164; &#49345;&#53468;&#50688;&#45796;. DeFi &#54532;&#47196;&#53664;&#53084;&#44284; NFT &#47560;&#53011;&#54540;&#47112;&#51060;&#49828;&#45716; &#50644;&#51648;&#45768;&#50612;&#50752; &#47560;&#52992;&#53552;&#47484; &#46041;&#49884;&#50640; &#55137;&#49688;&#54664;&#44256;, GameFi &#48528;&#51004;&#47196; &#44172;&#51076; &#49828;&#53916;&#46356;&#50724;&#46308;&#46020; &#44288;&#47144; &#51064;&#47141;&#51012; &#52292;&#50912;&#45796;. &#49688;&#51061;&#49457; &#44160;&#51613;&#48372;&#45796; &#54869;&#51109;&#51060; &#50864;&#49440;&#51060;&#45912; &#49884;&#44592;&#50688;&#45796;.</span></p><p><span>&#54616;&#51648;&#47564; 2022&#45380; &#54616;&#48152;&#44592;&#47484; &#44592;&#51216;&#51004;&#47196; &#49888;&#44508; &#52292;&#50857; &#44277;&#44256;&#44032; &#44553;&#44201;&#55176; &#51460;&#50632;&#45796;. &#44544;&#47196;&#48268; &#50516;&#54840;&#54868;&#54224; &#44288;&#47144; &#51068;&#51088;&#47532;&#44032; &#48513;&#48120;&#50752; &#50976;&#47101; &#45824;&#48512;&#48516; &#44397;&#44032;&#50640;&#49436; 2022&#45380;&#50640;&#49436; 2023&#45380; &#49324;&#51060; &#50557; 40% &#44553;&#44048;&#54664;&#45796;. 2022&#45380; 11&#50900;&#50640; &#51068;&#50612;&#45212; FTX &#48533;&#44340; &#49324;&#53468; &#51060;&#54980; &#52292;&#50857; &#49884;&#51109; &#46608;&#54620; &#52840;&#52404;&#46104;&#50632;&#44256; &#44208;&#44397; &#54588;&#53356; &#49884;&#51216;&#51012; &#54924;&#48373;&#54616;&#51648; &#47803;&#54620; &#52292; &#51648;&#44552;&#50640; &#51060;&#47480;&#45796;.</span></p><p><span>&#50516;&#54840;&#54868;&#54224; &#52292;&#50857; &#49884;&#51109;&#51032; &#54788;&#51116; &#49345;&#54889;&#44284; &#45908;&#48520;&#50612; &#52292;&#50857; &#45936;&#51060;&#53552;&#47196; &#49884;&#51109;&#51032; &#48169;&#54693;&#49457;&#51012; &#48516;&#49437;&#54616;&#44592; &#50948;&#54644; &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#50640;&#49436; 2026&#45380; 6&#50900;&#51012; &#44592;&#51456;&#51004;&#47196; &#54876;&#49457;&#54868;&#46108; &#44277;&#44256; 2,932&#44148;&#51012; &#51088;&#52404; &#51312;&#49324;&#54664;&#45796;. web3.career, cryptocurrencyjobs.co, &#51452;&#50836; &#44592;&#50629; &#51649;&#51217; &#52292;&#50857; &#54168;&#51060;&#51648;(Greenhouse&#183;Ashby&#183;Lever), &#54620;&#44397; &#47196;&#52972; &#52292;&#50857; &#54168;&#51060;&#51648;(Wanted, Jobkorea) &#49688;&#46041; &#53944;&#47000;&#53433;&#50640;&#49436; &#54869;&#48372;&#54620; &#45936;&#51060;&#53552;&#51060;&#47728;, DAO &#52968;&#53944;&#47532;&#48624;&#53552;, &#54532;&#47532;&#47004;&#49436;, &#52968;&#53944;&#47001;&#53552; &#48169;&#49885;&#51032; &#44256;&#50857;&#51008; &#54252;&#54632;&#46104;&#51648; &#50506;&#45716;&#45796;.</span></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong><span>2. &#51452;&#50836; &#50516;&#54840;&#54868;&#54224; &#44592;&#50629;&#46308;&#51032; &#51648;&#49549;&#51201;&#51064; &#44048;&#50896; &#52628;&#49464;</span></strong></h2><p><span>&#48376;&#44201;&#51201;&#51064; &#44396;&#51312;&#51312;&#51221;&#51008; 2026&#45380; &#49345;&#48152;&#44592; &#51060;&#51204;&#48512;&#53552; &#51060;&#50612;&#51256; &#50772;&#45796;. &#52968;&#49468;&#49884;&#49828;(Consensys)&#45716; 2025&#45380; &#54616;&#48152;&#44592;&#50640; &#44048;&#50896;&#51012; &#45800;&#54665;&#54664;&#44256;, 2026&#45380; &#46308;&#50612; &#53076;&#51064;&#48288;&#51060;&#49828;(Coinbase), &#51228;&#48120;&#45768;(Gemini), &#53356;&#47549;&#53664;&#45815;&#52980;(</span><a href="https://crypto.com"><span>Crypto.com</span></a><span>), &#53356;&#46972;&#52996;(Kraken) &#46321; &#51452;&#50836; &#44144;&#47000;&#49548;&#47196; &#54869;&#49328;&#46096;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!yW1g!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!yW1g!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png 424w, https://substackcdn.com/image/fetch/$s_!yW1g!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png 848w, https://substackcdn.com/image/fetch/$s_!yW1g!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png 1272w, https://substackcdn.com/image/fetch/$s_!yW1g!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!yW1g!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png" width="1456" height="1964" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1964,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:492184,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/203222831?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!yW1g!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png 424w, https://substackcdn.com/image/fetch/$s_!yW1g!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png 848w, https://substackcdn.com/image/fetch/$s_!yW1g!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png 1272w, https://substackcdn.com/image/fetch/$s_!yW1g!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff86b3311-6fce-4288-99d2-7b9f9a5ca460_2912x3928.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span>2026&#45380; &#49345;&#48152;&#44592; &#44048;&#50896; &#49324;&#47168; &#51473; &#44148;&#49688;&#44032; &#44032;&#51109; &#47566;&#51060; &#51665;&#51473;&#46108; &#49884;&#44592;&#45716; 3&#50900;&#51060;&#45796;. &#51228;&#48120;&#45208;&#51060;, &#53356;&#47549;&#53664;&#45815;&#52980;, &#50508;&#44256;&#47004;&#46300;(Algorand), OP &#47017;&#49828;, PIP &#47017;&#49828;, &#47700;&#49324;&#47532;(Messari) &#46321; 6&#44060; &#44592;&#50629;&#51060; &#44057;&#51008; &#45804; &#44048;&#50896;&#51012; &#48156;&#54364;&#54664;&#45796;.</span></p><p><span>2026&#45380; 1&#48516;&#44592;&#45716; &#51060;&#46976;&#48156; &#51648;&#51221;&#54617;&#51201; &#44596;&#51109; &#44256;&#51312;&#50752; &#49884;&#51109;&#51032; &#52840;&#52404;&#44032; &#47582;&#47932;&#47160;&#45796;. &#51060;&#47196;&#51064;&#54644; &#49324;&#50629; &#48169;&#54693;&#51012; &#51116;&#49444;&#51221;&#54644;&#50556; &#54616;&#45716; &#44592;&#50629;&#46308;&#51032; &#44208;&#51221;&#51060; 3&#50900;&#50640; &#51665;&#51473;&#46108; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;.</span></p><p><span>&#45796;&#47564; &#44048;&#50896; &#47749;&#48516;&#51008; &#44592;&#50629;&#47560;&#45796; &#45804;&#46992;&#45796;. &#50508;&#44256;&#47004;&#46300;&#45716; &#47588;&#53356;&#47196; &#54872;&#44221;&#44284; &#53664;&#53360; &#44032;&#44201; &#54616;&#46973;&#51012; &#51060;&#50976;&#47196; &#46308;&#50632;&#44256;, &#53356;&#47549;&#53664;&#45815;&#52980;&#44284; &#51228;&#48120;&#45768;&#45716; AI &#53685;&#54633;&#51012; &#51204;&#47732;&#50640; &#45236;&#49464;&#50912;&#45796;. &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#8220;AI &#45348;&#51060;&#54000;&#48652; &#44592;&#50629;&#8221;&#51004;&#47196;&#51032; &#51204;&#54872;&#51012; &#49440;&#50616;&#54664;&#45796;.</span></p><p><span>&#48152;&#48373;&#46104;&#45716; &#44048;&#50896; &#45149;&#50640; &#44256;&#51216; &#45824;&#48708; 30&#48516;&#51032; 1 &#44032;&#52824;&#47196; &#51064;&#49688;&#46108; &#44592;&#50629;&#46020; &#51080;&#45796;. &#47700;&#49324;&#47532;&#45716; 2023&#45380;&#48512;&#53552; 3&#52264;&#47168; &#50672;&#49549; &#44048;&#50896;&#51012; &#45800;&#54665;&#54664;&#44256;, 2026&#45380; 6&#50900; &#48660;&#47197;&#50893;&#49828;(Blockworks)&#50640; &#50557; 1,000&#47564; &#45804;&#47084;&#50640; &#51064;&#49688;&#46096;&#45796;. &#54620;&#46412; 3&#50613; &#45804;&#47084; &#48184;&#47448;&#50640;&#51060;&#49496;&#44620;&#51648; &#48155;&#50520;&#45912; &#47700;&#49324;&#47532;&#45716; &#49884;&#51109;&#51032; &#54788;&#49892;&#51012; &#50517;&#52629;&#51201;&#51004;&#47196; &#48372;&#50668;&#51456;&#45796;.</span></p><h2><strong><span>3. &#44508;&#51228; &#51221;&#48708; &#51648;&#50669;&#51004;&#47196;&#51032; &#52292;&#50857; &#50144;&#47548; &#54788;&#49345; &#49900;&#54868;</span></strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!MgVv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!MgVv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png 424w, https://substackcdn.com/image/fetch/$s_!MgVv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png 848w, https://substackcdn.com/image/fetch/$s_!MgVv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png 1272w, https://substackcdn.com/image/fetch/$s_!MgVv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!MgVv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png" width="1456" height="1227" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1227,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!MgVv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png 424w, https://substackcdn.com/image/fetch/$s_!MgVv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png 848w, https://substackcdn.com/image/fetch/$s_!MgVv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png 1272w, https://substackcdn.com/image/fetch/$s_!MgVv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd3db1df5-849a-4abc-8c67-18f2d9ae361b_2048x1726.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span>&#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51008; &#50668;&#51204;&#55176; &#50896;&#44201; &#48708;&#51473;&#51060; &#45458;&#51008; &#49328;&#50629;&#51060;&#45796;. H1 2026 &#54876;&#49457; &#44277;&#44256; &#44592;&#51456; &#47532;&#47784;&#53944; &#44540;&#47924; &#54805;&#53468;&#51032; &#54252;&#51648;&#49496;&#51060; 40.2%(1,180&#44148;)&#47196; &#44032;&#51109; &#47566;&#45796;. &#47532;&#47784;&#53944; &#44540;&#47924; &#54805;&#53468;&#47484; &#51228;&#50808;&#54620; &#50724;&#54588;&#49828; &#44592;&#48152; &#52292;&#50857;&#51008; &#48120;&#44397;(21.8%), &#49905;&#44032;&#54252;&#47476;(5.9%), &#54861;&#53097;(4.2%)&#52376;&#47100; &#44508;&#51228; &#52404;&#44228;&#44032; &#51221;&#48708;&#46096;&#44144;&#45208; &#50696;&#52769; &#48520;&#44032;&#45733;&#54620; &#44508;&#51228; &#47532;&#49828;&#53356;&#44032; &#51201;&#51008; &#51648;&#50669;&#50640; &#47792;&#47140;&#51080;&#45796;.</span></p><p><span>&#54620;&#46412; &#47924;&#44397;&#51201; &#49328;&#50629;&#51012; &#54364;&#48169;&#54664;&#45912; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51060; &#44508;&#51228; &#45824;&#51025;&#44284; &#54788;&#51648; &#50868;&#50689;&#51060; &#54596;&#50836;&#54620; &#49328;&#50629;&#51004;&#47196; &#48148;&#45068;&#47732;&#49436;, &#44256;&#50857; &#44396;&#51312;&#46020; &#51216;&#52264; &#44508;&#51228; &#54728;&#48652; &#51473;&#49900;&#51004;&#47196; &#51088;&#47532;&#47484; &#51105;&#50500;&#44032;&#44256; &#51080;&#45796;.</span></p><h2><strong><span>4. &#44508;&#51228; &#45824;&#51025;(&#52980;&#54540;&#46972;&#51060;&#50616;&#49828;) &#51649;&#47924;&#51032; &#44553;&#48512;&#49345;</span></strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!5zI6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!5zI6!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png 424w, https://substackcdn.com/image/fetch/$s_!5zI6!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png 848w, https://substackcdn.com/image/fetch/$s_!5zI6!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png 1272w, https://substackcdn.com/image/fetch/$s_!5zI6!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!5zI6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png" width="1456" height="1280" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1280,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!5zI6!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png 424w, https://substackcdn.com/image/fetch/$s_!5zI6!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png 848w, https://substackcdn.com/image/fetch/$s_!5zI6!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png 1272w, https://substackcdn.com/image/fetch/$s_!5zI6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc880719e-749c-4315-bf26-9c498c6cd5d2_2048x1800.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span>2026&#45380; &#49345;&#48152;&#44592; &#52292;&#50857; &#44277;&#44256; &#51473; &#50644;&#51648;&#45768;&#50612;&#47553; &#51649;&#47924;&#44032; 34.1%(999&#44148;)&#47196; 1&#50948;&#45796;. &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51060; &#50948;&#52629;&#46104;&#45716; &#46041;&#50504;&#50640;&#46020; &#44592;&#49696; &#44060;&#48156; &#49688;&#50836;&#45716; &#50976;&#51648;&#46096;&#45796;&#44256; &#48380; &#49688; &#51080;&#45796;.</span></p><p><span>&#45576;&#50640; &#46916;&#45716; &#48320;&#54868;&#45716; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;/&#48277;&#47456;&#51032; &#45800;&#46021; 2&#50948; &#50504;&#52265;&#51060;&#45796;. </span><a href="https://reports.tiger-research.com/p/global-web3-jobs?utm_source=publication-search"><span>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824; 2023 &#44544;&#47196;&#48268; &#50516;&#54840;&#54868;&#54224; &#52292;&#50857; &#49884;&#51109; &#47532;&#54252;&#53944;</span></a><span>&#50640;&#49436; &#48324;&#46020; &#54637;&#47785;&#51004;&#47196; &#51665;&#44228;&#46104;&#51648; &#50506;&#50520;&#45912; &#51649;&#44400;&#51060; 3&#45380; &#47564;&#50640; &#51204;&#52404; &#52292;&#50857;&#51032; 10&#48516;&#51032; 1&#51012; &#52264;&#51648;&#54616;&#45716; &#49345;&#50948; &#51649;&#44400;&#51060; &#46096;&#45796;.</span></p><p><span>&#44144;&#47000;&#49548; &#45236;&#48512;&#47484; &#48372;&#47732; &#51060; &#48320;&#54868;&#44032; &#45908; &#49440;&#47749;&#54616;&#45796;. &#44144;&#47000;&#49548; &#44277;&#44256; 904&#44148; &#51473; &#50644;&#51648;&#45768;&#50612;&#47553;&#51060; 275&#44148;(30.4%)&#51004;&#47196; 1&#50948;, &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;/&#48277;&#47456;&#51060; 145&#44148;(16.0%)&#51004;&#47196; 2&#50948;, BD/&#50689;&#50629;&#51008; 61&#44148;(6.7%)&#51004;&#47196; 3&#50948;&#45796;. &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;&#44032; BD/&#50689;&#50629;&#48372;&#45796; 2.4&#48176; &#47566;&#45796;. &#44144;&#47000;&#49548;&#46308;&#51060; &#49324;&#50629; &#54869;&#51109;&#48372;&#45796; &#44508;&#51228; &#48169;&#50612;&#50640; &#45908; &#47566;&#51008; &#51064;&#47141;&#51012; &#50416;&#44256; &#51080;&#45796;&#45716; &#44163;&#51004;&#47196; &#54644;&#49437; &#44032;&#45733;&#54616;&#45796;.</span></p><p><span>&#52628;&#44032;&#51201;&#51064; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#52292;&#50857; &#51613;&#44032;&#51032; &#48176;&#44221;&#51004;&#47196; &#44861;&#51012; &#49688; &#51080;&#45716; &#44148; EU MiCA &#51204;&#47732; &#49884;&#54665;(2024&#45380; 12&#50900; 30&#51068; CASP &#46972;&#51060;&#49440;&#49828; &#51032;&#47924;&#54868;)&#51060;&#45796;. &#50976;&#47101; &#44144;&#47000;&#49548;&#50752; &#51088;&#49328; &#50868;&#50857;&#49324;&#44032; &#48708;&#49847;&#54620; &#49884;&#44592;&#50640; &#52292;&#50857;&#51012; &#45720;&#47140;&#44032;&#44256; &#51080;&#44592; &#46412;&#47928;&#51060;&#45796;.</span></p><p><span>&#54620;&#44397;&#46020; &#47560;&#52268;&#44032;&#51648;&#45796;. &#44032;&#49345;&#51088;&#49328;&#51060;&#50857;&#51088;&#48372;&#54840;&#48277;(2024&#45380; 7&#50900;) &#49884;&#54665; &#51060;&#54980; &#44397;&#45236; &#44144;&#47000;&#49548;&#51032; &#51456;&#48277;&#44048;&#49884; &#51064;&#47141; &#49688;&#50836;&#44032; &#45458;&#50500;&#51276;&#44256;, &#54620;&#44397;&#51032; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#52292;&#50857; &#48708;&#51473;(18.4%)&#51060; &#44544;&#47196;&#48268; &#54217;&#44512;(10.4%)&#51012; &#46160; &#48176; &#44032;&#44620;&#51060; &#50883;&#46020;&#45716; &#48176;&#44221;&#51060; &#46096;&#45796;.</span></p><p><strong><span>&#48152;&#47732; &#45824;&#52404;&#54616;&#44256; &#49910;&#51008; &#51649;&#47924;&#46020; &#46748;&#47159;&#54644;&#51276;&#45796;.</span></strong></p><p><span>&#53356;&#47549;&#53664; &#51105;&#47532;&#49828;&#53944;(CryptoJobList)&#45716; &#53080;&#53584;&#52768; &#51228;&#51089;&#44284; &#52964;&#48036;&#45768;&#54000; &#44288;&#47532; &#44057;&#51008; &#51649;&#47924;&#47484; &#8220;&#44032;&#51109; AI&#47196; &#45824;&#52404;&#54616;&#44256; &#49910;&#51008; &#51649;&#47924;&#8221;&#47196; &#44861;&#50520;&#45796;. &#50629;&#47924; &#45212;&#51060;&#46020; &#51088;&#52404;&#45716; &#45458;&#51648; &#50506;&#51648;&#47564; &#44048;&#51221;&#51201;&#51064; &#49548;&#47784;&#44032; &#48156;&#49373;&#54616;&#47728; &#48152;&#48373; &#50629;&#47924;&#47484; &#49688;&#54665;&#54616;&#44592; &#46412;&#47928;&#50640; &#45824;&#52404; &#44032;&#45733;&#49457;&#51060; &#45458;&#51008; &#51649;&#47924;&#45796;. AI &#50640;&#51060;&#51204;&#53944;&#50640; &#51032;&#54644; &#44032;&#51109; &#47676;&#51200; &#45824;&#52404;&#46104;&#50612;&#50556; &#54620;&#45796;&#45716; </span><a href="https://cryptojobslist.com/research/web3-workforce-report"><span>&#49444;&#47928; &#44208;&#44284;</span></a><span> &#46608;&#54620; &#51316;&#51116;&#54620;&#45796;. &#54644;&#45817; &#51649;&#47924;&#46308;&#51008; &#52292;&#50857; &#49688;&#50836;&#44032; &#51460;&#50612;&#46310;&#44284; &#46041;&#49884;&#50640; &#54788;&#50629;&#51088;&#46308;&#51060; &#48977;&#51008; &#51088;&#46041;&#54868; &#45824;&#49345; &#51649;&#44400;&#51060;&#46972;&#44256; &#48380; &#49688; &#51080;&#45796;.</span></p><h2><strong><span>5. &#44144;&#47000;&#49548;&#51032; &#46021;&#51452;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49884;&#51109;&#51032; &#49457;&#51109;</span></strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!xMCR!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!xMCR!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png 424w, https://substackcdn.com/image/fetch/$s_!xMCR!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png 848w, https://substackcdn.com/image/fetch/$s_!xMCR!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png 1272w, https://substackcdn.com/image/fetch/$s_!xMCR!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!xMCR!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png" width="1456" height="1280" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1280,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!xMCR!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png 424w, https://substackcdn.com/image/fetch/$s_!xMCR!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png 848w, https://substackcdn.com/image/fetch/$s_!xMCR!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png 1272w, https://substackcdn.com/image/fetch/$s_!xMCR!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68255d30-c3ce-4f7a-a86f-686e921d825f_2048x1800.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span>&#49465;&#53552;&#48324; &#52292;&#50857; &#44277;&#44256;&#45716; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#50640;&#49436; 904&#44148;(30.8%)&#51004;&#47196; &#51204;&#52404; &#48708;&#51473;&#51032; 3&#48516;&#51032; 1 &#44032;&#44620;&#51060;&#47484; &#52264;&#51648;&#54620;&#45796;. OKX(267&#44148;), Bybit(138&#44148;), Binance(135&#44148;) &#46321; &#45824;&#54805; &#44144;&#47000;&#49548;&#46308;&#51060; &#51060; &#49465;&#53552;&#47484; &#51060;&#45128;&#45796;.</span></p><p><span>&#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#183;&#44208;&#51228;&#45716; 392&#44148;(13.4%)&#51004;&#47196; 2&#50948;&#45796;. &#45796;&#47564; &#53580;&#45908;(Tether)&#44032; &#51060; &#49465;&#53552; &#45236; 224&#44148;(57.1%)&#51012; &#52264;&#51648;&#54616;&#44256; &#47532;&#54540;(Ripple)&#51060; 104&#44148;(26.5%)&#51004;&#47196; &#46244;&#47484; &#51079;&#45716;&#45796;. &#46160; &#44592;&#50629;&#51060; &#49465;&#53552; &#51204;&#52404;&#51032; 83.6%&#47484; &#51216;&#50976;&#54616;&#44592; &#46412;&#47928;&#50640; &#49465;&#53552; &#51204;&#48152;&#51032; &#52292;&#50857; &#54869;&#51109;&#51060;&#46972;&#44592;&#48372;&#45800;, &#49548;&#49688; &#45824;&#54805;&#49324; &#51665;&#51473; &#54952;&#44284;&#50640; &#44032;&#44637;&#45796;&#44256; &#48380; &#49688; &#51080;&#45796;. &#54616;&#48152;&#44592;&#45716; &#46608; &#45796;&#47480; &#47784;&#49845;&#51060; &#50696;&#49345;&#46108;&#45796;. &#48120;&#44397; &#45236; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44288;&#47144; &#48277;&#50504;&#50640; &#49549;&#46020;&#44032; &#48537;&#44256; &#51080;&#44592;&#50640; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44288;&#47144; &#52292;&#50857; &#54872;&#44221;&#51060; &#53356;&#44172; &#48320;&#54868;&#54624; &#44163;&#51004;&#47196; &#50696;&#49345;&#46108;&#45796;.</span></p><p><span>&#47560;&#53011;&#47700;&#51060;&#53433;&#183;&#53944;&#47112;&#51060;&#46377;&#51008; 101&#44148;(3.4%)&#51004;&#47196; &#46021;&#47549; &#49465;&#53552;&#47484; &#54805;&#49457;&#54624; &#44508;&#47784;&#44032; &#46096;&#45796;. B2C2, GSR, &#53412;&#46973;(Keyrock), &#50952;&#53552;&#48036;&#53944;(Wintermute) &#46321;&#51060; &#51452;&#50836; &#44592;&#50629;&#51060;&#45796;. </span><a href="https://reports.tiger-research.com/p/global-web3-jobs?utm_source=publication-search"><span>2023&#45380; &#47532;&#54252;&#53944;</span></a><span>&#50640;&#45716; &#48324;&#46020; &#48516;&#47448;&#44032; &#50630;&#50632;&#45912; &#52852;&#53580;&#44256;&#47532;&#45796;. &#44592;&#44288; &#50976;&#46041;&#49457; &#44277;&#44553;&#44284; &#51088;&#49328; &#50868;&#50857;&#50640; &#45824;&#54620; &#49688;&#50836;&#44032; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#50640; &#51088;&#47532; &#51105;&#51008; &#44208;&#44284;&#45796;.</span></p><p><span>&#44172;&#51076;&#183;NFT&#45716; 71&#44148;(2.4%)&#50640; &#48520;&#44284;&#54616;&#45796;. 2022~2023&#45380; GameFi &#48528; &#45817;&#49884; &#49884;&#51109; &#45236; &#52292;&#50857;&#51012; &#51060;&#45132;&#50632;&#45912; &#49465;&#53552;&#51648;&#47564; &#51648;&#44552;&#51008; &#44536; &#48708;&#51473;&#51060; &#44284;&#44144; &#47560;&#51060;&#45320; &#50689;&#50669;&#51060;&#50632;&#45912; &#47560;&#53011;&#47700;&#51060;&#53433;&#48372;&#45796; &#45230;&#50500;&#51276;&#45796;.</span></p><p><span>&#44208;&#44397; &#49884;&#51109; &#45236; &#52292;&#50857;&#51008; &#45908; &#51060;&#49345; &#49324;&#51060;&#53364; &#48124;&#44048;&#46020;&#50640; &#51032;&#51316;&#54616;&#51648; &#50506;&#44256; &#44144;&#47000;&#49548;, &#44208;&#51228;, &#44508;&#51228; &#51064;&#54532;&#46972; &#46321; &#50504;&#51221;&#49457;&#51012; &#44053;&#51312;&#54616;&#45716; &#49465;&#53552;&#50640; &#45224;&#50500; &#50504;&#52265;&#54616;&#44256; &#51080;&#45796;.</span></p><h2><strong><span>6. AI &#51064;&#51116; &#49688;&#50836;&#51032; &#51613;&#44032;</span></strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!8CHs!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!8CHs!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png 424w, https://substackcdn.com/image/fetch/$s_!8CHs!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png 848w, https://substackcdn.com/image/fetch/$s_!8CHs!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png 1272w, https://substackcdn.com/image/fetch/$s_!8CHs!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!8CHs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png" width="1456" height="1151" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1151,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!8CHs!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png 424w, https://substackcdn.com/image/fetch/$s_!8CHs!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png 848w, https://substackcdn.com/image/fetch/$s_!8CHs!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png 1272w, https://substackcdn.com/image/fetch/$s_!8CHs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093f9210-46bb-43a6-8d9f-23c15b6093f9_2048x1619.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span>&#44057;&#51008; &#44592;&#44036; AI &#49328;&#50629;&#51032; &#52292;&#50857;&#51008; &#48152;&#45824; &#48169;&#54693;&#51012; &#44032;&#47532;&#53416;&#45796;.</span><a href="https://www.pwc.com/gx/en/issues/artificial-intelligence/job-barometer/aijb-2026-us.pdf"><span> PwC 2026 Global AI Jobs Barometer</span></a><span>&#45716; 6&#44060; &#45824;&#47449;&#51032; 10&#50613; &#44060; &#51060;&#49345; &#52292;&#50857;&#44277;&#44256;&#47484; &#48516;&#49437;&#54664;&#45796;. &#48120;&#44397;&#50640;&#49436; AI &#44288;&#47144; &#49828;&#53420;&#51012; &#50836;&#44396;&#54616;&#45716; &#52292;&#50857;&#44277;&#44256;&#45716; 2025&#45380; &#50557; 112&#47564; &#44148;&#51004;&#47196; &#51204;&#45380; &#45824;&#48708; 66% &#45720;&#50632;&#44256;, &#51204;&#52404; &#44277;&#44256;&#51032; 2.8%&#47484; &#52264;&#51648;&#54664;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ipVC!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ipVC!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png 424w, https://substackcdn.com/image/fetch/$s_!ipVC!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png 848w, https://substackcdn.com/image/fetch/$s_!ipVC!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png 1272w, https://substackcdn.com/image/fetch/$s_!ipVC!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ipVC!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png" width="1456" height="1137" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1137,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ipVC!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png 424w, https://substackcdn.com/image/fetch/$s_!ipVC!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png 848w, https://substackcdn.com/image/fetch/$s_!ipVC!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png 1272w, https://substackcdn.com/image/fetch/$s_!ipVC!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d0552a9-a039-4842-bfaa-dcb57422d680_2048x1599.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span>&#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#46020; &#44057;&#51008; &#49345;&#54889;&#51060;&#45796;. &#44288;&#47144; &#44277;&#44256; &#45236; AI &#49828;&#53420; &#50616;&#44553; &#48708;&#50984;&#51008; </span><a href="https://cryptojobslist.com/research/web3-workforce-report"><span>2025&#45380; &#52488; 23%&#50640;&#49436; 2026&#45380; 3&#50900; 53.1%</span></a><span>&#47196; &#49345;&#49849;&#54664;&#45796;.</span></p><p><span>&#44208;&#44397; AI&#45716; &#51204; &#49328;&#50629;&#44400;&#50640; &#44152;&#52432; &#49352;&#47196;&#50868; &#51649;&#47924;&#47484; &#47564;&#46308;&#50612;&#45236;&#45716; &#46041;&#49884;&#50640;, &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51008; &#45908; &#51201;&#51008; &#51064;&#47141;&#51004;&#47196; &#45908; &#45458;&#51008; &#49373;&#49328;&#49457;&#51012; &#50836;&#44396;&#54616;&#45716; &#48169;&#54693;&#51004;&#47196; &#51116;&#54200;&#46104;&#44256; &#51080;&#45796;.</span></p><h2><strong><span>7. &#51460;&#50612;&#46304; &#44508;&#47784;&#50752; &#45804;&#46972;&#51652; &#50629;&#47924;, &#46356;&#51232;&#46308;&#51008; &#50612;&#46356;&#47196;?</span></strong></h2><p><span>&#44544;&#47196;&#48268; &#50516;&#54840;&#54868;&#54224; &#52292;&#50857; &#49884;&#51109;&#51008; &#51060;&#51228; &#45800;&#49692;&#55176; &#49324;&#46988;&#51012; &#51201;&#44172; &#48977;&#45716; &#44163;&#51012; &#45336;&#50612;, &#52292;&#50857;&#54616;&#45716; &#50629;&#47924; &#51088;&#52404;&#44032; &#50756;&#51204;&#55176; &#45804;&#46972;&#51276;&#45796;.</span></p><p><span>&#44284;&#44144; &#47560;&#52992;&#54021; &#50948;&#51452;&#50688;&#45912; &#52292;&#50857;&#51032; &#51473;&#49900;&#51060; &#51060;&#51228;&#45716; &#8216;&#44508;&#51228; &#51456;&#49688;&#8217;&#50752; &#8216;&#51064;&#54532;&#46972; &#50868;&#50689;&#8217;&#51004;&#47196; &#50756;&#51204;&#55176; &#51060;&#46041;&#54664;&#45796;. &#44284;&#44144; &#54840;&#54889;&#44592;&#52376;&#47100; &#53664;&#53360;&#51012; &#54861;&#48372;&#54616;&#44256; &#52964;&#48036;&#45768;&#54000;&#47484; &#53412;&#50864;&#45912; &#47560;&#52992;&#54021; &#51649;&#47924;&#45716; &#53356;&#44172; &#51460;&#50612;&#46308;&#50632;&#45796;. &#48152;&#47732; &#44144;&#47000;&#49548; &#50868;&#50689;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51064;&#54532;&#46972; &#44396;&#52629;, &#50728;&#52404;&#51064; &#47532;&#49828;&#53356; &#44288;&#47532;&#52376;&#47100; &#49892;&#51656;&#51201;&#51064; &#49884;&#49828;&#53596;&#51012; &#45796;&#47336;&#45716; &#51064;&#47141; &#49688;&#50836;&#45716; &#50668;&#51204;&#55176; &#53444;&#53444;&#54616;&#44144;&#45208; &#50724;&#55176;&#47140; &#45720;&#44256; &#51080;&#45716; &#49345;&#54889;&#51060;&#45796;.</span></p><p><strong><span>&#49892;&#51228;&#47196; &#47566;&#51008; &#54532;&#47196;&#51229;&#53944; &#54788;&#51109;&#51032; &#47785;&#49548;&#47532;&#47484; &#46308;&#50612;&#48372;&#47732; &#44536;&#46308;&#51008; &#45908; &#51060;&#49345; &#8216;&#46356;&#51232;(Degen)&#8217; &#52292;&#50857;&#51012; &#50896;&#54616;&#51648; &#50506;&#45716;&#45796;. &#47784;&#46160;&#44032; &#49884;&#51109;&#51060; &#45824;&#54644; &#51096; &#47792;&#46992;&#45912; &#52488;&#44592; &#45800;&#44228;&#47484; &#51648;&#45208; &#49328;&#50629;&#51032; &#53952;&#51012; &#44054;&#52628;&#44592; &#49884;&#51089;&#54616;&#47732;&#49436;, &#48660;&#47197;&#52404;&#51064; &#50629;&#44228;&#46020; &#51204;&#53685; &#44552;&#50997;&#51060;&#45208; &#54592;&#53580;&#53356; &#44592;&#50629;&#52376;&#47100; &#44620;&#45796;&#47196;&#50868; &#52292;&#50857; &#44592;&#51456;&#51012; &#51201;&#50857;&#54616;&#44592; &#49884;&#51089;&#54620; &#44163;&#51060;&#45796;.</span></strong></p><p><span>&#44208;&#44397; &#50516;&#54840;&#54868;&#54224; &#52292;&#50857; &#49884;&#51109;&#51032; &#51060; &#44057;&#51008; &#48320;&#54868;&#45716; &#49328;&#50629;&#51060; &#53804;&#44592;&#51032; &#49884;&#45824;&#47484; &#51648;&#45208; &#51228;&#46020;&#44428; &#50504;&#51004;&#47196; &#50504;&#52265;&#54616;&#44256; &#51080;&#51020;&#51012; &#48372;&#50668;&#51456;&#45796;. &#49884;&#51109;&#51008; &#51060;&#51228; &#54868;&#47140;&#54620; &#49888;&#44592;&#47336;&#47484; &#47564;&#46300;&#45716; &#49324;&#46988; &#45824;&#49888;, &#45800;&#45800;&#54620; &#54788;&#49892;&#51032; &#51064;&#54532;&#46972;&#47484; &#44396;&#52629;&#54616;&#44256; &#51613;&#47749;&#54644;&#45244; &#51652;&#51676; &#51204;&#47928;&#44032;&#47564;&#51012; &#50896;&#54616;&#44256; &#51080;&#45796;.</span></p><div><hr></div><h3><strong><span>&#48324;&#52392;: &#45936;&#51060;&#53552; &#52636;&#52376;</span></strong></h3><p><strong><span>&#51088;&#52404; &#49688;&#51665; (2,932&#44148;)<br></span></strong><span>web3.career / cryptocurrencyjobs.co / &#51649;&#51217; &#52292;&#50857; &#54168;&#51060;&#51648;(Greenhouse&#183;Ashby&#183;Lever&#183;Polymer) / &#54620;&#44397; &#49688;&#46041; &#53944;&#47000;&#53433; / LinkedIn &#49688;&#46041; &#49368;&#54540; / &#49688;&#51665; &#44592;&#51456;&#51068;: 2026&#45380; 6&#50900; 18&#51068;</span></p><p><strong><span>&#50808;&#48512; &#51064;&#50857;</span></strong></p><ul><li><p><span>LinkedIn 2022.01: &#50516;&#54840;&#54868;&#54224; &#52292;&#50857; &#44277;&#44256; 2020&#45380; &#45824;&#48708; 395% &#51613;&#44032;</span></p></li><li><p><span>CFTE 2022: &#50516;&#54840;&#54868;&#54224;&#183;Web3&#44032; &#44592;&#49696; &#49888;&#44508; &#52292;&#50857;&#51032; 67% &#52264;&#51648;</span></p></li><li><p><span>Coincub Blockchain Jobs Report 2023: 2022~2023&#45380; &#48513;&#48120;&#183;&#50976;&#47101; &#48660;&#47197;&#52404;&#51064; &#52292;&#50857; &#50557; 40% &#44048;&#49548;</span></p></li><li><p><span>LinkedIn Jobs on the Rise 2026</span></p></li><li><p><span>LinkedIn 2026 Grad&#8217;s Guide: AI Engineer &#49457;&#51109;&#47456; 1&#50948;, &#48120;&#44397; AI &#44277;&#44256; +639,000&#44148; (AI Engineer +75,000&#44148;)</span></p></li><li><p><span>WEF&#183;LinkedIn 2026: AI &#49888;&#44508; &#51068;&#51088;&#47532; 130&#47564; &#44060;, AI expert &#48708;&#51473; LinkedIn &#51204;&#52404; &#44277;&#44256;&#51032; 3% &#52488;&#44284;</span></p></li><li><p><span>CoinDesk 2026.03.21 (&#50896; &#45936;&#51060;&#53552;: Up Top, William Burleson): 2026&#45380; 1&#50900; &#49888;&#44508; &#44277;&#44256; &#51204;&#45380;&#27604; &#50557; -80%, &#54616;&#47336; 6.5&#44148;</span></p></li><li><p><span>Coincub Web3 Jobs Report 2025: 66,494&#44148;, &#51204;&#45380;&#27604; +47%, 2022&#45380; &#44256;&#51216; &#48120;&#54924;&#48373;</span></p></li><li><p><span>CryptoJobsList 2026 Web3 Workforce Report: AI &#50616;&#44553; &#44592;&#51456; 23%&#8594;53.1%</span></p></li><li><p><span>web3.career 2025 Intelligence Report: Remote &#44277;&#44256; &#51204;&#45380;&#27604; 50% &#44048;&#49548;</span></p></li><li><p><span>GENIUS Act: 2025&#45380; 7&#50900; 18&#51068; &#53944;&#47100;&#54532; &#45824;&#53685;&#47161; &#49436;&#47749; &#48156;&#54952;</span></p></li><li><p><span>Tiger Research 2023 Global Web3 Jobs Report</span></p></li><li><p><span>&#44033;&#49324; &#44277;&#49885; &#44048;&#50896; &#48156;&#54364; (2025~2026&#45380;)</span></p></li><li><p><span>Blockworks-Messari &#51064;&#49688; &#48156;&#54364; (2026&#45380; 6&#50900; 12&#51068;)</span></p></li><li><p><span>Surf: Layoff &#45936;&#51060;&#53552; &#44160;&#49688;</span></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-kor">&#50728;&#52404;&#51064;&#50640;&#49436; RWA&#47196;: &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#51116;&#49444;&#44228;&#54616;&#45716; DeFi&#51032; &#49352;&#47196;&#50868; &#53664;&#45824;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/onchain-risk-curators-147t-vs-7b-kor">$147T vs $7B, &#50728;&#52404;&#51064; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#49884;&#51109; &#48516;&#49437;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/korea-institutional-crypto-2026-landscape-kor">2026&#45380;, &#54620;&#44397; &#44592;&#44288;&#46308;&#51032; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#51652;&#52636; &#52509;&#51221;&#47532;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/cex-to-everything-store-abandoned-kor">&#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#49548;&#51032; &#45824;&#44508;&#47784; &#51452;&#49885; &#44144;&#47000; &#51648;&#50896;, &#50808;&#47732;&#48155;&#45716; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/defi-lending-is-modularizing-the-kor">DeFi &#45824;&#52636; &#49884;&#51109;&#51008; &#50780; &#47784;&#46280;&#54868;&#46104;&#44256; &#51080;&#45716;&#44032;: &#47784;&#54252;(Morpho), &#50724;&#51068;&#47084;(Euler), &#50500;&#48288;(Aave)&#51032; &#47532;&#49828;&#53356; &#44288;&#47532; &#51204;&#51137;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944; &#51060;&#50857; &#50504;&#45236;</strong></h2><p><span>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; </span><a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">&#47196;&#44256;</a><span>&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</span></p></li></ul> ]]>
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<item>
<title>
<![CDATA[ ์ธํ„ฐ๋„ท ์ž๋ณธ์‹œ์žฅ 2026: ๋ฏธ๊ตญ์˜ ๊ตฌ์กฐ์  ๋ณ€ํ™”์™€ ์•„์‹œ์•„ ๊ธฐ๊ด€์˜ ๋ฐฉํ–ฅ์„ฑ ]]>
</title>
<description>
<![CDATA[ &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;(ICM)&#51060; &#44552;&#50997; &#49884;&#51109;&#51012; &#51116;&#54200;&#54616;&#44256; &#51080;&#49845;&#45768;&#45796;. &#44552;&#50997;&#44592;&#44288;&#46308;&#51060; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;&#50752; &#49892;&#49884;&#44036; &#44208;&#51228;&#47484; &#50948;&#54644; &#49556;&#46972;&#45208;&#47484; &#46020;&#51077;&#54620; &#49324;&#47168;&#46308;&#51012; &#47784;&#50520;&#49845;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/internet-capital-markets-2026-us-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/internet-capital-markets-2026-us-kor</guid>
<dc:creator>
<![CDATA[ Ryan Yoon ]]>
</dc:creator>
<pubDate>Thu, 18 Jun 2026 13:54:39 GMT</pubDate>
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srcset="https://substackcdn.com/image/fetch/$s_!mG4Z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 424w, https://substackcdn.com/image/fetch/$s_!mG4Z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 848w, https://substackcdn.com/image/fetch/$s_!mG4Z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 1272w, https://substackcdn.com/image/fetch/$s_!mG4Z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h2><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">Summary</span></strong></h2><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51008; &#44592;&#49696;&#51201; &#49892;&#54744; &#45800;&#44228;&#47484; &#45336;&#50612; &#48376;&#44201;&#51201;&#51064; &#49328;&#50629;&#54868; &#44284;&#51221;&#50640; &#51652;&#51077;&#54664;&#45796;. &#54693;&#54980; &#49884;&#51109;&#51060; &#51648;&#54693;&#54616;&#45716; &#44417;&#44537;&#51201;&#51064; &#54805;&#53468;&#45716; &#51088;&#49328;&#51032; &#48156;&#54665;, &#44144;&#47000;, &#51221;&#49328; &#46321; &#44032;&#52824; &#49324;&#49836;&#51032; &#51204; &#44284;&#51221;&#51060; &#45800;&#51068; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064; &#51064;&#54532;&#46972;&#50640;&#49436; &#51333;&#44208;&#46104;&#45716; &#8216;&#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;&#8217;&#51032; &#44396;&#52629;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50724;&#45720;&#45216;&#44620;&#51648;&#46020; &#51088;&#48376;&#49884;&#51109;&#51008; &#51064;&#53552;&#45367; &#51060;&#51204;&#50640; &#49444;&#44228;&#46108; &#44396;&#51312; &#50948;&#50640;&#49436; &#51089;&#46041;&#54620;&#45796;. &#51452;&#49885; &#54620; &#51452;&#47484; &#49324;&#44256;&#54036;&#50500;&#46020; &#52397;&#49328;&#49548;&#50752; &#50696;&#53441;&#44592;&#44288;&#51060; &#49324;&#51060;&#50640; &#45180;&#50612; &#51221;&#49328;&#44620;&#51648; &#54616;&#47336; &#51060;&#49345;&#51060; &#44152;&#47536;&#45796;. &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;&#51008; &#51088;&#49328;&#51032; &#48156;&#54665;&#44284; &#44144;&#47000;, &#51221;&#49328;&#51060; &#50668;&#47084; &#44592;&#44288;&#51032; &#51109;&#48512;&#47484; &#44144;&#52824;&#51648; &#50506;&#44592;&#50640; &#51060; &#49884;&#52264; &#51088;&#52404;&#47484; &#50630;&#50532;&#45796;. &#51088;&#48376;&#49884;&#51109; &#44396;&#51312;&#51032; &#45796;&#51020; &#45800;&#44228;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48120;&#44397;&#51008; &#51060; &#48320;&#54868;&#51032; &#51064;&#54532;&#46972; &#54364;&#51456;&#51012; &#44032;&#51109; &#47676;&#51200; &#49440;&#51216;&#54616;&#44256; &#51080;&#45796;. &#48120; &#51032;&#54924;&#44032; &#51648;&#45768;&#50612;&#49828; &#48277;&#50504;&#51004;&#47196; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51032; &#48277;&#51201; &#51648;&#50948;&#47484; &#44508;&#51221;&#54664;&#44256;, 2026&#45380; 3&#50900; &#48120; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;(SEC, &#51060;&#54616; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;)&#50752; &#48120; &#49345;&#54408;&#49440;&#47932;&#44144;&#47000;&#50948;&#50896;&#54924;(CFTC, &#51060;&#54616; &#49345;&#54408;&#49440;&#47932;&#44144;&#47000;&#50948;&#50896;&#54924;)&#44032; &#49556;&#46972;&#45208;&#47484; &#54252;&#54632;&#54620; 16&#44060; &#51088;&#49328;&#51012; &#46356;&#51648;&#53560; &#49345;&#54408;&#51004;&#47196; &#54869;&#51221;&#54616;&#47732;&#49436; &#51088;&#48376; &#50976;&#51077;&#51012; &#44032;&#47196;&#47561;&#45912; &#48520;&#54869;&#49892;&#49457;&#51060; &#49345;&#45817; &#48512;&#48516; &#54644;&#49548;&#46104;&#50632;&#45796;. &#54364;&#51456;&#51012; &#49464;&#50868; &#51452;&#52404;&#44032; &#49884;&#51109;&#51032; &#44508;&#52825;&#51012; &#51452;&#46020;&#54644;&#50728; &#44284;&#44144;&#51032; &#54056;&#53556;&#51060; &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;&#50640;&#49436; &#45796;&#49884; &#48152;&#48373;&#46104;&#45716; &#50577;&#49345;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;&#51004;&#47196;&#51032; &#51204;&#54872;&#51060; &#44032;&#51109; &#44396;&#52404;&#51201;&#51064; &#54805;&#53468;&#47196; &#44396;&#54788;&#46104;&#44256; &#51080;&#45716; &#45348;&#53944;&#50892;&#53356;&#45716; &#49556;&#46972;&#45208;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49556;&#46972;&#45208;&#45716; &#44592;&#44288;&#51032; &#49892;&#47924; &#49324;&#47168; &#44396;&#52629;&#44284; &#44508;&#51228; &#54532;&#47112;&#51076;&#50892;&#53356; &#49444;&#44228;&#47484; &#46041;&#49884;&#50640; &#52628;&#51652;&#54616;&#45716; &#51473;&#49900; &#45348;&#53944;&#50892;&#53356;&#45796;. &#44536; &#51068;&#54872;&#51004;&#47196; JP&#47784;&#44148;, &#49828;&#53580;&#51060;&#53944; &#49828;&#53944;&#47532;&#53944;, &#49884;&#54000; &#46321; &#44544;&#47196;&#48268; &#51452;&#50836; &#44552;&#50997;&#44592;&#44288;&#51012; &#50728;&#48372;&#46377;&#54616;&#47728; &#49892;&#47924; &#47112;&#54140;&#47088;&#49828;&#47484; &#45796;&#51648;&#45716; &#54620;&#54200;, &#50892;&#49905;&#53556; D.C.&#51032; &#49556;&#46972;&#45208; &#51221;&#52293; &#50672;&#44396;&#49548;&#47484; &#54596;&#46160;&#47196; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#50640; &#8216;&#54532;&#47196;&#51229;&#53944; &#50724;&#54536;&#8217; &#54028;&#51068;&#47103; &#54532;&#47112;&#51076;&#50892;&#53356;&#47484; &#51649;&#51217; &#51228;&#52636;&#54616;&#47728; &#44508;&#51228; &#49440;&#47168;&#47484; &#49440;&#51228;&#51201;&#51004;&#47196; &#54805;&#49457;&#54616;&#44256; &#51080;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48120;&#44397;&#51012; &#51473;&#49900;&#51004;&#47196; &#51060;&#52376;&#47100; &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;&#51032; &#54364;&#51456;&#51060; &#44277;&#44256;&#54644;&#51656;&#49688;&#47197;, &#50500;&#49884;&#50500; &#44552;&#50997;&#44592;&#44288;&#46308;&#51060; &#49884;&#51109;&#51012; &#49440;&#51216;&#54624; &#49688; &#51080;&#45716; &#44592;&#54924;&#45716; &#51460;&#50612;&#46308; &#49688;&#48150;&#50640; &#50630;&#45796;. &#47784;&#46304; &#51064;&#54532;&#46972;&#47484; &#47924;&#50640;&#49436; &#49444;&#44228;&#54616;&#45912; &#54140;&#49828;&#53944; &#47924;&#48260;&#51032; &#45800;&#44228;&#44032; &#51648;&#45212; &#47564;&#53372;, &#51060;&#51228;&#45716; &#44160;&#51613;&#46108; &#51064;&#54532;&#46972;&#50752; &#44508;&#51228; &#47112;&#54140;&#47088;&#49828;&#47484; &#49688;&#50857;&#54644; &#49884;&#54665;&#52265;&#50724;&#47484; &#52572;&#49548;&#54868;&#54616;&#45716; &#54056;&#49828;&#53944; &#54036;&#47196;&#50892; &#51204;&#47029;&#51060; &#44032;&#51109; &#54788;&#49892;&#51201;&#51064; &#44221;&#47196;&#45796;. &#47564;&#50557; &#48376;&#44397;&#51032; &#51228;&#46020; &#51221;&#48708;&#44032; &#45908;&#46356;&#45796;&#47732;, &#49905;&#44032;&#54252;&#47476;&#45208; UAE&#52376;&#47100; &#54532;&#47112;&#51076;&#50892;&#53356;&#44032; &#50756;&#48708;&#46108; &#44288;&#54624;&#44428;&#51012; &#44368;&#46160;&#48372;&#47196; &#49340;&#50500; &#49556;&#46972;&#45208;&#51032; &#44160;&#51613;&#46108; &#47784;&#45944;&#51012; &#47676;&#51200; &#51060;&#49885;&#54616;&#45716; &#44163;&#51060; &#49892;&#54952;&#51201;&#51064; &#45824;&#50504;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47932;&#47200; &#50728;&#52404;&#51064; &#49373;&#53468;&#44228; &#51652;&#51077; &#50668;&#48512;&#50752; &#44396;&#52404;&#51201;&#51064; &#53440;&#51076;&#46972;&#51064;&#51008; &#44033; &#44552;&#50997;&#44592;&#44288;&#44284; &#44508;&#51228; &#45817;&#44397;&#51032; &#44256;&#50976;&#54620; &#51221;&#52293;&#51201;, &#47532;&#49828;&#53356;&#51201; &#54032;&#45800; &#50689;&#50669;&#51060;&#45796;. &#45796;&#47564; &#48516;&#47749;&#54620; &#49324;&#49892;&#51008; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064; &#51648;&#54805; &#45236;&#50640;&#49436; &#49556;&#46972;&#45208;&#44032; &#44032;&#51109; &#50517;&#46020;&#51201;&#51064; &#48128;&#46020;&#51032; &#44592;&#44288; &#54028;&#51068;&#47103;&#44284; &#49892;&#44144;&#47000; &#47112;&#54140;&#47088;&#49828;&#47484; &#52629;&#51201;&#54644; &#50772;&#45796;&#45716; &#51216;&#51060;&#45796;. &#51060;&#50640; &#48376; &#48372;&#44256;&#49436;&#45716; &#54532;&#46972;&#51060;&#48727;&#51060;&#45208; &#54728;&#44032;&#54805; &#48516;&#49328;&#50896;&#51109;&#44284;&#51032; &#45800;&#49692; &#48708;&#44368;&#47484; &#48176;&#51228;&#54616;&#44256;, &#49892;&#51228; &#51088;&#48376;&#51060; &#50880;&#51649;&#51060;&#45716; &#54140;&#48660;&#47533; &#51064;&#54532;&#46972; &#51648;&#54805;&#50640;&#49436; &#49556;&#46972;&#45208;&#44032; &#44032;&#51652; &#49345;&#50629;&#51201; &#49892;&#54952;&#49457;&#51012; &#51665;&#51473; &#48516;&#49437;&#54620;&#45796;.</span></p><div><hr></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://public.relate.so/p/docs/ytynu6z1duhxo7ut&quot;,&quot;text&quot;:&quot;&#128229; &#47532;&#54252;&#53944; &#45796;&#50868;&#47196;&#46300;&#54616;&#44592;&quot;,&quot;action&quot;:null,&quot;class&quot;:&quot;button-wrapper&quot;}" data-component-name="ButtonCreateButton"><a class="button primary button-wrapper" href="https://public.relate.so/p/docs/ytynu6z1duhxo7ut"><span>&#128229; &#47532;&#54252;&#53944; &#45796;&#50868;&#47196;&#46300;&#54616;&#44592;</span></a></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!mG4Z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!mG4Z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 424w, https://substackcdn.com/image/fetch/$s_!mG4Z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 848w, https://substackcdn.com/image/fetch/$s_!mG4Z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 1272w, https://substackcdn.com/image/fetch/$s_!mG4Z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!mG4Z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png" width="1456" height="594" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:594,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:4251939,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/202537071?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!mG4Z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 424w, https://substackcdn.com/image/fetch/$s_!mG4Z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 848w, https://substackcdn.com/image/fetch/$s_!mG4Z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 1272w, https://substackcdn.com/image/fetch/$s_!mG4Z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dc097c4-20bc-4689-a521-a9c52ca1592d_6681x2727.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h2><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">1. &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;, &#49892;&#54744;&#50640;&#49436; &#49328;&#50629;&#51004;&#47196;</span></strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ShwZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d67ae4-8201-4437-88f1-d20078e211ce_2048x1197.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ShwZ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d67ae4-8201-4437-88f1-d20078e211ce_2048x1197.png 424w, https://substackcdn.com/image/fetch/$s_!ShwZ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d67ae4-8201-4437-88f1-d20078e211ce_2048x1197.png 848w, https://substackcdn.com/image/fetch/$s_!ShwZ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d67ae4-8201-4437-88f1-d20078e211ce_2048x1197.png 1272w, https://substackcdn.com/image/fetch/$s_!ShwZ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d67ae4-8201-4437-88f1-d20078e211ce_2048x1197.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ShwZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d67ae4-8201-4437-88f1-d20078e211ce_2048x1197.png" width="1456" height="851" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e7d67ae4-8201-4437-88f1-d20078e211ce_2048x1197.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:851,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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src="https://substackcdn.com/image/fetch/$s_!0uhF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35cbeda2-7451-400e-b03b-be11a5e5805b_2048x1541.png" width="1456" height="1096" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/35cbeda2-7451-400e-b03b-be11a5e5805b_2048x1541.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1096,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!0uhF!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35cbeda2-7451-400e-b03b-be11a5e5805b_2048x1541.png 424w, https://substackcdn.com/image/fetch/$s_!0uhF!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35cbeda2-7451-400e-b03b-be11a5e5805b_2048x1541.png 848w, https://substackcdn.com/image/fetch/$s_!0uhF!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35cbeda2-7451-400e-b03b-be11a5e5805b_2048x1541.png 1272w, https://substackcdn.com/image/fetch/$s_!0uhF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F35cbeda2-7451-400e-b03b-be11a5e5805b_2048x1541.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49328;&#50629;&#51032; &#45800;&#44228;&#50640; &#46308;&#50612;&#49440; &#50516;&#54840;&#54868;&#54224;&#44032; &#54693;&#54616;&#45716; &#48120;&#47000;&#45716; &#51088;&#48376;&#49884;&#51109; &#44536; &#51088;&#52404;&#51032; &#51116;&#44396;&#49457;&#51060;&#45796;. &#51060;&#47084;&#54620; &#48120;&#47000;&#45716; &#51088;&#49328;&#51032; &#48156;&#54665;&#44284; &#44144;&#47000;, &#51221;&#49328;&#51060; &#54616;&#45208;&#51032; &#44277;&#44060; &#48660;&#47197;&#52404;&#51064; &#50948;&#50640;&#49436; &#51060;&#47336;&#50612;&#51648;&#45716; &#8216;&#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;(ICM)&#8217;&#51004;&#47196; &#51221;&#51032;&#54624; &#49688; &#51080;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1bTW!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5fea5525-2914-49b3-8e41-fe95ec78cda4_2048x1315.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1bTW!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5fea5525-2914-49b3-8e41-fe95ec78cda4_2048x1315.png 424w, https://substackcdn.com/image/fetch/$s_!1bTW!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5fea5525-2914-49b3-8e41-fe95ec78cda4_2048x1315.png 848w, 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src="https://substackcdn.com/image/fetch/$s_!5ayw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7a6dedca-40df-4830-80b7-5c0b5d617f53_2048x1453.png" width="1456" height="1033" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7a6dedca-40df-4830-80b7-5c0b5d617f53_2048x1453.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1033,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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&#51201;&#44537;&#51201;&#51064; &#51204;&#47029;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50836;&#52968;&#45824; &#49556;&#46972;&#45208;&#45716; &#50517;&#46020;&#51201;&#51064; &#44592;&#49696;&#51201; &#50504;&#51221;&#49457;, &#45824;&#54805; &#44552;&#50997;&#44592;&#44288;&#51032; &#49892;&#44144;&#47000; &#47112;&#54140;&#47088;&#49828;, &#44536;&#47532;&#44256; &#49440;&#51228;&#51201;&#51064; &#44508;&#51228; &#54532;&#47112;&#51076;&#50892;&#53356; &#44396;&#52629;&#51060;&#46972;&#45716; &#49464; &#44032;&#51648; &#54645;&#49900; &#52629;&#51012; &#45800;&#51068; &#49373;&#53468;&#44228; &#45236;&#50640;&#49436; &#50756;&#49457;&#54644; &#45208;&#44032;&#44256; &#51080;&#45796;. &#48120;&#44397; &#51473;&#49900;&#51032; &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109; &#51648;&#54805;&#44284; &#54693;&#54980; &#44508;&#51228; &#48169;&#54693;&#49457;&#51012; &#48516;&#49437;&#54624; &#46412; &#49556;&#46972;&#45208;&#44032; &#44032;&#51109; &#54645;&#49900;&#51201;&#51064; &#48292;&#52824;&#47560;&#53356;&#47196; &#44592;&#45733;&#54616;&#45716; &#48176;&#44221;&#51060;&#45796;.</span></p><h2><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">4. &#49556;&#46972;&#45208; &#50948;&#51032; &#44592;&#44288;&#46308;: &#48512;&#47928;&#48324; &#49324;&#47168; &#48516;&#49437;</span></strong></h2><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49556;&#46972;&#45208; &#44592;&#48152;&#51032; &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109; &#51652;&#51077; &#49324;&#47168;&#45716; &#45796;&#44033;&#46020;&#47196; &#51204;&#44060;&#46104;&#44256; &#51080;&#45796;. &#44033; &#44592;&#44288;&#51032; &#51204;&#47029;&#51201; &#47785;&#54364;&#50752; &#52376;&#54620; &#54872;&#44221;&#50640; &#46384;&#46972; &#50728;&#52404;&#51064; &#51652;&#51077; &#50577;&#49345;&#51008; &#46748;&#47159;&#54620; &#52264;&#51060;&#47484; &#48372;&#51064;&#45796;. &#51060;&#47084;&#54620; &#45796;&#52789;&#51201; &#46041;&#54693;&#51012; &#44396;&#51312;&#51201;&#51004;&#47196; &#51652;&#45800;&#54616;&#44592; &#50948;&#54644; &#46160; &#44032;&#51648; &#54645;&#49900; &#52629;&#51004;&#47196; &#44396;&#49457;&#46108; &#48516;&#49437; &#54532;&#47112;&#51076;&#50892;&#53356;&#47484; &#51228;&#49884;&#54620;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!VTTO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!VTTO!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png 424w, https://substackcdn.com/image/fetch/$s_!VTTO!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png 848w, https://substackcdn.com/image/fetch/$s_!VTTO!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png 1272w, https://substackcdn.com/image/fetch/$s_!VTTO!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!VTTO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png" width="1456" height="1165" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1165,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!VTTO!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png 424w, https://substackcdn.com/image/fetch/$s_!VTTO!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png 848w, https://substackcdn.com/image/fetch/$s_!VTTO!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png 1272w, https://substackcdn.com/image/fetch/$s_!VTTO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ab99e-5cd6-4bb5-a89b-e3b654aa914d_2048x1638.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#52395; &#48264;&#51704; &#52629;: &#44508;&#51228; &#45824;&#51025; &#48169;&#49885;</span></strong></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44508;&#51228; &#50504;&#52265;&#54805; (Compliance-Driven)</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#54788;&#54665; &#51228;&#46020;&#44428; &#44032;&#51060;&#46300;&#46972;&#51064;&#51012; &#49688;&#50857;&#54616;&#50668; &#49888;&#49549;&#54616;&#44172; &#51088;&#48376; &#54952;&#50984;&#49457;&#51012; &#54869;&#48372;&#54616;&#45716; &#51204;&#47029; (&#50696;: JP&#47784;&#44148; &#44592;&#50629;&#50612;&#51020; &#46041;&#49884; &#51221;&#49328;)</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44508;&#51228; &#44060;&#52377;&#54805; (Frontier-Defining)</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#47749;&#54869;&#54620; &#44508;&#51228; &#44592;&#51456;&#51060; &#48512;&#51116;&#54620; &#50689;&#50669;&#50640;&#49436; &#54532;&#47196;&#44536;&#47000;&#47672;&#48660; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;(&#44508;&#51228; &#50836;&#44148;&#51032; &#53076;&#46300;&#54868;)&#47484; &#49440;&#51228;&#51201;&#51004;&#47196; &#44396;&#54788;&#54616;&#50668; &#49352;&#47196;&#50868; &#49884;&#51109; &#49440;&#47168;&#47484; &#52285;&#52636;&#54616;&#45716; &#51204;&#47029; (&#50696;: &#50724;&#47476;&#52852; &#54140;&#48120;&#49496;&#46300; &#54400;)</span></p></li></ul><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#46160; &#48264;&#51704; &#52629;: &#44032;&#52824;&#49324;&#49836; &#53685;&#54633;&#51032; &#44618;&#51060;</span></strong></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#45800;&#49692; &#53664;&#53360;&#54868; (Wrapper):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#44592;&#51316; &#44552;&#50997; &#51064;&#54532;&#46972;&#47484; &#50976;&#51648;&#54620; &#52292; &#53664;&#53360;&#51012; &#45800;&#49692; &#44428;&#47532; &#51613;&#49436;&#47196;&#47564; &#54876;&#50857;&#54616;&#45716; &#52488;&#44592; &#51217;&#44540;&#48277;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54400;&#49828;&#53469; &#49688;&#47156; (Native)</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#51088;&#49328;&#51032; &#48156;&#54665;&#183;&#52397;&#49328;&#183;&#51221;&#49328;&#51012; &#45800;&#51068; &#50896;&#51109;&#50640;&#49436; &#50756;&#44208;&#54616;&#45716; &#44256;&#46020;&#54868; &#47784;&#45944;. &#45796;&#52789;&#51201; &#51473;&#44060; &#44396;&#51312;&#47484; &#49828;&#47560;&#53944;&#52968;&#53944;&#47001;&#53944;&#47196; &#45824;&#52404;&#54616;&#50668; &#51593;&#49884; &#44208;&#51228;(T+0) &#48143; &#44144;&#47000; &#49345;&#45824;&#48169; &#51060;&#54665; &#50948;&#54744;&#51032; &#50896;&#52380; &#52264;&#45800;&#51012; &#49892;&#54788;&#54632;</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#46160; &#52629;&#51004;&#47196; &#44396;&#49457;&#46108; &#47588;&#53944;&#47533;&#49828;&#45716; &#44060;&#48324; &#44592;&#44288;&#51032; &#50728;&#52404;&#51064; &#54252;&#51648;&#49492;&#45789;&#51012; &#54217;&#44032;&#54616;&#45716; &#54645;&#49900; &#44592;&#51456;&#51216;&#51060;&#45796;. &#48376; &#48372;&#44256;&#49436;&#45716; &#54644;&#45817; &#48516;&#49437; &#53952;&#51012; 1) &#51008;&#54665;&#183;&#51088;&#48376;&#49884;&#51109;, 2) &#44208;&#51228;&#183;&#49828;&#53580;&#51060;&#48660;&#53076;&#51064;, 3) &#49892;&#47932;&#51088;&#49328; &#53664;&#53360;&#54868;, 4) &#51064;&#54532;&#46972; &#54869;&#49328; &#46321; &#51088;&#48376;&#49884;&#51109;&#51032; 4&#45824; &#54645;&#49900; &#50689;&#50669;&#50640; &#51201;&#50857;&#54620;&#45796;. &#51060;&#47484; &#53685;&#54644; &#44033; &#44592;&#44288;&#51060; &#51204;&#53685; &#44552;&#50997; &#51064;&#54532;&#46972;&#51032; &#48708;&#50857; &#44396;&#51312;&#50752; &#51228;&#50557;&#51012; &#50612;&#46523;&#44172; &#44537;&#48373;&#54664;&#45716;&#51648; &#51077;&#52404;&#51201;&#51004;&#47196; &#51312;&#47749;&#54616;&#44256;, &#44536; &#49440;&#53469;&#51060; &#45236;&#54252;&#54616;&#45716; &#51204;&#47029;&#51201; &#49884;&#49324;&#51216;&#51012; &#46020;&#52636;&#54620;&#45796;.</span></p><h3><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">4.1. &#51008;&#54665;&#183;&#51088;&#48376;&#49884;&#51109;</span></strong></h3><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51008;&#54665;&#183;&#51088;&#48376;&#49884;&#51109; &#48512;&#47928;&#51008; &#52292;&#44428; &#48156;&#54665;, &#47924;&#50669;&#44552;&#50997;, &#54788;&#44552;&#44288;&#47532;&#47484; &#54252;&#44292;&#54620;&#45796;. &#44592;&#44288;&#51060; &#51088;&#44552;&#51012; &#51312;&#45804;&#54616;&#44256;, &#47924;&#50669; &#45824;&#44552;&#51012; &#51452;&#44256;&#48155;&#51004;&#47728;, &#50976;&#55092; &#51088;&#48376;&#51012; &#50868;&#50857;&#54616;&#45716; &#51068;&#47144;&#51032; &#44284;&#51221;&#51060;&#45796;. &#51204;&#53685; &#44552;&#50997;&#44592;&#44288;&#51032; &#54645;&#49900; &#49688;&#51061;&#50896;&#51064; &#46041;&#49884;&#50640;, &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109; &#51204;&#54872;&#50640; &#46384;&#47480; &#48708;&#50857; &#51208;&#44048; &#54952;&#44284;&#44032; &#44032;&#51109; &#47676;&#51200;, &#44032;&#51109; &#51649;&#51217;&#51201;&#51004;&#47196; &#45208;&#53440;&#45208;&#45716; &#50689;&#50669;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54644;&#45817; &#50689;&#50669;&#51032; &#44256;&#51656;&#51201; &#54620;&#44228;&#45716; &#44144;&#47000; &#52404;&#44208;&#44284; &#52572;&#51333; &#51221;&#49328; &#49324;&#51060;&#51032; &#47932;&#47532;&#51201; &#49884;&#52264;&#45796;. &#51060; &#44036;&#44537;&#51008; &#49884;&#49828;&#53596; &#47532;&#49828;&#53356;&#50752; &#51088;&#48376; &#48708;&#54952;&#50984;&#49457;&#51012; &#50556;&#44592;&#54616;&#45716; &#44540;&#48376; &#50896;&#51064;&#51060;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#52292;&#44428; &#48156;&#54665;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#51452;&#49440;&#49324;, &#52397;&#49328;&#49548;, &#50696;&#53441;&#44592;&#44288; &#44036; &#48516;&#51208;&#46108; &#51109;&#48512; &#44592;&#47197;&#44284; &#49324;&#54980; &#45824;&#51312;&#47196; &#51064;&#54644; &#47561;&#45824;&#54620; &#54665;&#51221; &#48708;&#50857;&#51060; &#48156;&#49373;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47924;&#50669;&#44552;&#50997;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#49892;&#47932; &#49436;&#47448; &#44592;&#48152;&#51032; &#45796;&#45800;&#44228; &#44160;&#51613; &#51208;&#52264;&#47196; &#51088;&#44552; &#51665;&#54665;&#44620;&#51648; &#48520;&#54596;&#50836;&#54620; &#50976;&#55092; &#49884;&#44036;&#51060; &#49548;&#50836;&#46108;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54788;&#44552;&#44288;&#47532;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#51204;&#53685;&#51201; &#50689;&#50629;&#49884;&#44036;&#51032; &#51228;&#50557;&#51004;&#47196; &#50556;&#44036; &#48143; &#51452;&#47568; &#50976;&#46041;&#49457;&#51060; &#47560;&#48708;&#46104;&#50612; &#49688;&#51061; &#52285;&#52636; &#44592;&#54924;&#44032; &#49345;&#49892;&#46108;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#47084;&#54620; &#51221;&#49328; &#51648;&#50672;&#51008; &#44256;&#44552;&#47532; &#54872;&#44221;&#50640;&#49436; &#51088;&#48376;&#49884;&#51109; &#51204;&#52404;&#51032; &#51088;&#44552;&#51012; &#47926;&#50612;&#46160;&#45716; &#44144;&#45824;&#54620; &#44592;&#54924;&#48708;&#50857; &#49552;&#49892;&#51012; &#45235;&#45716;&#45796;. &#54616;&#47336;&#51032; &#51221;&#49328; &#49884;&#52264;(T+1) &#46041;&#50504; &#47561;&#45824;&#54620; &#51088;&#44552;&#51060; &#51064;&#54532;&#46972;&#50640; &#44256;&#50668; &#50880;&#51649;&#51060;&#51648; &#47803;&#54616;&#44592; &#46412;&#47928;&#51060;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!-Hfb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7a645d21-d3c5-4390-bd2c-9e5527d1aa13_2048x1492.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!-Hfb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7a645d21-d3c5-4390-bd2c-9e5527d1aa13_2048x1492.png 424w, https://substackcdn.com/image/fetch/$s_!-Hfb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7a645d21-d3c5-4390-bd2c-9e5527d1aa13_2048x1492.png 848w, 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&#49345;&#54924;&#54616;&#45716; &#44163;&#51004;&#47196; &#45208;&#53440;&#45228;&#45796;. &#44208;&#44397; &#44592;&#51316; &#44552;&#50997; &#49884;&#49828;&#53596;&#51060; &#51648;&#45772; &#49549;&#46020;&#51032; &#54620;&#44228;&#44032; &#49884;&#51109; &#52280;&#50668;&#51088;&#46308;&#50640;&#44172; &#47561;&#45824;&#54620; &#44508;&#47784;&#51032; &#49704;&#51008; &#48708;&#50857;&#51012; &#51648;&#50864;&#44256; &#51080;&#45716; &#44163;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109; &#51064;&#54532;&#46972;&#50640;&#49436;&#45716; &#51060; &#44256;&#51656;&#51201;&#51064; &#49884;&#52264;&#44032; &#50756;&#51204;&#55176; &#49548;&#47736;&#46108;&#45796;. &#51088;&#49328; &#51060;&#51204;&#44284; &#45824;&#44552; &#51648;&#44553;&#51060; &#54616;&#45208;&#51032; &#53944;&#47004;&#51117;&#49496;&#51004;&#47196; &#47926;&#50668; &#49892;&#49884;&#44036;&#51004;&#47196; &#52376;&#47532;&#46104;&#45716; &#46041;&#49884;&#51221;&#49328;(DVP, Delivery-versus-Payment) &#47700;&#52964;&#45768;&#51608; &#45909;&#48516;&#51060;&#45796;. &#44144;&#47000; &#54620;&#51901;&#51060; &#51060;&#54665;&#46104;&#51648; &#50506;&#51004;&#47732; &#48152;&#45824;&#51901;&#46020; &#49892;&#54665;&#46104;&#51648; &#50506;&#44592; &#46412;&#47928;&#50640;, &#51473;&#44036;&#50640;&#49436; &#51060;&#54665; &#50948;&#54744;&#51012; &#55137;&#49688;&#54616;&#45912; &#52397;&#49328;&#49548;&#44032; &#54596;&#50836; &#50630;&#50612;&#51648;&#44256; &#44033; &#44592;&#44288;&#51060; &#46384;&#47196; &#44288;&#47532;&#54616;&#45912; &#51109;&#48512; &#45824;&#51312; &#44277;&#51221;&#46020; &#49324;&#46972;&#51652;&#45796;. &#44208;&#44284;&#51201;&#51004;&#47196; &#44144;&#47000; &#52404;&#44208;&#44284; &#52397;&#49328;&#51060; &#49688;&#52488; &#50504;&#50640; &#50756;&#44208;(T+0)&#46108;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link 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https://substackcdn.com/image/fetch/$s_!JRcb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffa21981-4dd1-499f-9c4b-cddc91a6e19b_2048x1311.png 848w, https://substackcdn.com/image/fetch/$s_!JRcb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffa21981-4dd1-499f-9c4b-cddc91a6e19b_2048x1311.png 1272w, https://substackcdn.com/image/fetch/$s_!JRcb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffa21981-4dd1-499f-9c4b-cddc91a6e19b_2048x1311.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" 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&#54872;&#51204;&#54620; &#46244; &#49345;&#54408;&#50640; &#44032;&#51077;&#54644;&#50556; &#54664;&#45796;. &#51060; &#44284;&#51221;&#50640;&#49436; &#54872;&#51204; &#48143; &#49569;&#44552; &#49688;&#49688;&#47308; &#54805;&#53468;&#51032; &#8216;&#47560;&#52272; &#48708;&#50857;(Friction Costs)&#8217;&#51008; &#47932;&#47200;, &#48520;&#54596;&#50836;&#54620; &#8216;&#49884;&#44036; &#51648;&#50672;&#8217;&#51060; &#54596;&#50672;&#51201;&#51004;&#47196; &#49688;&#48152;&#46104;&#50632;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54693;&#54980; &#44544;&#47196;&#48268; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44277;&#44553;&#47049;&#51060; &#45908;&#50865; &#54869;&#45824;&#46112; &#44144;&#49884;&#51201; &#54872;&#44221;&#51012; &#44256;&#47140;&#54624; &#46412;, SWEEP&#51008; &#44592;&#44288;&#51060; &#51088;&#52404; &#51648;&#44049;&#50640;&#49436; &#48120; &#44397;&#52292; &#49688;&#51061;&#47456; &#50672;&#46041; &#51088;&#49328;&#51004;&#47196; &#51649;&#51217; &#51077;&#52636;&#44552;&#54624; &#49688; &#51080;&#45716; &#47112;&#51068;&#51012; &#51228;&#44277;&#54620;&#45796;. &#51060;&#46412; &#48156;&#54665; &#51452;&#52404;&#44032; &#53685;&#51228;&#54616;&#45716; &#53804;&#51088;&#51088; &#51201;&#44201;&#49457; &#44160;&#51613;(Eligibility) &#44508;&#51221;&#51008; &#50728;&#52404;&#51064; &#49828;&#47560;&#53944; &#44228;&#50557;&#51012; &#53685;&#54644; &#54532;&#47196;&#44536;&#47000;&#48141; &#48169;&#49885;&#51004;&#47196; &#51088;&#46041; &#44053;&#51228;&#46108;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47932;&#47200; &#48660;&#47001;&#47197;&#51032; BUIDL&#51060;&#45208; &#54532;&#47021;&#53364;&#47536; &#53596;&#54540;&#53556;&#51032; BENJI &#44057;&#51008; &#44592;&#51316; &#44397;&#52292; &#53664;&#53360;&#54868; &#49345;&#54408;&#51012; &#53685;&#54644;&#49436;&#46020; &#51116;&#47924; &#44288;&#47532;&#45716; &#44032;&#45733;&#54616;&#45796;. &#44536;&#47084;&#45208; &#45800;&#49692;&#55176; &#53945;&#51221; &#45800;&#51068; &#51088;&#49328;&#50640; &#49688;&#46041;&#51201;&#51004;&#47196; &#53804;&#51088;&#54616;&#45716; &#44163;&#44284;, &#49884;&#49828;&#53596;&#51060; &#50508;&#44256;&#47532;&#51608;&#50640; &#46384;&#46972; &#49828;&#49828;&#47196; &#51088;&#44552;&#51012; &#52572;&#51201;&#54868;&#54616;&#45716; &#8216;&#51088;&#46041;&#54868;&#46108; &#51116;&#47924; &#44288;&#47532;&#8217;&#45716; &#51088;&#48376; &#54952;&#50984;&#49457; &#52769;&#47732;&#50640;&#49436; &#47749;&#54869;&#54620; &#52264;&#51060;&#47484; &#48372;&#51064;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!sz3H!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae05a7d-0d6a-4a11-bce5-9e9fb81ab94c_2048x1150.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!sz3H!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae05a7d-0d6a-4a11-bce5-9e9fb81ab94c_2048x1150.png 424w, https://substackcdn.com/image/fetch/$s_!sz3H!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae05a7d-0d6a-4a11-bce5-9e9fb81ab94c_2048x1150.png 848w, https://substackcdn.com/image/fetch/$s_!sz3H!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae05a7d-0d6a-4a11-bce5-9e9fb81ab94c_2048x1150.png 1272w, https://substackcdn.com/image/fetch/$s_!sz3H!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae05a7d-0d6a-4a11-bce5-9e9fb81ab94c_2048x1150.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!sz3H!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae05a7d-0d6a-4a11-bce5-9e9fb81ab94c_2048x1150.png" width="1456" height="818" 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https://substackcdn.com/image/fetch/$s_!sz3H!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae05a7d-0d6a-4a11-bce5-9e9fb81ab94c_2048x1150.png 848w, https://substackcdn.com/image/fetch/$s_!sz3H!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae05a7d-0d6a-4a11-bce5-9e9fb81ab94c_2048x1150.png 1272w, https://substackcdn.com/image/fetch/$s_!sz3H!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae05a7d-0d6a-4a11-bce5-9e9fb81ab94c_2048x1150.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" 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SWEEP &#53664;&#53360;&#51060; &#48156;&#44553;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2&#45800;&#44228;(&#50868;&#50857;): </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51077;&#44552;&#50529;&#51032; &#45824;&#48512;&#48516;&#51008; &#45800;&#44592; &#48120;&#44397;&#52292; &#46321; &#50504;&#51204; &#51088;&#49328;&#50640; &#53804;&#51088;&#46104;&#50612; &#50504;&#51221;&#51201;&#51064; &#49688;&#51061;&#51012; &#45240;&#45796;. &#46041;&#49884;&#50640; 24/7 &#49345;&#49884; &#54872;&#47588; &#50836;&#52397;&#50640; &#51593;&#44033; &#45824;&#51025;&#54624; &#49688; &#51080;&#46020;&#47197; &#51068;&#51221; &#48708;&#50984;&#51008; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#46321; &#50976;&#46041;&#49457; &#48260;&#54140;&#47196; &#48372;&#50976;&#54616;&#47728;, &#51204;&#53685; &#51088;&#49328;&#51008; &#49828;&#53580;&#51060;&#53944; &#49828;&#53944;&#47532;&#53944;&#51060;, &#50728;&#52404;&#51064; &#51088;&#49328;&#51008; &#50549;&#52964;&#47532;&#51648; &#46356;&#51648;&#53560;&#51060; &#48516;&#47532; &#49688;&#53441;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">3&#45800;&#44228;(&#46356;&#54028;&#51060; &#54876;&#50857;):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#48156;&#44553;&#46108; SWEEP &#53664;&#53360;&#51012; &#50808;&#48512; &#46356;&#54028;&#51060; &#54532;&#47196;&#53664;&#53084;&#51032; &#45812;&#48372;&#45208; &#45824;&#52636; &#51088;&#49328;&#51004;&#47196; &#54876;&#50857;&#54644; &#51088;&#48376;&#51012; &#52628;&#44032; &#50976;&#46041;&#54868;&#54620;&#45796;. &#51060;&#45716; &#54693;&#54980; &#50672;&#44228;&#46104;&#45716; &#46356;&#54028;&#51060; &#49373;&#53468;&#44228;&#51032; &#54869;&#51109; &#50577;&#49345;&#50640; &#46384;&#46972; &#44396;&#52404;&#51201;&#51064; &#54876;&#50857;&#46020;&#50752; 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&#51088;&#48376; &#48176;&#51221;&#51008; &#50728;&#52404;&#51064; &#54788;&#44552; &#44288;&#47532; &#49345;&#54408;&#51004;&#47196;&#49436; &#54644;&#45817; &#51088;&#49328;&#51060; &#54869;&#48372;&#54620; &#49888;&#47280;&#49457;&#51012; &#47749;&#54869;&#55176; &#48169;&#51613;&#54616;&#47728;, &#54693;&#54980; &#51060;&#47084;&#54620; &#50976;&#50857;&#49457;&#51060; &#49884;&#51109;&#50640; &#50756;&#51204;&#55176; &#50504;&#52265;&#46120;&#50640; &#46384;&#46972; &#49373;&#53468;&#44228; &#45236; &#49884;&#45320;&#51648; &#54952;&#44284;&#45716; &#45908;&#50865; &#44305;&#48276;&#50948;&#54616;&#44172; &#54869;&#45824;&#46112; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50668;&#44592;&#49436; &#51452;&#47785;&#54624; &#54645;&#49900;&#51008; &#49556;&#46972;&#45208; &#47112;&#51068; &#50948;&#50640;&#49436; &#51060;&#47336;&#50612;&#51648;&#45716; &#51060;&#47084;&#54620; &#50880;&#51649;&#51076;&#46308;&#51060; &#45800;&#49692;&#54620; &#44060;&#45392; &#51613;&#47749;(PoC)&#51012; &#45336;&#50612;, &#49892;&#51228; &#45824;&#44508;&#47784; &#51088;&#48376;&#51060; &#50976;&#51077;&#46104;&#50612; &#44396;&#46041;&#46104;&#45716; &#8216;&#49345;&#50857;&#54868; &#44160;&#51613;&#8217; &#45800;&#44228;&#50640; &#51652;&#51077;&#54664;&#45796;&#45716; &#51216;&#51060;&#45796;. &#54788;&#51116; &#49345;&#45817;&#49688;&#44032; &#50668;&#51204;&#55176; &#54028;&#51068;&#47103; &#45800;&#44228;&#50640; &#47672;&#47932;&#47084; &#51080;&#45716; &#50500;&#49884;&#50500; &#44552;&#50997;&#44592;&#44288;&#46308;&#51008; &#51060;&#47484; &#52264;&#49464;&#45824; &#51064;&#54532;&#46972; &#44396;&#52629;&#51012; &#50948;&#54620; &#44032;&#51109; &#44053;&#47141;&#54620; &#49892;&#49884;&#44036; &#50868;&#50689; &#47112;&#54140;&#47088;&#49828;&#47196; &#49340;&#51012; &#49688; &#51080;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44536;&#47084;&#45208; &#51060;&#52376;&#47100; &#44160;&#51613;&#46108; &#49884;&#49828;&#53596;&#51060; &#50896;&#54876;&#54616;&#44172; &#51089;&#46041;&#54616;&#44592; &#50948;&#54644;&#49436;&#45716; &#44508;&#51228;&#51201; &#44592;&#48152;&#51032; &#54869;&#47549;&#51060; &#51208;&#45824;&#51201;&#51064; &#49440;&#44208; &#44284;&#51228;&#45796;. &#44208;&#44397; &#51088;&#48376;&#49884;&#51109; &#54056;&#47084;&#45796;&#51076; &#51204;&#54872;&#51032; &#48376;&#51656;&#51008; &#44592;&#49696; &#44221;&#51137; &#44536; &#51088;&#52404;&#44032; &#50500;&#45768;&#46972;, &#44508;&#51228;&#44032; &#51228;&#46020;&#54868;&#46104;&#45716; &#49549;&#46020;&#50640; &#51080;&#44592; &#46412;&#47928;&#51060;&#45796;. &#50500;&#49884;&#50500; &#49884;&#51109;&#50640;&#49436; &#51060;&#50752; &#45824;&#46321;&#54620; &#49688;&#51456;&#51032; &#54785;&#49888; &#49345;&#54408;&#51060; &#46321;&#51109;&#54616;&#45716; &#49884;&#51216; &#50669;&#49884;, &#44033;&#44397; &#44508;&#51228;&#45817;&#44397;&#51060; &#54788;&#51648;&#48277; &#49849;&#51064; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#44284; &#50728;&#52404;&#51064; &#44397;&#52292; &#44288;&#47532;&#50640; &#45824;&#54620; &#48277;&#51201; &#44540;&#44144;&#47484; &#50616;&#51228; &#49440;&#51228;&#51201;&#51004;&#47196; &#47560;&#47144;&#54616;&#45712;&#45264;&#50640; &#46384;&#46972; &#44208;&#51221;&#46112; &#44163;&#51060;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#49884;&#54000; &#215; PwC: &#47924;&#50669;&#44552;&#50997; &#53664;&#53360;&#54868;(&#54872;&#50612;&#51020;)</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44592;&#51316; &#47924;&#50669;&#44552;&#50997;&#51008; &#49688;&#47566;&#51008; &#51333;&#51060; &#49436;&#47448; &#51089;&#50629;&#44284; &#45796;&#45800;&#44228; &#51473;&#44060;&#44592;&#44288;&#51012; &#44144;&#52824;&#47728; &#49892;&#51228; &#51088;&#44552;&#51060; &#51665;&#54665;&#46104;&#44592;&#44620;&#51648; &#49688;&#51068;&#50640;&#49436; &#49688;&#51452;&#51068;&#51060; &#49548;&#50836;&#46104;&#45716; &#51200;&#54952;&#50984; &#44396;&#51312;&#47484; &#50976;&#51648;&#54644; &#50772;&#45796;. &#51060; &#44284;&#51221;&#50640;&#49436; &#48156;&#49373;&#54616;&#45716; &#49884;&#44036; &#51648;&#50672;&#44284; &#51473;&#44060; &#49688;&#49688;&#47308;&#45716; &#44592;&#50629;&#51032; &#51088;&#49328; &#49373;&#49328;&#49457;&#51012; &#51200;&#54616;&#49884;&#53412;&#45716; &#51452;&#46108; &#50836;&#51064;&#51060;&#50632;&#51004;&#47728;, &#46041;&#49884;&#50640; &#51088;&#44552; &#51665;&#54665;&#51032; &#44592;&#51456;&#51060; &#46104;&#45716; &#54788;&#44552; &#55120;&#47492;&#51032; &#44032;&#49884;&#49457;&#51012; &#54869;&#48372;&#54616;&#45716; &#45936; &#53360; &#44152;&#47548;&#46028;&#51060;&#50632;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 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https://substackcdn.com/image/fetch/$s_!XzaA!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c86192-2b32-4367-b875-a0d6593a2250_2048x1611.png 1272w, https://substackcdn.com/image/fetch/$s_!XzaA!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c86192-2b32-4367-b875-a0d6593a2250_2048x1611.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!XzaA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c86192-2b32-4367-b875-a0d6593a2250_2048x1611.png" width="1456" height="1145" 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https://substackcdn.com/image/fetch/$s_!XzaA!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c86192-2b32-4367-b875-a0d6593a2250_2048x1611.png 848w, https://substackcdn.com/image/fetch/$s_!XzaA!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c86192-2b32-4367-b875-a0d6593a2250_2048x1611.png 1272w, https://substackcdn.com/image/fetch/$s_!XzaA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c86192-2b32-4367-b875-a0d6593a2250_2048x1611.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53945;&#55176; &#44397;&#51228; &#47924;&#50669;&#51032; &#51473;&#49900;&#52629;&#51064; &#54872;&#50612;&#51020;(Bill of Exchange)&#51008; &#49688;&#52636;&#51088;&#44032; &#49688;&#51077;&#51088;&#50640;&#44172; &#45824;&#44552; &#51648;&#44553;&#51012; &#52397;&#44396;&#54616;&#45716; &#50976;&#44032;&#51613;&#44428;&#51060;&#51088; &#54645;&#49900; &#49888;&#50857; &#44208;&#51228; &#49688;&#45800;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49789;&#44172; &#47568;&#54644;, &#49688;&#52636;&#51088;&#44032; &#47932;&#44148;&#51012; &#48372;&#45240; &#54980; &#49688;&#51077;&#51088;&#50640;&#44172; &#8220;&#50616;&#51228;&#44620;&#51648; &#46024;&#51012; &#45804;&#46972;&#8221;&#44256; &#48156;&#54665;&#54616;&#45716; &#51613;&#49436;&#45796;. &#49688;&#52636;&#51088;&#45716; &#51060; &#51613;&#49436;&#47484; &#51008;&#54665;&#50640; &#48372;&#50668;&#51452;&#44256; &#47564;&#44592; &#51204;&#50640; &#48120;&#47532; &#46024;&#51012; &#48716;&#47140; &#50424; &#49688; &#51080;&#44592; &#46412;&#47928;&#50640; &#47924;&#50669; &#51088;&#44552;&#51012; &#54869;&#48372;&#54616;&#45716; &#44032;&#51109; &#51473;&#50836;&#54620; &#49688;&#45800;&#51004;&#47196; &#50416;&#51064;&#45796;. &#46384;&#46972;&#49436; &#51060; &#54872;&#50612;&#51020;&#51060; &#52376;&#47532;&#46104;&#45716; &#49884;&#44036;&#51012; &#51460;&#51060;&#45716; &#44163;&#51008; &#44592;&#50629; &#54788;&#44552; &#55120;&#47492; &#44288;&#47532;&#51032; &#54645;&#49900;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44536;&#47084;&#45208; &#51333;&#51060; &#49436;&#47448; &#44592;&#48152;&#51032; &#54788;&#54665; &#52404;&#44228;&#50640;&#49436;&#45716; &#50612;&#51020;&#51060; &#50724;&#44256; &#44032;&#44256;, &#51008;&#54665;&#51060; &#51060;&#47484; &#54869;&#51064;&#54644; &#46024;&#51012; &#45236;&#51452;&#44592;&#44620;&#51648; &#47784;&#46304; &#44284;&#51221;&#50640; &#47932;&#47532;&#51201;&#51064; &#49884;&#52264;&#44032; &#48156;&#49373;&#54644; &#51088;&#44552;&#51060; &#47926;&#51068; &#49688;&#48150;&#50640; &#50630;&#50632;&#45796;. &#47564;&#50557; &#51060; &#54872;&#50612;&#51020;&#51012; &#46356;&#51648;&#53560; &#50896;&#51109; &#50948;&#50640;&#49436; &#51593;&#44033;&#51201;&#51004;&#47196; &#44160;&#51613;&#54616;&#44256; &#50976;&#53685;&#54624; &#49688; &#51080;&#45796;&#47732;, &#44592;&#50629;&#51008; &#44592;&#45796;&#47532;&#45716; &#49884;&#44036; &#50630;&#51060; &#54596;&#50836;&#54620; &#54788;&#44552;&#51012; &#49892;&#49884;&#44036;&#51004;&#47196; &#54869;&#48372;&#54624; &#49688; &#51080;&#44172; &#46108;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49884;&#54000;&#45716; &#51060;&#47084;&#54620; &#44396;&#51312;&#51201; &#51088;&#48376; &#47560;&#52272;&#51012; &#54644;&#44208;&#54616;&#44256; &#44277;&#44553;&#47581; &#51204;&#48152;&#50640; &#44152;&#52828; &#49892;&#49884;&#44036; &#50976;&#46041;&#49457; &#44277;&#44553; &#44032;&#45733;&#49457;&#51012; &#44160;&#51613;&#54616;&#44256;&#51088;, PwC &#48143; &#49556;&#46972;&#45208;&#50752; &#54801;&#47141;&#54616;&#50668; &#51204;&#53685; &#54872;&#50612;&#51020;&#51012; &#53664;&#53360;&#54868;&#46108; &#46356;&#51648;&#53560; &#51088;&#49328;&#51004;&#47196; &#51204;&#54872;&#54616;&#45716; &#45236;&#48512; &#44060;&#45392; &#51613;&#47749;&#51012; &#50756;&#47308;&#54664;&#45796;. &#52280;&#50668; &#44592;&#44288;&#51032; &#44396;&#52404;&#51201;&#51064; &#50669;&#54624;&#51008; &#45796;&#51020;&#44284; &#44057;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49884;&#54000;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#54532;&#47196;&#51229;&#53944;&#47484; &#51452;&#46020;&#54616;&#47728;, &#54872;&#50612;&#51020;&#51032; &#50728;&#52404;&#51064; &#46972;&#51060;&#54532;&#49324;&#51060;&#53364; &#51204; &#45800;&#44228;(&#48156;&#54665;&#183;&#44552;&#50997; &#51648;&#50896;&#183;&#50976;&#53685;&#183;&#51221;&#49328;)&#47484; &#49884;&#48044;&#47112;&#51060;&#49496; &#54872;&#44221;&#50640;&#49436; &#49444;&#44228;&#183;&#49892;&#54665;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">PwC: </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54801;&#47141; &#54028;&#53944;&#45320;&#47196;&#49436; &#54532;&#47196;&#51229;&#53944; &#49884;&#48044;&#47112;&#51060;&#49496; &#44284;&#51221; &#51204;&#48152;&#51012; &#51648;&#50896;</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54644;&#45817; &#49884;&#48044;&#47112;&#51060;&#49496; &#54872;&#44221;&#50640;&#49436;&#45716; &#54872;&#50612;&#51020;&#51032; &#51204; &#51452;&#44592;&#44032; &#49556;&#46972;&#45208; &#44592;&#48152;&#51032; &#49828;&#47560;&#53944;&#52968;&#53944;&#47001;&#53944;&#47196; &#51088;&#46041;&#54868;&#46108;&#45796;. &#44536; &#44208;&#44284; &#49688;&#51068;&#51060; &#49548;&#50836;&#46104;&#45912; &#51221;&#49328; &#51452;&#44592;&#47484; &#49688;&#48516; &#51060;&#45236;&#47196; &#45800;&#52629;&#54616;&#44256;, &#49688;&#51089;&#50629; &#45824;&#51312;&#50640; &#46384;&#47480; &#50868;&#50689; &#48708;&#50857;&#51012; &#50896;&#52380;&#51201;&#51004;&#47196; &#51228;&#44144;&#54664;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#48264; &#49324;&#47168;&#45716; PoC &#47924;&#50669;&#44552;&#50997;&#51032; &#44032;&#51109; &#50724;&#47000;&#46108; &#48337;&#47785;&#51060;&#50632;&#45912; &#54872;&#50612;&#51020; &#51221;&#49328; &#51452;&#44592;&#47484; &#48516; &#45800;&#50948;&#47196; &#45800;&#52629;&#54616;&#44256; &#49688;&#51089;&#50629; &#45824;&#51312; &#54532;&#47196;&#49464;&#49828;&#47484; &#51228;&#44144;&#54624; &#49688; &#51080;&#51020;&#51012; &#49892;&#51613;&#54664;&#45796;&#45716; &#51216;&#50640;&#49436; &#51032;&#51032;&#44032; &#53356;&#45796;. &#50724;&#54532;&#52404;&#51064; &#51088;&#49328;&#51032; &#53664;&#53360;&#54868;&#44032; &#44592;&#50629; &#51116;&#47924; &#51088;&#49328;&#51032; &#50976;&#46041;&#49457; &#48143; &#51088;&#44552; &#44288;&#47532; &#54952;&#50984;&#49457;&#51012; &#50612;&#46356;&#44620;&#51648; &#45132;&#50612;&#50732;&#47540; &#49688; &#51080;&#45716;&#51648; &#48372;&#50668;&#51452;&#45716; &#54645;&#49900; &#51648;&#54364;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#45796;&#47564; &#48376; &#54532;&#47196;&#51229;&#53944;&#44032; &#49884;&#48044;&#47112;&#51060;&#49496; &#54872;&#44221; &#44592;&#48152;&#51032; &#45236;&#48512; &#44060;&#45392; &#51613;&#47749;(PoC) &#45800;&#44228;&#51064; &#47564;&#53372;, &#49892;&#51228; &#49345;&#50629;&#51201; &#50868;&#50857;(Operational Deployment)&#51004;&#47196; &#51204;&#54872;&#44620;&#51648;&#45716; &#49884;&#44036;&#51060; &#49548;&#50836;&#46112; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50724;&#55176;&#47140; &#54644;&#45817; &#44396;&#51312;&#45716; &#44544;&#47196;&#48268; &#47924;&#50669; &#54728;&#48652;&#44032; &#48128;&#51665;&#54620; &#50500;&#49884;&#50500; &#44552;&#50997;&#44428;&#50640;&#46020; &#49884;&#49324;&#54616;&#45716; &#48148;&#44032; &#53364; &#44163;&#51060;&#45796;. &#52264;&#49464;&#45824; &#44277;&#44553;&#47581; &#44552;&#50997; &#48143; &#47924;&#50669; &#51088;&#48376;&#49884;&#51109; &#46020;&#51077;&#51012; &#51456;&#48708;&#54616;&#45716; &#50669;&#45236; &#44552;&#50997;&#44592;&#44288;&#46308;&#50640; &#48376; PoC&#51032; &#44592;&#49696;&#51201; &#49457;&#44284;&#50752; &#50896;&#51109; &#53685;&#54633; &#47700;&#52964;&#45768;&#51608;&#51008; &#54693;&#54980; &#50728;&#52404;&#51064; &#51064;&#54532;&#46972; &#44396;&#52629; &#48169;&#54693;&#51032; &#44396;&#52404;&#51201;&#51064; &#44592;&#51456;&#51216;&#51060; &#46112; &#44163;&#51060;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">JP&#47784;&#44148; &#215; &#44068;&#47085;&#49884;: &#44592;&#50629;&#50612;&#51020;(USCP) &#48156;&#54665;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48120;&#44397; &#44592;&#50629;&#50612;&#51020;(USCP, US Commercial Paper)&#51008; &#44592;&#50629;&#51060; &#45800;&#44592; &#50868;&#50689; &#51088;&#44552;&#51012; &#51312;&#45804;&#54624; &#46412; &#44032;&#51109; &#45328;&#47532; &#50416;&#51060;&#45716; &#54645;&#49900; &#44552;&#50997; &#49345;&#54408;&#51060;&#45796;. &#44536;&#47084;&#45208; &#44592;&#51316;&#51032; &#48156;&#54665; &#48143; &#50976;&#53685; &#49884;&#51109;&#51008; &#52397;&#49328;&#49548;&#50752; &#48372;&#44288;&#44592;&#44288; &#46321; &#45796;&#49688;&#51032; &#51473;&#44060;&#44592;&#44288;&#51012; &#44144;&#52432;&#50556;&#47564; &#54644;, &#49892;&#51228; &#51088;&#44552;&#51060; &#51077;&#44552;&#46104;&#44256; &#51109;&#48512;&#44032; &#47582;&#52656;&#51648;&#44592;&#44620;&#51648;(&#51221;&#49328; &#48143; &#45824;&#51312;) &#48372;&#53685; 1~2&#51068;(T+1~2)&#51060; &#44152;&#47532;&#45716; &#44396;&#51312;&#51201; &#48708;&#54952;&#50984;&#51012; &#50504;&#44256; &#51080;&#50632;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#47084;&#54620; &#47560;&#52272;&#51012; &#54644;&#49548;&#54616;&#44592; &#50948;&#54644; 2025&#45380; 12&#50900;, JP&#47784;&#44148;&#51008; &#49556;&#46972;&#45208; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064; &#50948;&#50640;&#49436; 5,000&#47564; &#45804;&#47084; &#44508;&#47784;&#51032; &#48120;&#44397; &#44592;&#50629;&#50612;&#51020; &#48156;&#54665;&#51012; &#51452;&#49440;&#54664;&#45796;. &#51060;&#45716; &#45800;&#49692; &#49884;&#48044;&#47112;&#51060;&#49496;(PoC)&#51060; &#50500;&#45772;, &#49892;&#51228; &#44592;&#44288; &#51088;&#48376;&#44284; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;(USDC) &#51221;&#49328;&#51012; &#44208;&#54633;&#54644; &#50756;&#47308;&#46108; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064; &#52572;&#52488; &#49688;&#51456;&#51032; &#52292;&#47924;&#51613;&#44428; &#49892;&#44144;&#47000; &#49324;&#47168;&#45796;. &#52280;&#50668; &#44592;&#44288;&#51032; &#47749;&#54869;&#54620; &#50669;&#54624; &#48516;&#45812;&#51008; &#45796;&#51020;&#44284; &#44057;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">JP&#47784;&#44148;(&#51452;&#49440;&#51064;)</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#48376; &#44144;&#47000;&#51032; &#51452;&#49440;&#51064;(Arranger)&#51004;&#47196;&#49436; &#49556;&#46972;&#45208; &#48660;&#47197;&#52404;&#51064;&#49345;&#50640; USCP &#53664;&#53360;&#51012; &#51649;&#51217; &#49373;&#49457;(Created)&#54616;&#44256;, 1&#52264; &#48156;&#54665;&#51032; &#46041;&#49884;&#51221;&#49328;(DvP, Delivery-versus-Payment) &#52376;&#47532;&#47484; &#52509;&#44292;&#54664;&#45796;.</span></p></li><li><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44068;&#47085;&#49884;(&#48156;&#54665;&#51064; &#48143; &#44396;&#51312;&#54868; &#45824;&#47532;&#51064;): &#47784;&#44592;&#50629;&#51064; Galaxy Digital Holdings LP&#44032; &#50612;&#51020;&#51032; &#49892;&#51228; &#48156;&#54665;&#51064;(Issuer)&#51012; &#47585;&#50520;&#51004;&#47728;, &#49328;&#54616; &#53804;&#51088;&#51008;&#54665; &#44228;&#50676;&#49324;&#51064; Galaxy Digital Partners LLC&#44032; &#48376; &#44144;&#47000;&#51032; &#44396;&#51312;&#54868; &#45824;&#47532;&#51064;(Structuring Agent) &#50669;&#54624;&#51012; &#49688;&#54665;&#54644; &#50669;&#54624; &#51452;&#52404;&#47484; &#47749;&#54869;&#55176; &#48516;&#47532;&#54664;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53076;&#51064;&#48288;&#51060;&#49828; &amp; &#54532;&#47021;&#53364;&#47536; &#53596;&#54540;&#53556; (&#47588;&#49688;&#51064; &#48143; &#51064;&#54532;&#46972; &#51648;&#50896;)</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#47532;&#46300; &#53804;&#51088;&#51088;&#47196; &#45208;&#49440; &#53076;&#51064;&#48288;&#51060;&#49828;&#50752; &#54532;&#47021;&#53364;&#47536; &#53596;&#54540;&#53556;&#51060; &#47588;&#49688;&#51064;&#51004;&#47196;&#49436; &#52280;&#50668;&#54664;&#45796;. &#53945;&#55176; &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#49352;&#47196; &#48156;&#54665;&#46108; USCP &#53664;&#53360;&#51032; &#54532;&#46972;&#51060;&#48727; &#53412; &#49688;&#53441; &#48143; &#51648;&#44049; &#49436;&#48708;&#49828;&#47484; &#51228;&#44277;&#54616;&#44256;, USDC &#50728;&#50724;&#54532;&#47016;&#54532;(On/Off-ramp) &#51064;&#54532;&#46972;&#47484; &#51204;&#45812;&#54664;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">JP&#47784;&#44148;&#51008; &#51060;&#47084;&#54620; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44208;&#51228;&#47581;&#51012; &#50728;&#52404;&#51064; &#46041;&#49884;&#51221;&#49328;(DvP) &#44396;&#51312;&#50752; &#44208;&#54633;&#54632;&#51004;&#47196;&#50024;, &#44592;&#51316; &#44552;&#50997;&#47581;&#50640;&#49436; &#49688;&#51068;&#51060; &#49548;&#50836;&#46104;&#45912; &#44592;&#50629;&#51032; &#51088;&#44552; &#51312;&#45804; &#51452;&#44592;&#47484; &#51593;&#44033;&#51201;&#51064; &#49892;&#49884;&#44036; &#44208;&#51228; &#52404;&#44228;&#47196; &#48148;&#44992; &#49688; &#51080;&#50632;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!jrGM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7e405a2-c69b-4fbc-8f63-cc202e9fa0e8_2048x967.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!jrGM!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7e405a2-c69b-4fbc-8f63-cc202e9fa0e8_2048x967.png 424w, https://substackcdn.com/image/fetch/$s_!jrGM!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7e405a2-c69b-4fbc-8f63-cc202e9fa0e8_2048x967.png 848w, https://substackcdn.com/image/fetch/$s_!jrGM!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7e405a2-c69b-4fbc-8f63-cc202e9fa0e8_2048x967.png 1272w, https://substackcdn.com/image/fetch/$s_!jrGM!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7e405a2-c69b-4fbc-8f63-cc202e9fa0e8_2048x967.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!jrGM!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7e405a2-c69b-4fbc-8f63-cc202e9fa0e8_2048x967.png" width="1456" height="687" 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https://substackcdn.com/image/fetch/$s_!jrGM!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7e405a2-c69b-4fbc-8f63-cc202e9fa0e8_2048x967.png 848w, https://substackcdn.com/image/fetch/$s_!jrGM!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7e405a2-c69b-4fbc-8f63-cc202e9fa0e8_2048x967.png 1272w, https://substackcdn.com/image/fetch/$s_!jrGM!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7e405a2-c69b-4fbc-8f63-cc202e9fa0e8_2048x967.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" 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x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">1&#45800;&#44228;</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">(&#50728;&#52404;&#51064; &#53664;&#53360; &#49373;&#49457;): &#44396;&#51312;&#54868; &#45824;&#47532;&#51064;(Galaxy Digital Partners LLC)&#51060; &#49444;&#44228;&#54620; &#51312;&#44148;&#50640; &#46384;&#46972;, &#51452;&#49440;&#51064;&#51064; JP&#47784;&#44148;&#51060; &#49556;&#46972;&#45208; &#48660;&#47197;&#52404;&#51064; &#49345;&#50640; &#50728;&#52404;&#51064; USCP &#53664;&#53360;&#51012; &#51649;&#51217; &#49373;&#49457;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2&#45800;&#44228;</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">(&#44208;&#51228; &#51088;&#44552; &#51312;&#45804;): &#47532;&#46300; &#53804;&#51088;&#51088;&#51064; &#53076;&#51064;&#48288;&#51060;&#49828;&#50752; &#47588;&#49688;&#51064; &#54532;&#47021;&#53364;&#47536; &#53596;&#54540;&#53556;&#51008; &#50612;&#51020; &#47588;&#51077; &#45824;&#44552;&#51004;&#47196; &#49436;&#53364;&#51060; &#48156;&#54665;&#54620; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;(USDC)&#51012; &#51312;&#45804;&#54616;&#50668; &#44208;&#51228;&#47484; &#51456;&#48708;&#54620;&#45796;. &#54693;&#54980; &#49345;&#54872; &#45824;&#44552; &#50669;&#49884; USDC&#47196; &#51648;&#44553;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">3&#45800;&#44228;</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">(&#51088;&#49328; &#49688;&#53441; &#48143; &#51064;&#54532;&#46972; &#51648;&#50896;): &#53076;&#51064;&#48288;&#51060;&#49828; &#51064;&#53552;&#45236;&#49492;&#45328;&#51060; &#49352;&#47196; &#48156;&#54665;&#46108; USCP &#53664;&#53360;&#51032; &#54532;&#46972;&#51060;&#48727; &#53412; &#49688;&#53441; &#48143; &#51648;&#44049; &#49436;&#48708;&#49828;&#47484; &#51228;&#44277;&#54616;&#47728;, &#49892;&#44144;&#47000; &#44208;&#51228;&#50640; &#54596;&#49688;&#51201;&#51064; USDC&#51032; &#50728;&#50724;&#54532;&#47016;&#54532;(On/Off-ramp) &#51064;&#54532;&#46972;&#47484; &#51204;&#45812; &#51648;&#50896;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">4&#45800;&#44228;</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">(&#50728;&#52404;&#51064; &#46041;&#49884;&#51221;&#49328;): JP&#47784;&#44148;&#51032; &#51452;&#49440; &#54616;&#50640; USCP &#53664;&#53360;&#51032; &#51064;&#46020;&#50752; USDC &#45824;&#44552;&#51032; &#51648;&#44553;&#51060; &#46041;&#49884;&#51221;&#49328;(DvP, Delivery-versus-Payment) &#48169;&#49885;&#51004;&#47196; &#52376;&#47532;. &#51060;&#47484; &#53685;&#54644; &#44592;&#51316; &#50668;&#47084; &#51473;&#44060;&#44592;&#44288;&#51012; &#44144;&#52824;&#47728; &#53685;&#49345; T+1~2&#51068;&#51060; &#49548;&#50836;&#46104;&#45912; &#52397;&#49328; &#54532;&#47196;&#49464;&#49828;&#44032; &#50728;&#52404;&#51064; &#54872;&#44221;&#50640;&#49436; &#51593;&#44033;&#51201;&#51004;&#47196; &#50756;&#47308;</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54644;&#45817; &#49324;&#47168;&#45716; &#50526;&#49436; &#49332;&#54196;&#48376; &#49884;&#54000;&#51032; &#47924;&#50669;&#44552;&#50997; PoC&#50752; &#45804;&#47532;, &#49892;&#51228; &#44592;&#44288; &#51088;&#48376;&#51004;&#47196; &#50612;&#51020;&#51032; &#48156;&#54665;&#48512;&#53552; &#49345;&#54872;&#44620;&#51648; &#51204; &#44284;&#51221;&#51012; &#49892;&#51228; &#49884;&#51109;&#50640;&#49436; &#50756;&#47308;&#54620; &#8216;&#49892;&#44144;&#47000;&#8217;&#46972;&#45716; &#51216;&#50640;&#49436; &#49892;&#54952;&#49457;&#51012; &#51648;&#45772;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#47084;&#54620; &#49892;&#44144;&#47000;&#51032; &#49457;&#49324;&#45716; &#50526;&#49440; &#50728;&#52404;&#51064; &#51088;&#44552; &#44288;&#47532;(SWEEP) &#49324;&#47168;&#50752; &#47582;&#47932;&#47140;, &#51204;&#53685; &#51088;&#48376;&#49884;&#51109;&#51032; &#54645;&#49900;&#51064; &#52292;&#44428; &#48156;&#54665; &#50629;&#47924;&#44032; &#44592;&#51316;&#51032; &#48373;&#51105;&#54620; &#52397;&#49328; &#49884;&#49828;&#53596;&#51012; &#44144;&#52824;&#51648; &#50506;&#44256;&#46020; &#50728;&#52404;&#51064; &#46041;&#49884;&#51221;&#49328;(DvP)&#51012; &#53685;&#54644; &#49345;&#50629;&#51201; &#50868;&#50857;(Operational Deployment) &#45800;&#44228;&#47196; &#51652;&#51077;&#54664;&#51020;&#51012; &#51649;&#51217;&#51201;&#51004;&#47196; &#48372;&#50668;&#51456;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#45208;&#50500;&#44032; &#48376; &#49324;&#47168;&#45716; &#45800;&#49692;&#55176; &#51088;&#49328;&#51012; &#53664;&#53360;&#54868;&#54616;&#45716; &#45800;&#44228;&#47484; &#45336;&#50612; &#49892;&#51228; &#51088;&#48376;&#51032; &#51312;&#45804;&#44284; &#44208;&#51228;&#44620;&#51648; &#54616;&#45208;&#47196; &#50672;&#44208;&#54644; &#45240; &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;&#51032; &#45824;&#54364;&#51201; &#49324;&#47168;&#51060;&#44592;&#50640;, &#45796;&#51020; &#45800;&#44228;&#47484; &#51456;&#48708;&#54616;&#45716; &#50500;&#49884;&#50500; &#44552;&#50997;&#44592;&#44288;&#46308;&#51032; &#54645;&#49900; &#48292;&#52824;&#47560;&#53433; &#45824;&#49345;&#51060; &#46112; &#44163;&#51060;&#45796;.</span></p><h3><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">4.2. &#44208;&#51228;&#183;&#49828;&#53580;&#51060;&#48660;&#53076;&#51064;</span></strong></h3><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44208;&#51228;&#183;&#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#48512;&#47928;&#51008; &#44397;&#44221; &#44036; &#49569;&#44552;, &#44592;&#50629; &#44036; &#51221;&#49328;, &#49548;&#48708;&#51088; &#44208;&#51228;&#47484; &#54252;&#44292;&#54616;&#45716; &#44552;&#50997; &#51064;&#54532;&#46972; &#50689;&#50669;&#51004;&#47196; &#51221;&#51032;&#46108;&#45796;. &#51060;&#45716; &#44060;&#51064;&#51060; &#44397;&#50808;&#47196; &#51088;&#44552;&#51012; &#49569;&#44552;&#54616;&#44256;, &#44592;&#50629; &#48143; &#44592;&#44288;&#51060; &#54644;&#50808; &#44144;&#47000;&#52376;&#50640; &#45824;&#44552;&#51012; &#51648;&#44553;&#54616;&#47728;, &#49548;&#48708;&#51088;&#44032; &#49345;&#54408;&#51012; &#44396;&#47588;&#54616;&#45716; &#51068;&#47144;&#51032; &#54532;&#47196;&#49464;&#49828;&#47484; &#51032;&#48120;&#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48376; &#48512;&#47928;&#51008; &#51204;&#53685; &#44552;&#50997; &#51064;&#54532;&#46972;&#51032; &#51452;&#50836; &#49688;&#51061;&#50896;&#51064; &#46041;&#49884;&#50640;, &#49549;&#46020; &#51648;&#50672;&#44284; &#51473;&#44060; &#49688;&#49688;&#47308; &#46321;&#51032; &#44396;&#51312;&#51201; &#48708;&#54952;&#50984;&#51060; &#44060;&#51064;&#44284; &#44592;&#50629;&#51032; &#51068;&#49345;&#50640; &#44032;&#51109; &#44305;&#48276;&#50948;&#54616;&#44172; &#45572;&#51201;&#46104;&#50612; &#51080;&#45716; &#50689;&#50669;&#51060;&#44592;&#46020; &#54616;&#45796;. &#48660;&#47197;&#52404;&#51064;&#44284; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51032; &#46020;&#51077;&#51008; &#51060;&#47084;&#54620; &#45796;&#45800;&#44228; &#51473;&#44060; &#44396;&#51312;&#47484; &#52629;&#49548;&#54616;&#44256; &#49892;&#49884;&#44036; &#51221;&#49328; &#52404;&#44228;&#47484; &#44396;&#52629;&#54616;&#45716; &#44163;&#51012; &#44264;&#51088;&#47196; &#54620;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44397;&#44221; &#44036; &#49569;&#44552;&#51032; &#48337;&#47785;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#54644;&#50808;&#49569;&#44552;&#51032; &#52376;&#47532; &#49549;&#46020;&#50752; &#52628;&#51201; &#44032;&#49884;&#49457;&#51012; &#44060;&#49440;&#54620; &#44544;&#47196;&#48268; &#54364;&#51456;&#47581;&#51064; Swift GPI(Global Payment Innovation) &#46020;&#51077;&#51004;&#47196; &#45824;&#54805; &#51008;&#54665; &#44036; &#49569;&#44552;&#51008; &#49688; &#49884;&#44036; &#45236;&#47196; &#45800;&#52629;&#46104;&#50632;&#51004;&#45208;, &#51473;&#49548;&#54805; &#44552;&#50997;&#44592;&#44288;&#51012; &#44221;&#50976;&#54616;&#44144;&#45208; &#48708;&#51452;&#47448; &#53685;&#54868;(Exotic Currency) &#44208;&#51228; &#49884;&#50640;&#45716; &#50668;&#51204;&#55176; &#45796;&#45800;&#44228; &#54872;&#44144;&#47000; &#51008;&#54665;(Correspondent Bank)&#47581;&#51012; &#44144;&#52432;&#50556; &#54620;&#45796;. &#51060; &#44284;&#51221;&#50640;&#49436; &#48156;&#49373;&#54616;&#45716; &#51473;&#44060; &#49688;&#49688;&#47308;(&#44148;&#45817; 30~100&#45804;&#47084; &#49440;)&#50752; &#44508;&#51228; &#51456;&#49688;(AML/CFT) &#44160;&#53664;&#50640; &#46384;&#47480; &#44036;&#54736;&#51201; &#51648;&#50672;&#51008; &#44397;&#44221; &#44036; &#51088;&#44552; &#51060;&#46041;&#51032; &#50696;&#52769; &#44032;&#45733;&#49457;&#51012; &#51200;&#54644;&#54616;&#45716; &#49892;&#47924;&#51201; &#48337;&#47785;&#51060;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44592;&#50629; &#51221;&#49328;&#51032; &#50976;&#46041;&#49457; &#54028;&#54200;&#54868;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#44544;&#47196;&#48268; &#44592;&#50629;&#46308;&#51008; &#53685;&#54868;&#48324; &#44208;&#51228; &#49884;&#52264;&#50752; &#50808;&#54872;(FX) &#48320;&#46041;&#49457;&#50640; &#45824;&#51025;&#54616;&#44592; &#50948;&#54644;, &#44033;&#44397; &#54872;&#44144;&#47000; &#51008;&#54665;&#51032; &#50696;&#52824;&#44552; &#44228;&#51340;(Nostro Account)&#50640; &#54788;&#51648; &#53685;&#54868; &#51088;&#44552;&#51012; &#49345;&#49884; &#48516;&#49328; &#50696;&#52824;&#54644; &#46160;&#50612;&#50556; &#54620;&#45796;. &#51060;&#45716; &#44208;&#51228; &#44592;&#49696;&#51032; &#48512;&#51313; &#46412;&#47928;&#51060; &#50500;&#45768;&#46972; &#44592;&#49457; &#48197;&#53433; &#49884;&#49828;&#53596;&#51032; &#44396;&#51312;&#51201; &#54620;&#44228;&#47196;, &#44256;&#44552;&#47532; &#47588;&#53356;&#47196; &#54872;&#44221;&#50640;&#49436; &#47561;&#45824;&#54620; &#51088;&#48376;&#51060; &#51060;&#51088; &#49688;&#51061;&#51012; &#45236;&#51648; &#47803;&#54616;&#45716; &#50976;&#55092; &#49345;&#53468;&#47196; &#47926;&#51060;&#45716; &#51088;&#48376; &#54952;&#50984;&#49457; &#51200;&#54616;&#47484; &#50556;&#44592;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44208;&#51228; &#44032;&#50857;&#49457;&#51032; &#54620;&#44228;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#47532;&#53580;&#51068; &#44208;&#51228;&#47581;(Visa, Mastercard)&#51008; 24/7 &#49892;&#49884;&#44036; &#44032;&#46041;&#46104;&#45716; &#44163;&#51004;&#47196; &#48372;&#51060;&#45208;, &#51060;&#45716; &#54532;&#47200;&#53944;&#50644;&#46300;&#51032; &#8216;&#44144;&#47000; &#49849;&#51064;(Authorization)&#8217; &#45800;&#44228;&#50640; &#44397;&#54620;&#46108;&#45796;. &#44552;&#50997;&#44592;&#44288; &#44036; &#49892;&#51656;&#51201; &#51088;&#44552;&#51060; &#51060;&#46041;&#54616;&#45716; &#8216;&#52572;&#51333; &#51221;&#49328;&#8217;&#51008; &#44592;&#49457; &#51008;&#54665; &#50689;&#50629;&#51068;(9-to-5) &#52404;&#51228; &#54616;&#50640;&#49436;&#47564; &#52376;&#47532;&#46104;&#48064;&#47196;, &#51452;&#47568;&#51060;&#45208; &#44277;&#55092;&#51068; &#44208;&#51228; &#49884; &#48156;&#49373;&#54616;&#45716; 2~3&#51068;&#51032; &#49884;&#52264; &#46041;&#50504; &#44032;&#47609;&#51216;&#44284; &#44552;&#50997;&#49324;&#44032; &#50976;&#46041;&#49457; &#44277;&#48177; &#48143; &#49888;&#50857; &#47532;&#49828;&#53356;&#47484; &#51204;&#51201;&#51004;&#47196; &#48512;&#45812;&#54644;&#50556; &#54620;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51204;&#53685; &#44552;&#50997;&#47581;&#51032; &#51060;&#47084;&#54620; &#44396;&#51312;&#51201; &#49884;&#52264;&#45716; &#44256;&#44552;&#47532; &#47588;&#53356;&#47196; &#54872;&#44221;&#50640;&#49436; &#50976;&#46041;&#49457; &#44256;&#47549;&#44284; &#44592;&#54924;&#48708;&#50857;&#51012; &#44032;&#51473;&#49884;&#53416;&#45796;. &#48152;&#47732; &#49556;&#46972;&#45208; &#44592;&#48152;&#51032; &#50728;&#52404;&#51064; &#51064;&#54532;&#46972;&#45716; &#45800;&#51068; &#48516;&#49328;&#50896;&#51109;&#44284; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#44208;&#54633;&#54616;&#50668; &#51473;&#44060; &#44592;&#44288; &#50630;&#45716; &#49892;&#49884;&#44036; &#51221;&#49328;&#51012; &#44396;&#54788;&#54632;&#51004;&#47196;&#50024; &#51088;&#48376; &#47560;&#52272;&#51012; &#52572;&#49548;&#54868;&#54620;&#45796;. &#44592;&#49457; &#44552;&#50997;&#44428;&#44284; &#48709;&#53580;&#53356; &#44592;&#50629;&#46308;&#51060; &#51060; &#47112;&#51068;&#51012; &#54876;&#50857;&#54644; &#44396;&#52629;&#54620; &#44396;&#52404;&#51201;&#51064; &#49345;&#50857;&#54868; &#49324;&#47168;&#45716; &#45796;&#51020;&#44284; &#44057;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!p3JF!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!p3JF!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png 424w, https://substackcdn.com/image/fetch/$s_!p3JF!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png 848w, https://substackcdn.com/image/fetch/$s_!p3JF!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png 1272w, https://substackcdn.com/image/fetch/$s_!p3JF!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!p3JF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png" width="1456" height="872" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:872,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!p3JF!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png 424w, https://substackcdn.com/image/fetch/$s_!p3JF!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png 848w, https://substackcdn.com/image/fetch/$s_!p3JF!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png 1272w, https://substackcdn.com/image/fetch/$s_!p3JF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e62ffb0-fca8-4e4c-89d2-dfd602ae102f_2048x1226.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#50920;&#49828;&#53556; &#50976;&#45768;&#50728;: &#44544;&#47196;&#48268; &#49569;&#44552;(USDPT)</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2026&#45380; 5&#50900; 4&#51068;, &#44544;&#47196;&#48268; &#49569;&#44552; &#44592;&#50629; &#50920;&#49828;&#53556;&#50976;&#45768;&#50728;&#51008; &#48120; &#45804;&#47084;&#54868; &#50672;&#46041; &#44208;&#51228;&#50857; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51064; &#8216;USDPT(US Dollar Payment Token)&#8217;&#47484; &#52636;&#49884;&#54664;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#45716; &#44592;&#51316; &#54872;&#44144;&#47000; &#51008;&#54665; &#52404;&#44228;&#51032; &#44256;&#51656;&#51201;&#51064; &#51221;&#49328; &#49884;&#52264;&#50752; &#50808;&#54872; &#47532;&#49828;&#53356; &#48169;&#50612;&#50857; &#50696;&#52824;&#44552; &#46041;&#44208; &#47928;&#51228;&#47484; &#49556;&#46972;&#45208; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064; &#47112;&#51068;&#47196; &#54644;&#44208;&#54616;&#44256;&#51088; &#54616;&#45716; &#49892;&#51613; &#49324;&#47168;&#45796;. &#44592;&#51316; &#54872;&#44144;&#47000; &#51008;&#54665; &#52404;&#44228;&#45716; &#44397;&#51228; &#49569;&#44552;&#51060; &#52636;&#48156;&#51648; &#51008;&#54665;&#50640;&#49436; &#49884;&#51089;&#54644; &#51473;&#44036; &#44144;&#47000; &#51008;&#54665;&#51012; &#54620;&#46160; &#44275; &#44221;&#50976;&#54620; &#46244; &#49688;&#52712;&#51648; &#51008;&#54665;&#50640; &#46020;&#45804;&#54616;&#45716; &#45796;&#45800;&#44228; &#44396;&#51312;&#47196; &#51089;&#46041;&#54620;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!7o3P!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d2ab45a-3bed-4601-9233-426f97b1cfd3_2048x1221.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!7o3P!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d2ab45a-3bed-4601-9233-426f97b1cfd3_2048x1221.png 424w, https://substackcdn.com/image/fetch/$s_!7o3P!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d2ab45a-3bed-4601-9233-426f97b1cfd3_2048x1221.png 848w, https://substackcdn.com/image/fetch/$s_!7o3P!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d2ab45a-3bed-4601-9233-426f97b1cfd3_2048x1221.png 1272w, https://substackcdn.com/image/fetch/$s_!7o3P!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d2ab45a-3bed-4601-9233-426f97b1cfd3_2048x1221.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!7o3P!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d2ab45a-3bed-4601-9233-426f97b1cfd3_2048x1221.png" width="1456" height="868" 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https://substackcdn.com/image/fetch/$s_!7o3P!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d2ab45a-3bed-4601-9233-426f97b1cfd3_2048x1221.png 848w, https://substackcdn.com/image/fetch/$s_!7o3P!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d2ab45a-3bed-4601-9233-426f97b1cfd3_2048x1221.png 1272w, https://substackcdn.com/image/fetch/$s_!7o3P!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d2ab45a-3bed-4601-9233-426f97b1cfd3_2048x1221.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47928;&#51228;&#45716; &#44033; &#51473;&#44036; &#51008;&#54665;&#51008; &#51088;&#52404; &#49884;&#49828;&#53596;&#44284; &#50689;&#50629; &#49884;&#44036; &#50504;&#50640;&#49436;&#47564; &#52376;&#47532;&#47484; &#51652;&#54665;&#54616;&#44592; &#46412;&#47928;&#50640;, &#51221;&#49328;&#44620;&#51648; &#53685;&#49345; 1~2&#50689;&#50629;&#51068;&#51060; &#49548;&#50836;&#46108;&#45796;&#45716; &#51216;&#51060;&#45796;. &#51452;&#47568;&#183;&#44277;&#55092;&#51068;&#50640;&#45716; &#47784;&#46304; &#52376;&#47532;&#44032; &#47688;&#52632;&#45796;. &#46412;&#47928;&#50640; &#44033; &#44144;&#51216; &#44397;&#44032;&#50640;&#49436; &#49892;&#49884;&#44036; &#51648;&#44553; &#50836;&#52397;&#50640; &#51593;&#49884; &#45824;&#51025;&#54616;&#47140;&#47732;, &#54788;&#51648; &#51008;&#54665; &#44228;&#51340;&#50640; &#49688;&#50836;&#47484; &#50696;&#52769;&#54620; &#47564;&#53372;&#51032; &#45804;&#47084;&#47484; &#48120;&#47532; &#47926;&#50612;&#46160;&#50612;&#50556; &#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#49324;&#51204; &#50696;&#52824; &#51088;&#44552;&#51008; &#49569;&#44552;&#51060; &#48156;&#49373;&#54616;&#44592; &#51204;&#44620;&#51648; &#49688;&#51061;&#51012; &#45236;&#51648; &#47803;&#54620; &#52292; &#47926;&#50668; &#51080;&#45796;. 175&#45380;&#51032; &#50669;&#49324; &#46041;&#50504; 200&#44060;&#44397; &#51060;&#49345;&#50640;&#49436; &#50672;&#44036; 1,500&#50613; &#45804;&#47084; &#44508;&#47784;&#51032; &#49569;&#44552;&#51012; &#52376;&#47532;&#54616;&#45716; &#50920;&#49828;&#53556;&#50976;&#45768;&#50728; &#44057;&#51008; &#44592;&#50629;&#50640;&#44172; &#51060; &#50976;&#46041;&#49457; &#44256;&#52265; &#48708;&#50857;&#51008; &#44396;&#51312;&#51201;&#51004;&#47196; &#54644;&#49548;&#54616;&#44592; &#50612;&#47140;&#50912;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50920;&#49828;&#53556; &#50976;&#45768;&#50728;: </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54532;&#47196;&#51229;&#53944; &#52509;&#44292; &#48143; &#51088;&#52404; &#45824;&#47532;&#51216;&#47581; &#52397;&#49328; &#49884;&#49828;&#53596;&#44284; &#46356;&#51648;&#53560;&#51088;&#49328; &#45348;&#53944;&#50892;&#53356; &#51064;&#54532;&#46972; &#53685;&#54633; &#45812;&#45817;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50549;&#52964;&#47532;&#51648; &#46356;&#51648;&#53560; &#51008;&#54665;: </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48120;&#44397; &#53685;&#54868;&#44048;&#46021;&#52397;(OCC) &#51064;&#44032; &#48143; 1:1 &#48120; &#45804;&#47084;&#54868; &#45812;&#48372; &#44592;&#48152;&#51032; USDPT &#48156;&#54665;&#51012; &#51204;&#45812;&#54616;&#47728;, &#50728;&#52404;&#51064; &#49345;&#50640;&#49436; KYC(&#49888;&#50896;&#54869;&#51064;) &#48143; &#53804;&#51088;&#51088; &#51201;&#44201;&#49457; &#44160;&#51613;&#51060; &#54532;&#47196;&#44536;&#47000;&#48141; &#48169;&#49885;&#51004;&#47196; &#51088;&#46041; &#44053;&#51228;&#46104;&#46020;&#47197; &#52376;&#47532;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53356;&#47196;&#49828;&#48124;&#53944;: </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51064;&#54532;&#46972; &#54028;&#53944;&#45320;&#47196;&#49436; &#50644;&#53552;&#54532;&#46972;&#51060;&#51592; &#48124;&#54021; API &#48143; &#48516;&#49328; &#48372;&#44288; &#47112;&#51068;&#51012; &#53685;&#54620; USDPT&#51032; &#48156;&#54665;&#183;&#48176;&#54252; &#44592;&#49696; &#51064;&#54532;&#46972; &#44277;&#44553;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50920;&#49828;&#53556;&#50976;&#45768;&#50728;&#51032; USDPT &#46020;&#51077;&#51008; &#50948;&#50752; &#44057;&#51008; &#48337;&#47785;&#51012; &#53440;&#44060;&#54616;&#44592; &#50948;&#54644; &#51221;&#49328; &#54532;&#47196;&#49464;&#49828;&#47484; &#44540;&#48376;&#51201;&#51004;&#47196; &#51116;&#49444;&#44228;&#54664;&#45796;. &#49556;&#46972;&#45208; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064;&#44284; USDPT&#51032; &#46020;&#51077;&#51008; &#51088;&#44552;&#51012; &#48120;&#47532; &#49939;&#50500;&#46160;&#45716; &#44396;&#51312;&#50640;&#49436; &#8216;&#54596;&#50836;&#54624; &#46412; &#49892;&#49884;&#44036;&#51004;&#47196; &#44277;&#44553;&#54616;&#45716; &#44396;&#51312;&#8217;&#47196; &#51221;&#49328; &#54056;&#47084;&#45796;&#51076;&#51012; &#51204;&#54872;&#54620;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">1&#45800;&#44228;(&#49892;&#49884;&#44036; &#49688;&#50836; &#44048;&#51648;): </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53945;&#51221; &#44397;&#44032;(&#50696;: &#51452;&#47568;&#50640; &#49569;&#44552; &#49688;&#50836;&#44032; &#54253;&#48156;&#54616;&#45716; &#49888;&#55141;&#44397;) &#45824;&#47532;&#51216;&#51032; &#54788;&#44552; &#51116;&#44256;&#44032; &#51076;&#44228;&#52824; &#51060;&#54616;&#47196; &#46504;&#50612;&#51648;&#47732;, &#48376;&#49324; &#51116;&#47924; &#50868;&#50689; &#49884;&#49828;&#53596;&#50640; &#49892;&#49884;&#44036; &#50508;&#47548;&#51060; &#48156;&#49373;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2&#45800;&#44228;(&#52488;&#44256;&#49549; &#50728;&#52404;&#51064; &#51221;&#49328;):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#48120;&#44397; &#48376;&#49324; &#51116;&#47924;&#54016;&#51008; &#50549;&#52964;&#47532;&#51648; &#46356;&#51648;&#53560;&#51012; &#53685;&#54644; &#48156;&#54665;&#46108; USDPT&#47484; &#54644;&#45817; &#54788;&#51648; &#45824;&#47532;&#51216;&#51032; &#44592;&#44288;&#50857; &#50728;&#52404;&#51064; &#51648;&#44049;&#51004;&#47196; &#51593;&#44033; &#51204;&#49569;&#54620;&#45796;. &#51060; &#44284;&#51221;&#51008; &#51452;&#47568;, &#50556;&#44036;, &#44277;&#55092;&#51068; &#49345;&#44288;&#50630;&#51060; &#49556;&#46972;&#45208; &#45348;&#53944;&#50892;&#53356; &#49345;&#50640;&#49436; 0.4&#52488;&#51032; &#48660;&#47197; &#53440;&#51076;&#51012; &#44592;&#48152;&#51004;&#47196; &#49888;&#49549;&#54616;&#44172; &#52572;&#51333; &#51221;&#49328;&#46108;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">3&#45800;&#44228;(&#50689;&#50629;&#49884;&#44036; &#51333;&#49549;&#49457; &#53448;&#54588;):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#54788;&#51648; &#45824;&#47532;&#51216;&#51008; &#51008;&#54665; &#47928;&#51060; &#45803;&#55180; &#51452;&#47568;&#50640;&#46020; &#48376;&#49324;&#44032; &#48372;&#45240; USDPT&#47484; &#50728;&#52404;&#51064;&#49345;&#50640;&#49436; &#49892;&#49884;&#44036;&#51004;&#47196; &#49688;&#52712;&#54616;&#50668; &#51088;&#49324; &#51109;&#48512;&#50640; &#48152;&#50689;&#54620;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54644;&#45817; &#47700;&#52964;&#45768;&#51608; &#46020;&#51077;&#51012; &#53685;&#54644; &#50920;&#49828;&#53556; &#50976;&#45768;&#50728;&#51008; &#49688;&#50613; &#45804;&#47084; &#44508;&#47784;&#50640; &#45804;&#54616;&#45912; &#44592;&#51316;&#51032; &#49324;&#51204; &#51088;&#44552; &#50696;&#52824; &#48260;&#54140;&#47484; &#51088;&#49324; &#50868;&#50689; &#44508;&#47784;&#50640; &#47582;&#52628;&#50612; &#52572;&#49548; &#49688;&#51456;&#51004;&#47196; &#52629;&#49548;&#54616;&#44256; &#50976;&#55092; &#51088;&#48376;&#51012; &#54924;&#49688;&#54624; &#49688; &#51080;&#45716; &#44592;&#48152;&#51012; &#47560;&#47144;&#54664;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#45208;&#50500;&#44032; &#50920;&#49828;&#53556; &#50976;&#45768;&#50728;&#51008; &#45796;&#51020; &#45800;&#44228;&#47196; &#48376;&#44201;&#51201;&#51064; &#48708;&#51592;&#45768;&#49828; &#54869;&#51109;&#51012; &#52628;&#51652;&#54616;&#44256; &#51080;&#45796;. &#44032;&#49345;&#51088;&#49328; &#49373;&#53468;&#44228;&#50752; &#51088;&#49324;&#51032; &#50724;&#54532;&#46972;&#51064; &#45824;&#47532;&#51216; &#45348;&#53944;&#50892;&#53356;&#47484; &#50672;&#46041;&#54616;&#45716; &#46356;&#51648;&#53560; &#51088;&#49328; &#45348;&#53944;&#50892;&#53356;(DAN)&#47484; &#44396;&#52629;&#54616;&#50668;, &#50728;&#52404;&#51064; &#51088;&#49328;&#51064; USDPT&#47484; &#54788;&#51648; &#48277;&#51221;&#54868;&#54224;&#47196; &#51593;&#44033; &#54872;&#51204; &#48143; &#54788;&#44552;&#54868;&#54624; &#49688; &#51080;&#46020;&#47197; &#51648;&#50896;&#54624; &#50696;&#51221;&#51060;&#45796;. &#51060;&#50752; &#54632;&#44760; &#51068;&#48152; &#49548;&#48708;&#51088;&#44032; &#50724;&#54532;&#46972;&#51064; &#49892;&#47932; &#44032;&#47609;&#51216;&#50640;&#49436; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#51649;&#51217; &#44208;&#51228;&#54624; &#49688; &#51080;&#45716; B2C &#49436;&#48708;&#49828;&#51064; &#8216;&#49828;&#53468;&#48660; &#48148;&#51060; &#50920;&#49828;&#53556; &#50976;&#45768;&#50728;&#8217; &#52636;&#49884;&#47484; &#44228;&#54925;&#54616;&#44256; &#51080;&#51004;&#47728;, &#51060;&#47484; 2026&#45380; &#45236; &#51204; &#49464;&#44228; 40&#44060;&#44397; &#51060;&#49345;&#51004;&#47196; &#54869;&#45824;&#54644; &#52572;&#51204;&#49440;&#51032; &#47532;&#53580;&#51068; &#51217;&#51216;&#44620;&#51648; &#54616;&#45208;&#51032; &#45800;&#51068; &#44208;&#51228;&#47581;&#51004;&#47196; &#53685;&#54633;&#54616;&#44256;&#51088; &#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48376; &#49324;&#47168;&#45716; &#49556;&#46972;&#45208; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064;&#51060; &#45800;&#49692;&#54620; &#51088;&#49328; &#44144;&#47000;&#50857; &#45348;&#53944;&#50892;&#53356;&#47484; &#45336;&#50612;, &#51228;&#46020;&#44428; &#44552;&#50997;&#51032; &#54645;&#49900; &#44208;&#51228; &#51064;&#54532;&#46972;&#47196; &#44592;&#45733;&#54624; &#49688; &#51080;&#51020;&#51012; &#47749;&#54869;&#55176; &#48169;&#51613;&#54620;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#54028;&#51060;&#49436;&#48652;: &#44552;&#50997;&#44592;&#44288;&#50857; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;(FIUSD)</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2025&#45380; 6&#50900; 23&#51068;, &#44544;&#47196;&#48268; &#44552;&#50997; &#44592;&#49696; &#44592;&#50629; &#54028;&#51060;&#49436;&#48652;&#45716; &#44032;&#47609; &#44552;&#50997;&#44592;&#44288;&#46308;&#51060; &#51088;&#52404; &#44208;&#51228; &#48143; &#49569;&#44552; &#49436;&#48708;&#49828;&#50640; &#46020;&#51077;&#54624; &#49688; &#51080;&#45716; &#44552;&#50997;&#44592;&#44288;&#50857; &#54868;&#51060;&#53944;&#46972;&#48296; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#8216;FIUSD&#8217;&#50752; &#46356;&#51648;&#53560; &#51088;&#49328; &#54540;&#47019;&#54268; &#52636;&#49884; &#44228;&#54925;&#51012; &#48156;&#54364;&#54664;&#45796;. &#54868;&#51060;&#53944;&#46972;&#48296; &#44396;&#51312;&#46976; &#54028;&#51060;&#49436;&#48652;&#44032; &#44592;&#49696; &#51064;&#54532;&#46972;&#50752; &#45804;&#47084; &#45812;&#48372; &#52404;&#44228;&#47484; &#44277;&#44553;&#54616;&#44256;, &#44060;&#48324; &#44552;&#50997;&#44592;&#44288;&#51060; &#51088;&#49324; &#48652;&#47004;&#46300;&#47196; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#48156;&#54665;&#183;&#51228;&#44277;&#54616;&#45716; &#48169;&#49885;&#51060;&#45796;. &#51008;&#54665;&#51008; &#48324;&#46020;&#51032; &#48660;&#47197;&#52404;&#51064; &#51064;&#54532;&#46972;&#47484; &#44396;&#52629;&#54616;&#51648; &#50506;&#44256;&#46020; &#51088;&#52404; &#46356;&#51648;&#53560; &#45804;&#47084;&#47484; &#44256;&#44061;&#50640;&#44172; &#51228;&#44277;&#54624; &#49688; &#51080;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!guT5!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F834d01ea-41f0-4fff-87d1-5331e57b792d_2048x1388.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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src="https://substackcdn.com/image/fetch/$s_!guT5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F834d01ea-41f0-4fff-87d1-5331e57b792d_2048x1388.png" width="1456" height="987" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/834d01ea-41f0-4fff-87d1-5331e57b792d_2048x1388.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:987,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54644;&#45817; &#54540;&#47019;&#54268;&#51008; &#49556;&#46972;&#45208;&#47484; &#44592;&#48152;&#51004;&#47196; &#44396;&#46041;&#46104;&#47728;, &#51221;&#49885; &#52636;&#49884;&#45716; 2026&#45380; 7&#50900;&#47196; &#50696;&#51221;&#46104;&#50612; &#51080;&#45796;. &#51064;&#54532;&#46972; &#44396;&#52629;&#51012; &#50948;&#54620; &#52280;&#50668; &#44592;&#44288;&#51032; &#50669;&#54624;&#51008; &#45796;&#51020;&#44284; &#44057;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54028;&#51060;&#49436;&#48652;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#54540;&#47019;&#54268; &#52509;&#44292; &#48143; &#51064;&#54532;&#46972; &#51228;&#44277; &#51452;&#52404;. &#51088;&#52404; &#44544;&#47196;&#48268; &#44208;&#51228; &#45348;&#53944;&#50892;&#53356;&#50752; &#48197;&#53433; &#49556;&#47336;&#49496;&#51012; &#51228;&#44277;&#54616;&#50668; &#51064;&#54532;&#46972; &#44396;&#46041; &#52509;&#44292;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54029;&#49548;&#49828;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#45824;&#44508;&#47784; &#44592;&#50629;&#50857; &#44592;&#49696; &#51064;&#54532;&#46972;&#47484; &#51648;&#50896;&#54616;&#44256;, &#51088;&#49324;&#51032; &#44508;&#51228; &#54532;&#47112;&#51076;&#50892;&#53356; &#54616;&#50640;&#49436; FIUSD&#51032; &#48156;&#54665; &#48143; &#44288;&#47532;&#47484; &#51204;&#45812;</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49436;&#53364;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44592;&#49696; &#51064;&#54532;&#46972;&#47484; &#51228;&#44277;&#54616;&#50668; &#53440; &#51452;&#50836; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49373;&#53468;&#44228;&#50752;&#51032; &#49345;&#54840;&#50868;&#50857;&#49457; &#54869;&#48372;&#47484; &#51648;&#50896;</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49892;&#51228;&#47196; &#52292;&#53469;&#46108; &#49324;&#47168;&#46020; &#51316;&#51116;&#54620;&#45796;. &#48120;&#44397; &#50976;&#51068;&#51032; &#51452;&#47549; &#51008;&#54665;&#51064; &#45432;&#49828;&#45796;&#53076;&#53440; &#51008;&#54665;(Bank of North Dakota)&#51060;</span><a href="https://bnd.nd.gov/bank-of-north-dakota-and-fiserv-partner-to-launch-roughrider-coin/"><span> </span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">FIUSD &#54540;&#47019;&#54268;&#51012; &#44592;&#48152;&#51004;&#47196; &#8216;Roughrider Coin&#8217;&#51012; &#52636;&#49884;&#54616;&#44592;&#47196; </span><a href="https://bnd.nd.gov/bank-of-north-dakota-and-fiserv-partner-to-launch-roughrider-coin/"><span>&#48156;&#54364;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54664;&#45796;. &#51060;&#45716; &#50500;&#47000;&#50752; &#44057;&#51060; &#44396;&#46041;&#46108;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53076;&#50612; &#48197;&#53433; &#50896;&#51109; &#44208;&#54633; (Core Processing &amp; Orchestration):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#54028;&#51060;&#49436;&#48652;&#51032; &#49352;&#47196;&#50868; &#46356;&#51648;&#53560; &#51088;&#49328; &#54540;&#47019;&#54268;&#51008; &#51088;&#52404; &#8216;Finxact&#8217; &#53076;&#50612; &#54532;&#47196;&#49464;&#49905; &#54540;&#47019;&#54268;&#51012; &#44592;&#52488; &#50896;&#51109;&#51004;&#47196; &#54876;&#50857;&#54616;&#47728;, &#53364;&#46972;&#50864;&#46300; &#45348;&#51060;&#54000;&#48652; &#50724;&#52992;&#49828;&#53944;&#47112;&#51060;&#49496;, &#44208;&#51228; &#48143; &#48197;&#53433; &#54540;&#47019;&#54268;&#44284; &#50672;&#44208;&#46108;&#45796;. &#51060;&#47484; &#53685;&#54644; &#49345;&#54840;&#50868;&#50857; &#44032;&#45733;&#54620; &#50644;&#46300;&#53804;&#50644;&#46300; &#48277;&#51221;&#54868;&#54224; &#48143; &#46356;&#51648;&#53560; &#49373;&#53468;&#44228;&#47484; &#44396;&#49457;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#45348;&#53944;&#50892;&#53356; &#53685;&#54633; &#44592;&#48152;&#51032; &#46020;&#51077; &#48708;&#50857; &#51228;&#44144; (Network Scale):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#54028;&#51060;&#49436;&#48652;&#51032; &#47680;&#54000;&#49324;&#51060;&#46300; &#45348;&#53944;&#50892;&#53356;&#45716; </span><a href="https://www.businesswire.com/news/home/20250623052523/en/Fiserv-Launches-New-FIUSD-Stablecoin-for-Financial-Institutions"><span>&#50557; 1&#47564; &#44060;&#51032; &#44552;&#50997;&#44592;&#44288; &#53364;&#46972;&#51060;&#50616;&#53944;&#50752; 600&#47564; &#44060;&#51032; &#44032;&#47609;&#51216;&#51012; &#54252;&#54632;&#54616;&#47728; &#50672;&#44036; 900&#50613; &#44148;&#51032; &#44144;&#47000;&#47484; &#52376;&#47532;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54620;&#45796;. &#54028;&#51060;&#49436;&#48652;&#45716; &#44592;&#51316; &#44592;&#49696;&#51012; &#54876;&#50857;&#54644; &#44032;&#47609; &#44552;&#50997;&#44592;&#44288; &#53364;&#46972;&#51060;&#50616;&#53944;&#46308;&#50640;&#44172; &#52628;&#44032; &#48708;&#50857; &#50630;&#51060; FIUSD&#47484; &#51228;&#44277;&#54624; &#44228;&#54925;&#51060;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44592;&#51316; &#45236;&#51109; &#44592;&#45733;&#51012; &#53685;&#54620; &#53685;&#51228; &#48143; &#54869;&#51109; (Risk &amp; Capital Efficiency):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#44032;&#47609; &#44552;&#50997;&#44592;&#44288;&#46308;&#51008; &#54028;&#51060;&#49436;&#48652;&#51032; &#44592;&#51316; &#45824;&#44256;&#44061; &#48197;&#53433; &#54540;&#47019;&#54268;&#51012; &#54876;&#50857;&#54616;&#47728;, &#49324;&#44592; &#47784;&#45768;&#53552;&#47553;, &#47532;&#49828;&#53356; &#44288;&#47532;, &#51221;&#49328; &#51228;&#50612;&#50752; &#44057;&#51008; &#44592;&#51316; &#45236;&#51109; &#44592;&#45733;&#51012; &#53685;&#54644; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;&#47484; &#51648;&#50896;&#48155;&#45716;&#45796;. &#51060;&#50640; &#45908;&#54644; &#51008;&#54665;&#50640; &#45908; &#51088;&#48376; &#52828;&#54868;&#51201;&#51064; &#44396;&#51312;&#47484; &#51228;&#44277;&#54616;&#44592; &#50948;&#54644; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51032; &#51060;&#51216;&#51012; &#50976;&#51648;&#54616;&#45716; &#8216;&#50696;&#44552; &#53664;&#53360;(Deposit Tokens)&#8217; &#54876;&#50857; &#48169;&#50504;&#51012; &#53456;&#49353; &#51473;&#51060;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#45716; &#50500;&#49884;&#50500; &#44552;&#50997;&#44592;&#44288;&#46308;&#51060; &#48292;&#52824;&#47560;&#53433;&#54616;&#44592;&#50640; &#47588;&#50864; &#50976;&#50857;&#54620; &#44396;&#51312;&#45796;. &#54788;&#51116; &#49345;&#45817;&#49688; &#51648;&#50669;&#50640;&#49436;&#45716; &#44508;&#51228;&#51201; &#51228;&#50557;&#51004;&#47196; &#51064;&#54644; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#51649;&#51217; &#48156;&#54665;&#54616;&#44144;&#45208; &#49884;&#51109;&#50640; &#51652;&#51077;&#54616;&#45716; &#44163;&#51060; &#50612;&#47140;&#50868; &#49892;&#51221;&#51060;&#45796;. &#44536;&#47084;&#45208; &#51064;&#54532;&#46972; &#44592;&#50629;&#51060; &#49556;&#46972;&#45208; &#44592;&#48152;&#51032; &#54868;&#51060;&#53944;&#46972;&#48296; &#54540;&#47019;&#54268;&#51012; &#51228;&#44277;&#54616;&#44256; &#44552;&#50997;&#44592;&#44288;&#51060; &#51088;&#52404; &#48652;&#47004;&#46300;&#47196; &#46356;&#51648;&#53560; &#45804;&#47084;&#47484; &#48156;&#54665;&#54616;&#45716; &#51060; &#48169;&#49885;&#51008;, &#54693;&#54980; &#44508;&#51228; &#54872;&#44221;&#47564; &#51221;&#48708;&#46104;&#47732; &#49884;&#51109;&#50640; &#51593;&#49884; &#51201;&#50857;&#54624; &#49688; &#51080;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53945;&#55176; &#54620;&#44397;&#51032; &#44221;&#50864;, &#51060; &#54868;&#51060;&#53944;&#46972;&#48296; &#47784;&#45944;&#51008; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#48156;&#54665; &#51452;&#52404;&#47484; &#51008;&#54665;&#51004;&#47196; &#51228;&#54620;&#54624; &#44163;&#51064;&#51648; &#54841;&#51008; &#48708;&#51008;&#54665; &#44592;&#44288;&#44620;&#51648; &#54728;&#50857;&#54624; &#44163;&#51064;&#51648;&#50640; &#45824;&#54620; &#54788;&#51116;&#51032; &#51228;&#46020;&#44428; &#45436;&#51032;&#50752; &#44596;&#48128;&#55176; &#47582;&#47932;&#47140; &#51080;&#45796;. &#46384;&#46972;&#49436; &#44552;&#50997;&#50948;&#50896;&#54924;&#44032; &#48156;&#54665; &#51452;&#52404;&#51032; &#48276;&#50948;&#47484; &#54869;&#51221;&#54616;&#44256; &#50896;&#54868; &#44592;&#48152; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44508;&#51221;&#51012; &#49688;&#47549;&#54616;&#45716; &#49884;&#51216;&#50640; &#51060; &#47784;&#45944;&#51008; &#48376;&#44201;&#51201;&#51064; &#49892;&#54952;&#49457;&#51012; &#44054;&#44172; &#46112; &#44163;&#51060;&#45796;.</span></p><h3><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">4.3. &#49892;&#47932;&#51088;&#49328; &#53664;&#53360;&#54868;(RWA)</span></strong></h3><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49892;&#47932;&#51088;&#49328; &#53664;&#53360;&#54868; &#50689;&#50669;&#51008; &#44397;&#52292;, &#49324;&#47784;&#45824;&#52636;, &#47672;&#45768;&#47560;&#53011;&#54144;&#46300;, &#49345;&#51109; &#51452;&#49885;, &#48708;&#49345;&#51109; &#51613;&#44428; &#48143; &#50896;&#51088;&#51116; &#46321;&#51012; &#54252;&#44292;&#54620;&#45796;. &#51060;&#45716; &#51204;&#53685; &#49884;&#51109;&#50640;&#49436; &#44144;&#47000;&#46104;&#45716; &#44552;&#50997;&#51088;&#49328;&#51012; &#48660;&#47197;&#52404;&#51064;&#49345;&#51032; &#53664;&#53360;&#51004;&#47196; &#48320;&#54872;&#54616;&#50668; &#48156;&#54665;, &#50976;&#53685;, &#51221;&#49328;&#46104;&#46020;&#47197; &#54616;&#45716; &#51068;&#47144;&#51032; &#44284;&#51221;&#51012; &#51032;&#48120;&#54620;&#45796;. &#50526;&#49440; &#46160; &#50689;&#50669;&#51060; &#8216;&#51088;&#44552; &#51060;&#46041;&#51032; &#49549;&#46020;&#8217;&#47484; &#45796;&#47336;&#50632;&#45796;&#47732;, &#51060; &#50689;&#50669;&#51008; &#8216;&#51088;&#49328;&#51032; &#51316;&#51116; &#48169;&#49885;&#8217; &#51088;&#52404;&#47484; &#45796;&#47340;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#50689;&#50669;&#51032; &#44396;&#51312;&#51201; &#47928;&#51228;&#45716; &#51088;&#49328;&#48324;&#47196; &#54028;&#54200;&#54868;&#46108; &#51064;&#54532;&#46972;&#50640;&#49436; &#48708;&#47215;&#46108;&#45796;. &#46041;&#51068;&#54620; &#53804;&#51088;&#51088;&#44032; &#44397;&#52292;, &#49324;&#47784;&#45824;&#52636;, &#49345;&#51109; &#51452;&#49885;, &#48708;&#49345;&#51109; &#51613;&#44428; &#48143; &#50896;&#51088;&#51116;&#50640; &#51217;&#44540;&#54616;&#47140;&#47732; &#44033; &#51088;&#49328;&#44400;&#47560;&#45796; &#49436;&#47196; &#45796;&#47480; &#51473;&#44060;&#44592;&#44288;, &#44228;&#51340;, &#44536;&#47532;&#44256; &#51221;&#49328; &#52404;&#44228;&#47484; &#44144;&#52432;&#50556;&#47564; &#54620;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51217;&#44540;&#49457; &#51228;&#54620;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#49324;&#47784;&#45824;&#52636;&#44284; &#49324;&#47784;&#54144;&#46300;&#45716; &#45458;&#51008; &#52572;&#49548; &#53804;&#51088;&#44552;&#50529;&#44284; &#44596; &#46973;&#50629; &#44592;&#44036;&#51004;&#47196; &#51064;&#54644; &#44592;&#44288;&#44284; &#52488;&#44256;&#50529; &#51088;&#49328;&#44032; &#50948;&#51452;&#47196; &#50868;&#50689;&#46104;&#50612; &#50772;&#45796;. &#51060;&#45716; &#51068;&#48152; &#53804;&#51088;&#51088;&#51032; &#51652;&#51077;&#51012; &#44396;&#51312;&#51201;&#51004;&#47196; &#52264;&#45800;&#54616;&#45716; &#50836;&#51064;&#51004;&#47196; &#51089;&#50857;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50976;&#53685;&#49884;&#51109; &#48512;&#51116;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#48708;&#50976;&#46041; &#51088;&#49328;&#51008; &#48156;&#54665; &#51060;&#54980; &#44144;&#47000;&#54624; &#49688; &#51080;&#45716; &#50976;&#53685;&#49884;&#51109;&#51060; &#49324;&#49892;&#49345; &#51316;&#51116;&#54616;&#51648; &#50506;&#45716;&#45796;. &#53804;&#51088;&#51088;&#45716; &#47564;&#44592;&#44620;&#51648; &#51088;&#49328;&#50640; &#47926;&#51060;&#44172; &#46104;&#47728;, &#51088;&#49328;&#51032; &#44032;&#44201; &#48156;&#44204;(Price Discovery) &#44592;&#45733; &#46608;&#54620; &#51089;&#46041;&#54616;&#44592; &#50612;&#47157;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51221;&#49328; &#45800;&#51208;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#51088;&#49328;&#44400;&#47560;&#45796; &#51221;&#49328; &#51452;&#44592;&#50752; &#51064;&#54532;&#46972;&#44032; &#45804;&#46972; &#54252;&#53944;&#54260;&#47532;&#50724; &#52264;&#50896;&#51032; &#49892;&#49884;&#44036; &#51088;&#44552; &#50868;&#50857;&#51060; &#48520;&#44032;&#45733;&#54616;&#45796;. &#44397;&#52292;&#47484; &#47588;&#46020;&#54620; &#45824;&#44552;&#51004;&#47196; &#49324;&#47784;&#45824;&#52636;&#50640; &#53804;&#51088;&#54616;&#47140;&#47732; &#46160; &#44060;&#51032; &#48516;&#47532;&#46108; &#51221;&#49328; &#52404;&#44228;&#47484; &#49692;&#52264;&#51201;&#51004;&#47196; &#53685;&#44284;&#54644;&#50556; &#54620;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53664;&#53360;&#54868;&#45716; &#51060;&#47084;&#54620; &#45800;&#51208;&#51012; &#45800;&#51068; &#50896;&#51109; &#50948;&#50640;&#49436; &#54644;&#49548;&#54620;&#45796;. &#51088;&#49328;&#51060; &#53664;&#53360;&#51004;&#47196; &#51316;&#51116;&#54616;&#44172; &#46104;&#47732; &#48156;&#54665;, &#50976;&#53685;, &#51221;&#49328;&#51060; &#47784;&#46160; &#46041;&#51068;&#54620; &#50728;&#52404;&#51064; &#51064;&#54532;&#46972; &#50948;&#50640;&#49436; &#52376;&#47532;&#46108;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50696;&#47484; &#46308;&#50612; &#49324;&#47784;&#45824;&#52636; &#54144;&#46300;&#51032; &#51648;&#48516;&#51060; 24&#49884;&#44036; &#50976;&#53685; &#44032;&#45733;&#54620; &#53664;&#53360;&#51004;&#47196; &#48320;&#54872;&#46104;&#44256; &#49324;&#47784;&#45824;&#52636;&#51032; &#49688;&#51061;&#44428;&#51060; &#51648;&#44049; &#44036; &#51204;&#49569; &#44032;&#45733;&#54620; &#51088;&#49328;&#51060; &#46108;&#45796;. &#53804;&#51088;&#51088;&#44032; &#49436;&#47196; &#45796;&#47480; &#51088;&#49328;&#44400;&#51012; &#45336;&#45208;&#46308;&#47728; &#54252;&#53944;&#54260;&#47532;&#50724;&#47484; &#51116;&#51312;&#51221;&#54624; &#46412; &#54596;&#50836;&#54620; &#44163;&#51008; &#48324;&#46020;&#51032; &#44228;&#51340; &#44060;&#49444;&#51060; &#50500;&#45768;&#46972; &#45800; &#54620; &#48264;&#51032; &#50728;&#52404;&#51064; &#53944;&#47004;&#51117;&#49496;&#51060;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!2mBN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e916310-bf72-4b73-b7bd-cbbfe827c308_2048x1712.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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src="https://substackcdn.com/image/fetch/$s_!2mBN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e916310-bf72-4b73-b7bd-cbbfe827c308_2048x1712.png" width="1456" height="1217" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1e916310-bf72-4b73-b7bd-cbbfe827c308_2048x1712.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1217,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!2mBN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e916310-bf72-4b73-b7bd-cbbfe827c308_2048x1712.png 424w, https://substackcdn.com/image/fetch/$s_!2mBN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e916310-bf72-4b73-b7bd-cbbfe827c308_2048x1712.png 848w, https://substackcdn.com/image/fetch/$s_!2mBN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e916310-bf72-4b73-b7bd-cbbfe827c308_2048x1712.png 1272w, https://substackcdn.com/image/fetch/$s_!2mBN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e916310-bf72-4b73-b7bd-cbbfe827c308_2048x1712.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#50724;&#47476;&#52852; &#215; &#49828;&#53944;&#47532;&#47589;&#49828;: &#44508;&#51228;&#54805; RWA &#50976;&#53685;(GLDY)</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53664;&#53360;&#54868;&#46108; &#49345;&#51109; &#51452;&#49885; &#49884;&#51109;&#51008; &#50724;&#47019;&#46041;&#50504; &#48156;&#54665;&#44284; &#50976;&#53685;&#51032; &#48520;&#51068;&#52824; &#47928;&#51228;&#47484; &#44202;&#50612;&#50772;&#45796;. &#53356;&#46972;&#52996;&#51032; xStocks &#49324;&#47168;&#52376;&#47100; &#51452;&#49885;&#54805; &#53664;&#53360;&#54868; &#51088;&#49328;&#51008; &#50668;&#47084; &#44144;&#47000;&#49548;&#47484; &#53685;&#54644; 2&#52264; &#44144;&#47000; &#44221;&#47196;&#44032; &#54869;&#48372;&#46104;&#50612; &#51080;&#50632;&#51004;&#45208;, &#52292;&#44428;&#183;&#50896;&#51088;&#51116;&#183;&#49324;&#47784; &#45824;&#52636; &#46321; &#48708;&#51452;&#49885;&#54805; &#53664;&#53360;&#54868; &#51613;&#44428;&#51008; &#48156;&#54665; &#51060;&#54980; &#48156;&#54665;&#49324;&#44032; &#44144;&#47000;&#47484; &#53685;&#51228;&#54616;&#44144;&#45208; &#53804;&#51088;&#51088; &#51088;&#44201;&#51012; &#51228;&#54620;&#54624; &#49688; &#51080;&#45716; &#50976;&#46041;&#49457; &#51064;&#54532;&#46972;&#44032; &#48512;&#51116;&#54664;&#45796;. &#51593;, &#48156;&#54665; &#44592;&#49696;&#51008; &#51652;&#48372;&#54664;&#51004;&#45208; &#50976;&#53685; &#51064;&#54532;&#46972;&#44032; &#51060;&#47484; &#46263;&#48155;&#52840;&#54616;&#51648; &#47803;&#54620; &#44396;&#51312;&#51201; &#54620;&#44228;&#44032; &#51316;&#51116;&#54664;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!PY_N!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!PY_N!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png 424w, https://substackcdn.com/image/fetch/$s_!PY_N!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png 848w, https://substackcdn.com/image/fetch/$s_!PY_N!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png 1272w, https://substackcdn.com/image/fetch/$s_!PY_N!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!PY_N!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png" width="1456" height="1136" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a41119ee-074d-4560-8024-c480e952f507_2048x1598.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1136,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!PY_N!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png 424w, https://substackcdn.com/image/fetch/$s_!PY_N!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png 848w, https://substackcdn.com/image/fetch/$s_!PY_N!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png 1272w, https://substackcdn.com/image/fetch/$s_!PY_N!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa41119ee-074d-4560-8024-c480e952f507_2048x1598.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#50640; &#45824;&#51025;&#54616;&#50668; 2026&#45380; 5&#50900;, &#49556;&#46972;&#45208;&#51032; &#49440;&#46020;&#51201;&#51064; &#50728;&#52404;&#51064; &#51064;&#54532;&#46972; &#51228;&#44277;&#50629;&#52404;&#51064; &#50724;&#47476;&#52852;(Orca)&#45716; &#48156;&#54665;&#49324;&#44032; &#44508;&#51228; &#45824;&#49345; &#51088;&#49328;&#51032; &#50836;&#44148;&#50640; &#47582;&#52656; &#47582;&#52644;&#54805; &#54400;(Pool)&#51012; &#49373;&#49457;&#54624; &#49688; &#51080;&#45716; &#47924;&#54728;&#44032;&#54805;(Permissionless) &#51088;&#46041; &#47560;&#53011; &#47700;&#51060;&#52964;(AMM) &#51064;&#54532;&#46972;&#47484; &#52636;&#49884;&#54664;&#45796;. &#45208;&#49828;&#45797; &#49345;&#51109;&#49324; &#49828;&#53944;&#47532;&#47589;&#49828;&#45716; &#51060; &#44508;&#51228; &#51088;&#49328;&#50857; &#47582;&#52644;&#54805; &#49556;&#47336;&#49496;&#51012; &#52572;&#52488;&#47196; &#46020;&#51077;&#54616;&#50668;, &#49892;&#47932; &#44552; &#44592;&#48152;&#51032; &#49688;&#51061;&#54805; &#53664;&#53360; &#51613;&#44428;&#51064; &#8216;GLDY&#8217; &#53664;&#53360;&#51032; 2&#52264; &#50976;&#46041;&#49457;&#51012; &#44277;&#44553;&#54616;&#44592; &#49884;&#51089;&#54664;&#45796;. &#49828;&#53944;&#47532;&#47589;&#49828;&#44032; &#49444;&#51221;&#54620; &#51088;&#44201; &#50836;&#44148;(&#51593;, &#51201;&#44201;&#53804;&#51088;&#51088; &#51088;&#44201;)&#51012; &#52649;&#51313;&#54616;&#45716; &#53804;&#51088;&#51088;&#47564; &#50976;&#46041;&#49457;&#51012; &#51228;&#44277;&#54616;&#44144;&#45208; GLDY&#47484; &#44144;&#47000;&#54624; &#49688; &#51080;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49828;&#53944;&#47532;&#47589;&#49828;: </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">GLDY &#53664;&#53360; &#48156;&#54665;, KYC &#48143; &#51201;&#44201;&#53804;&#51088;&#51088; &#44160;&#51613;, &#54868;&#51060;&#53944;&#47532;&#49828;&#53944; &#50728;&#48372;&#46377;&#51012; &#45812;&#45817;&#54620;&#45796;. &#50896;&#51088;&#51116; &#51088;&#49328;&#51032; &#53664;&#53360;&#54868;&#50640; &#53945;&#54868;&#46108; &#45208;&#49828;&#45797; &#49345;&#51109; &#46356;&#51648;&#53560; &#51088;&#49328; &#51064;&#54532;&#46972; &#44592;&#50629;&#51060;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50724;&#47476;&#52852;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#49828;&#53944;&#47532;&#47589;&#49828;&#50752; &#44057;&#51008; &#48156;&#54665;&#49324;&#44032; &#44508;&#51228; &#45824;&#49345; &#51088;&#49328;&#51012; &#50948;&#54644; &#46021;&#47549;&#46108; &#54728;&#44032;&#54805; &#54400;(Ring-fenced permissioned pools)&#51012; &#44396;&#52629;&#54624; &#49688; &#51080;&#46020;&#47197; &#47924;&#54728;&#44032;&#54805; &#51088;&#46041; &#47560;&#53011; &#47700;&#51060;&#52964; &#44144;&#47000; &#51064;&#54532;&#46972;&#47484; &#51228;&#44277;&#54620;&#45796;. 2021&#45380; 2&#50900; &#50868;&#50689;&#51012; &#49884;&#51089;&#54620; &#49556;&#46972;&#45208; &#52572;&#51109;&#49688; &#53448;&#51473;&#50521;&#54868; &#44144;&#47000;&#49548;(DEX)&#47196;, &#45572;&#51201; &#44144;&#47000;&#45824;&#44552; 5,000&#50613; &#45804;&#47084; &#51060;&#49345;&#51012; &#52376;&#47532;&#54664;&#51004;&#47728; &#45796;&#49688;&#51032; &#46021;&#47549;&#51201;&#51064; &#48372;&#50504; &#44048;&#49324;&#47484; &#50756;&#47308;&#54664;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47672;&#45768;&#53552;&#47532; &#47700;&#53448;&#49828;:</span></strong><a href="https://www.globenewswire.com/news-release/2025/11/10/3184594/22558/en/Streamex-Corp-NASDAQ-STEX-Announces-Launch-of-100-000-000-USD-GLDY-Pre-Sale-A-Gold-Backed-Yield-Generating-Stablecoin-Offering-Institutional-Yield-on-Physical-Gold-Bullion.html"><span> </span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44552; &#47532;&#49828; &#44228;&#50557;&#51012; &#53685;&#54644; </span><a href="https://www.globenewswire.com/news-release/2025/11/10/3184594/22558/en/Streamex-Corp-NASDAQ-STEX-Announces-Launch-of-100-000-000-USD-GLDY-Pre-Sale-A-Gold-Backed-Yield-Generating-Stablecoin-Offering-Institutional-Yield-on-Physical-Gold-Bullion.html"><span>GLDY &#48372;&#50976;&#51088;&#50640;&#44172; &#49892;&#47932; &#44552; &#44592;&#48152; &#49688;&#51061;&#51012; &#52285;&#52636;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54616;&#45716; &#44592;&#52488; &#51088;&#49328; &#50868;&#50857;&#51012; &#45812;&#45817;&#54620;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#48708;&#51592;&#45768;&#49828;&#51032; &#54645;&#49900;&#51008; &#51088;&#49328;&#51032; &#51333;&#47448;&#44032; &#50500;&#45768;&#46972; &#44144;&#47000; &#53685;&#51228; &#48169;&#49885;&#50640; &#51080;&#45796;. &#44508;&#51228; &#51456;&#49688; &#50836;&#44148;&#51012; &#49324;&#46988;&#51032; &#49900;&#49324; &#44284;&#51221;&#51060; &#50500;&#45772; &#53076;&#46300;&#47196; &#44053;&#51228;&#54616;&#45716; &#44396;&#51312;&#45796;. GLDY &#54400;&#51008; &#49464; &#45800;&#44228;&#47196; &#51089;&#46041;&#54620;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!JegZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!JegZ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png 424w, https://substackcdn.com/image/fetch/$s_!JegZ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png 848w, https://substackcdn.com/image/fetch/$s_!JegZ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png 1272w, https://substackcdn.com/image/fetch/$s_!JegZ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!JegZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png" width="1456" height="693" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:693,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!JegZ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png 424w, https://substackcdn.com/image/fetch/$s_!JegZ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png 848w, https://substackcdn.com/image/fetch/$s_!JegZ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png 1272w, https://substackcdn.com/image/fetch/$s_!JegZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F417e77e3-5f89-41d8-babc-4d25f69093cd_2048x975.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><ol><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44592;&#48376; &#46041;&#44208; &#48143; &#51088;&#44201; &#44160;&#51613; (Default Freeze &amp; KYC Verification):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#47784;&#46304; &#53804;&#51088;&#51088; &#51648;&#44049;&#51008; &#44592;&#48376;&#51201;&#51004;&#47196; &#44144;&#47000;&#44032; &#48520;&#44032;&#45733;&#54620; &#46041;&#44208; &#49345;&#53468;&#47196; &#49884;&#51089;&#54620;&#45796;. &#49828;&#53944;&#47532;&#47589;&#49828;&#51032; KYC &#44160;&#51613;&#51012; &#53685;&#44284;&#54620; &#51648;&#44049;&#47564; &#50728;&#52404;&#51064; &#51217;&#44540; &#53685;&#51228; &#47112;&#51060;&#50612;&#50640;&#49436; &#51088;&#46041;&#51004;&#47196; &#46041;&#44208;&#51060; &#54644;&#51228;&#46108;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51088;&#44201; &#51648;&#44049; &#46041;&#44208; &#54644;&#51228; &#48143; &#44144;&#47000; (Access Unlock &amp; Trading): </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44160;&#51613;&#46108; &#51648;&#44049; &#49324;&#51060;&#50640;&#49436;&#47564; &#50724;&#47476;&#52852; AMM &#54400; &#50504;&#50640;&#49436; GLDY &#49892;&#49884;&#44036; P2P &#44144;&#47000;&#44032; &#49892;&#54665;&#46108;&#45796;. &#48652;&#47196;&#52964;&#45208; &#49900;&#49324;&#51088;&#44032; &#44060;&#51077;&#54616;&#51648; &#50506;&#45716;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">24&#49884;&#44036; &#50976;&#53685; &#48143; &#49688;&#51061; &#51648;&#44553; (24/7 Secondary Market &amp; Yield Distribution):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#51204;&#53685; &#44552; &#53804;&#51088; &#49345;&#54408;&#51060; &#44144;&#47000;&#49548; &#50689;&#50629;&#49884;&#44036;&#50640; &#47926;&#50668; &#51080;&#45716; &#44163;&#44284; &#45804;&#47532; GLDY&#45716; &#49556;&#46972;&#45208; &#50948;&#50640;&#49436; 24&#49884;&#44036; 365&#51068; &#44144;&#47000; &#44032;&#45733;&#54616;&#45796;. &#47672;&#45768;&#53552;&#47532; &#47700;&#53448;&#49828;&#51032; &#44552; &#47532;&#49828; &#44228;&#50557;&#50640;&#49436; &#48156;&#49373;&#54620; &#49688;&#51061;&#51060; GLDY &#48372;&#50976;&#51088;&#50640;&#44172; &#51649;&#51217; &#51648;&#44553;&#46108;&#45796;.</span></p></li></ol><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53664;&#53360; &#47112;&#48296;&#51032; &#46041;&#44208;&#183;&#54644;&#51228; &#53685;&#51228; &#44592;&#49696;&#51008; &#51452;&#49885;, &#52292;&#44428;, &#50896;&#51088;&#51116; &#46321; &#51088;&#49328;&#51032; &#51333;&#47448;&#47484; &#44032;&#47532;&#51648; &#50506;&#44256; &#46041;&#51068;&#54616;&#44172; &#51089;&#46041;&#54620;&#45796;. GLDY&#44032; &#44552; &#51613;&#44428;&#51012; &#45824;&#49345;&#51004;&#47196; &#51060; &#44396;&#51312;&#47484; &#52376;&#51020; &#49892;&#51613;&#54664;&#51648;&#47564;, &#44057;&#51008; &#48169;&#49885;&#51008; &#44397;&#52292;, &#54924;&#49324;&#52292;, &#49324;&#47784;&#45824;&#52636; &#46321; &#50612;&#46500; &#44508;&#51228; &#51088;&#49328;&#50640;&#46020; &#44536;&#45824;&#47196; &#51201;&#50857;&#46112; &#49688; &#51080;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50724;&#47476;&#52852;&#44032; &#51060; &#44396;&#51312;&#47484; &#54532;&#47196;&#51229;&#53944; &#50724;&#54536; &#54028;&#51068;&#47103; &#54532;&#47112;&#51076;&#50892;&#53356;&#51032; &#44144;&#47000; &#51064;&#54532;&#46972;&#47196; &#51228;&#50504;&#54620; &#51060;&#50976;&#46020; &#50668;&#44592;&#50640; &#51080;&#45796;. &#44508;&#51228;&#50752; &#44208;&#54633;&#46108; &#51064;&#54532;&#46972; &#47112;&#51060;&#50612;&#44032; &#46112; &#49688; &#51080;&#44592; &#46412;&#47928;&#51060;&#45796;. &#48156;&#54665;&#51012; &#45336;&#50612;&#49436; &#50612;&#46500; &#49324;&#50629;&#51060; &#49892;&#51613;&#51201;&#51004;&#47196; &#44032;&#45733;&#54620;&#51648;&#50640; &#45824;&#54620; &#49324;&#47168;&#51060;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#50500;&#54260;&#47196;: &#49324;&#47784;&#45824;&#52636; &#53664;&#53360;&#54868;(ACRED)</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51204;&#53685; &#49324;&#47784;&#45824;&#52636; &#49884;&#51109;&#51008; &#45458;&#51008; &#49688;&#51061;&#47456;&#50640;&#46020; &#48520;&#44396;&#54616;&#44256; &#46160; &#44032;&#51648; &#44396;&#51312;&#51201; &#51109;&#48317;&#51060; &#51080;&#50632;&#45796;. &#52572;&#49548; &#53804;&#51088; &#44552;&#50529;&#51060; &#45458;&#50500; &#44592;&#44288;&#44284; &#52488;&#44256;&#50529; &#51088;&#49328;&#44032;&#50640;&#44172;&#47564; &#50676;&#47140; &#51080;&#50632;&#44256;, &#54620; &#48264; &#53804;&#51088;&#54616;&#47732; &#47564;&#44592;&#44620;&#51648; &#51088;&#49328;&#50640; &#47926;&#51060;&#45716; &#48708;&#50976;&#46041;&#49457; &#47928;&#51228;&#44032; &#51080;&#50632;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44544;&#47196;&#48268; &#49324;&#47784;&#54144;&#46300; &#50500;&#54260;&#47196;&#45716; &#51060; &#51228;&#50557;&#51012; &#50728;&#52404;&#51064;&#51004;&#47196; &#54644;&#49548;&#54616;&#45716; &#49884;&#46020;&#47484; 2025&#45380; 1&#50900; &#49884;&#51089;&#54664;&#45796;. &#51088;&#49324;&#51032; &#45796;&#44033;&#54868; &#53356;&#47112;&#46375; &#54144;&#46300;(ADCF)&#47484; &#44592;&#48152;&#51004;&#47196; &#54620; &#53664;&#53360;&#54868; &#54588;&#45908; &#54144;&#46300; ACRED&#47484; &#49884;&#53328;&#47532;&#53440;&#51060;&#51592;&#47484; &#53685;&#54644; &#48156;&#54665;&#54664;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">ACRED&#45716; &#51201;&#44201;&#53804;&#51088;&#51088; &#51204;&#50857; &#51228;&#54620; &#51613;&#44428;&#51004;&#47196;, &#49556;&#46972;&#45208;&#47484; &#54252;&#54632;&#54620; &#48373;&#49688; &#52404;&#51064;&#50640;&#49436; &#48156;&#54665;&#46096;&#45796;. &#49556;&#46972;&#45208; &#49373;&#53468;&#44228;&#50640;&#49436;&#45716; &#45348; &#51452;&#52404;&#44032; &#44208;&#54633;&#54644; &#44592;&#44288; &#51204;&#50857; &#50728;&#52404;&#51064; &#47112;&#48260;&#47532;&#51648; &#44396;&#51312;&#47484; &#44396;&#54788;&#54620;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49884;&#53328;&#47532;&#53440;&#51060;&#51592;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> ACRED &#48156;&#54665; &#54540;&#47019;&#54268;&#51004;&#47196;, &#51201;&#44201;&#53804;&#51088;&#51088; KYC&#183;AML &#44160;&#51613;&#44284; sACRED &#47000;&#54609; &#44396;&#51312;&#47484; &#45812;&#45817;&#54620;&#45796;. ACRED&#45716; &#51204;&#53685; &#54144;&#46300; &#51648;&#48516;&#51060;&#46972; &#46356;&#54028;&#51060;&#50640; &#51649;&#51217; &#49324;&#50857;&#54624; &#49688; &#50630;&#50612;, &#49828;&#47560;&#53944;&#52968;&#53944;&#47001;&#53944; &#44592;&#48152; &#47000;&#54609; &#53664;&#53360; sACRED&#47196; &#51204;&#54872;&#54616;&#45716; &#44396;&#51312;&#44032; &#46020;&#51077;&#46096;&#45796;. &#51204;&#54872; &#44284;&#51221;&#50640;&#49436;&#46020; &#51201;&#44201;&#53804;&#51088;&#51088; &#44160;&#51613;&#51060; &#49828;&#47560;&#53944;&#52968;&#53944;&#47001;&#53944;&#47196; &#44053;&#51228;&#46108;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49556;&#46972;&#45208; &#44592;&#48152; &#50728;&#52404;&#51064; &#45824;&#52636; &#54532;&#47196;&#53664;&#53084;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> sACRED&#47484; &#45812;&#48372;&#47196; &#48155;&#45716; &#44592;&#44288; &#51204;&#50857; &#45824;&#52636; &#54400;&#51012; &#50868;&#50689;&#54620;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#52264;&#51077; &#52285;&#44396;&#47484; &#51228;&#44277;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44148;&#53952;&#47551;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#47112;&#48260;&#47532;&#51648; &#51204;&#47029;&#51032; &#47532;&#49828;&#53356;&#47484; &#51088;&#46041;&#54868; &#50644;&#51652;&#51004;&#47196; &#44288;&#47532;&#54620;&#45796;. &#49884;&#51109; &#44552;&#47532;&#50752; &#47532;&#49828;&#53356; &#54620;&#46020;&#50640; &#47582;&#52656; &#52264;&#51077; &#44508;&#47784;&#47484; &#49892;&#49884;&#44036;&#51004;&#47196; &#51312;&#51208;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47112;&#46300;&#49828;&#53668;:</span></strong><a href="https://blog.redstone.finance/2025/06/05/sacred-goes-defi-the-first-private-credit-fund-earning-onchain-yield"><span> ACRED &#49892;&#49884;&#44036; &#44032;&#44201; &#45936;&#51060;&#53552;&#47484; &#50724;&#46972;&#53364;&#47196; &#44277;&#44553;&#54620;&#45796;.</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#45812;&#48372; &#54217;&#44032;&#50752; &#52397;&#49328; &#51312;&#44148; &#54032;&#45800;&#51032; &#44592;&#49696;&#51201; &#44592;&#48152;&#51060;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49892;&#47924; &#51208;&#52264;&#45716; </span><a href="https://www.ledgerinsights.com/tokenized-apollo-fund-launched-on-6-public-blockchains"><span>&#52572;&#49548; 5&#47564; &#45804;&#47084; &#51652;&#51077; &#51312;&#44148;&#51004;&#47196;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#45796;&#51020;&#44284; &#44057;&#51060; &#49892;&#54665;&#46108;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Uq-i!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Uq-i!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png 424w, https://substackcdn.com/image/fetch/$s_!Uq-i!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png 848w, https://substackcdn.com/image/fetch/$s_!Uq-i!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png 1272w, https://substackcdn.com/image/fetch/$s_!Uq-i!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Uq-i!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png" width="1456" height="923" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:923,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Uq-i!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png 424w, https://substackcdn.com/image/fetch/$s_!Uq-i!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png 848w, https://substackcdn.com/image/fetch/$s_!Uq-i!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png 1272w, https://substackcdn.com/image/fetch/$s_!Uq-i!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F41287c9f-07d7-488f-b577-90dbe32f974b_2048x1298.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><ol><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53664;&#53360;&#54868; &#48143; &#47000;&#54609; (Tokenization &amp; Wrapping):</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#51201;&#44201;&#53804;&#51088;&#51088;&#44032; ACRED&#47484; &#44396;&#47588;&#54616;&#47732; &#51204;&#53685; &#54144;&#46300; &#51648;&#48516;&#50640; &#54644;&#45817;&#54616;&#45716; &#53664;&#53360;&#51012; &#48372;&#50976;&#54616;&#44172; &#46108;&#45796;. &#51060;&#47484; &#46356;&#54028;&#51060;&#50640;&#49436; &#54876;&#50857;&#54616;&#47140;&#47732; &#49884;&#53328;&#47532;&#53440;&#51060;&#51592;&#51032; &#49828;&#47560;&#53944;&#52968;&#53944;&#47001;&#53944;&#47484; &#53685;&#54644; sACRED&#47196; &#51204;&#54872;&#54620;&#45796;. &#51201;&#44201; &#44160;&#51613;&#46108; &#51648;&#44049; &#49324;&#51060;&#50640;&#49436;&#47564; sACRED &#51204;&#49569;&#51060; &#54728;&#50857;&#46108;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#45812;&#48372; &#45824;&#52636; &#48143; &#47112;&#48260;&#47532;&#51648; (Collateralized Borrowing &amp; Leverage): </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">sACRED&#47484; &#44592;&#44288; &#51204;&#50857; &#45824;&#52636; &#54400;&#50640; &#50696;&#52824;&#54616;&#44256; &#45812;&#48372; &#44032;&#52824;&#51032; &#50557; 60%&#50640; &#54644;&#45817;&#54616;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#52264;&#51077;&#54620;&#45796;. &#52264;&#51077; &#48708;&#50857;&#51008; &#50557; 3~4% &#49688;&#51456;&#51060;&#45796;. &#51060; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; ACRED&#47484; &#51116;&#47588;&#49688;&#54644; &#45796;&#49884; sACRED&#47196; &#51204;&#54872; &#54980; &#51116;&#50696;&#52824;&#54616;&#45716; &#44284;&#51221;&#51012; &#48152;&#48373;&#54616;&#47732; &#50976;&#54952; &#47112;&#48260;&#47532;&#51648;&#44032; 2.5&#48176; &#50504;&#54030;&#44620;&#51648; &#50732;&#46972;&#44036;&#45796;. &#50672; 7.3~7.5%(&#44277;&#49885; &#54144;&#46300; &#49688;&#51061;&#47456; 7.36% &#44592;&#51456;) &#49688;&#51456;&#51032; &#44592;&#48376; &#49688;&#51061;&#47456;&#51060; &#48372;&#49688;&#51201; &#51204;&#47581; &#49884; &#50557; 12%, &#49884;&#53328;&#47532;&#53440;&#51060;&#51592;&#51032; &#47336;&#54609; &#49688;&#51061;&#47456; &#53804;&#50689; &#49884; &#52572;&#45824; 16% &#49688;&#51456;&#44620;&#51648; &#51613;&#54253;&#46108;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49892;&#49884;&#44036; &#45812;&#48372; &#44288;&#47532; (Real-Time Collateral Management): </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47112;&#46300;&#49828;&#53668; &#50724;&#46972;&#53364;&#51060; ACRED &#49892;&#49884;&#44036; &#44032;&#44201; &#45936;&#51060;&#53552;&#47484; &#44277;&#44553;&#54616;&#44256;, &#44148;&#53952;&#47551;&#51060; &#51060;&#47484; &#44592;&#48152;&#51004;&#47196; &#52397;&#49328; &#51312;&#44148;&#44284; &#47532;&#48184;&#47088;&#49905; &#49884;&#51216;&#51012; &#51088;&#46041;&#51004;&#47196; &#54032;&#45800;&#54620;&#45796;. &#45812;&#48372; &#49444;&#51221;&#44284; &#54644;&#51228;&#44032; &#49556;&#46972;&#45208; &#50948;&#50640;&#49436; &#49688;&#52488; &#50504;&#50640;, &#44148;&#45817; 0.001&#45804;&#47084; &#48120;&#47564;&#51032; &#49688;&#49688;&#47308;&#47196; &#52376;&#47532;&#46108;&#45796;.</span></p></li></ol><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#47112;&#48260;&#47532;&#51648; &#44396;&#51312;&#44032; &#49457;&#47549;&#54616;&#47140;&#47732; &#45812;&#48372; &#49444;&#51221;&#44284; &#54644;&#51228;&#44032; &#48736;&#47476;&#44256; &#51200;&#47156;&#54616;&#44172; &#48152;&#48373;&#46076;&#50556; &#54620;&#45796;. &#51221;&#49328;&#50640; &#49688;&#51068;&#51060; &#44152;&#47532;&#44144;&#45208; &#54924;&#51204;&#47560;&#45796; &#45458;&#51008; &#49688;&#49688;&#47308;&#44032; &#48537;&#45716; &#51064;&#54532;&#46972;&#50640;&#49436;&#45716; &#44057;&#51008; &#44396;&#51312;&#44032; &#51089;&#46041;&#54616;&#44592; &#50612;&#47157;&#45796;. &#49556;&#46972;&#45208;&#51032; &#52376;&#47532; &#49457;&#45733;&#51008; &#51060; &#51204;&#47029;&#51032; &#44221;&#51228;&#49457;&#51012; &#44032;&#51109; &#51096; &#46263;&#48155;&#52840;&#54616;&#45716; &#51312;&#44148;&#51012; &#52649;&#51313;&#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47932;&#47200; &#47924;&#50948;&#54744; &#49688;&#51061;&#51008; &#50500;&#45768;&#45796;. &#52264;&#51077; &#44552;&#47532;&#44032; &#50724;&#47476;&#47732; &#47560;&#51652;&#51008; &#52629;&#49548;&#46108;&#45796;. &#48516;&#44592;&#48324;&#47196;&#47564; &#54872;&#47588; &#44032;&#45733;&#54620; &#51228;&#54620;&#51201; &#50976;&#46041;&#49457;, 1&#50613; &#45804;&#47084; &#50504;&#54030;(2026&#45380; &#52488; &#44592;&#51456;)&#50640; &#47672;&#47924;&#45716; ACRED&#51032; &#49884;&#44032;&#52509;&#50529;, &#50724;&#46972;&#53364; &#48152;&#50689; &#44032;&#44201;&#50640; &#46384;&#47480; &#52397;&#49328; &#50948;&#54744;&#46020; &#54632;&#44760; &#48400;&#50556; &#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50500;&#49884;&#50500; &#44592;&#44288; &#51077;&#51109;&#50640;&#49436; &#51060; &#49324;&#47168;&#44032; &#51032;&#48120;&#54616;&#45716; &#48148;&#45716; &#51088;&#49328; &#51217;&#44540;&#49457;&#51032; &#47928;&#51228;&#45796;. &#49324;&#47784;&#45824;&#52636;, &#51064;&#54532;&#46972; &#54144;&#46300;, &#48512;&#46041;&#49328; &#54144;&#46300; &#46321; &#50500;&#49884;&#50500; &#50669;&#45236; &#44592;&#44288;&#46308;&#51060; &#51204;&#53685;&#51201;&#51004;&#47196; &#51217;&#44540;&#54616;&#44592; &#50612;&#47140;&#50912;&#45912; &#51088;&#49328;&#44400;&#51060; &#53664;&#53360;&#54868;&#50752; &#50728;&#52404;&#51064; &#50976;&#46041;&#54868;&#47484; &#53685;&#54644; &#44396;&#51312;&#51201;&#51004;&#47196; &#44060;&#48169;&#46112; &#49688; &#51080;&#45796;. ACRED&#44032; &#51613;&#47749;&#54620; &#44163;&#51008; &#49324;&#47784;&#45824;&#52636; &#54144;&#46300; &#51648;&#48516;&#51012; &#50728;&#52404;&#51064; &#45812;&#48372;&#47196; &#51204;&#54872;&#54616;&#44256; &#49892;&#49884;&#44036;&#51004;&#47196; &#54924;&#51204;&#49884;&#53412;&#45716; &#44396;&#51312;&#44032; &#49892;&#51228;&#47196; &#51089;&#46041;&#54620;&#45796;&#45716; &#51216;&#51060;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#54588;&#44200; &#53580;&#53356;&#45440;&#47196;&#51648; &#49556;&#47336;&#49496;&#49828;(Figure Technology Solutions) - &#51452;&#53469;&#45812;&#48372;&#45824;&#52636;(HELOC) &#50976;&#46041;&#54868;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54588;&#44200; &#53580;&#53356;&#45440;&#47196;&#51648; &#49556;&#47336;&#49496;&#49828;(&#51060;&#54616;, &#54588;&#44200;)&#45716; &#48120;&#44397; &#52572;&#45824; &#48708;&#51008;&#54665; &#51452;&#53469;&#45812;&#48372;&#49888;&#50857;&#45824;&#52636;(HELOC) &#48156;&#54665;&#49324;&#45796;. 2025&#45380; 12&#50900; &#44592;&#51456; &#45572;&#51201; &#50728;&#52404;&#51064; &#45824;&#52636; &#44508;&#47784; 190&#50613; &#45804;&#47084; &#51060;&#49345;&#51012; &#48372;&#50976;&#54616;&#44256; &#51080;&#45796;. &#44264;&#46300;&#47564;&#49325;&#49828;, JP&#47784;&#44148;, &#51228;&#54140;&#47532;&#49828;, &#48148;&#53364;&#47112;&#51060;&#49828;&#44032; &#50616;&#45908;&#46972;&#51060;&#53552;&#47196; &#52280;&#50668;&#54620; AAA &#46321;&#44553; &#51613;&#44428;&#54868; &#53944;&#47004;&#52824;&#47484; &#48152;&#48373;&#51201;&#51004;&#47196; &#48156;&#54665;&#54644; &#50728; &#51228;&#46020;&#44428; &#54592;&#53580;&#53356; &#54540;&#47112;&#51060;&#50612;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!M_Rl!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d9f4a9-ca01-492e-aaba-8491144f2d58_2048x1087.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!M_Rl!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d9f4a9-ca01-492e-aaba-8491144f2d58_2048x1087.png 424w, https://substackcdn.com/image/fetch/$s_!M_Rl!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d9f4a9-ca01-492e-aaba-8491144f2d58_2048x1087.png 848w, https://substackcdn.com/image/fetch/$s_!M_Rl!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d9f4a9-ca01-492e-aaba-8491144f2d58_2048x1087.png 1272w, https://substackcdn.com/image/fetch/$s_!M_Rl!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d9f4a9-ca01-492e-aaba-8491144f2d58_2048x1087.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!M_Rl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d9f4a9-ca01-492e-aaba-8491144f2d58_2048x1087.png" width="1456" height="773" 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https://substackcdn.com/image/fetch/$s_!M_Rl!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d9f4a9-ca01-492e-aaba-8491144f2d58_2048x1087.png 848w, https://substackcdn.com/image/fetch/$s_!M_Rl!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d9f4a9-ca01-492e-aaba-8491144f2d58_2048x1087.png 1272w, https://substackcdn.com/image/fetch/$s_!M_Rl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7d9f4a9-ca01-492e-aaba-8491144f2d58_2048x1087.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" 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HELOC(Home Equity Line of Credit)&#51008; &#51452;&#53469; &#51088;&#49328;&#44032;&#52824;&#47484; &#45812;&#48372;&#47196; &#49444;&#51221;&#54620; &#48120;&#44397;&#54805; &#51452;&#53469;&#45812;&#48372; &#50668;&#49888; &#49345;&#54408;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54588;&#44200;&#51032; &#49324;&#50629; &#44396;&#51312;&#45716; &#51060;&#47111;&#45796;. &#51665;&#51012; &#45812;&#48372;&#47196; &#45824;&#52636;&#51012; &#45236;&#50612;&#51452;&#44256;, &#44536; &#45824;&#52636; &#52292;&#44428;&#51012; &#48660;&#47197;&#52404;&#51064;&#50640; &#50732;&#47536; &#46244;, &#51068;&#51221;&#47049;&#51060; &#49939;&#51060;&#47732; &#47926;&#50612;&#49436; &#44592;&#44288; &#53804;&#51088;&#51088;&#50640;&#44172; &#54032;&#45796;. &#52852;&#46300;&#49324;&#44032; &#44060;&#51064;&#50640;&#44172; &#52852;&#46300; &#45824;&#52636;&#51012; &#45236;&#50612;&#51452;&#44256;, &#44536; &#52292;&#44428;&#51012; &#47784;&#50500; &#51613;&#44428;&#49324;&#50640; &#53685;&#51704;&#47196; &#54028;&#45716; &#44396;&#51312;&#50752; &#44057;&#45796;. &#52852;&#46300;&#49324; &#51077;&#51109;&#50640;&#49436;&#45716; &#45824;&#52636;&#44552;&#51012; &#50724;&#47000; &#46308;&#44256; &#51080;&#51648; &#50506;&#50500;&#46020; &#46108;&#45796;. &#54036;&#50500;&#49436; &#54924;&#49688;&#54620; &#46024;&#51004;&#47196; &#45796;&#49884; &#45824;&#52636;&#51012; &#45236;&#50612;&#51456;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54588;&#44200;&#46020; &#44057;&#51008; &#48169;&#49885;&#51004;&#47196; &#46024;&#51012; &#54924;&#51204;&#49884;&#53416;&#45796;. &#49352;&#47196; &#48156;&#54665;&#54620; HELOC &#52292;&#44428;&#51012; &#8216;Demo Prime&#8217;&#51060;&#46972;&#45716; &#50728;&#52404;&#51064; &#54400;&#50640; &#47784;&#50500;&#46160;&#47732;, &#44592;&#44288; &#53804;&#51088;&#51088;&#46308;&#51060; &#44536; &#54400;&#50640; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#44277;&#44553;&#54616;&#44256; &#51060;&#51088;&#47484; &#48155;&#45716;&#45796;. &#50557; 42&#51068;&#51060; &#51648;&#45208;&#47732; &#54400; &#50504;&#51032; &#52292;&#44428;&#46308;&#51008; AAA &#46321;&#44553; &#51613;&#44428;&#54868; &#49345;&#54408;&#51004;&#47196; &#47926;&#50668; &#50900;&#49828;&#53944;&#47532;&#53944; &#51088;&#49328;&#50868;&#50857;&#49324;, &#50672;&#44552;&#44592;&#44552;, &#48372;&#54744;&#49324;, &#51008;&#54665;&#50640; &#54036;&#47536;&#45796;. &#47588;&#44033; &#45824;&#44552;&#51060; &#45796;&#49884; &#54400;&#47196; &#46028;&#50500;&#50724;&#47732; &#49352; &#52292;&#44428;&#51060; &#52292;&#50892;&#51648;&#44256; &#49324;&#51060;&#53364;&#51060; &#48152;&#48373;&#46108;&#45796;. &#54924;&#51204;&#51060; &#48736;&#47484;&#49688;&#47197; &#51088;&#48376; &#54952;&#50984;&#51060; &#45458;&#50500;&#51648;&#45716; &#44396;&#51312;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47928;&#51228;&#45716; &#51060; &#44396;&#51312;&#44032; &#54532;&#47196;&#48708;&#45324;&#49828;&#46972;&#45716; &#54224;&#49604;&#51201; &#52404;&#51064; &#50504;&#50640; &#44039;&#54784; &#51080;&#50632;&#45796;&#45716; &#51216;&#51060;&#45796;. &#45458;&#51008; &#49888;&#50857; &#54408;&#51656;&#51032; &#45812;&#48372; &#51088;&#49328;&#51076;&#50640;&#46020; &#46356;&#54028;&#51060; &#49373;&#53468;&#44228;&#50752; &#45800;&#51208;&#46076; &#51088;&#48376; &#54924;&#51204;&#50984;&#51012; &#45458;&#51060;&#45716; &#45936; &#54620;&#44228;&#44032; &#51080;&#50632;&#45796;. 2025&#45380; 12&#50900; &#54588;&#44200;&#45716;</span><a href="https://investors.figure.com/news-releases/news-release-details/figure-and-leading-crypto-partners-launch-rwa-consortium-onchain"><span> PRIME &#53664;&#53360;&#51012; &#52636;&#49884;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54616;&#47728; &#51088;&#48376; &#54924;&#51204;&#50984; &#47928;&#51228;&#47484; &#54644;&#44208;&#54616;&#44256;&#51088; &#54664;&#45796;. &#54532;&#47196;&#48708;&#45324;&#49828;&#51032; &#45824;&#52636; &#49688;&#51061;&#44428;&#51012; &#49556;&#46972;&#45208;&#47196; &#50672;&#44208;&#54644; &#54140;&#48660;&#47533; &#46356;&#54028;&#51060; &#49373;&#53468;&#44228;&#51032; &#50976;&#46041;&#49457;&#44284; &#47112;&#48260;&#47532;&#51648; &#51064;&#54532;&#46972;&#47484; &#55137;&#49688;&#54616;&#45716; &#44396;&#51312;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#53356;&#47196;&#49828;&#52404;&#51064; &#54869;&#51109; &#44396;&#51312;&#45716; &#49464; &#51064;&#54532;&#46972;&#44032; &#44208;&#54633;&#54644; &#51089;&#46041;&#54620;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54532;&#47196;&#48708;&#45324;&#49828;: </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44592;&#52488; &#51088;&#49328;&#51064; HELOC&#51032; &#50728;&#52404;&#51064; &#53664;&#53360;&#54868;&#50752; Demo Prime &#54400; &#50868;&#50689;&#51012; &#45812;&#45817;&#54620;&#45796;. &#45824;&#52636; &#48156;&#54665;&#48512;&#53552; &#45812;&#48372; &#44288;&#47532;, &#51613;&#44428;&#54868;&#44620;&#51648; &#51204; &#44284;&#51221;&#51060; &#54532;&#47196;&#48708;&#45324;&#49828; &#52404;&#51064; &#50948;&#50640;&#49436; &#52376;&#47532;&#46108;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54616;&#49828;&#53944;&#46972;: </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54588;&#44200;&#50752; &#54532;&#47196;&#48708;&#45324;&#49828; &#51116;&#45800;&#51060; &#44277;&#46041; &#51064;&#53328;&#48288;&#51060;&#54021;&#54620; &#49688;&#51061; &#48516;&#48176; &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;. &#54532;&#47196;&#48708;&#45324;&#49828; Demo Prime&#50640;&#49436; &#48156;&#49373;&#54620; &#49688;&#51061;&#51012; &#49556;&#46972;&#45208; &#46356;&#54028;&#51060; &#49373;&#53468;&#44228;&#47196; &#50672;&#44208;&#54616;&#45716; &#50976;&#46041;&#49457; &#47112;&#51060;&#50612; &#50669;&#54624;&#51012; &#45812;&#45817;&#54616;&#47728;, &#52404;&#51064;&#47553;&#53356; CCIP&#44032; &#53356;&#47196;&#49828;&#52404;&#51064; &#45936;&#51060;&#53552; &#47924;&#44208;&#49457;&#51012; &#48372;&#51109;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#52852;&#48120;&#45432;: </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49556;&#46972;&#45208;&#50640;&#49436; PRIME &#53664;&#53360;&#51032; &#45824;&#52636; &#54400; &#44396;&#49457;&#44284; &#47112;&#48260;&#47532;&#51648; &#51204;&#47029;&#51012; &#45812;&#45817;&#54616;&#45716; &#46021;&#51216; &#50728;&#52404;&#51064; &#45824;&#52636; &#54028;&#53944;&#45320;&#45796;. PRIME/USDC &#44201;&#47532; &#47560;&#53011;&#51012; &#50868;&#50689;&#54616;&#47728; &#52572;&#45824; 9&#48176; &#47112;&#48260;&#47532;&#51648;(Multiply)&#47484; &#51648;&#50896;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50724;&#47476;&#52852;</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: PRIME &#53664;&#53360;&#51012; &#50948;&#54620; &#49556;&#46972;&#45208;&#51032; &#54645;&#49900; &#54788;&#47932; &#44144;&#47000;&#49548;&#47196;, &#44060;&#51064; &#48143; &#44592;&#44288;&#51060; &#50976;&#46041;&#49457;&#51012; &#44277;&#44553;&#54616;&#44256; &#51060;&#50857;&#54624; &#49688; &#51080;&#45716; PRIME/PYUSD &#54400;&#51012; &#50868;&#50689;&#54620;&#45796;. &#52852;&#48120;&#45432;(Kamino)&#44032; &#45824;&#52636;&#44284; &#47112;&#48260;&#47532;&#51648;&#47484; &#45812;&#45817;&#54620;&#45796;&#47732;, &#50724;&#47476;&#52852;&#45716; PRIME&#51032; &#44144;&#47000;&#47484; &#44032;&#45733;&#54616;&#44172; &#54616;&#44256; &#50728;&#52404;&#51064; &#44032;&#44201; &#54952;&#50984;&#49457;&#51012; &#50976;&#51648;&#54616;&#44592; &#50948;&#54620; AMM(&#51088;&#46041; &#47560;&#53011; &#47700;&#51060;&#52964;) &#50976;&#46041;&#49457;&#51012; &#44277;&#44553;&#54620;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49892;&#47924;&#51201;&#51064; &#51088;&#48376; &#54869;&#51109; &#51208;&#52264;&#45716; &#51060;&#47111;&#44172; &#51676;&#51064;&#45796;.</span></p><ol><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53664;&#53360;&#54868;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#54588;&#44200;&#44032; &#54532;&#47196;&#48708;&#45324;&#49828; &#52404;&#51064;&#50640;&#49436; &#51452;&#53469;&#45812;&#48372;&#45824;&#52636;&#51012; &#53664;&#53360;&#54868;&#54616;&#44256;, &#44144;&#44592;&#49436; &#45208;&#50724;&#45716; &#49688;&#51061;&#44428;&#51012; &#44592;&#48152;&#51004;&#47196; PRIME &#53664;&#53360;&#51012; &#49444;&#44228;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48652;&#47551;&#51669;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#52404;&#51064;&#47553;&#53356; CCIP&#50752; &#54616;&#49828;&#53944;&#46972; &#54532;&#47196;&#53664;&#53084;&#47196; &#54532;&#47196;&#48708;&#45324;&#49828;&#50640; &#47926;&#50668; &#51080;&#45912; &#51088;&#49328;&#51032; &#44032;&#52824;&#50752; &#45936;&#51060;&#53552;&#47484; &#49556;&#46972;&#45208;&#47196; &#50504;&#51204;&#54616;&#44172; &#48652;&#47551;&#51669;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#45812;&#48372;&#54868;:</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#49556;&#46972;&#45208;&#50640; &#50504;&#52265;&#54620; PRIME &#53664;&#53360;&#51008; &#52852;&#48120;&#45432; &#45824;&#52636; &#54532;&#47196;&#53664;&#53084;&#50640; &#49345;&#51109;&#46076;, &#51068;&#48152; &#50976;&#51200;&#50752; &#44592;&#44288;&#51060; &#45812;&#48372;&#47196; &#50416;&#44144;&#45208; &#50976;&#46041;&#49457;&#51012; &#44277;&#44553;&#54624; &#49688; &#51080;&#45716; &#54876;&#49457; &#51088;&#49328;&#51004;&#47196; &#44592;&#45733;&#54620;&#45796;.</span></p></li></ol><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54588;&#44200;&#44032; &#49556;&#46972;&#45208;&#47484; &#49440;&#53469;&#54620; &#51060;&#50976;&#45716; &#44592;&#49696;&#51201; &#49440;&#54840;&#44032; &#50500;&#45768;&#46972; &#51088;&#48376; &#54952;&#50984;&#51032; &#47928;&#51228;&#50688;&#45796;. &#54532;&#47196;&#48708;&#45324;&#49828;&#45716; &#44592;&#44288; &#49888;&#47280;&#46020; &#52769;&#47732;&#50640;&#49436; &#44160;&#51613;&#46108; &#52404;&#51064;&#51060;&#51648;&#47564;, &#54224;&#49604;&#51201; &#49373;&#53468;&#44228; &#50504;&#50640;&#49436;&#45716; &#47112;&#48260;&#47532;&#51648;&#47484; &#50732;&#47540; &#50976;&#46041;&#49457; &#51064;&#54532;&#46972;&#44032; &#50630;&#50632;&#45796;. Demo Prime &#49688;&#51061;&#47456; 9%&#50640;&#49436; &#52852;&#48120;&#45432; &#52264;&#51077; &#48708;&#50857; 6%&#47484; &#52264;&#44048;&#54620; &#49692;&#52264;&#51061;&#51008; &#47112;&#48260;&#47532;&#51648; &#48176;&#49688;&#47564;&#53372; &#51613;&#54253;&#46108;&#45796;. &#45812;&#48372; &#49444;&#51221;&#44284; &#54644;&#51228;&#44032; &#49556;&#46972;&#45208; &#50948;&#50640;&#49436; &#49688;&#52488; &#50504;&#50640;, &#44148;&#45817; 0.001&#45804;&#47084; &#48120;&#47564;&#51004;&#47196; &#52376;&#47532;&#46104;&#51648; &#50506;&#51004;&#47732; &#51060; &#51204;&#47029;&#51032; &#44221;&#51228;&#49457;&#51008; &#49457;&#47549;&#54616;&#51648; &#50506;&#45716;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54588;&#44200;&#45716; &#51088;&#52404; &#52404;&#51064;&#51012; &#51060;&#48120; &#44054;&#44256; &#51080;&#50632;&#51020;&#50640;&#46020; &#50976;&#46041;&#49457; &#54869;&#51109;&#51012; &#50948;&#54644; 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&#48156;&#54665;&#54616;&#44256;, &#49569;&#44552; &#44592;&#50629;&#51060; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#51221;&#49328;&#54616;&#47728;, &#51088;&#49328;&#50868;&#50857;&#49324;&#44032; &#54144;&#46300;&#47484; &#53664;&#53360;&#54868;&#54616;&#45716; &#55120;&#47492;&#51060; &#44033;&#44033; &#46384;&#47196; &#51652;&#54665;&#46104;&#45716; &#44163;&#51060; &#50500;&#45768;&#46972;, &#46041;&#51068;&#54620; &#51064;&#54532;&#46972; &#50948;&#50640;&#49436; &#46041;&#49884;&#50640; &#51068;&#50612;&#45208;&#44256; &#51080;&#45796;&#45716; &#49324;&#49892;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54869;&#49328;&#51032; &#50577;&#49345;&#51008; &#49464; &#47112;&#51060;&#50612;&#47196; &#45208;&#45660;&#45796;.</span></p><ol><li><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48156;&#54665; &#47112;&#51060;&#50612;: &#54168;&#51060;&#54036;, &#54028;&#51060;&#49436;&#48652;, &#49436;&#53364;, &#53580;&#45908;&#44032; &#49556;&#46972;&#45208; &#50948;&#50640;&#49436; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#48156;&#54665;&#54616;&#44144;&#45208; &#48156;&#54665; &#51064;&#54532;&#46972;&#47484; &#50868;&#50689;&#54620;&#45796;. &#45800;&#51068; &#44592;&#50629;&#51032; &#49892;&#54744;&#51060; &#50500;&#45768;&#46972; &#44221;&#51137;&#54616;&#45716; &#48156;&#54665;&#49324;&#46308;&#51060; &#44057;&#51008; &#45348;&#53944;&#50892;&#53356; &#50948;&#50640; &#44277;&#51316;&#54616;&#45716; &#44396;&#51312;&#45796;.</span></p></li><li><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51221;&#49328; &#47112;&#51060;&#50612;: &#48708;&#51088;&#45716; &#44032;&#47609;&#51216; &#47588;&#51077;&#49324; &#45824;&#49345; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51221;&#49328;&#51012; &#49556;&#46972;&#45208;&#47196; &#54869;&#51109;&#54664;&#44256;, 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&#44228;&#51340;&#50640;&#49436; &#49556;&#46972;&#45208;&#47484; &#51649;&#51217; &#47588;&#49688;&#54624; &#49688; &#51080;&#46020;&#47197; &#54664;&#44256;, &#51008;&#54665; &#48156;&#54665; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; SoFiUSD&#47484; &#49556;&#46972;&#45208; &#50948;&#50640;&#49436; &#50868;&#50857;&#54616;&#44592; &#49884;&#51089;&#54664;&#45796;. &#44592;&#44288; &#44144;&#47000;&#49548; &#48520;&#47532;&#49884;&#45716; 50&#44060; &#44288;&#54624;&#44428;&#50640;&#49436; &#49556;&#46972;&#45208; &#44592;&#48152; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#51221;&#49328; &#51452; &#47112;&#51068;&#47196; &#52292;&#53469;&#54616;&#44256;, IPO &#45824;&#44552; 11&#50613; 5,000&#47564; &#45804;&#47084;&#47484; &#49556;&#46972;&#45208; &#45348;&#53944;&#50892;&#53356;&#50640;&#49436; &#52376;&#47532;&#54664;&#45796;.</span></p></li></ol><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48156;&#54665;, &#51221;&#49328;, 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class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!CJCd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3ef523e-8eab-472a-b2dd-bf799cb9b405_2048x1188.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!CJCd!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3ef523e-8eab-472a-b2dd-bf799cb9b405_2048x1188.png 424w, https://substackcdn.com/image/fetch/$s_!CJCd!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3ef523e-8eab-472a-b2dd-bf799cb9b405_2048x1188.png 848w, https://substackcdn.com/image/fetch/$s_!CJCd!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3ef523e-8eab-472a-b2dd-bf799cb9b405_2048x1188.png 1272w, https://substackcdn.com/image/fetch/$s_!CJCd!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3ef523e-8eab-472a-b2dd-bf799cb9b405_2048x1188.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!CJCd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3ef523e-8eab-472a-b2dd-bf799cb9b405_2048x1188.png" width="1456" height="845" 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https://substackcdn.com/image/fetch/$s_!CJCd!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3ef523e-8eab-472a-b2dd-bf799cb9b405_2048x1188.png 848w, https://substackcdn.com/image/fetch/$s_!CJCd!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3ef523e-8eab-472a-b2dd-bf799cb9b405_2048x1188.png 1272w, https://substackcdn.com/image/fetch/$s_!CJCd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3ef523e-8eab-472a-b2dd-bf799cb9b405_2048x1188.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#49548;&#54028;&#51060; - &#47532;&#53580;&#51068;&#183;&#44592;&#50629;&#44552;&#50997; &#53685;&#54633;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49548;&#54028;&#51060;&#45716; &#49345;&#51109; &#54592;&#53580;&#53356; &#51648;&#51452;&#54924;&#49324;&#51064; &#49548;&#54028;&#51060; &#53580;&#53356;&#45440;&#47196;&#51648;&#49828;&#47484; &#51473;&#49900;&#51004;&#47196; &#50868;&#50689;&#46104;&#47728;, &#44536; &#49328;&#54616;&#50640; OCC &#44048;&#46021;&#51012; &#48155;&#45716; &#50672;&#48169; &#51064;&#44032; &#51008;&#54665; SoFi Bank, N.A.&#47484; &#46160;&#44256; &#51080;&#45796;. &#54924;&#50896; &#49688; 1,470&#47564; &#47749;, &#52509;&#51088;&#49328; 537&#50613; &#45804;&#47084;(2026&#45380; 1&#48516;&#44592; &#44592;&#51456;)&#47196;, &#54617;&#51088;&#44552; &#45824;&#52636; &#51116;&#50997;&#51088;&#50640;&#49436; &#52636;&#48156;&#54644; &#50696;&#44552;&#183;&#45824;&#52636;&#183;&#53804;&#51088;&#183;&#48372;&#54744;&#51012; &#45800;&#51068; &#50545;&#50640;&#49436; &#51228;&#44277;&#54616;&#45716; &#54400;&#49828;&#53469; &#47532;&#53580;&#51068; &#44552;&#50997; &#54540;&#47019;&#54268;&#51004;&#47196; &#49457;&#51109;&#54664;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49548;&#54028;&#51060;&#45716; 2025&#45380; 11&#50900; </span><a href="https://www.sofi.com/press/sofi-bank-becomes-the-first-and-only-nationally-chartered-bank-to-launch-crypto-trading-for-consumers/"><span>&#50672;&#48169; &#51064;&#44032; &#51008;&#54665; &#52572;&#52488;&#47196; &#49548;&#48708;&#51088; &#45824;&#49345; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47484; &#44060;&#49884;&#54664;&#45796;. BTC&#183;ETH&#183;SOL&#51012; &#54252;&#54632;&#54620; 28&#51333;&#51032; &#46356;&#51648;&#53560; &#51088;&#49328;&#51012; &#51008;&#54665; &#44228;&#51340;&#50640;&#49436; &#51649;&#51217; &#47588;&#49688;&#183;&#47588;&#46020;&#183;&#48372;&#50976;&#54624; &#49688; &#51080;&#46020;&#47197; &#54620; &#44163;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49548;&#54028;&#51060;&#44032; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#47484; &#51649;&#51217; &#51648;&#50896;&#54616;&#45716; &#51060;&#50976;&#45716; &#51217;&#44540;&#49457;&#51004;&#47196; &#51064;&#54620; &#49324;&#50857;&#51088; &#51060;&#53448;&#51012; &#47561;&#44592; &#50948;&#54644;&#49436;&#51060;&#45796;. &#44592;&#51316; &#51008;&#54665; &#51064;&#54532;&#46972;&#50640;&#49436; &#46356;&#51648;&#53560; &#51088;&#49328;&#51008; &#48324;&#46020; &#44144;&#47000;&#49548;&#46972;&#45716; &#48516;&#47532;&#46108; &#44221;&#47196;&#47484; &#53685;&#54644;&#49436;&#47564; &#51217;&#44540; &#44032;&#45733;&#54664;&#45796;. &#44256;&#44061;&#51060; SOL&#51012; &#49324;&#47140;&#47732; &#49548;&#54028;&#51060; &#50545;&#51012; &#46496;&#45208; &#53076;&#51064;&#48288;&#51060;&#49828;, &#53356;&#46972;&#52996;, &#47196;&#48712;&#54980;&#46300; &#46321; &#48324;&#46020; &#54540;&#47019;&#54268;&#50640; &#44032;&#51077;&#54644;&#50556; &#54664;&#45796;. &#44552;&#50997; &#50545;&#51032; &#44256;&#44061; &#51217;&#51216;&#51060; &#50808;&#48512;&#47196; &#51060;&#53448;&#54616;&#45716; &#51648;&#51216;&#51060;&#50632;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49548;&#54028;&#51060;&#45716; &#51060; &#51217;&#51216;&#51012; &#45796;&#49884; &#51008;&#54665; &#50545; &#50504;&#51004;&#47196; &#44032;&#51256;&#50724;&#47140;&#44256; &#54620;&#45796;. &#50516;&#54840;&#54868;&#54224; &#44144;&#47000; &#51648;&#50896;&#51008; &#46356;&#51648;&#53560; &#51088;&#49328; &#51217;&#44540;&#49457;&#51012; &#51008;&#54665; &#50545; &#50504;&#51004;&#47196; &#55137;&#49688;&#54620;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">1. &#51088;&#49328; &#47588;&#49688; (In-App Purchase)</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#44256;&#44061;&#51008; &#49548;&#54028;&#51060; &#50545; &#50504;&#50640;&#49436; SOL&#51012; &#54252;&#54632;&#54620; &#46356;&#51648;&#53560; &#51088;&#49328;&#51012; &#51649;&#51217; &#47588;&#49688;&#183;&#48372;&#50976;&#54624; &#49688; &#51080;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2. &#50728;&#52404;&#51064; &#49688;&#49888; (Inbound Integration): </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44256;&#44061;&#51008;</span><a href="https://solana.com/news/state-of-solana-february-2026"><span> &#49556;&#46972;&#45208; &#45348;&#53944;&#50892;&#53356; &#51077;&#44552; &#51452;&#49548;&#47484; &#48156;&#44553;&#48155;&#50500;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);"> &#50808;&#48512; &#51648;&#44049;&#51032; &#51088;&#49328;&#51012; SoFi &#50545;&#51004;&#47196; &#48155;&#51012; &#49688; &#51080;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">3. &#51088;&#52404; &#50728;&#52404;&#51064; &#45804;&#47084; &#48156;&#54665; (SoFiUSD)</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#49548;&#54028;&#51060;&#45716; &#51008;&#54665; &#48156;&#54665; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51064; SoFiUSD&#47484; &#53685;&#54644; &#51088;&#52404; &#46356;&#51648;&#53560; &#45804;&#47084; &#47112;&#51068;&#51012; &#44396;&#52629;&#54620;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">4. &#44592;&#50629;&#44552;&#50997; &#54869;&#51109; (Enterprise Integration)</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#49548;&#54028;&#51060;</span><a href="https://investors.sofi.com/news/news-details/2026/SoFi-Launches-Big-Business-Banking-to-Power-Fiat-and-Crypto-Banking-on-a-Single-Regulated-Platform/default.aspx"><span>&#45716; Big Business Banking</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51012; &#53685;&#54644; &#51060; &#44396;&#51312;&#47484; &#44592;&#50629; &#44256;&#44061;&#51032; &#44208;&#51228;&#183;&#51221;&#49328;&#183;&#50868;&#50857; &#51064;&#54532;&#46972;&#47196; &#54869;&#51109;&#54620;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49548;&#54028;&#51060;&#45716; 2026&#45380; 1&#48516;&#44592; SoFiUSD &#48156;&#54665;&#51012; &#49884;&#51089;&#54664;&#44256;, 5&#50900;&#50640;&#45716; &#50545; &#45236; &#44256;&#44061;&#50857; &#49345;&#54408;&#51004;&#47196; &#54869;&#51109;&#54664;&#45796;. OCC &#44048;&#46021; &#54616;&#51032; &#50672;&#48169; &#51064;&#44032; &#51008;&#54665;&#51060; &#51088;&#44592; &#48512;&#52292;&#47484; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#54805;&#53468;&#47196; &#49556;&#46972;&#45208; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064; &#50948;&#50640; &#50732;&#47536; &#52395; &#49324;&#47168;&#45796;. &#44592;&#49696; &#49892;&#54744;&#51060; &#50500;&#45768;&#46972; &#44508;&#51228; &#44592;&#44288;&#51032; &#49849;&#51064; &#50500;&#47000; &#49892;&#51228; &#50868;&#50857; &#51473;&#51064; &#44396;&#51312;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49345;&#45817;&#49688; &#50500;&#49884;&#50500; &#51064;&#53552;&#45367;&#51204;&#47928;&#51008;&#54665;&#51008; &#51060;&#48120; &#44053;&#47141;&#54620; &#47784;&#48148;&#51068; &#50545; &#52292;&#45328;, &#49888;&#49549;&#54620; &#49569;&#44552; &#49436;&#48708;&#49828;, &#45458;&#51008; &#46356;&#51648;&#53560; &#44552;&#50997; &#52840;&#53804;&#50984;&#51012; &#54869;&#48372;&#54616;&#44256; &#51080;&#45796;. &#46384;&#46972;&#49436; &#51060;&#47084;&#54620; &#44396;&#51312;&#47484; &#46020;&#51077;&#54616;&#45716; &#45936; &#46384;&#47476;&#45716; &#51228;&#50557;&#51008; &#44592;&#49696;&#51201; &#54620;&#44228;&#44032; &#50500;&#45772; &#44508;&#51228;&#51201; &#50836;&#51064;&#50640; &#44592;&#51064;&#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54788;&#51116; &#44033;&#44397;&#51008; &#51008;&#54665;&#51032; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064; &#44592;&#48152; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#48156;&#54665; &#44032;&#45733; &#50668;&#48512;&#45208; &#53664;&#53360;&#54868;&#46108; &#50696;&#44552;&#50640; &#45824;&#54620; &#51060;&#51088; &#51648;&#44553; &#48143; &#50696;&#44552;&#51088; &#48372;&#54840; &#51201;&#50857; &#50668;&#48512;&#47484; &#44508;&#51221;&#54616;&#45716; &#51228;&#46020;&#51201; &#44592;&#51456;&#51060; &#48120;&#48708;&#54620; &#49892;&#51221;&#51060;&#45796;. &#49548;&#54028;&#51060;&#44032; &#51060;&#47484; &#49892;&#54665;&#54624; &#49688; &#51080;&#50632;&#45912; &#50896;&#46041;&#47141;&#51008; &#48120;&#44397;&#51060; &#49440;&#51228;&#51201;&#51004;&#47196; &#44508;&#51228;&#47484; &#51221;&#47549;&#54616;&#44256; &#51648;&#52840;&#51012; &#51228;&#44277;&#54664;&#44592; &#46412;&#47928;&#51060;&#45796;. &#54693;&#54980; &#44033;&#44397; &#44552;&#50997; &#45817;&#44397;&#51060; &#51060;&#50752; &#46041;&#46321;&#54620; &#44592;&#51456;&#49440;&#51012; &#47560;&#47144;&#54620;&#45796;&#47732; &#50500;&#49884;&#50500; &#51064;&#53552;&#45367;&#51204;&#47928;&#51008;&#54665;&#46308; &#46608;&#54620; &#46041;&#51068;&#54620; &#44396;&#51312;&#47484; &#51593;&#44033; &#51201;&#50857;&#54624; &#49688; &#51080;&#51012; &#44163;&#51060;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#48520;&#47532;&#49884; - &#44592;&#44288; &#51204;&#50857; &#46356;&#51648;&#53560; &#51088;&#49328; &#44144;&#47000;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48520;&#47532;&#49884;&#45716; &#51648;&#48652;&#47204;&#53552; &#44552;&#50997;&#49436;&#48708;&#49828;&#50948;&#50896;&#54924;(GFSC), &#46021;&#51068; &#44552;&#50997;&#44048;&#46021;&#52397;(BaFin), &#54861;&#53097; &#51613;&#44428;&#49440;&#47932;&#50948;&#50896;&#54924;(SFC), &#45684;&#50837; &#44552;&#50997;&#49436;&#48708;&#49828;&#44397;(NYDFS) &#46321; 50&#44060; &#51060;&#49345;&#51032; &#44288;&#54624;&#44428;&#50640;&#49436; &#44508;&#51228; &#51064;&#44032;&#47484; &#52712;&#46301;&#54620; &#44592;&#44288; &#51204;&#50857; &#46356;&#51648;&#53560; &#51088;&#49328; &#44144;&#47000;&#49548;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48520;&#47532;&#49884;&#45716; 2025&#45380; 7&#50900; &#49556;&#46972;&#45208; &#45348;&#53944;&#50892;&#53356;&#51032; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; </span><a href="https://solanafloor.com/news/the-transaction-represents-the-first-time-stablecoins-were-utilized-in-an-initial-public-offering-in-the-u-s"><span>&#51088;&#49324; &#44144;&#47000;&#49548; &#48143; &#52397;&#49328; &#49436;&#48708;&#49828; &#51204;&#48152;&#51032; &#49688;&#53441;&#183;&#44208;&#51228;&#183;&#44144;&#47000;&#183;&#51221;&#49328; &#51452; &#47112;&#51068;&#47196; &#52292;&#53469;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54616;&#44192;&#45796;&#44256; &#44277;&#49885; &#49440;&#50616;&#54664;&#45796;. &#48520;&#47532;&#49884;&#44032; &#49556;&#46972;&#45208;&#47484; &#53469;&#54620; &#51060;&#50976;&#45716; &#47749;&#54869;&#54616;&#45796;. &#44592;&#44288; &#44144;&#47000;&#49548;&#44032; 50&#44060; &#51060;&#49345; &#44288;&#54624;&#44428;&#51032; &#49345;&#45824;&#48169;&#44284; &#51088;&#44552;&#51012; &#51452;&#44256;&#48155;&#51012; &#46412;, &#44033;&#44397; &#48277;&#51221;&#54868;&#54224;&#50752; &#54872;&#44144;&#47000; &#51008;&#54665;&#51012; &#44144;&#52824;&#45716; &#51204;&#53685; &#51221;&#49328; &#44396;&#51312;&#45716; &#44148;&#45817; &#49688;&#49901; &#45804;&#47084;&#51032; &#49688;&#49688;&#47308;&#50752; 1~5&#51068;&#51032; &#52376;&#47532; &#51648;&#50672;&#51012; &#49688;&#48152;&#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51008; &#51060; &#45796;&#45800;&#44228; &#52397;&#49328; &#44396;&#51312;&#47484; &#45800;&#51068; &#47112;&#51068;&#47196; &#45824;&#52404;&#54620;&#45796;. &#51060;&#45716; &#48520;&#47532;&#49884; &#51077;&#51109;&#50640;&#49436; &#48708;&#50857; &#51208;&#44048;&#51012; &#45336;&#50612; &#49688;&#51061; &#44592;&#48152;&#51032; &#54869;&#51109;&#51060;&#46972;&#44256; &#48380; &#49688; &#51080;&#45796;. &#44144;&#47000; &#49688;&#49688;&#47308; &#50808;&#50640; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51060;&#51088;&#49688;&#51061;, &#50976;&#46041;&#49457; &#49436;&#48708;&#49828; &#49688;&#51061;, &#46356;&#54028;&#51060; &#54532;&#47196;&#53664;&#53084; &#49688;&#51061;&#51060; &#47784;&#46160; &#48520;&#47532;&#49884;&#51032; &#49892;&#51201; &#51221;&#51032;&#50640; &#45208;&#50752;&#51080;&#45716; &#49436;&#48708;&#49828; &#49688;&#51061;&#50640; &#54252;&#54632;&#46104;&#44592; &#46412;&#47928;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48520;&#47532;&#49884;&#51032; &#51221;&#49328; &#44396;&#51312;&#45716; &#49464; &#45800;&#44228;&#47196; &#51089;&#46041;&#54620;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">1. &#51452;&#47928; &#52404;&#44208; (Order Matching): </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44592;&#44288; &#53804;&#51088;&#51088;&#44032; &#48520;&#47532;&#49884; &#54540;&#47019;&#54268;&#50640;&#49436; &#47588;&#49688;&#183;&#47588;&#46020; &#51452;&#47928;&#51012; &#51228;&#52636;&#54616;&#47732; &#45236;&#48512; &#50724;&#45908;&#48513;&#50640;&#49436; &#52404;&#44208;&#51060; &#51060;&#47336;&#50612;&#51652;&#45796;. &#50756;&#51204; &#51456;&#48708;&#44552;(Full Reserve) &#44396;&#51312;&#47196; &#44256;&#44061; &#51088;&#49328;&#51012; 1:1&#47196; &#48516;&#47532; &#49688;&#53441;&#54616;&#47728;, &#47700;&#51060;&#52964; &#49688;&#49688;&#47308;&#50752; &#49688;&#53441; &#49688;&#49688;&#47308;&#45716; &#50630;&#45796;. USD &#48143; &#51452;&#50836; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#50640; &#45824;&#54644; &#47749;&#47785; &#44552;&#50529; 10&#50613; &#45804;&#47084;&#44620;&#51648; &#45812;&#48372; &#54756;&#50612;&#52983;&#46020; &#51201;&#50857;&#54616;&#51648; &#50506;&#45716;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2. &#50728;&#52404;&#51064; &#51221;&#49328; (On-Chain Settlement): </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49556;&#46972;&#45208; &#44592;&#48152; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#49688;&#53441;&#183;&#44208;&#51228;&#183;&#44144;&#47000;&#183;&#51221;&#49328; &#51204;&#48152;&#51032; &#51452; &#47112;&#51068;&#47196; &#50868;&#50689;&#46108;&#45796;. 50&#44060; &#51060;&#49345; &#44288;&#54624;&#44428;&#51032; &#49345;&#45824;&#48169;&#51060; &#44033;&#44592; &#45796;&#47480; &#48277;&#51221;&#54868;&#54224; &#52404;&#44228;&#47484; &#50416;&#45908;&#46972;&#46020; &#49556;&#46972;&#45208; &#44592;&#48152; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#44277;&#53685; &#51221;&#49328; &#45800;&#50948;&#47196; &#49444;&#44228;&#46096;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">3. &#51064;&#54532;&#46972; &#54869;&#51109; (Infrastructure Deepening): </span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48520;&#47532;&#49884;&#51032; &#49556;&#46972;&#45208; &#54876;&#50857;&#51008; &#44208;&#51228;&#183;&#51221;&#49328;&#51012; &#45336;&#50612; &#51613;&#44428;&#54805; &#51088;&#49328;&#51004;&#47196; &#54869;&#51109;&#46096;&#45796;. 2026&#45380; 5&#50900; &#51088;&#49324; &#51452;&#49885; BLSH&#47484; &#49556;&#46972;&#45208; &#50948;&#50640;&#49436; &#53664;&#53360;&#54868;&#54664;&#45796;. &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924; &#46321;&#47197; &#51060;&#51204; &#45824;&#47532;&#51064; EQ&#50752; &#54632;&#44760; &#54868;&#51060;&#53944;&#47532;&#49828;&#53944; &#51452;&#49548;&#47564; &#54728;&#50857;&#54616;&#45716; &#44396;&#51312;&#47196; &#50868;&#50689;&#54616;&#47728;, AMM&#183;DEX &#44144;&#47000;&#45716; &#54788;&#51116; &#50676;&#51648; &#50506;&#51008; &#49345;&#53468;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48520;&#47532;&#49884; &#49324;&#47168;&#51032; &#54645;&#49900;&#51008; &#49688;&#49901;&#50613; &#45804;&#47084;&#44553; &#44592;&#44288; &#44144;&#47000;&#47484; &#52376;&#47532;&#54616;&#45716; &#44508;&#51228; &#44144;&#47000;&#49548;&#44032; &#49556;&#46972;&#45208; &#44592;&#48152; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#50868;&#50689; &#53076;&#50612; &#47112;&#51068;&#47196; &#48176;&#52824;&#54616;&#44256;, IPO &#45824;&#44552; &#51221;&#49328;&#51060;&#46972;&#45716; &#48277;&#51201; &#52293;&#51076;&#51060; &#49688;&#48152;&#46104;&#45716; &#51060;&#48292;&#53944;&#47484; &#49556;&#46972;&#45208; &#50948;&#50640;&#49436; &#49892;&#51228;&#47196; &#52376;&#47532;&#54664;&#45796;&#45716; &#51216;&#51060;&#45796;. &#54644;&#45817; &#44396;&#51312;&#44032; &#49892;&#51228;&#47196; &#51089;&#46041;&#54620;&#45796;&#45716; &#51613;&#44144;&#45716; IPO &#51060;&#48292;&#53944;&#50640;&#49436; &#49892;&#51228;&#47196; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; IPO &#45824;&#44552;&#51012; &#49688;&#47161;&#54620; &#52992;&#51060;&#49828;&#50640;&#49436; &#45208;&#50772;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2025&#45380; 8&#50900; &#48520;&#47532;&#49884;&#45716;</span><a href="https://decrypt.co/335864/bullish-takes-1-15-billion-in-ipo-proceeds-via-stablecoins-mostly-on-solana"><span> IPO &#45824;&#44552; 11&#50613; 5,000&#47564; &#45804;&#47084;&#47484; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#49688;&#47161;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54664;&#51004;&#47728;, &#44536; &#45824;&#48512;&#48516;&#51060; &#49556;&#46972;&#45208; &#45348;&#53944;&#50892;&#53356;&#50640;&#49436; &#48156;&#54665;&#46108; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#52376;&#47532;&#46096;&#45796;&#44256; &#48156;&#54364;&#54664;&#45796;. &#51228;&#54140;&#47532;&#49828;&#44032; &#44144;&#47000;&#47484; &#51312;&#50984;&#54616;&#44256; &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#49688;&#53441;&#51012; &#47585;&#50520;&#45796;. &#48277;&#51201; &#52293;&#51076;&#51060; &#49688;&#48152;&#46104;&#45716; &#45824;&#54805; &#51088;&#48376;&#49884;&#51109; &#51060;&#48292;&#53944;&#44032; &#49556;&#46972;&#45208; &#44592;&#48152; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#52376;&#47532;&#46108; &#44163;&#51060;&#45796;. </span><a href="https://www.bullish.com/us/news-insights/bullish-tokenizes-its-shares-bringing-blsh-onchain"><span>&#51088;&#49324; &#51452;&#49885; BLSH&#47484; &#49556;&#46972;&#45208; &#50948;&#50640;&#49436; &#53664;&#53360;&#54868;</span></a><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54644; &#54868;&#51060;&#53944;&#47532;&#49828;&#53944; &#51452;&#49548;&#47564; &#54728;&#50857;&#54616;&#45716; &#44396;&#51312;&#47196; &#50868;&#50689;&#54620; &#49440;&#47168;&#46020; &#51080;&#45796;.</span></p><h2><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">5. &#49328;&#50629;&#51012; &#54408;&#45716; &#44508;&#51228;&#51201; &#48320;&#54868;</span></strong></h2><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49328;&#50629;&#51012; &#44396;&#52629;&#54616;&#45716; &#51452;&#52404;&#45716; &#44592;&#50629;&#51060;&#51648;&#47564;, &#44536; &#49328;&#50629;&#51032; &#51221;&#51032;&#50752; &#44221;&#44228;&#49440;&#51012; &#52572;&#51333;&#51201;&#51004;&#47196; &#54869;&#51221;&#54616;&#45716; &#44163;&#51008; &#44208;&#44397; &#44508;&#51228;&#51032; &#47749;&#54869;&#49457;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50500;&#49884;&#50500;&#51032; &#44552;&#50997;&#44592;&#44288;&#46308;&#51008; &#54728;&#44032;&#46108; &#50689;&#50669; &#50808;&#50640;&#45716; &#51652;&#51077;&#51012; &#51228;&#54620;&#54616;&#45716; &#8216;&#54252;&#51648;&#54000;&#48652; &#44508;&#51228;&#8217; &#52404;&#51228; &#54616;&#50640; &#50868;&#50689;&#46108;&#45796;. &#53945;&#55176; &#54620;&#44397;&#51060;&#45208; &#51068;&#48376;&#52376;&#47100; &#51221;&#48512; &#51452;&#46020;&#51032; &#49457;&#51109; &#47784;&#45944;&#51012; &#44256;&#49688;&#54644; &#50728; &#44397;&#44032;&#50640;&#49436;&#45716; &#48277;&#51201; &#44540;&#44144;&#44032; &#48512;&#51116;&#54620; &#49888;&#49324;&#50629;&#51012; &#44263; &#50948;&#48277;&#54616;&#44144;&#45208; &#50948;&#54744;&#54620; &#44163;&#51004;&#47196; &#52824;&#48512;&#54616;&#44260; &#54620;&#45796;. &#46384;&#46972;&#49436; &#50500;&#49884;&#50500; &#44552;&#50997;&#44592;&#44288;&#46308;&#51008; &#51088;&#48376;&#51012; &#53804;&#51077;&#54616;&#44592; &#51204;, &#44544;&#47196;&#48268; &#44508;&#51228; &#54872;&#44221;&#51012; &#47732;&#48128;&#55176; &#44160;&#53664;&#54616;&#44256; &#47532;&#49828;&#53356;&#47484; &#54596;&#53552;&#47553;&#54616;&#45716; &#49888;&#51473;&#54620; &#51217;&#44540;&#51060; &#54596;&#49688;&#51201;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#50752; &#45824;&#51312;&#51201;&#51004;&#47196; &#49436;&#44396;&#44428;&#51008; &#8216;&#45348;&#44144;&#54000;&#48652; &#44508;&#51228;&#8217;&#46972;&#45716; &#50689;&#48120;&#48277;&#51201; &#50896;&#52825;&#51012; &#46384;&#47476;&#44256; &#51080;&#45796;. &#51060;&#45716; &#49324;&#50629;&#51012; &#49440;&#51228;&#51201;&#51004;&#47196; &#54728;&#50857;&#54616;&#46104;, &#47532;&#49828;&#53356;&#44032; &#44032;&#49884;&#54868;&#46104;&#44144;&#45208; &#49328;&#50629;&#51060; &#51068;&#51221; &#44508;&#47784;&#50640; &#46020;&#45804;&#54664;&#51012; &#46412; &#51077;&#48277;&#44284; &#44508;&#51228;, &#48277; &#51665;&#54665; &#46321; &#49324;&#54980;&#51201;&#51064; &#51221;&#52293; &#45824;&#51025;&#51012; &#53685;&#54644; &#44221;&#44228;&#47484; &#49444;&#51221;&#54616;&#45716; &#48169;&#49885;&#51060;&#45796;. &#51060;&#47084;&#54620; &#44396;&#51312;&#45716; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#50640; &#47588;&#50864; &#51473;&#50836;&#54620; &#54532;&#47112;&#51076;&#50892;&#53356;&#47196; &#51089;&#50857;&#54664;&#45716;&#45936;, &#44508;&#51228; &#53952; &#50504;&#51004;&#47196; &#50756;&#51204;&#55176; &#54200;&#51077;&#46104;&#44592; &#51204; &#51088;&#50976;&#47196;&#50868; &#54872;&#44221;&#50640;&#49436; &#54785;&#49888;&#51201;&#51064; &#49436;&#48708;&#49828;&#46308;&#51060; &#47676;&#51200; &#53468;&#46041;&#54624; &#49688; &#51080;&#45716; &#53664;&#45824;&#44032; &#46104;&#50632;&#44592; &#46412;&#47928;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44208;&#44397; &#51228;&#46020;&#44428; &#54200;&#51077;&#44284; &#48277;&#51201; &#47784;&#54840;&#54632;&#51060; &#54844;&#51116;&#46104;&#50612; &#51080;&#45716; &#54788;&#51116;&#51032; &#51204;&#54872;&#44592;&#50640;&#45716;, &#45800;&#49692;&#55176; &#44508;&#51228; &#48320;&#54868;&#47484; &#44288;&#47581;&#54616;&#45716; &#44163;&#51012; &#45336;&#50612; &#44508;&#51228; &#47532;&#49828;&#53356;&#47484; &#49440;&#51228;&#51201;&#51004;&#47196; &#50696;&#52769;&#54616;&#44256; &#44288;&#47532;&#54616;&#45716; &#50669;&#47049;&#51060; &#44592;&#50629;&#51032; &#54645;&#49900;&#51201;&#51064; &#49884;&#51109; &#44221;&#51137;&#47141;&#51004;&#47196; &#48512;&#49345;&#54616;&#44256; &#51080;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!5Nbe!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F261c5aaa-c91d-494e-a317-d96e49d5b2a3_2048x1695.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!5Nbe!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F261c5aaa-c91d-494e-a317-d96e49d5b2a3_2048x1695.png 424w, https://substackcdn.com/image/fetch/$s_!5Nbe!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F261c5aaa-c91d-494e-a317-d96e49d5b2a3_2048x1695.png 848w, 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#47084;&#54620; &#44508;&#51228; &#49444;&#44228; &#44284;&#51221;&#50640; &#49556;&#46972;&#45208; &#51221;&#52293; &#50672;&#44396;&#49548;&#44032; &#44618;&#49689;&#51060; &#44060;&#51077;&#54616;&#44256; &#51080;&#45796;. 2025&#45380; 3&#50900; &#50892;&#49905;&#53556; D.C.&#50640; &#49444;&#47549;&#46108; &#48708;&#50689;&#47532; &#51221;&#52293; &#44592;&#44396;&#47196;, &#49556;&#46972;&#45208; &#49373;&#53468;&#44228;&#47484; &#45336;&#50612; &#50516;&#54840;&#54868;&#54224; &#49328;&#50629; &#51204;&#48152;&#51012; &#45824;&#48320;&#54616;&#47728; &#51077;&#48277;&#44284; &#44508;&#51228; &#45436;&#51032;&#50640; &#44396;&#52404;&#51201; &#45824;&#50504;&#51012; &#51228;&#49884;&#54644; &#50772;&#45796;. &#51452;&#50836; &#54876;&#46041;&#51008; &#45796;&#51020;&#44284; &#44057;&#45796;.</span></p><ul><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54532;&#47196;&#51229;&#53944; &#50724;&#54536; &#51228;&#50504;</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: 2025&#45380; 4&#50900; 30&#51068; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924; &#50516;&#54840;&#54868;&#54224; &#53468;&#49828;&#53356;&#54252;&#49828;&#50640; &#50724;&#47476;&#52852;, &#49800;&#54140;&#49828;&#53580;&#51060;&#53944;, &#54060;&#53568; &#46321;&#44284; &#44277;&#46041;&#51004;&#47196; &#51228;&#50504;&#49436;&#47484; &#51228;&#52636;&#54664;&#45796;. &#51060;&#45716; &#49556;&#46972;&#45208;&#50752; &#44057;&#51008; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064;&#49345;&#51032; &#50724;&#47476;&#52852; &#46321; AMM &#51064;&#54532;&#46972;&#50640;&#49436; &#51613;&#44428;&#51032; 2&#52264; &#44144;&#47000;&#47484; &#49688;&#54665;&#54616;&#44592; &#50948;&#54620; &#47732;&#51228; &#54028;&#51068;&#47103; &#54532;&#47112;&#51076;&#50892;&#53356;&#47196;, &#46321;&#47197;&#46108; &#47749;&#51032;&#44060;&#49436;&#45824;&#47532;&#51064;(transfer agent)&#51060; &#44288;&#47532;&#54616;&#45716; &#54868;&#51060;&#53944;&#47532;&#49828;&#53944; &#51648;&#44049; &#54532;&#47112;&#51076;&#50892;&#53356;&#47484; &#44592;&#48152;&#51004;&#47196; &#54620;&#45796;. &#49556;&#46972;&#45208; &#51221;&#52293; &#50672;&#44396;&#49548;&#45716; &#51060;&#54980; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924; &#51648;&#46020;&#48512; &#48143; &#49892;&#47924;&#51652; &#45824;&#49345; &#49436;&#47732; &#51228;&#52636;&#44284; &#54532;&#47112;&#51232;&#53580;&#51060;&#49496;&#51012; &#54252;&#54632;&#54616;&#50668; &#50948;&#50896;&#54924;&#50752; &#51648;&#49549;&#51201;&#51004;&#47196; &#45824;&#54868;&#47484; &#51060;&#50612;&#50724;&#44256; &#51080;&#45796;. &#46608;&#54620; &#50728;&#52404;&#51064; &#54028;&#49373;&#49345;&#54408; &#48143; &#49440;&#47932; &#44144;&#47000;&#47484; &#44508;&#51228; &#53952; &#50504;&#51004;&#47196; &#54200;&#51077;&#54616;&#44592; &#50948;&#54644; &#49345;&#54408;&#49440;&#47932;&#44144;&#47000;&#50948;&#50896;&#54924;&#50640;&#49436;&#46020; &#50976;&#49324;&#54620; &#54028;&#51068;&#47103; &#54532;&#47196;&#44536;&#47016;&#51012; &#52628;&#51652; &#51473;&#51060;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">CLARITY Act &#48143; GENIUS Act &#52628;&#51652;</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#49556;&#46972;&#45208; &#51221;&#52293; &#50672;&#44396;&#49548;&#45716; &#51077;&#48277; &#45436;&#51032;&#51032; &#54645;&#49900; &#51452;&#46020;&#47196; &#52280;&#50668;&#54616;&#47728;, &#50724;&#54536;&#49548;&#49828; &#44060;&#48156;&#51088; &#48372;&#54840; &#51312;&#54637;(Blockchain Regulatory Certainty Act)&#51012; &#54252;&#54632;&#49884;&#53412;&#45716; &#45936; &#44208;&#51221;&#51201;&#51064; &#50669;&#54624;&#51012; &#54664;&#45796;. &#51089;&#45380; &#51032;&#54924;&#51032; GENIUS Act &#44060;&#48156;&#51012; &#51648;&#50896;&#54664;&#51004;&#47728;, &#54788;&#51116; &#54644;&#45817; &#48277;&#51032; &#44508;&#51228; &#51665;&#54665; &#44284;&#51221;&#50640;&#46020; &#52280;&#50668;&#54616;&#44256; &#51080;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51312;&#49464; &#54364;&#51456; &#49688;&#47549;</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#48120; &#51116;&#47924;&#48512;&#50640; &#49828;&#53580;&#51060;&#53433; &#48143; &#52292;&#44404; &#48372;&#49345; &#44284;&#49464; &#49884;&#51216;&#51012; &#8216;&#49373;&#49457; &#49884;&#51216;&#8217;&#51060; &#50500;&#45772; &#8216;&#47588;&#46020; &#49884;&#51216;&#8217;&#51004;&#47196; &#48320;&#44221;&#54616;&#46020;&#47197; IRS &#44032;&#51060;&#45912;&#49828; &#44060;&#51221;&#51012; &#44277;&#49885; &#50836;&#52397;&#54664;&#45796;. &#54788;&#51116; &#48120; &#51032;&#54924;&#45716; &#49828;&#53580;&#51060;&#53433; &#48372;&#49345; &#44284;&#49464;, 10&#45804;&#47084; &#48120;&#47564; &#46356;&#51648;&#53560; &#51088;&#49328; &#44144;&#47000;&#50640; &#45824;&#54620; &#49548;&#50529; &#47732;&#49464;(de minimis exemption) &#46321; &#49328;&#50629; &#48156;&#51204;&#50640; &#46384;&#46972; &#48156;&#49373;&#54620; &#50668;&#47084; &#49464;&#47924; &#54788;&#50504;&#51012; &#54644;&#44208;&#54616;&#44592; &#50948;&#54620; &#51077;&#48277;&#51012; &#44160;&#53664; &#51473;&#51060;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44060;&#48156;&#51088; &#48372;&#54840;</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: &#53076;&#46300; &#51089;&#49457; &#54665;&#50948; &#51088;&#52404;&#44032; &#54805;&#49324;&#51201; &#52293;&#51076;&#51004;&#47196; &#48708;&#54868;&#46108; &#8216;&#53664;&#45348;&#51060;&#46020; &#52880;&#49884;&#8217; &#44060;&#48156;&#51088; &#49324;&#47168;&#50640; &#45824;&#51025;&#54616;&#50668; &#48277;&#47456; &#45824;&#51025; &#54144;&#46300;&#50640; 50&#47564; &#45804;&#47084;&#47484; &#44592;&#48512;&#54664;&#45796;.</span></p></li><li><p><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51221;&#52293; &#44208;&#51665; &#48143; &#44277;&#47200;&#54868;(Convening power)</span></strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">: 2026&#45380; 4&#50900; &#8216;&#49556;&#46972;&#45208; &#49436;&#48139; NYC&#8217;&#50640; &#50672;&#48169; &#51032;&#50896;, &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;, &#48177;&#50501;&#44288; &#44288;&#44228;&#51088;, &#50900;&#49828;&#53944;&#47532;&#53944; &#44552;&#50997;&#44592;&#44288;&#51012; &#54620;&#51088;&#47532;&#50640; &#49548;&#51665;&#54664;&#45796;. &#46608;&#54620; 65&#44060; &#51060;&#49345;&#51032; &#50516;&#54840;&#54868;&#54224; &#45800;&#52404;&#50752; &#54632;&#44760; &#48177;&#50501;&#44288;&#50640; &#51221;&#52293; &#50864;&#49440;&#49692;&#50948; &#49436;&#54620;&#51012; &#51228;&#52636;&#54664;&#45796;.</span></p></li></ul><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#47084;&#54620; &#54876;&#46041;&#46308;&#51008; &#48120;&#44397; &#44508;&#51228;&#44032; &#51221;&#48512;&#51032; &#51068;&#48169;&#51201;&#51064; &#49444;&#44228;&#44032; &#50500;&#45768;&#46972;, &#48124;&#44036; &#48512;&#47928;&#44284; &#45817;&#44397; &#44036;&#51032; &#49345;&#54840;&#51089;&#50857;&#51012; &#53685;&#54644; &#49892;&#49884;&#44036;&#51004;&#47196; &#44396;&#52629;&#46104;&#44256; &#51080;&#51020;&#51012; &#48372;&#50668;&#51456;&#45796;. &#51593;, &#49328;&#50629;&#44228;&#44032; &#54532;&#47112;&#51076;&#50892;&#53356;&#47484; &#51228;&#50504;&#54632;&#50640; &#46384;&#46972; &#44508;&#51228;&#51032; &#50980;&#44285;&#51060; &#54805;&#49457;&#46104;&#45716; &#44396;&#51312;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44208;&#44284;&#51201;&#51004;&#47196; &#54788;&#51116;&#51032; &#44508;&#51228; &#51648;&#54805;&#51008; &#46160; &#50689;&#50669;&#51004;&#47196; &#45208;&#45660;&#45796;. &#51613;&#44428;&#44284; &#44057;&#51008; &#44508;&#51228; &#51088;&#49328;&#51032; &#48372;&#50976;, &#48156;&#54665;, &#51221;&#49328;&#51008; &#51060;&#48120; &#54633;&#48277;&#51201;&#51064; &#52404;&#51228;&#47196; &#54200;&#51077;&#46104;&#50632;&#45796;. &#45208;&#50500;&#44032; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#45716; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064;&#49345;&#51032; &#44144;&#47000; &#54532;&#47196;&#53664;&#53084;&#51012; &#53685;&#54644; &#51060;&#47084;&#54620; &#51613;&#44428;&#51012; &#44144;&#47000;&#54624; &#49688; &#51080;&#46020;&#47197; &#54616;&#45716; &#50756;&#51204;&#54620; &#54805;&#53468;&#51032; &#8216;&#54785;&#49888; &#47732;&#51228;(innovation exemption)&#8217; &#46020;&#51077;&#51012; &#47785;&#51204;&#50640; &#46160;&#44256; &#51080;&#45796;. &#44144;&#49884;&#51201;&#51064; &#53440;&#51076;&#46972;&#51064;&#51012; &#50696;&#52769;&#54616;&#45716; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#50669;&#47049;&#51008; &#51088;&#48376; &#53804;&#51077;&#51032; &#49457;&#54056;&#47484; &#44208;&#51221;&#51667;&#45716; &#54645;&#49900; &#50836;&#49548;&#44032; &#46112; &#44163;&#51060;&#45796;.</span></p><h3><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">5.1 &#54788;&#51116; &#44032;&#45733;&#54620; &#44163;&#46308;: &#48120;&#44397; &#44508;&#51228;&#44428; &#45236;&#47196; &#54200;&#51077;&#46108; &#54876;&#46041;&#46308;</span></strong></h3><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51648;&#44552;&#44620;&#51648; &#44508;&#51228;&#44428; &#45236;&#47196; &#54200;&#51077;&#46108; &#54876;&#46041;&#46308;&#51008; &#44592;&#51316; &#44552;&#50997; &#49884;&#51109; &#48143; &#51088;&#49328;&#44284;&#51032; &#51217;&#51216;&#51012; &#50864;&#49440;&#49884;&#54664;&#45796;. &#45824;&#48512;&#48516;&#51032; &#54876;&#46041;&#51008; &#51204;&#53685; &#44552;&#50997;&#44428;&#51060; &#51060;&#48120; &#52649;&#48516;&#54620; &#50669;&#47049;&#51012; &#54869;&#48372;&#54620; &#50689;&#50669;&#46308;&#51060;&#45796;. &#48152;&#47732;, &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064;&#51032; &#44053;&#51216;&#51060; &#50728;&#51204;&#55176; &#48156;&#55064;&#46112; &#49688; &#51080;&#45716; &#48516;&#50556;&#45716; &#50500;&#51649; &#48120;&#50756;&#51032; &#50689;&#50669;&#51004;&#47196; &#45224;&#50500; &#51080;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#51008;&#54665;&#51032; &#50516;&#54840;&#54868;&#54224; &#49688;&#53441; (SAB 121 &#54224;&#51648;)</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2025&#45380; 1&#50900; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#51032; &#51649;&#50896;&#54924;&#44228;&#51648;&#52840; &#51228;121&#54840;(SAB 121)&#44032; &#44277;&#49885; &#54224;&#51648;&#46104;&#47732;&#49436; &#45824;&#54805; &#51008;&#54665;&#51032; &#49884;&#51109; &#51652;&#51077; &#51109;&#48317;&#51060; &#51228;&#44144;&#46104;&#50632;&#45796;. &#44592;&#51316; &#51648;&#52840;&#51008; &#51008;&#54665;&#51060; &#44256;&#44061;&#51032; &#50516;&#54840;&#54868;&#54224;&#47484; &#48372;&#44288;&#54624; &#46412; &#54644;&#45817; &#51088;&#49328;&#51012; &#51008;&#54665; &#51109;&#48512;&#49345; &#8216;&#48512;&#52292;(Liability)&#8217;&#47196; &#46041;&#49884; &#44228;&#49345;&#54616;&#46020;&#47197; &#44053;&#51228;&#54644; &#50772;&#45796;. &#51060;&#47196; &#51064;&#54644; &#51008;&#54665;&#51008; &#51088;&#48376; &#51201;&#51221;&#49457;(BIS &#48708;&#50984;) &#44592;&#51456;&#51012; &#47582;&#52628;&#44592; &#50948;&#54644; &#47561;&#45824;&#54620; &#51088;&#52404; &#51088;&#48376;&#44552;&#51012; &#48372;&#44288;&#49548;&#50640; &#50613;&#51648;&#47196; &#47926;&#50612;&#46188;&#50556; &#54664;&#44256;, &#51060;&#45716; &#49688;&#53441; &#48708;&#51592;&#45768;&#49828;&#47484; &#54624; &#49688; &#50630;&#44172; &#54616;&#45716; &#50836;&#49548;&#50688;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54224;&#51648; &#51060;&#54980; &#50516;&#54840;&#54868;&#54224;&#45716; &#51068;&#48152; &#51452;&#49885;&#51060;&#45208; &#52292;&#44428;&#44284; &#46041;&#51068;&#54616;&#44172; &#51116;&#47924;&#49345;&#53468;&#54364; &#50808; &#51088;&#49328;(off-balance-sheet)&#51004;&#47196; &#48516;&#47448;&#46104;&#47732;&#49436;, &#49688;&#49688;&#47308; &#44592;&#48152;&#51032; &#51221;&#49345;&#51201;&#51064; &#49688;&#53441; &#48708;&#51592;&#45768;&#49828; &#44396;&#51312;&#44032; &#47560;&#47144;&#46104;&#50632;&#45796;. &#51060;&#47484; &#46263;&#48155;&#52840;&#54616;&#44592; &#50948;&#54644; &#50672;&#48169; &#44508;&#51228; &#45817;&#44397;&#51008; &#46356;&#51648;&#53560; &#51088;&#49328; &#49688;&#53441;&#50640; &#44288;&#54620; &#50948;&#54744; &#44288;&#47532;, &#51088;&#44552;&#49464;&#53441;&#48169;&#51648;(AML), KYC &#44277;&#46041; &#51648;&#52840;&#51012; &#48156;&#54364;&#54664;&#51004;&#47728;(&#50672;&#48169;&#51456;&#48708;&#51228;&#46020;, 2025&#45380; 7&#50900; 14&#51068;), &#53664;&#53360;&#54868;&#46108; &#51613;&#44428;&#50640;&#46020; &#46041;&#51068;&#54620; &#51088;&#48376; &#50836;&#44148;&#51012; &#51201;&#50857;&#54616;&#45716; &#44592;&#49696; &#51473;&#47549;&#51201; &#51217;&#44540; &#48169;&#49885;&#51012; &#44277;&#49885;&#54868;&#54664;&#45796;(&#50672;&#48169;&#51456;&#48708;&#51228;&#46020;, 2026&#45380; 3&#50900; 5&#51068;). &#51060;&#52376;&#47100; &#44508;&#51228; &#54532;&#47112;&#51076;&#50892;&#53356;&#44032; &#47749;&#54869;&#54644;&#51664;&#50640; &#46384;&#46972; BNY &#47708;&#47200;, &#49828;&#53580;&#51060;&#53944; &#49828;&#53944;&#47532;&#53944; &#46321; &#51452;&#50836; &#49688;&#53441; &#51008;&#54665;&#46308;&#51008; &#51008;&#54665; &#44228;&#51340;&#50752; &#44060;&#48324; &#51648;&#44049;&#51012; &#50672;&#46041;&#54616;&#45716; &#46356;&#51648;&#53560; &#51088;&#49328; &#49888;&#53441; &#49436;&#48708;&#49828;&#47484; &#48376;&#44201;&#51201;&#51004;&#47196; &#52636;&#49884;&#54664;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#46356;&#51648;&#53560; &#49345;&#54408; &#51648;&#50948; &#54925;&#46301; &#48143; &#54532;&#47196;&#53664;&#53084; &#49828;&#53580;&#51060;&#53433; &#54728;&#50857;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2026&#45380; 3&#50900; 17&#51068; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#50752; &#49345;&#54408;&#49440;&#47932;&#44144;&#47000;&#50948;&#50896;&#54924;&#45716; &#44277;&#46041; &#54644;&#49437; &#51648;&#52840;&#51012; &#48156;&#54364;&#54616;&#47728; &#49556;&#46972;&#45208;&#47484; &#54252;&#54632;&#54620; 16&#44060; &#51452;&#50836; &#51088;&#49328;&#51012; &#8216;&#46356;&#51648;&#53560; &#49345;&#54408;(Digital Commodities)&#8217;&#51004;&#47196; &#54869;&#51221;&#54664;&#45796;. &#54644;&#45817; &#51648;&#52840;&#51008; &#51088;&#49328;&#51012; 5&#44060; &#50976;&#54805;&#51004;&#47196; &#49464;&#48516;&#54868;&#54616;&#50668; &#44284;&#44144;&#51032; &#51613;&#44428;&#49457; &#51060;&#48516;&#48277;&#51012; &#54224;&#44592;&#54616;&#44256;, &#54532;&#47196;&#53664;&#53084; &#49828;&#53580;&#51060;&#53433;&#51012; &#51613;&#44428;&#48277; &#44508;&#51228; &#45824;&#49345;&#50640;&#49436; &#44277;&#49885; &#51228;&#50808;&#54664;&#45796;. &#51060;&#45716; &#50526;&#49436; 1&#50900; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#44032; &#8220;&#53664;&#53360;&#54868;&#44032; &#51613;&#44428;&#51032; &#48277;&#51201; &#48516;&#47448;&#47484; &#48148;&#44984;&#51648; &#50506;&#51004;&#47728; &#44221;&#51228;&#51201; &#49892;&#51656;&#51012; &#44592;&#51456;&#51004;&#47196; &#48277;&#51012; &#51201;&#50857;&#54620;&#45796;&#8221;&#44256; &#49440;&#50616;&#54620; &#50896;&#52825;&#51032; &#50672;&#51109;&#49440;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51088;&#49328;&#51032; &#48277;&#51201; &#49457;&#44201;&#51060; &#47749;&#54869;&#54644;&#51664;&#50640; &#46384;&#46972; &#44592;&#44288; &#53804;&#51088;&#51088;&#46308;&#51008; &#51613;&#44428;&#48277; &#50948;&#48152; &#47532;&#49828;&#53356; &#50630;&#51060; &#49556;&#46972;&#45208;&#47484; &#54252;&#54632;&#54620; 16&#44060; &#51452;&#50836; &#51088;&#49328;&#51012; &#47588;&#51077;&#183;&#48372;&#50976;&#183;&#49828;&#53580;&#51060;&#53433;&#54624; &#49688; &#51080;&#45716; &#48277;&#51201; &#50504;&#51204;&#49457;&#51012; &#54869;&#48372;&#54664;&#45796;. &#45796;&#47564; &#44508;&#51228; &#54644;&#51228;&#44032; &#44263;&#48148;&#47196; &#45824;&#44508;&#47784; &#51088;&#44552; &#50976;&#51077;&#51012; &#48372;&#51109;&#54616;&#45716; &#44163;&#51008; &#50500;&#45768;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2026&#45380; 1&#48516;&#44592; &#54788;&#51648; &#44592;&#44288;&#46308;&#51008; &#50508;&#53944;&#53076;&#51064; &#54788;&#47932; &#51088;&#52404;&#50640; &#45824;&#54620; &#45432;&#52636;&#51012; &#45720;&#47532;&#44592;&#48372;&#45796;, &#49828;&#53580;&#51060;&#53433; &#50976;&#46041;&#49457; &#51064;&#54532;&#46972; &#48143; &#54532;&#47196;&#53664;&#53084; &#51088;&#52404;&#47484; &#51088;&#49328;&#54868;&#54616;&#45716; &#51221;&#44368;&#54620; &#54252;&#51648;&#49496; &#47532;&#48184;&#47088;&#49905;&#50640; &#51088;&#48376;&#51012; &#51665;&#51473;&#54616;&#45716; &#49888;&#51473;&#54620; &#44592;&#51312;&#47484; &#48372;&#51060;&#44256; &#51080;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#51032; &#53804;&#51088; &#44228;&#50557; &#54032;&#45800; &#44592;&#51456; &#44396;&#52404;&#54868;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2025&#45380;, &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#45716; &#46356;&#51648;&#53560; &#51088;&#49328; &#44144;&#47000;&#50640; &#54616;&#50948; &#53580;&#49828;&#53944;(Howey Test)&#47484; &#51201;&#50857;&#54616;&#45716; &#44592;&#51456;&#51012; &#47749;&#54869;&#55176; &#54632;&#51004;&#47196;&#50024; 2021~2024&#45380; &#45817;&#49884;&#51032; &#54645;&#49900;&#51201;&#51064; &#44508;&#51228; &#45436;&#51137;&#51012; &#54644;&#44208;&#54664;&#45796;. &#44396;&#52404;&#51201;&#51004;&#47196; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#45716; &#51473;&#47549;&#51201;&#51064; &#44592;&#52488; &#44592;&#49696;&#47196; &#51064;&#51221;&#46104;&#45716; &#46356;&#51648;&#53560; &#51088;&#49328; &#51088;&#52404;&#50752;, &#54644;&#45817; &#51088;&#49328;&#51060; &#52572;&#52488; &#54032;&#47588; &#49884; &#51201;&#50857;&#46104;&#45716; &#8216;&#53804;&#51088; &#44228;&#50557;(investment contract)&#8217;&#51012; &#48277;&#51201;&#51004;&#47196; &#50628;&#44201;&#55176; &#44396;&#48516;&#54616;&#45716; &#44592;&#51456;&#51012; &#49688;&#47549;&#54664;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#47084;&#54620; &#53664;&#53360;&#46308;&#51032; 2&#52264; &#49884;&#51109; &#44144;&#47000;&#44032; &#48376;&#51656;&#51201;&#51004;&#47196; &#51613;&#44428; &#44144;&#47000;&#50640; &#54644;&#45817;&#54616;&#51648; &#50506;&#51020;&#51012; &#54869;&#51064;&#54632;&#51004;&#47196;&#50024;, &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#45716; &#51452;&#50836; &#47112;&#51060;&#50612;-1 &#54532;&#47196;&#53664;&#53084;&#46308;&#51012; &#51109;&#44592;&#44036; &#51667;&#45572;&#47476;&#45912; &#48277;&#51201; &#48520;&#54869;&#49892;&#49457;&#51012; &#49324;&#49892;&#49345; &#54644;&#49548;&#54664;&#45796;. &#51060;&#52376;&#47100; &#51473;&#50836;&#54620; &#47749;&#54869;&#54868; &#51312;&#52824;&#45716; &#44592;&#44288;&#46308;&#50640;&#44172; &#44508;&#51228; &#54540;&#47019;&#54268;&#50640;&#49436; &#49556;&#46972;&#45208;&#50752; &#44057;&#51008; &#51088;&#49328;&#51012; &#51613;&#44428;&#48277; &#50948;&#48152; &#47532;&#49828;&#53356; &#50630;&#51060; &#50504;&#51204;&#54616;&#44172; &#48372;&#50976;&#54616;&#44256; &#44144;&#47000;&#54616;&#45716; &#45936; &#54596;&#50836;&#54620; &#44508;&#51228; &#54869;&#49892;&#49457;&#51012; &#51228;&#44277;&#54664;&#45796;(SEC, 2025&#45380; 10&#50900; &#44592;&#51456;).</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">GENIUS Act &#44592;&#48152; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#48143; &#44397;&#52292; &#53664;&#53360;&#54868;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2025&#45380; &#53685;&#44284;&#46108; &#50672;&#48169; &#48277;&#50504; &#8216;GENIUS Act&#8217;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#51613;&#44428;&#51060;&#45208; &#50696;&#44552;&#51060; &#50500;&#45772; &#48324;&#44060;&#51032; &#51088;&#49328; &#50976;&#54805;&#51004;&#47196; &#47749;&#49884;&#54616;&#44256; &#48156;&#54665;&#51088;&#50640;&#44172; &#50672;&#48169; &#47732;&#54728; &#44592;&#51456;&#44284; &#50868;&#50857; &#50836;&#44148;&#51012; &#48512;&#50668;&#54664;&#45796;. &#48156;&#54665;&#51088;&#51032; &#54633;&#48277;&#51201; &#51648;&#50948;&#44032; &#54869;&#47549;&#46104;&#47732;&#49436; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51008; &#44592;&#44288; &#54252;&#53944;&#54260;&#47532;&#50724; &#45236;&#50640;&#49436; &#47532;&#49828;&#53356; &#51088;&#49328;&#51060; &#50500;&#45772; &#54633;&#48277;&#51201;&#51060;&#44256; &#48320;&#46041;&#49457; &#45230;&#51008; &#8216;&#50728;&#52404;&#51064; &#44208;&#51228; &#47112;&#51068;&#8217;&#47196; &#51116;&#48516;&#47448;&#46104;&#50632;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48277;&#51201; &#47532;&#49828;&#53356;&#44032; &#54644;&#49548;&#46104;&#47732;&#49436; &#49436;&#53364; &#46321; &#51064;&#54532;&#46972; &#44592;&#50629;&#50640; &#45824;&#54620; &#51204;&#53685; &#44552;&#50997;&#49324;&#46308;&#51032; &#53580;&#47560;&#51201; &#44288;&#49900;&#44284; &#53804;&#51088;&#44032; &#44032;&#49884;&#54868;&#46104;&#50632;&#45796;. &#45796;&#47564; &#51204;&#52404; &#50516;&#54840;&#54868;&#54224; &#51088;&#49328; &#48516;&#47448; &#52404;&#44228;&#47484; &#51333;&#44208;&#51648;&#51012; CLARITY Act&#51032; &#52572;&#51333; &#53685;&#44284;&#44620;&#51648; &#51060;&#50612;&#51256;&#50556; &#44508;&#51228; &#54056;&#47084;&#45796;&#51076;&#51060; &#50756;&#49457;&#46112; &#51204;&#47581;&#51060;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#44592;&#51316; &#44144;&#47000;&#49548; &#51473;&#49900;&#51032; &#51452;&#49885; &#53664;&#53360;&#54868;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2026&#45380; 3&#50900; 18&#51068;, &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#45716; &#45208;&#49828;&#45797;&#51060; &#51068;&#48512; &#51613;&#44428;&#51012; &#53664;&#53360;&#54868; &#54805;&#53468;&#47196; &#44144;&#47000;&#54616;&#46020;&#47197; &#52572;&#51333; &#49849;&#51064;&#54664;&#45796;(Rule Change SR-NASDAQ-2025-072 &#49849;&#51064;). &#51201;&#44201; &#52280;&#50668;&#51088;&#45716; &#44592;&#51316;&#51032; &#47932;&#47532;&#51201; &#51109;&#48512; &#46321;&#51116; &#45824;&#49888; &#48660;&#47197;&#52404;&#51064; &#53664;&#53360;&#51004;&#47196; &#44208;&#51228;&#47484; &#52376;&#47532;&#54616;&#47728;, &#53664;&#53360;&#54868; &#51452;&#49885;&#51008; &#51204;&#53685; &#51452;&#49885;&#44284; &#46041;&#51068;&#54620; &#50724;&#45908;&#48513;&#50640;&#49436; &#48337;&#47148; &#44144;&#47000;&#46104;&#47728; &#46041;&#51068;&#54620; &#49884;&#49464;&#50752; &#51452;&#51452; &#44428;&#47532;&#47484; &#48372;&#51109;&#48155;&#45716;&#45796;. &#51060;&#50640; &#48156;&#47582;&#52656; &#48120;&#44397; &#50696;&#53441;&#44208;&#51228;&#50896;&#51008; 2026&#45380; 7&#50900; &#51228;&#54620;&#51201; &#54028;&#51068;&#47103;&#51012; &#49884;&#51089;&#51004;&#47196; 10&#50900; &#51204;&#47732; &#52636;&#49884;&#47484; &#54869;&#51221;&#54664;&#51004;&#47728; &#45824;&#49345;&#51008; &#47084;&#49472; 1000 &#51333;&#47785;, &#51452;&#50836; &#51648;&#49688; ETF, &#48120;&#44397; &#44397;&#52292;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#45716; &#48660;&#47197;&#52404;&#51064; &#44592;&#49696;&#51012; &#49688;&#50857;&#54616;&#46104; &#51109;&#48512;&#51032; &#53685;&#51228;&#44428;&#51008; &#44592;&#51316; &#44552;&#50997;&#44592;&#44288;&#51060; &#50976;&#51648;&#54616;&#45716; &#48169;&#49885;&#51060;&#45796;. &#44144;&#47000; &#51088;&#52404;&#45716; &#44592;&#51316;&#51032; T+1 &#44208;&#51228; &#51452;&#44592;&#47484; &#46384;&#47476;&#44592; &#46412;&#47928;&#50640;, &#44592;&#49696;&#51201; &#54785;&#49888;&#49457;&#48372;&#45796;&#45716; &#51228;&#46020;&#44428; &#44552;&#50997;&#44592;&#44288; &#44036;&#51032; &#47560;&#51652; &#45812;&#48372; &#54876;&#50857;&#51060;&#45208; &#51109;&#54980; &#51221;&#49328; &#54952;&#50984;&#54868;&#50640; &#52488;&#51216;&#51060; &#47582;&#52656;&#51256; &#51080;&#45796;. &#54140;&#48660;&#47533; &#52404;&#51064; &#49373;&#53468;&#44228;&#50752;&#45716; &#51649;&#51217; &#50672;&#46041;&#46104;&#51648; &#50506;&#45716; &#54224;&#49604;&#51201; &#47784;&#45944;&#47196; &#54693;&#54980; &#51088;&#50976; &#44144;&#47000; &#48169;&#49885;&#51032; &#54869;&#51109;&#50640; &#52488;&#51216;&#51012; &#47582;&#52656;&#50556; &#54620;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#44508;&#51228; &#44144;&#47000;&#49548;&#51032; &#47924;&#44592;&#54620; &#49440;&#47932;(Perp) &#46020;&#51077;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2026&#45380; 5&#50900; 29&#51068;, &#49345;&#54408;&#49440;&#47932;&#44144;&#47000;&#50948;&#50896;&#54924;&#45716; &#48120;&#44397; &#44508;&#51228; &#44144;&#47000;&#49548; &#45236; &#48708;&#53944;&#53076;&#51064; &#47924;&#44592;&#54620; &#49440;&#47932; &#44144;&#47000;&#47484; &#52572;&#52488;&#47196; &#49849;&#51064;&#54664;&#45796;. &#52860;&#49884;&#44032; &#8216;BTCPERP&#8217; &#44228;&#50557; &#49849;&#51064;&#51012; &#54925;&#46301;&#54664;&#51004;&#47728;, &#44057;&#51008; &#45216; &#53076;&#51064;&#48288;&#51060;&#49828;&#50640;&#46020; &#47924;&#44592;&#54620; &#49440;&#47932; &#49345;&#54408;&#51012; &#54728;&#50857;&#54616;&#45716; &#47924;&#45824;&#51025; &#49436;&#54620;(No-Action Letter)&#51060; &#48156;&#49569;&#46104;&#50632;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44536;&#44036; &#48148;&#51060;&#45240;&#49828;, &#48148;&#51060;&#48727; &#46321; &#54644;&#50808; &#48120;&#46321;&#47197;(&#50724;&#54532;&#49660;&#50612;) &#44144;&#47000;&#49548;&#50640; &#54200;&#51473;&#46104;&#50612; &#51080;&#45912; &#44144;&#45824;&#54620; &#47924;&#44592;&#54620; &#49440;&#47932; &#50976;&#46041;&#49457;(2025&#45380; &#44592;&#51456; &#50672;&#44036; &#50557; 61&#51312; 7,000&#50613; &#45804;&#47084;)&#51012; &#48120;&#44397; &#51228;&#46020;&#44428; &#50504;&#51004;&#47196; &#45132;&#50612;&#46308;&#51060;&#47140;&#45716; &#52395; &#51312;&#52824;&#45796;. &#45796;&#47564; &#54644;&#50808; &#48120;&#46041;&#47197; &#44144;&#47000;&#49548;&#46308;&#51060; &#51228;&#44277;&#54616;&#45716; &#49688;&#49688;&#47308;&#50984;&#51060;&#45208; &#47112;&#48260;&#47532;&#51648; &#51312;&#44148;&#51012; &#44256;&#47140;&#54624; &#46412;, &#44508;&#51228;&#44032; &#50676;&#47536; &#44163;&#44284; &#48324;&#44060;&#47196; &#49892;&#51228; &#44144;&#47000;&#47049;&#51060; &#48120;&#44397;&#51004;&#47196; &#51032;&#48120; &#51080;&#44172; &#51060;&#46041;&#54624;&#51648;&#45716; &#51312;&#44552; &#45908; &#51648;&#53020;&#48400;&#50556; &#54620;&#45796;&#45716; &#49888;&#51473;&#47200;&#51060; &#44277;&#51316;&#54620;&#45796;.</span></p><h3><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">5.2. &#50500;&#51649; &#50504; &#46104;&#45716; &#44163;: &#49328;&#50629;&#54868;&#51032; &#54364;&#51456;&#51012; &#44060;&#52377;&#54616;&#45716; &#54532;&#47200;&#54000;&#50612; &#50689;&#50669;</span></strong></h3><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50526;&#49436; &#49332;&#54196;&#48376; &#50689;&#50669;&#46308;&#51060; &#51204;&#53685; &#44552;&#50997;&#51032; &#47928;&#48277;&#50640; &#48512;&#54633;&#54616;&#45716; &#54876;&#46041;&#46308;&#51012; &#51473;&#49900;&#51004;&#47196; &#51228;&#46020;&#54868;&#46104;&#50632;&#45796;&#47732;, &#51060;&#44275;&#50640;&#49436; &#45796;&#47344; &#48120;&#54644;&#44208; &#44284;&#51228;&#46308;&#51008; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064;&#51032; &#44256;&#50976;&#54620; &#54028;&#44340;&#51201; &#44053;&#51216;&#51064; &#53448;&#51473;&#50521;&#54868;&#50752; &#51088;&#50984;&#49457;&#51012; &#50728;&#51204;&#55176; &#54876;&#50857;&#54616;&#47140;&#45716; &#49884;&#46020;&#46308;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#47084;&#54620; &#44284;&#51228;&#46308;&#51008; &#8216;CLARITY Act&#8217;&#51012; &#53685;&#54644; &#54252;&#44292;&#51201;&#51004;&#47196; &#54644;&#44208;&#46112; &#51204;&#47581;&#51060;&#45796;. &#51060; &#48277;&#50504;&#51008; &#46356;&#51648;&#53560; &#51088;&#49328;&#51032; &#51204;&#48152;&#51201;&#51064; &#49884;&#51109; &#44396;&#51312;&#47484; &#51221;&#51032;&#54616;&#44256;, &#46356;&#51648;&#53560; &#49345;&#54408;&#50640; &#45824;&#54620; &#54788;&#47932; &#49884;&#51109; &#44508;&#51228; &#54532;&#47112;&#51076;&#50892;&#53356;&#47484; &#47560;&#47144;&#54616;&#47728;, &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#50752; &#49345;&#54408;&#49440;&#47932;&#44144;&#47000;&#50948;&#50896;&#54924;&#44032; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064;&#49345;&#50640;&#49436; &#49324;&#50629; &#54876;&#46041;&#51012; &#49688;&#54665;&#54624; &#49688; &#51080;&#46020;&#47197; &#44508;&#52825; &#51228;&#51221;&#51012; &#51648;&#49884;&#54616;&#44256;, &#48120;&#44397; &#51008;&#54665;&#46308;&#51032; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064; &#50868;&#50689;&#51012; &#54728;&#50857;&#54616;&#45716; &#45236;&#50857;&#51012; &#45812;&#44256; &#51080;&#45796;. 2026&#45380; 3&#50900; &#50577; &#44592;&#44288;&#51008; &#53664;&#53360;&#51012; &#46356;&#51648;&#53560; &#49345;&#54408;, &#46356;&#51648;&#53560; &#51613;&#44428;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#48516;&#47448;&#54616;&#44256; &#44277;&#46041; &#54644;&#49437; &#51648;&#52840;&#51012; &#53685;&#54644; &#44288;&#54624;&#44428;&#51012; &#45208;&#45620;&#51004;&#45208;, &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;&#45716; &#51060; &#51648;&#52840;&#51012; &#51032;&#54924;&#44032; &#54252;&#44292;&#51201;&#51064; &#54532;&#47112;&#51076;&#50892;&#53356;&#47484; &#51077;&#48277;&#54616;&#44592; &#51204;&#44620;&#51648;&#51032; &#8216;&#51076;&#49884; &#45796;&#47532;&#8217;&#47196; &#44508;&#51221;&#54664;&#45796;. &#51593;, CLARITY Act&#45716; &#54788;&#51116; &#48143; &#48120;&#47000; &#54665;&#51221;&#48512;&#51032; &#54644;&#49437;&#50640; &#51032;&#51316;&#54616;&#45912; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#44508;&#51228;&#51032; &#44221;&#44228;&#47484; &#51032;&#54924;&#44032; &#48277;&#47456;&#47196; &#54869;&#44256;&#55176; &#51221;&#47549;&#54616;&#45716; &#51089;&#50629;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44592;&#44288;&#46308;&#51060; &#44144;&#49884;&#51201;&#51064; &#44508;&#51228; &#47532;&#49828;&#53356;&#47484; &#50756;&#51204;&#55176; &#51228;&#44144;&#54616;&#44256; &#51109;&#44592; &#51088;&#48376;&#51012; &#53804;&#51077;&#54616;&#47140;&#47732;, &#51221;&#52824;&#51201; &#48320;&#54868;&#50640; &#46384;&#46972; &#44508;&#51228; &#44592;&#45824;&#52824;&#44032; &#44553;&#44201;&#55176; &#48148;&#45068;&#51648; &#50506;&#51012; &#44163;&#51060;&#46972;&#45716; &#54869;&#49888;&#51060; &#54596;&#50836;&#54616;&#47728;, &#51060;&#47484; &#50948;&#54644;&#49436;&#45716; &#48277;&#47456;(statute)&#51060;&#46972;&#45716; &#44204;&#44256;&#54620; &#53664;&#45824;&#44032; &#46263;&#48155;&#52840;&#46104;&#50612;&#50556; &#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#48277;&#50504;&#51032; &#48276;&#50948;&#45716; &#50516;&#54840;&#54868;&#54224; &#45348;&#51060;&#54000;&#48652; &#44592;&#50629;&#50640; &#44397;&#54620;&#46104;&#51648; &#50506;&#45716;&#45796;. &#44592;&#51316; &#51473;&#44060;&#44592;&#44288;&#46308;&#51060; &#46356;&#51648;&#53560; &#47112;&#51068;(digital rails)&#51012; &#51088;&#49324; &#51228;&#54408;&#50640; &#46020;&#51077;&#54624; &#46412; &#46384;&#46972;&#50556; &#54624; &#54364;&#51456;&#44620;&#51648; &#54252;&#44292;&#54620;&#45796;. &#44592;&#51316; &#49884;&#51109; &#44508;&#52825;&#51008; &#47784;&#46304; &#44144;&#47000;&#50640; &#48652;&#47196;&#52964;&#45208; &#49688;&#53441; &#44144;&#47000;&#49548;&#50752; &#44057;&#51008; &#51473;&#44060;&#51088;&#44032; &#51080;&#51020;&#51012; &#51204;&#51228;&#47196; &#54616;&#51648;&#47564;, &#48660;&#47197;&#52404;&#51064;&#50640;&#49436;&#45716; &#51060;&#47084;&#54620; &#44032;&#51221;&#51060; &#49457;&#47549;&#54616;&#51648; &#50506;&#45716;&#45796;. CLARITY Act&#45716; &#51473;&#44060;&#51088;&#44032; &#50630;&#45716; &#49884;&#51109; &#44396;&#51312;&#47484; &#51204;&#51228;&#47196; &#54620; &#49352;&#47196;&#50868; &#44508;&#52825;&#51012; &#49457;&#47928;&#54868;&#54624; &#44163;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49556;&#46972;&#45208; &#51221;&#52293; &#50672;&#44396;&#49548;&#47484; &#54252;&#54632;&#54620; &#49328;&#50629;&#44228;&#45716; &#51077;&#48277; &#45432;&#47141;&#51012; &#51204;&#48169;&#50948;&#51201;&#51004;&#47196; &#54204;&#52824;&#44256; &#51080;&#51004;&#45208;, &#50892;&#49905;&#53556; &#54788;&#51648;&#51032; &#51204;&#47581;&#51008; &#49548;&#49500; &#48120;&#46356;&#50612;&#49345;&#51032; &#45209;&#44288;&#47200;&#44284;&#45716; &#44144;&#47532;&#44032; &#47680;&#45796;. &#51060; &#48277;&#50504;&#51008; 2025&#45380; 7&#50900; &#54616;&#50896;&#51012; &#53685;&#44284;(294 &#45824; 134)&#54664;&#44256;, 2026&#45380; 5&#50900; 14&#51068; &#49345;&#50896; &#51008;&#54665;&#50948;&#50896;&#54924;&#47484; &#53685;&#44284;(15 &#45824; 9)&#54664;&#51004;&#45208;, &#50732;&#54644; &#48277;&#51228;&#54868;&#46112; &#44032;&#45733;&#49457;&#51008; 50% &#48120;&#47564;&#51004;&#47196; &#51216;&#52432;&#51652;&#45796;. &#50577;&#45817;&#51008; &#51116;&#51076; &#51473;&#51064; &#45824;&#53685;&#47161; &#48143; &#44256;&#50948; &#44288;&#47308;&#46308;&#51060; &#50516;&#54840;&#54868;&#54224; &#49324;&#50629;&#51004;&#47196; &#51060;&#51061;&#51012; &#50619;&#51648; &#47803;&#54616;&#46020;&#47197; &#51228;&#54620;&#54616;&#45716; &#50980;&#47532; &#51312;&#54637;&#51012; &#46160;&#44256; &#45824;&#47549; &#51473;&#51060;&#45796;. 2026&#45380; 5&#50900; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49688;&#51061;&#50640; &#45824;&#54620; &#54633;&#51032;&#44032; &#51077;&#48277; &#46041;&#47141;&#51012; &#51068;&#48512; &#54924;&#48373;&#49884;&#53040;&#51004;&#45208;, &#51008;&#54665;&#44428;&#51008; &#50668;&#51204;&#55176; &#54645;&#49900; &#51312;&#54637;&#46308;&#50640; &#45824;&#54644; &#44053;&#54616;&#44172; &#48152;&#45824;&#54616;&#44256; &#51080;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44288;&#44148;&#51008; &#8216;&#49884;&#44036;&#8217;&#51060;&#45796;. 7&#50900; &#51473;&#49692;&#48512;&#53552; 8&#50900; &#52488; &#55092;&#54924; &#51204;&#44620;&#51648; &#51060;&#50612;&#51648;&#45716; &#50557; 4&#51452;&#44036;&#51032; &#49345;&#50896; &#51077;&#48277; &#44592;&#44036;&#51060; &#49324;&#49892;&#49345; &#50732;&#54644; &#48277;&#50504; &#53685;&#44284;&#51032; &#47560;&#44048; &#49884;&#54620;&#51060;&#45796;. &#51060; &#49884;&#44592;&#47484; &#45459;&#52824;&#47732; &#45436;&#51032;&#45716; 2026&#45380; &#51473;&#44036;&#49440;&#44144; &#44397;&#47732;&#51004;&#47196; &#45336;&#50612;&#44032;&#44172; &#46104;&#47728;, &#49440;&#44144; &#51204; &#51221;&#52824;&#51201; &#51648;&#54805;&#50640;&#49436; &#54633;&#51032;&#45716; &#45908;&#50865; &#50612;&#47140;&#50892;&#51652;&#45796;. &#44144;&#49884;&#51201;&#51064; &#51077;&#48277; &#51089;&#50629;&#51060; &#51648;&#50672;&#46104;&#45716; &#46041;&#50504;, &#44508;&#51228; &#44221;&#44228;&#49440;&#50640; &#51649;&#47732;&#54620; &#51452;&#50836; &#48708;&#51592;&#45768;&#49828;&#46308;&#51032; &#54788;&#54889;&#44284; &#44592;&#49696;&#51201; &#46028;&#54028;&#47484; &#50948;&#54620; &#49884;&#46020;&#46308;&#51008; &#45796;&#51020;&#44284; &#44057;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!C9R1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fae9904ca-2710-4d5e-960b-772771f4d025_2048x1368.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" 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&#45458;&#50688;&#51004;&#45208;, &#49892;&#51228; &#49849;&#51064;&#44620;&#51648;&#45716; &#46160; &#44032;&#51648; &#54645;&#49900; &#54728;&#46308;&#51060; &#45224;&#50500; &#51080;&#45796;. &#52395;&#51704;, &#45800;&#49692; &#8216;&#54633;&#49457; &#51452;&#49885;(Synthetic Stocks)&#8217;&#51012; &#48176;&#51228;&#54616;&#44256; &#49892;&#51228; &#51452;&#51452; &#44428;&#47532;(&#51032;&#44208;&#44428;&#183;&#48176;&#45817;&#44428;)&#44032; &#50756;&#48317;&#55176; &#48372;&#51109;&#46108; &#50728;&#52404;&#51064; &#51452;&#49885;&#47564; &#54728;&#50857;&#54620;&#45796;&#45716; &#45817;&#44397;&#51032; &#50628;&#44201;&#54620; &#44592;&#51456;&#51060;&#45796;. &#46168;&#51704;, &#45796;&#49688; &#48660;&#47197;&#52404;&#51064;&#51004;&#47196;&#51032; &#44144;&#47000; &#48516;&#49328;&#51060; &#48512;&#47484; &#8216;&#50976;&#46041;&#49457; &#54028;&#54200;&#54868;(Fragmentation)&#8217;&#47484; &#50864;&#47140;&#54620; &#51204;&#53685; 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&#49688; &#51080;&#45716; &#54872;&#44221;&#51012; &#47560;&#47144;&#54616;&#47140;&#45716; &#49884;&#46020;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#53448;&#51473;&#50521;&#54868; &#44144;&#47000;&#49548;(DEX)&#51032; &#47732;&#54728; &#46321;&#47197; &#50976;&#50696;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2026&#45380; 4&#50900; 13&#51068;, &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924; &#44144;&#47000;&#183;&#49884;&#51109; &#48512;&#49436;&#45716; &#53945;&#51221; &#51312;&#44148;&#51012; &#52649;&#51313;&#54616;&#45716; &#53448;&#51473;&#50521;&#54868; &#51064;&#53552;&#54168;&#51060;&#49828;&#44032; &#48652;&#47196;&#52964;-&#46364;&#47084; &#46321;&#47197; &#50630;&#51060; &#50868;&#50689;&#46112; &#49688; &#51080;&#45796;&#45716; &#51076;&#49884; &#51648;&#52840;(Staff Statement)&#51012; &#48156;&#54364;&#54664;&#45796;. &#44536;&#47084;&#45208; &#51060;&#45716; 5&#45380; &#46244; &#47564;&#47308;&#46104;&#45716; &#51068;&#47792; &#51312;&#54637;&#51060;&#47728;, &#51088;&#44552;&#49464;&#53441;&#48169;&#51648;(AML/KYC) &#51032;&#47924; &#51452;&#52404;&#45208; &#51452;&#47928; &#52376;&#47532; &#52293;&#51076; &#49548;&#51648; &#44057;&#51008; &#48376;&#51656;&#51201; &#44508;&#51228; &#44277;&#48177;&#51060; &#45224;&#50500; &#51080;&#50612; &#45824;&#44508;&#47784; &#44592;&#44288; &#51088;&#48376;&#51060; &#45817;&#51109; &#50976;&#51077;&#46104;&#44592;&#50640;&#45716; &#47532;&#49828;&#53356;&#44032; &#51080;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#47084;&#54620; &#51228;&#46020;&#51201; &#44284;&#46020;&#44592; &#49549;&#50640;&#49436;, &#53448;&#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#46308;&#51008; &#47564;&#47308; &#49884;&#51216;&#51012; &#45824;&#48708;&#54616;&#44592; &#50948;&#54620; &#46028;&#54028;&#44396;&#47484; &#52286;&#44256; &#51080;&#45796;. &#45824;&#54364;&#51201;&#51004;&#47196; &#53448;&#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51064; &#50724;&#47476;&#52852;(Orca)&#45716; &#51088;&#52404; &#54532;&#47200;&#53944;&#50644;&#46300; &#48143; &#49828;&#47560;&#53944; &#52968;&#53944;&#47001;&#53944; &#47112;&#51060;&#50612;&#50640; &#44592;&#44288;&#44553; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#53812;&#44284; &#49892;&#49884;&#44036; &#50728;&#52404;&#51064; &#49828;&#53356;&#47532;&#45789; &#52404;&#44228;&#47484; &#44208;&#54633;&#54616;&#50668; &#53804;&#47749;&#54620; &#51452;&#47928; &#52376;&#47532; &#51064;&#54532;&#46972;&#47484; &#44256;&#46020;&#54868;&#54616;&#44256; &#51080;&#45796;. &#50976;&#50696; &#44592;&#44036; &#46041;&#50504; &#51060;&#46308;&#51060; &#44396;&#52629;&#54616;&#45716; &#51088;&#50984;&#51201; &#44508;&#51228; &#51456;&#49688; &#47784;&#45944;&#51008; &#54693;&#54980; &#50689;&#44396;&#51201;&#51064; &#51077;&#48277; &#54532;&#47112;&#51076;&#50892;&#53356; &#49688;&#47549; &#49884; &#54364;&#51456; &#44032;&#51060;&#46300;&#46972;&#51064;(Reference)&#51004;&#47196; &#51064;&#50857;&#46112; &#44032;&#45733;&#49457;&#51060; &#45458;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51032; &#51060;&#51088; &#51648;&#44553;</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#51228;&#46020;&#44428;&#50640; &#54200;&#51077;&#46104;&#50632;&#51020;&#50640;&#46020; GENIUS Act&#45716; &#48156;&#54665;&#51088;&#44032; &#48372;&#50976;&#51088;&#50640;&#44172; &#50612;&#46496;&#54620; &#54805;&#53468;&#51032; &#51060;&#51088;&#45208; &#49688;&#51061;&#46020; &#51648;&#44553;&#54616;&#51648; &#47803;&#54616;&#46020;&#47197; &#50628;&#44201;&#55176; &#51228;&#54620;&#54616;&#44256; &#51080;&#45796;. &#51060;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#44221;&#51137;&#47141; &#51080;&#45716; &#49688;&#51061;&#51012; &#51228;&#44277;&#54624; &#44221;&#50864; &#44032;&#44228; &#51088;&#44552;&#51060; &#51008;&#54665; &#50696;&#44552;&#50640;&#49436; &#53664;&#53360;&#51004;&#47196; &#45824;&#44144; &#51060;&#46041;&#54624; &#49688; &#51080;&#45796;&#45716; &#50864;&#47140; &#46412;&#47928;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54788;&#51116; &#49345;&#50896; &#51008;&#54665;&#50948;&#50896;&#54924;&#47484; &#53685;&#44284;&#54620; CLARITY Act &#54633;&#51032;&#50504;&#50640; &#46384;&#47476;&#47732;, &#48156;&#54665;&#51088;&#44032; &#50500;&#45772; &#47116;&#46377; &#54532;&#47196;&#53664;&#53084;&#51060;&#45208; &#44144;&#47000;&#49548; &#50696;&#52824; &#49345;&#54408; &#46321; &#51228;3&#51088; &#54540;&#47019;&#54268;&#51012; &#53685;&#54620; &#49688;&#51061; &#52285;&#52636;&#51008; &#44552;&#51648; &#45824;&#49345;&#50640;&#49436; &#51228;&#50808;&#46108;&#45796;. &#44536;&#47084;&#45208; &#51008;&#54665;&#44428;&#50640;&#49436;&#45716; &#51060;&#47084;&#54620; &#51228;&#55092; &#48143; &#51228;3&#51088; &#53685;&#47196;&#47560;&#51200; &#52264;&#45800;&#54644;&#50556; &#54620;&#45796;&#45716; &#50517;&#48149;&#51060; &#44144;&#49464;&#51648;&#44256; &#51080;&#50612;, &#54140;&#48660;&#47533; &#52404;&#51064;&#49345;&#50640;&#49436; &#51060;&#51088;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#49444;&#44228;&#54616;&#47140;&#45716; &#49884;&#46020;&#45716; &#50668;&#51204;&#55176; &#44508;&#51228; &#44221;&#44228;&#49440;&#50640; &#47672;&#47932;&#47084; &#51080;&#45796;. CLARITY Act&#51008; &#50500;&#51649; &#50756;&#44208;&#46104;&#51648; &#50506;&#50520;&#51004;&#47728;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51032; &#51060;&#51088; &#51648;&#44553;&#51012; &#54252;&#54632;&#54620; &#49464;&#48512; &#51137;&#51216;&#46308;&#51060; &#54693;&#54980; &#45436;&#51032; &#44284;&#51228;&#47196; &#45224;&#50500;&#51080;&#45796;.</span></p><h2><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">6. &#49556;&#46972;&#45208;&#44032; &#44592;&#44288;&#51032; &#49440;&#53469;&#51012; &#48155;&#45716; &#44592;&#49696;&#51201; &#51060;&#50976;</span></strong></h2><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50526;&#49440; &#49324;&#47168;&#46308;&#50640;&#49436; &#45208;&#53440;&#45212; &#48148;&#50752; &#44057;&#51060;, &#49436;&#47196; &#45796;&#47480; &#47785;&#51201;&#51012; &#44032;&#51652; &#44544;&#47196;&#48268; &#44552;&#50997;&#44592;&#44288;&#46308;&#51060; &#49556;&#46972;&#45208;&#47484; &#49440;&#53469;&#54620; &#51060;&#50976;&#45716; &#45800;&#49692;&#54620; &#49440;&#54840;&#44032; &#50500;&#45768;&#45796;. &#48372;&#49688;&#51201;&#51064; &#44552;&#50997;&#44428;&#51060; &#51060;&#47200;&#51201; &#44032;&#45733;&#49457;&#51060; &#50500;&#45772; &#8216;&#49892;&#51228; &#51089;&#46041;&#54616;&#45716;(Working)&#8217; &#49884;&#49828;&#53596;&#50640; &#51088;&#48376;&#51012; &#53804;&#51077;&#54620;&#45796;&#45716; &#51216;&#51012; &#44256;&#47140;&#54624; &#46412;, &#49556;&#46972;&#45208;&#44032; &#44592;&#44288; &#44552;&#50997;&#51032; &#44592;&#49696;&#51201; &#50836;&#44148;&#51012; &#52649;&#51313;&#54664;&#44592; &#46412;&#47928;&#51060;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!26Np!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f500297-5b9f-4602-b3bd-95d2e231915d_2048x1518.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!26Np!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f500297-5b9f-4602-b3bd-95d2e231915d_2048x1518.png 424w, https://substackcdn.com/image/fetch/$s_!26Np!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f500297-5b9f-4602-b3bd-95d2e231915d_2048x1518.png 848w, https://substackcdn.com/image/fetch/$s_!26Np!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f500297-5b9f-4602-b3bd-95d2e231915d_2048x1518.png 1272w, https://substackcdn.com/image/fetch/$s_!26Np!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f500297-5b9f-4602-b3bd-95d2e231915d_2048x1518.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!26Np!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f500297-5b9f-4602-b3bd-95d2e231915d_2048x1518.png" width="1456" height="1079" 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https://substackcdn.com/image/fetch/$s_!26Np!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f500297-5b9f-4602-b3bd-95d2e231915d_2048x1518.png 848w, https://substackcdn.com/image/fetch/$s_!26Np!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f500297-5b9f-4602-b3bd-95d2e231915d_2048x1518.png 1272w, https://substackcdn.com/image/fetch/$s_!26Np!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f500297-5b9f-4602-b3bd-95d2e231915d_2048x1518.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#51221;&#49328;&#51032; &#44221;&#51228;&#49457;: T+0&#50752; &#46041;&#49884;&#49457;(Atomicity)</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;&#51032; &#54952;&#50857;&#51008; &#51221;&#49328;&#51032; &#54952;&#50984;&#49457;&#50640;&#49436; &#49884;&#51089;&#46108;&#45796;. &#44592;&#51316; &#44552;&#50997; &#49884;&#49828;&#53596;&#51008; &#44144;&#47000; &#52404;&#44208;&#44284; &#51088;&#44552; &#44208;&#51228; &#49324;&#51060;&#50640; &#47932;&#47532;&#51201; &#49884;&#44036; &#52264;&#44032; &#51316;&#51116;&#54616;&#47728;, &#51060; &#49884;&#52264;&#47484; &#47700;&#50864;&#44592; &#50948;&#54644; &#52397;&#49328;&#49548;&#50752; &#51473;&#44060;&#44592;&#44288;&#51060; &#51088;&#47532;&#47484; &#52264;&#51648;&#54644; &#50772;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48660;&#47197;&#52404;&#51064; &#51064;&#54532;&#46972;&#50640;&#49436; &#51088;&#49328; &#51060;&#51204;&#44284; &#45824;&#44552; &#51648;&#44553;&#51008; &#54616;&#45208;&#51032; &#53944;&#47004;&#51117;&#49496;&#51004;&#47196; &#47926;&#50668; &#49892;&#54665;&#46108;&#45796;. &#54620;&#51901; &#51312;&#44148;&#51060; &#52649;&#51313;&#46104;&#51648; &#50506;&#51004;&#47732; &#44144;&#47000; &#51204;&#52404;&#44032; &#52712;&#49548;&#46104;&#48064;&#47196;, &#52397;&#49328;&#49548; &#50630;&#51060;&#46020; &#49345;&#45824;&#48169; &#51060;&#54665; &#50948;&#54744;&#51060; &#51228;&#44144;&#46108;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49556;&#46972;&#45208;&#51032; &#52264;&#48324;&#51216;&#51008; &#51060; &#44396;&#51312;&#44032; &#51089;&#46041;&#54616;&#45716; &#51312;&#44148;&#50640; &#51080;&#45796;. &#44144;&#47000; &#54869;&#51221; &#49884;&#44036; &#50557; 0.5&#52488;, &#44148;&#45817; &#49688;&#49688;&#47308; &#54217;&#44512; 0.0013&#45804;&#47084;. &#45812;&#48372;&#47484; &#49444;&#51221;&#54616;&#44256; &#54644;&#51228;&#54616;&#45716; &#44277;&#51221;&#51012; &#48152;&#48373;&#54624; &#46412;&#47560;&#45796; &#49688; &#45804;&#47084;&#51032; &#48708;&#50857;&#51060; &#48537;&#44144;&#45208; &#51221;&#49328;&#50640; &#54616;&#47336;&#44032; &#44152;&#47536;&#45796;&#47732;, &#47112;&#48260;&#47532;&#51648; &#51204;&#47029;&#51008; &#49688;&#51061;&#51012; &#45236;&#44592; &#51204;&#50640; &#48708;&#50857;&#50640; &#51104;&#49885;&#46108;&#45796;. &#49549;&#46020;&#44032; &#51060;&#47484; &#46263;&#48155;&#52840;&#54620;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#44508;&#51228; &#51456;&#49688;&#51032; &#45236;&#51116;&#54868;: &#54532;&#47196;&#44536;&#47000;&#47672;&#48660; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;</span></strong></h4><p><span data-color="rgb(31, 31, 31)" style="color: rgb(31, 31, 31);">&#44592;&#44288; &#44552;&#50997;&#50640;&#49436; &#44032;&#51109; &#48124;&#44048;&#54620; &#50689;&#50669;&#51008; &#44508;&#51228; &#51456;&#49688;(Compliance)&#45796;. &#44552;&#50997;&#44592;&#44288;&#51008; &#51088;&#49328;&#51032; &#48156;&#54665;, &#48372;&#50976;, &#44144;&#47000;&#50640; &#51080;&#50612; &#50628;&#44201;&#54620; &#53685;&#51228;&#44428;&#51012; &#50976;&#51648;&#54644;&#50556; &#54620;&#45796;. &#44592;&#51316; &#48660;&#47197;&#52404;&#51064; &#54872;&#44221;&#50640;&#49436; &#44508;&#51228; &#51456;&#49688;&#44032; &#50808;&#48512; &#49884;&#49828;&#53596;&#50640; &#51032;&#51316;&#54620; &#49324;&#54980; &#51312;&#52824;&#50688;&#45796;&#47732;, &#49556;&#46972;&#45208;&#45716; &#51060; &#50836;&#44148;&#51012; &#53664;&#53360; &#54364;&#51456;(Token-2022)&#44284; &#54532;&#47196;&#53664;&#53084; &#52789;&#50948;&#50640; &#51649;&#51217; &#45236;&#51109;&#54664;&#45796;.</span></p><p><span data-color="rgb(31, 31, 31)" style="color: rgb(31, 31, 31);">&#48156;&#54665;&#49324;&#45716; &#44160;&#51613;&#46108; &#51648;&#44049;&#47564; &#44144;&#47000;&#54624; &#49688; &#51080;&#46020;&#47197; &#53685;&#51228;&#54624; &#49688; &#51080;&#51004;&#47728;, &#48277;&#51201; &#51312;&#52824;&#44032; &#54596;&#50836;&#54624; &#46412; &#51088;&#49328;&#51012; &#51593;&#49884; &#46041;&#44208;&#54616;&#44144;&#45208; &#54924;&#49688;(claw back)&#54624; &#49688; &#51080;&#45716; &#44428;&#54620;&#51012; &#53076;&#46300; &#49688;&#51456;&#50640;&#49436; &#48372;&#50976;&#54620;&#45796;. &#44144;&#47000; &#44552;&#50529;&#51008; &#50689;&#51648;&#49885; &#51613;&#47749;&#51004;&#47196; &#50516;&#54840;&#54868;&#46104;&#50612; &#54140;&#48660;&#47533; &#50896;&#51109;&#50640;&#45716; &#52636;&#48156;&#51648;&#50752; &#47785;&#51201;&#51648;&#47564; &#45224;&#44256;, &#49569;&#49888;&#51088;, &#49688;&#49888;&#51088;, &#44536;&#47532;&#44256; &#51648;&#51221;&#46108; &#44048;&#49324;&#51064;&#47564; &#44552;&#50529;&#51012; &#48380; &#49688; &#51080;&#45796;. &#51060;&#45716; &#51061;&#47749;&#49457;&#51060; &#50500;&#45772; &#44048;&#49324; &#44032;&#45733;&#49457;&#44284; &#44592;&#48128;&#49457;&#51012; &#46041;&#49884;&#50640; &#54869;&#48372;&#54616;&#45716; &#49444;&#44228;&#45796;. &#51060;&#44163;&#51060; &#48148;&#47196; &#44508;&#51228; &#50836;&#44148;&#51012; &#51201;&#50857;&#48155;&#45716; &#44592;&#44288;&#46308;&#51060; &#54140;&#48660;&#47533; &#52404;&#51064; &#50948;&#50640;&#49436; &#44552;&#50997;&#51012; &#50868;&#50857;&#54624; &#49688; &#51080;&#46020;&#47197; &#54616;&#45716; &#44592;&#49696;&#51201; &#44592;&#48152;&#51060;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#44592;&#44288;&#44553; &#50504;&#51221;&#49457;&#44284; &#51652;&#54868;&#54616;&#45716; &#51064;&#54532;&#46972;</span></strong></h4><p><span data-color="rgb(31, 31, 31)" style="color: rgb(31, 31, 31);">&#44592;&#44288;&#51060; &#49892;&#44144;&#47000; &#51088;&#48376;&#51012; &#50732;&#47532;&#47140;&#47732; &#45348;&#53944;&#50892;&#53356;&#44032; &#47688;&#52628;&#51648; &#50506;&#50500;&#50556; &#54620;&#45796;. &#49556;&#46972;&#45208;&#45716; &#49884;&#51109; &#44553;&#46973;&#44284; AWS &#51109;&#50528;&#44032; &#44217;&#52828; 2025&#45380; 10&#50900;, &#53440; &#52404;&#51064;&#51060; &#47560;&#48708;&#46104;&#45716; &#46041;&#50504; &#47924;&#51473;&#45800;&#51004;&#47196; &#51089;&#46041;&#54616;&#47728; &#51060; &#51312;&#44148;&#51012; &#47532;&#53580;&#51068; &#54872;&#44221;&#50640;&#49436; &#47676;&#51200; &#51077;&#51613;&#54664;&#45796;.</span></p><p><span data-color="rgb(31, 31, 31)" style="color: rgb(31, 31, 31);">&#45796;&#51020; &#44284;&#51228;&#45716; &#53364;&#46972;&#51060;&#50616;&#53944; &#45800;&#51068; &#44396;&#51312;&#50688;&#45796;. &#54616;&#45208;&#51032; &#44160;&#51613;&#51064; &#53364;&#46972;&#51060;&#50616;&#53944;&#50640;&#47564; &#51032;&#51316;&#54616;&#45716; &#44396;&#51312;&#50640;&#49436;&#45716; &#44536; &#53364;&#46972;&#51060;&#50616;&#53944;&#51032; &#44208;&#54632;&#51060; &#45348;&#53944;&#50892;&#53356; &#51204;&#52404;&#51032; &#51221;&#51648;&#47196; &#51060;&#50612;&#51656; &#49688; &#51080;&#45796;. &#49556;&#46972;&#45208;&#45716; &#48373;&#49688;&#51032; &#46021;&#47549;&#51201;&#51064; &#44160;&#51613;&#51064; &#53364;&#46972;&#51060;&#50616;&#53944;&#47484; &#50868;&#50689;&#54616;&#45716; &#45796;&#51473; &#50500;&#53412;&#53581;&#52376;&#47196; &#51204;&#54872;&#54616;&#47728; &#51060; &#52712;&#50557;&#51216;&#51012; &#51460;&#51060;&#44256; &#51080;&#45796;.</span></p><p><span data-color="rgb(31, 31, 31)" style="color: rgb(31, 31, 31);">&#44592;&#49696; &#47196;&#46300;&#47605;&#46020; &#44057;&#51008; &#48169;&#54693;&#51012; &#44032;&#47532;&#53416;&#45796;. &#54633;&#51032; &#54532;&#47196;&#53664;&#53084; &#51116;&#49444;&#44228;&#47484; &#53685;&#54644; &#52572;&#51333; &#54869;&#51221; &#49884;&#44036;&#51012; &#54788;&#51116; &#50557; 0.5&#52488;&#50640;&#49436; 150&#48128;&#47532;&#52488; &#49688;&#51456;&#51004;&#47196; &#45800;&#52629;&#54616;&#44256;, &#44144;&#47000; &#49892;&#54665; &#51204; &#45800;&#44228;&#50640;&#49436; &#49888;&#50896;&#51012; &#44160;&#51613;&#54616;&#45716; &#44396;&#51312;&#47484; &#54532;&#47196;&#53664;&#53084; &#52789;&#50948;&#50640; &#46020;&#51077;&#54620;&#45796;. &#44592;&#44288;&#51060; &#50836;&#44396;&#54616;&#45716; &#51221;&#44368;&#54632;&#51012; &#51064;&#54532;&#46972;&#44032; &#46384;&#46972;&#44032;&#44256; &#51080;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#50756;&#51204;&#54620; &#50868;&#50689; &#51088;&#51452;&#44428;: &#53080;&#53944;&#46972;(Contra)</span></strong></h4><p><span data-color="rgb(31, 31, 31)" style="color: rgb(31, 31, 31);">&#54140;&#48660;&#47533; &#45348;&#53944;&#50892;&#53356;&#44032; &#47582;&#51648; &#50506;&#45716; &#44592;&#44288;&#51060; &#51080;&#45796;. &#47784;&#46304; &#44144;&#47000;&#50752; &#51092;&#50529;&#51060; &#44277;&#44060; &#50896;&#51109;&#50640; &#45432;&#52636;&#46112; &#49688; &#50630;&#44144;&#45208;, &#44288;&#54624;&#44428;&#50640; &#53945;&#54868;&#46108; KYC/AML &#52404;&#44228;&#47484; &#51649;&#51217; &#49444;&#44228;&#54644;&#50556; &#54616;&#44144;&#45208;, &#44160;&#51613;&#183;&#49692;&#49436; &#44208;&#51221;&#183;&#44144;&#48260;&#45324;&#49828; &#51204;&#48152;&#51032; &#53685;&#51228;&#44428;&#51012; &#45236;&#48512;&#50640; &#46160;&#50612;&#50556; &#54616;&#45716; &#44221;&#50864;&#45796;.</span></p><p><span data-color="rgb(31, 31, 31)" style="color: rgb(31, 31, 31);">&#49556;&#46972;&#45208;&#45716; &#51060;&#47084;&#54620; &#44592;&#44288;&#51012; &#50948;&#54644; &#54140;&#48660;&#47533; &#47700;&#51064;&#45367;&#44284; &#48324;&#46020;&#47196; &#53080;&#53944;&#46972;&#47484; &#51228;&#44277;&#54620;&#45796;. &#47784;&#46304; &#44144;&#47000;&#50752; &#51092;&#50529;&#50640; &#45824;&#54620; &#54532;&#46972;&#51060;&#48260;&#49884;, &#44160;&#51613;&#44284; &#45348;&#53944;&#50892;&#53356; &#44144;&#48260;&#45324;&#49828;&#51032; &#50756;&#51204;&#54620; &#51088;&#50984; &#53685;&#51228;, &#44288;&#54624;&#44428;&#48324; &#47582;&#52644; &#44508;&#51228; &#54532;&#47112;&#51076;&#50892;&#53356; &#51201;&#50857;, &#51312;&#51649; &#44256;&#50976;&#51032; &#47532;&#49828;&#53356; &#44288;&#47532;&#50752; &#48372;&#50504; &#44592;&#51456;, &#49688;&#49688;&#47308;&#50752; &#49688;&#51061; &#48176;&#48516;&#51032; &#51088;&#52404; &#49444;&#44228;&#44032; &#44032;&#45733;&#54616;&#45796;.</span></p><p><span data-color="rgb(31, 31, 31)" style="color: rgb(31, 31, 31);">&#54532;&#46972;&#51060;&#48727; &#52404;&#51064;&#51012; &#53469;&#54620; &#44592;&#44288;&#51060; &#49556;&#46972;&#45208; &#49373;&#53468;&#44228; &#48148;&#44645;&#51004;&#47196; &#45208;&#44040; &#54596;&#50836;&#44032; &#50630;&#45796;. &#54140;&#48660;&#47533; &#45348;&#53944;&#50892;&#53356;&#50640;&#49436; &#44160;&#51613;&#46108; &#49457;&#45733; &#44592;&#48152;&#51012; &#44536;&#45824;&#47196; &#50416;&#46104;, &#50868;&#50689; &#51312;&#44148;&#47564; &#44592;&#44288;&#51032; &#50836;&#44148;&#50640; &#47582;&#44172; &#51116;&#49444;&#51221;&#54620;&#45796;.</span></p><h4><strong><span data-color="rgb(0, 0, 0)" style="color: rgb(0, 0, 0);">&#50644;&#53552;&#54532;&#46972;&#51060;&#51592; &#51652;&#51077; &#51064;&#54532;&#46972;: SDP</span></strong></h4><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49556;&#46972;&#45208; &#50948;&#50640;&#49436; &#49892;&#47924;&#47484; &#49884;&#51089;&#54616;&#47140;&#47732; &#48660;&#47197;&#52404;&#51064; &#51064;&#54532;&#46972;&#47484; &#51649;&#51217; &#53685;&#54633;&#54616;&#45716; &#44592;&#49696; &#50669;&#47049;&#51060; &#54596;&#50836;&#54616;&#45796;. &#51060; &#51652;&#51077; &#51109;&#48317;&#51012; &#45230;&#52628;&#44592; &#50948;&#54644; &#49556;&#46972;&#45208; &#51116;&#45800;&#51008; 2026&#45380; 3&#50900; 24&#51068; &#49556;&#46972;&#45208; &#44060;&#48156;&#51088; &#54540;&#47019;&#54268;(SDP)&#51012; &#52636;&#49884;&#54664;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">SDP&#45716; API &#44592;&#48152; &#50644;&#53552;&#54532;&#46972;&#51060;&#51592; &#54540;&#47019;&#54268;&#51004;&#47196;, 20&#44060; &#51060;&#49345;&#51032; &#51064;&#54532;&#46972; &#51228;&#44277;&#49324;&#47484; &#45800;&#51068; &#51064;&#53552;&#54168;&#51060;&#49828;&#47196; &#47926;&#45716;&#45796;. &#48156;&#54665;&#183;&#44208;&#51228;&#183;&#44144;&#47000; &#49464; &#47784;&#46280;&#47196; &#44396;&#49457;&#46104;&#47728;, &#52636;&#49884; &#49884;&#51216;&#50640;&#45716; &#48156;&#54665; &#47784;&#46280;(&#53664;&#53360;&#54868; &#50696;&#44552;&#183;&#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#183;RWA)&#44284; &#44208;&#51228; &#47784;&#46280;(&#48277;&#51221;&#54868;&#54224;&#183;&#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#55120;&#47492; &#51312;&#50984;)&#51060; &#47676;&#51200; &#51648;&#50896;&#46096;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50896;&#51088;&#51201; &#49828;&#50769;&#44284; &#50728;&#52404;&#51064; FX&#47484; &#45796;&#47336;&#45716; &#44144;&#47000; &#47784;&#46280;&#51008; 2026&#45380; &#54616;&#48152;&#44592; &#52636;&#49884;&#44032; &#50696;&#51221;&#46104;&#50612; &#51080;&#45796;. &#47560;&#49828;&#53552;&#52852;&#46300;, &#50900;&#46300;&#54168;&#51060;, &#50920;&#49828;&#53556; &#50976;&#45768;&#50728;&#51060; &#52488;&#44592; &#49324;&#50857; &#44592;&#44288;&#51004;&#47196; &#51060;&#47492;&#51012; &#50732;&#47160;&#45716;&#45936;, &#49483; &#47784;&#46160; &#49556;&#46972;&#45208; &#50948;&#50640;&#49436; &#51060;&#48120; &#49892;&#47924; &#51221;&#49328;&#51012; &#50868;&#50689; &#51473;&#51060;&#45796;.</span></p><h3><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50728;&#52404;&#51064; &#50976;&#46041;&#49457;&#51032; &#50756;&#44208;: &#50724;&#47476;&#52852;</span></strong></h3><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48156;&#54665;&#51060; &#50756;&#49457;&#46104;&#50612;&#46020; &#44144;&#47000;&#54624; &#49688; &#51080;&#45716; 2&#52264; &#49884;&#51109;&#51060; &#50630;&#51004;&#47732; &#51088;&#49328;&#51008; &#50896;&#51109; &#50948;&#51032; &#44592;&#47197;&#51004;&#47196; &#45224;&#45716;&#45796;. &#50526;&#49436; &#49444;&#47749;&#54620; &#51221;&#49328; &#49457;&#45733;, &#54532;&#47196;&#44536;&#47000;&#47672;&#48660; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;, &#51064;&#54532;&#46972; &#50504;&#51221;&#49457;&#51060; &#44592;&#45733;&#54616;&#47140;&#47732; &#51088;&#49328;&#51060; &#49892;&#51228;&#47196; &#50976;&#53685;&#46104;&#45716; &#50976;&#46041;&#49457; &#47112;&#51060;&#50612;&#44032; &#46244;&#46384;&#46972;&#50556; &#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">2021&#45380; 2&#50900;&#48512;&#53552; &#49556;&#46972;&#45208;&#50640;&#49436; &#50868;&#50689;&#46108; &#50724;&#47476;&#52852;&#45716; &#44060;&#48169;&#54805; &#50976;&#46041;&#49457; &#44277;&#44553;&#48512;&#53552; &#54728;&#44032;&#54805; &#44144;&#47000; &#54872;&#44221;&#44620;&#51648;, &#51088;&#49328; &#50976;&#54805;&#50640; &#47582;&#44172; &#51312;&#51221; &#44032;&#45733;&#54620; &#50976;&#46041;&#49457; &#47112;&#51060;&#50612;&#47484; &#51228;&#44277;&#54620;&#45796;. &#54140;&#48120;&#49496;&#46300; &#54400;&#51008; &#44536; &#54645;&#49900;&#51004;&#47196;, &#50728;&#52404;&#51064; &#51217;&#44540; &#53685;&#51228;&#47484; &#45236;&#51109;&#54644; &#48156;&#54665;&#49324;&#44032; &#53804;&#51088;&#51088; &#51201;&#44201;&#49457;&#51012; &#53076;&#46300; &#49688;&#51456;&#50640;&#49436; &#51649;&#51217; &#44288;&#47532;&#54620;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54532;&#47196;&#44536;&#47000;&#47672;&#48660; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;&#44032; &#48156;&#54665;&#50640; &#51201;&#50857;&#46104;&#45716; &#50896;&#52825;&#51060;&#46972;&#47732;, &#54140;&#48120;&#49496;&#46300; &#54400;&#51008; &#44536; &#50896;&#52825;&#51060; &#50976;&#53685; &#45800;&#44228;&#44620;&#51648; &#51060;&#50612;&#51648;&#45716; &#44396;&#51312;&#47196; &#48156;&#54665;&#48512;&#53552; &#50728;&#52404;&#51064;&#51032; &#49892;&#51656;&#51201;&#51064; 2&#52264; &#44144;&#47000;&#44620;&#51648; &#51648;&#50896; &#44032;&#45733;&#54620; &#44163;&#51060;&#45796;.</span></p><h2><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">7. &#50728;&#52404;&#51064; &#51088;&#48376;&#49884;&#51109;&#51004;&#47196; &#44032;&#45716; &#50500;&#49884;&#50500;&#51032; &#44600;: &#51204;&#47029;&#51201; &#49892;&#54665; &#54532;&#47112;&#51076;&#50892;&#53356;</span></strong></h2><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48376; &#48372;&#44256;&#49436;&#44032; &#45796;&#47340; &#49324;&#47168;&#46308;&#51008; &#45800;&#49692;&#54620; &#51204;&#47581;&#51060; &#50500;&#45772;, &#44544;&#47196;&#48268; &#44552;&#50997;&#49884;&#51109;&#51032; &#44396;&#51312;&#51201; &#48320;&#54868;&#47484; &#44032;&#47532;&#53412;&#45716; &#54788;&#51116;&#51652;&#54665;&#54805; &#47112;&#54140;&#47088;&#49828;&#45796;. &#51060;&#51228; &#49884;&#51109;&#51032; &#54868;&#46160;&#45716; &#8220;&#51204;&#54872;&#51032; &#45817;&#50948;&#49457;&#8221;&#50640;&#49436; &#8220;&#49892;&#54665;&#51032; &#53440;&#51060;&#48141;&#44284; &#48169;&#48277;&#47200;&#8221;&#51004;&#47196; &#50734;&#44200;&#44052;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#50500;&#49789;&#51648;&#47564;, &#50500;&#49884;&#50500; &#44552;&#50997;&#44592;&#44288;&#51008; &#47784;&#46304; &#51064;&#54532;&#46972;&#47484; &#47924;&#50640;&#49436; &#49444;&#44228;&#54616;&#45716; &#8216;&#54140;&#49828;&#53944; &#47924;&#48260;(First Mover)&#8217;&#51032; &#45800;&#44228;&#45716; &#51648;&#45228;&#45796;. &#48120;&#44397; &#49884;&#51109;&#50640;&#49436; &#51060;&#48120; &#44160;&#51613;&#46108; &#51064;&#54532;&#46972;&#50752; &#44508;&#51228; &#47112;&#54140;&#47088;&#49828;&#47484; &#49688;&#50857;&#54616;&#50668; &#49884;&#54665;&#52265;&#50724;&#47484; &#51460;&#51060;&#45716; &#8216;&#51204;&#47029;&#51201; &#54056;&#49828;&#53944; &#54036;&#47196;&#50892;(Fast-follower)&#8217; &#44288;&#51216;&#51060; &#50500;&#49884;&#50500; &#44592;&#44288;&#50640;&#44172;&#45716; &#54788;&#49892;&#51201;&#51064; &#44221;&#47196;&#51068; &#44163;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#45796;&#47564; &#51652;&#51077; &#54032;&#45800;&#51032; &#44592;&#51456;&#51008; &#51221;&#52293;&#51032; &#51316;&#51116; &#50668;&#48512;&#44032; &#50500;&#45768;&#46972; &#49892;&#51228; &#51665;&#54665; &#44032;&#45733;&#49457;&#51060;&#45796;. &#47749;&#49884;&#51201; &#48277;&#183;&#44032;&#51060;&#46300;&#46972;&#51064;&#44284; &#46972;&#51060;&#49440;&#49828; &#52404;&#44228;&#44032; &#44054;&#52656;&#51276;&#45716;&#51648;, &#49688;&#53441;&#183;&#44208;&#51228;&#183;&#44277;&#49884; &#44057;&#51008; &#49884;&#51109; &#51064;&#54532;&#46972;&#44032; &#48337;&#54665;&#54644; &#44396;&#52629;&#46096;&#45716;&#51648;&#44032; &#51648;&#44552; &#49324;&#50629;&#54868;&#44032; &#44032;&#45733;&#54620;&#51648;&#47484; &#44032;&#47480;&#45796;. &#50500;&#47000; &#54532;&#47112;&#51076;&#50892;&#53356;&#45716; &#51665;&#54665; &#44032;&#45733;&#49457;, &#46972;&#51060;&#49440;&#49828; &#44221;&#47196;, &#49884;&#51109; &#51064;&#54532;&#46972;&#47484; &#44592;&#51456;&#51004;&#47196; &#44508;&#51228; &#49457;&#49689;&#46020;&#47484; &#49464; &#45800;&#44228;&#47196; &#45208;&#45572;&#44256;, &#44033; &#45800;&#44228;&#50640;&#49436; &#44592;&#44288;&#51060; &#52712;&#54644;&#50556; &#54624; &#51204;&#47029;&#44284; &#44536; &#49457;&#54056; &#44592;&#51456;&#44620;&#51648; &#51228;&#49884;&#54620;&#45796;.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!iJ2X!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff695027f-42ee-4bff-8df8-3462e377dd4e_1513x2048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!iJ2X!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff695027f-42ee-4bff-8df8-3462e377dd4e_1513x2048.png 424w, 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&#51080;&#45796;. &#47676;&#51200; &#46308;&#50612;&#44036; &#44592;&#44288;&#51060; &#50868;&#50689; &#53944;&#47001; &#47112;&#53076;&#46300;&#50752; &#50976;&#46041;&#49457; &#54028;&#53944;&#45320;&#47484; &#50526;&#49436; &#54869;&#48372;&#54616;&#44256;, &#54980;&#48156; &#51452;&#51088;&#45716; &#44536; &#44201;&#52264;&#47484; &#48708;&#50857;&#51004;&#47196; &#46496;&#50504;&#45716;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#54805;&#49457; &#51473; &#50689;&#50669;&#51008; &#51652;&#51077;&#51060; &#50500;&#45768;&#46972; &#51456;&#48708;&#47196; &#45824;&#51025;&#54620;&#45796;. &#51221;&#52293; &#48169;&#54693;&#51008; &#47749;&#54869;&#54616;&#45208; &#49464;&#48512; &#44508;&#51221;&#44284; &#46972;&#51060;&#49440;&#49828; &#50836;&#44148;&#51060; &#48120;&#51221;&#51064; &#45800;&#44228;&#51060;&#48064;&#47196;, &#51648;&#44552; &#54596;&#50836;&#54620; &#44163;&#51008; &#48376;&#44201;&#51201;&#51064; &#49324;&#50629;&#54868;&#44032; &#50500;&#45768;&#46972; &#44508;&#51228;&#44032; &#54869;&#51221;&#46104;&#45716; &#49692;&#44036; &#44263;&#48148;&#47196; &#49345;&#50857;&#54868;&#47196; &#51204;&#54872;&#54624; &#49688; &#51080;&#45716; &#44396;&#51312;&#45796;. &#51228;&#46020;&#54868;&#44032; &#51652;&#54665; &#51473;&#51064; &#54620;&#44397; &#44592;&#44288;&#51060; &#50668;&#44592;&#50640; &#54644;&#45817;&#54620;&#45796;. &#44508;&#51228;&#44032; &#54869;&#51221;&#46108; &#45796;&#51020;&#50640; &#51456;&#48708;&#47484; &#49884;&#51089;&#54616;&#47732; &#45734;&#45716;&#45796;. &#46972;&#51060;&#49440;&#49828;&#50752; &#49884;&#49828;&#53596;, &#54028;&#53944;&#45320;&#49901;&#44284; &#45236;&#48512; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;&#47484; &#48120;&#47532; &#44054;&#52656;&#46164; &#44592;&#44288;&#44284; &#44536;&#47111;&#51648; &#50506;&#51008; &#44592;&#44288;&#51032; &#52636;&#48156;&#49440;&#51008; &#44057;&#51648; &#50506;&#44592; &#46412;&#47928;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48376;&#44397; &#51228;&#46020;&#44032; &#45908;&#46356;&#44172; &#50880;&#51649;&#51060;&#45716; &#44592;&#44288;&#50640;&#44172;&#45716; &#50669;&#50808; &#44221;&#47196;&#44032; &#49892;&#54952;&#51201; &#45824;&#50504;&#51060;&#45796;. &#44508;&#51228;&#44032; &#50676;&#47532;&#44592;&#47484; &#48376;&#44397;&#50640;&#49436; &#44592;&#45796;&#47532;&#45716; &#45824;&#49888;, &#51228;&#46020;&#44032; &#50526;&#49440; &#44288;&#54624;&#44428;&#50640; &#48277;&#51064;&#51012; &#46160;&#44256; &#44536;&#44275;&#50640;&#49436; &#47676;&#51200; &#49884;&#46020;&#54620;&#45796;. &#49905;&#44032;&#54252;&#47476;&#45208; UAE&#51032; &#44508;&#51228; &#54532;&#47112;&#51076; &#50504;&#50640;&#49436; &#54028;&#51068;&#47103;&#51012; &#50868;&#50689;&#54644; &#44144;&#47000; &#49345;&#45824;&#47581;&#44284; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#52404;&#44228;&#47484; &#52629;&#51201;&#54616;&#44256;, &#48376;&#44397; &#44508;&#51228;&#44032; &#51221;&#48708;&#46104;&#45716; &#49549;&#46020;&#50640; &#47582;&#52656; &#44536; &#50669;&#47049;&#51012; &#44397;&#45236;&#47196; &#51060;&#51204;&#54620;&#45796;. &#51077;&#48277;&#51012; &#44592;&#45796;&#47532;&#45716; &#46041;&#50504;&#50640;&#46020; &#49884;&#44036;&#51012; &#55128;&#47140;&#48372;&#45236;&#51648; &#50506;&#44256;, &#44508;&#51228;&#44032; &#50676;&#47532;&#45716; &#49692;&#44036; &#44160;&#51613;&#51012; &#47560;&#52828; &#44396;&#51312;&#47484; &#44536;&#45824;&#47196; &#46308;&#50668;&#50732; &#49688; &#51080;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48520;&#54869;&#49892; &#50689;&#50669;&#51008; &#48288;&#54021;&#51060; &#50500;&#45768;&#46972; &#49440;&#53469;&#51648; &#54869;&#48372;&#51032; &#47928;&#51228;&#45796;. &#48277;&#51201; &#51221;&#51032;&#50752; &#51088;&#49328; &#48516;&#47448;&#51312;&#52264; &#51221;&#47532;&#46104;&#51648; &#50506;&#51008; &#45800;&#44228;&#50640;&#49436; &#54620;&#51901;&#50640; &#51088;&#50896;&#51012; &#47792;&#50500;&#45347;&#45716; &#44208;&#51221;&#51008; &#44536; &#51088;&#52404;&#47196; &#44032;&#51109; &#53360; &#50948;&#54744;&#51060; &#46108;&#45796;. &#49548;&#44508;&#47784; &#49892;&#54744;&#51004;&#47196; &#44592;&#49696;&#44284; &#49884;&#51109; &#45936;&#51060;&#53552;&#47484; &#52629;&#51201;&#54616;&#47728;, &#54364;&#51456;&#51060;&#45208; &#44508;&#51228; &#48169;&#54693;&#51060; &#54869;&#51221;&#46112; &#46412; &#48736;&#47476;&#44172; &#54869;&#51109;&#54624; &#50668;&#47141;&#51012; &#45224;&#44200;&#46160;&#45716; &#54200;&#51060; &#45227;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#54532;&#47112;&#51076;&#50892;&#53356;&#44032; &#44032;&#47532;&#53412;&#45716; &#44208;&#47200;&#51008; &#54616;&#45208;&#45796;. &#50500;&#49884;&#50500; 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&#50508; &#49688; &#50630;&#45796;.</span></p><h2><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">8. &#49556;&#46972;&#45208;, &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;&#51032; &#49892;&#52404;</span></strong></h2><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#45224;&#51008; &#44284;&#51228;&#45716; &#8216;&#50612;&#45712; &#51064;&#54532;&#46972;&#47484; &#53469;&#54624; &#44163;&#51064;&#44032;&#8217;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44552;&#50997;&#44592;&#44288;&#51008; &#48372;&#49688;&#51201;&#51064; &#51665;&#45800;&#51060;&#45796;. &#51060;&#47200;&#51201; &#44032;&#45733;&#49457;&#51060; &#50500;&#45768;&#46972; &#49892;&#51228;&#47196; &#51089;&#46041;&#54616;&#45716; &#49884;&#49828;&#53596;&#50640; &#51088;&#48376;&#51012; &#53804;&#51077;&#54620;&#45796;. JP&#47784;&#44148;&#44284; &#49828;&#53580;&#51060;&#53944; &#49828;&#53944;&#47532;&#53944;, &#54532;&#47021;&#53364;&#47536; &#53596;&#54540;&#53556;&#52376;&#47100; &#49436;&#47196; &#45796;&#47480; &#47785;&#51201;&#51012; &#44032;&#51652; &#44544;&#47196;&#48268; &#44592;&#44288;&#46308;&#51060; &#44057;&#51008; &#49884;&#44592;&#50640; &#49556;&#46972;&#45208;&#47484; &#53469;&#54620; &#51060;&#50976;&#45716; &#45800;&#49692;&#54620; &#49440;&#54840;&#44032; &#50500;&#45768;&#46972;, &#51200;&#47560;&#45796;&#51032; &#44592;&#49696;&#51201;&#183;&#44396;&#51312;&#51201; &#50836;&#44396;&#47484; &#52649;&#51313;&#54664;&#44592; &#46412;&#47928;&#51060;&#45796;. &#44536; &#50836;&#44396;&#45716; &#49464; &#44032;&#51648;&#47196; &#51221;&#47532;&#46108;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#52395;&#51704;, &#44592;&#44288;&#50857; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#44592;&#45733;&#51060;&#45796;. &#51088;&#49328; &#50517;&#47448;&#50752; &#46041;&#44208;, &#51088;&#44201; &#53685;&#51228; &#44057;&#51008; &#44508;&#51228; &#50836;&#44148;&#51012; &#54532;&#47196;&#53664;&#53084; &#49688;&#51456;&#50640;&#49436; &#53076;&#46300;&#47196; &#45236;&#51109;&#54624; &#49688; &#51080;&#45716; &#44396;&#51312;(Token-2022)&#45716;, &#48156;&#54665;&#51088;&#44032; &#53664;&#53360; &#51088;&#52404;&#50640; &#44508;&#51228; &#45824;&#51025; &#51109;&#52824;&#47484; &#49900;&#46020;&#47197; &#54664;&#45796;. &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;&#47484; &#49324;&#54980; &#51208;&#52264;&#44032; &#50500;&#45768;&#46972; &#51088;&#49328;&#51032; &#49444;&#44228;&#50640; &#54252;&#54632;&#49884;&#53416; &#44163;&#51060; &#44592;&#44288;&#51032; &#51652;&#51077; &#47928;&#53553;&#51012; &#45230;&#52676;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#46168;&#51704;, &#49892;&#51613;&#46108; &#52376;&#47532; &#45733;&#47141;&#51060;&#45796;. &#44537;&#49900;&#54620; &#53944;&#47000;&#54589;&#44284; &#49884;&#51109; &#44553;&#48320; &#49549;&#50640;&#49436;&#46020; &#51473;&#45800; &#50630;&#51060; &#51089;&#46041;&#54620; &#44592;&#47197;&#51008; &#44552;&#50997; &#51064;&#54532;&#46972;&#51032; &#44592;&#48376; &#51312;&#44148;&#51064; &#47924;&#51473;&#45800; &#49436;&#48708;&#49828;&#47484; &#51077;&#51613;&#54664;&#45796;. &#44592;&#44288;&#50640;&#44172; &#50504;&#51221;&#49457;&#51008; &#49440;&#53469; &#50836;&#49548;&#44032; &#50500;&#45768;&#46972; &#51204;&#51228;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#49483;&#51704;, &#49373;&#53468;&#44228; &#50504;&#50640; &#52629;&#51201;&#46108; &#49440;&#47168;&#45796;. &#50892;&#49905;&#53556;&#51032; &#51221;&#52293; &#54801;&#47141;(SPI)&#48512;&#53552; &#49892;&#47924; &#44208;&#51228;&#183;&#51221;&#49328; &#51064;&#54532;&#46972;&#44620;&#51648;, &#45800;&#51068; &#49373;&#53468;&#44228; &#50504;&#50640; &#51060;&#48120; &#51089;&#46041;&#54616;&#45716; &#44396;&#51312;&#44032; &#49939;&#50668; &#51080;&#45796;. &#50500;&#49884;&#50500; &#44592;&#44288;&#51008; &#51060;&#47484; &#52376;&#51020;&#48512;&#53552; &#49444;&#44228;&#54624; &#54596;&#50836; &#50630;&#51060; &#48155;&#50500; &#51025;&#50857;&#54624; &#49688; &#51080;&#45796;. 7&#51109;&#50640;&#49436; &#51228;&#49884;&#54620; &#54056;&#49828;&#53944; &#54036;&#47196;&#50892; &#51204;&#47029;&#51060; &#44032;&#51109; &#48736;&#47476;&#44172; &#51089;&#46041;&#54616;&#45716; &#51648;&#51216;&#51060; &#48148;&#47196; &#50668;&#44592;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#49464; &#44032;&#51648;&#45716; &#50612;&#45712; &#51064;&#54532;&#46972;&#44032; &#50864;&#50900;&#54616;&#45796;&#45716; &#45800;&#51221;&#51060; &#50500;&#45768;&#46972;, &#44592;&#44288; &#51088;&#48376;&#51060; &#49892;&#51228;&#47196; &#47784;&#50668;&#46304; &#44275;&#51060; &#50612;&#46356;&#51064;&#51648;&#47484; &#48372;&#50668;&#51452;&#45716; &#44288;&#52272;&#51060;&#45796;. &#44160;&#51613;&#51008; &#44032;&#44201;&#51060; &#50500;&#45768;&#46972; &#45572;&#44032;, &#47924;&#50631;&#51012;, &#50612;&#46356;&#50640; &#50732;&#47160;&#45716;&#51648;&#47196; &#46300;&#47084;&#45212;&#45796;. &#48376; &#48372;&#44256;&#49436;&#44032; &#52628;&#51201;&#54620; &#51088;&#48376;&#51032; &#44452;&#51201;&#51008; &#51064;&#53552;&#45367; &#51088;&#48376;&#49884;&#51109;&#51060; &#45908;&#45716; &#44060;&#45392;&#51060; &#50500;&#45768;&#46972; &#51089;&#46041;&#54616;&#45716; &#49892;&#52404;&#51076;&#51012; &#44032;&#47532;&#53416;&#45796;. &#44536; &#49892;&#52404;&#47484; &#44032;&#51109; &#46160;&#44749;&#44172; &#44396;&#54788;&#54644; &#45240; &#47924;&#45824;&#44032; &#49556;&#46972;&#45208;&#50688;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51204;&#54872;&#51008; &#51060;&#48120; &#49884;&#51089;&#46096;&#44256;, &#51064;&#54532;&#46972;&#45716; &#44160;&#51613;&#51012; &#47560;&#52452;&#45796;. &#45224;&#51008; &#44163;&#51008; &#50500;&#49884;&#50500; &#44592;&#44288;&#51060; &#44536; &#50948;&#50640;&#49436; &#47924;&#50631;&#51012;, &#50616;&#51228; &#50732;&#47540; &#44163;&#51064;&#44032;&#46972;&#45716; &#49892;&#54665;&#51032; &#47928;&#51228;&#45796;.</span></p><h2><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#47532;&#45908;&#49901; &#51064;&#49324;&#51060;&#53944;</span></strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!q5UJ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7f61ec8d-4e04-40b5-b0f8-be434b8f466a_1649x2048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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&#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;.</span><strong> </strong><span>&#54616;&#51648;&#47564; &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060;&#50640; &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#51004;&#47728; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; 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&#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</span></p><h2><strong>Terms of Usage</strong></h2><p><span>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(</span><a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a><span>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</span></p> ]]>
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<title>
<![CDATA[ ์ฝ”์ธ๋ฒ ์ด์Šค๋„ โ€œ๊ธˆ์œต ์Šˆํผ์•ฑโ€ ์„ ์–ธ, ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ์˜ ํ”ผ๋ฒ— ์—ดํ’ ]]>
</title>
<description>
<![CDATA[ &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; 1:1 &#49892;&#47932; &#50672;&#46041; &#53664;&#53360;&#54868; &#51452;&#49885;&#51012; &#48156;&#54364;&#54616;&#47728; &#48148;&#51060;&#45240;&#49828;&#50640; &#51060;&#50612; '&#44552;&#50997; &#49800;&#54140;&#50545;' &#51204;&#47029;&#51012; &#49440;&#50616;&#54664;&#49845;&#45768;&#45796;. &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#46308;&#51060; &#51204;&#53685; &#51088;&#49328;&#51012; &#50728;&#52404;&#51064;&#51004;&#47196; &#45132;&#50612;&#50724;&#45716; &#51060;&#50976;, &#53076;&#51064;&#48288;&#51060;&#49828;&#50752; &#48148;&#51060;&#45240;&#49828;&#51032; &#44396;&#51312;&#51201; &#52264;&#51060;, &#44536;&#47532;&#44256; CEX&#51032; &#48120;&#47000; &#48169;&#54693;&#49457;&#51012; &#48516;&#49437;&#54633;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/coinbase-declares-itself-a-financial-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/coinbase-declares-itself-a-financial-kor</guid>
<dc:creator>
<![CDATA[ Henry Kim ]]>
</dc:creator>
<pubDate>Wed, 17 Jun 2026 10:37:17 GMT</pubDate>
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<content:encoded>
<![CDATA[ <h2><strong><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">Key Takeaways</span></strong></h2><ul><li><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#53076;&#51064;&#48288;&#51060;&#49828;&#51032; 1:1 &#49892;&#47932; &#50672;&#46041; &#53664;&#53360;&#54868; &#51452;&#49885; &#48156;&#54364;&#45716; &#48148;&#51060;&#45240;&#49828;(Binance)&#50640; &#51060;&#50612; &#51452;&#50836; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#49548;&#44032; &#44552;&#50997; &#49800;&#54140;&#50545;&#51032; &#48169;&#54693;&#51004;&#47196; &#54588;&#48279;&#54616;&#44256; &#51080;&#51020;&#51012; &#54869;&#51064;&#49884;&#53416;&#45796;.</span></p></li><li><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#48148;&#51060;&#45240;&#49828;&#50752; &#45804;&#47532; &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#51088;&#49324; &#50728;&#52404;&#51064; &#47112;&#51068; &#50948;&#50640; &#49892;&#51656;&#51201; &#49548;&#50976;&#44428;&#51012; &#51649;&#51217; &#50732;&#47532;&#45716; &#51064;&#54532;&#46972; &#49440;&#51216; &#48169;&#49885;&#51012; &#52712;&#54620;&#45796;.</span></p></li><li><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#44508;&#51228;&#44428; &#44144;&#47000;&#49548;&#46308;&#51008; &#47924;&#54728;&#44032; DEX&#50752; &#51204;&#53685; &#48652;&#47196;&#52964;&#47532;&#51648; &#50545; &#49324;&#51060;&#51032; &#49356;&#46300;&#50948;&#52824; &#50517;&#48149;&#51012; &#53440;&#44060;&#54616;&#44592; &#50948;&#54644; &#8216;&#44508;&#51228; &#51088;&#49328;&#51032; &#50728;&#52404;&#51064;&#54868;&#8217;&#46972;&#45716; &#49352;&#47196;&#50868; &#51204;&#51109;&#51012; &#50676;&#50632;&#45796;.</span></p></li></ul><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ILW1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8d7af72-8eef-4492-9428-7aee0d613a60_640x360.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ILW1!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8d7af72-8eef-4492-9428-7aee0d613a60_640x360.png 424w, https://substackcdn.com/image/fetch/$s_!ILW1!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8d7af72-8eef-4492-9428-7aee0d613a60_640x360.png 848w, https://substackcdn.com/image/fetch/$s_!ILW1!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8d7af72-8eef-4492-9428-7aee0d613a60_640x360.png 1272w, https://substackcdn.com/image/fetch/$s_!ILW1!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8d7af72-8eef-4492-9428-7aee0d613a60_640x360.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ILW1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8d7af72-8eef-4492-9428-7aee0d613a60_640x360.png" width="640" height="360" 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https://substackcdn.com/image/fetch/$s_!ILW1!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8d7af72-8eef-4492-9428-7aee0d613a60_640x360.png 848w, https://substackcdn.com/image/fetch/$s_!ILW1!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8d7af72-8eef-4492-9428-7aee0d613a60_640x360.png 1272w, https://substackcdn.com/image/fetch/$s_!ILW1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8d7af72-8eef-4492-9428-7aee0d613a60_640x360.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">6&#50900; 16&#51068;, &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#48120;&#44397; &#49345;&#51109; &#51452;&#49885;&#51012; &#44592;&#52488;&#51088;&#49328;&#51004;&#47196; 1:1 &#49892;&#47932; &#50672;&#46041;&#54620; &#53664;&#53360;&#54868; &#51452;&#49885;&#51012; &#48156;&#54364;&#54664;&#45796;. &#54028;&#49373;&#49345;&#54408;&#46020;, IOU&#46020; &#50500;&#45772; &#49892;&#51228; &#51452;&#49885;&#51060; &#50728;&#52404;&#51064;&#50640; &#50732;&#46972;&#50724;&#45716; &#44396;&#51312;&#45796;. &#48176;&#45817;&#44552;&#51008; &#51088;&#46041; &#51648;&#44553;&#46104;&#44256;, &#50728;&#52404;&#51064;&#50640;&#49436; &#51649;&#51217; &#51204;&#49569;&#51060; &#44032;&#45733;&#54616;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060;&#48264; &#49345;&#54408;&#51008; &#48120;&#44397; &#50808; &#51648;&#50669;&#48512;&#53552; &#50864;&#49440; &#52636;&#49884;&#46104;&#47728;, &#53076;&#51064;&#48288;&#51060;&#49828;&#51032; &#50728;&#52404;&#51064; &#47112;&#51068; &#50948;&#50640;&#49436; &#50868;&#50689;&#46108;&#45796;. &#51088;&#49324; &#50728;&#52404;&#51064; &#51064;&#54532;&#46972; &#50948;&#50640; &#51060;&#47484; &#50732;&#47536;&#45796;&#45716; &#44163;&#51008; &#45800;&#49692;&#55176; &#51452;&#49885; &#44144;&#47000; &#44592;&#45733;&#51012; &#52628;&#44032;&#54616;&#45716; &#52264;&#50896;&#51012; &#45336;&#50612;&#49440;&#45796;. &#51452;&#49885;&#44284; &#53076;&#51064;, &#44208;&#51228;&#50752; &#51204;&#49569;&#51012; &#51088;&#52404;&#51201;&#51064; &#44552;&#50997; &#47112;&#51068; &#50948;&#50640;&#49436; &#54616;&#45208;&#47196; &#47926;&#50612; &#49373;&#53468;&#44228;&#47484; &#46021;&#51216;&#54616;&#44192;&#45796;&#45716; &#51204;&#47029;&#51201; &#54252;&#49437;&#51060;&#45796;. &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#51060;&#47484; &#8220;Everything Exchange&#8221; &#51204;&#47029;&#51032; &#54645;&#49900;&#51004;&#47196; &#54532;&#47112;&#51060;&#48141;&#54664;&#45796;. &#48652;&#47196;&#52964;&#47532;&#51648;, &#50612;&#46300;&#48148;&#51060;&#51200;, &#51008;&#54665;&#51012; &#54616;&#45208;&#51032; &#50545;&#51004;&#47196; &#45824;&#52404;&#54616;&#44192;&#45796;&#45716; &#49440;&#50616;&#51060;&#45796;.</span></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 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class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!t7bh!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15c854f5-abc6-44a8-9f10-cbca7c746843_1456x942.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!t7bh!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15c854f5-abc6-44a8-9f10-cbca7c746843_1456x942.png 424w, https://substackcdn.com/image/fetch/$s_!t7bh!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F15c854f5-abc6-44a8-9f10-cbca7c746843_1456x942.png 848w, 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style="color: rgb(45, 45, 45);">&#44396;&#51312;&#51032; &#52264;&#51060;</span></strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wbwk!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8467b6cd-4681-4f5f-865d-cbf530ece42d_2048x1820.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wbwk!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8467b6cd-4681-4f5f-865d-cbf530ece42d_2048x1820.png 424w, https://substackcdn.com/image/fetch/$s_!wbwk!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8467b6cd-4681-4f5f-865d-cbf530ece42d_2048x1820.png 848w, 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&#51032;&#46020;&#51060;&#45796;.</span></p><p><span data-color="rgb(45, 45, 45)" style="color: rgb(45, 45, 45);">&#51060; &#51032;&#46020;&#44032; &#53685;&#54620;&#45796;&#47732; &#45796;&#44032;&#50732; &#48120;&#47000;&#51032; &#44144;&#47000;&#49548;&#45716; &#44508;&#51228;&#44428; &#50504;&#50640;&#49436; &#51088;&#49328;&#51032; &#48156;&#54665;, &#49688;&#53441;, &#50976;&#53685;, &#44208;&#51228;&#47484; &#50728;&#52404;&#51064; &#50948;&#50640;&#49436; &#49688;&#51649; &#44228;&#50676;&#54868;&#54616;&#50668; &#44592;&#51316; &#44552;&#50997; &#49884;&#49828;&#53596; &#51204;&#52404;&#47484; &#45824;&#52404;&#54616;&#45716; &#46021;&#51216;&#51201; &#54540;&#47019;&#54268;&#51032; &#51648;&#50948;&#47484; &#45432;&#47532;&#44172; &#46112; &#49688; &#51080;&#45796;.</span></p><div><hr></div><div class="subscription-widget-wrap-editor" 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class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>Terms of Usage</strong></h2><p><span>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(</span><a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a><span>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</span></p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ DeFi ๋Œ€์ถœ ์‹œ์žฅ์€ ์™œ ๋ชจ๋“ˆํ™”๋˜๊ณ  ์žˆ๋Š”๊ฐ€: ๋ชจํฌ(Morpho), ์˜ค์ผ๋Ÿฌ(Euler), ์•„๋ฒ (Aave)์˜ ๋ฆฌ์Šคํฌ ๊ด€๋ฆฌ ์ „์Ÿ ]]>
</title>
<description>
<![CDATA[ DeFi &#45824;&#52636; &#49884;&#51109;&#51060; &#47784;&#46280;&#54805; &#50500;&#53412;&#53581;&#52376;&#47196; &#51204;&#54872; &#51473;&#51077;&#45768;&#45796;. Morpho, Euler, Aave V4&#44032; &#44033;&#44033; &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#47532;&#51648;, &#47680;&#54000;&#51204;&#47029; &#54756;&#51648;&#54144;&#46300;, &#50976;&#45768;&#48260;&#49444; &#48197;&#53356; &#44396;&#51312;&#47484; &#52292;&#53469;&#54616;&#47728; &#47532;&#49828;&#53356; &#44201;&#47532; &#44221;&#51137;&#50640; &#45208;&#49456;&#49845;&#45768;&#45796;. RWA &#51088;&#49328;&#51060; &#50728;&#52404;&#51064;&#51004;&#47196; &#50976;&#51077;&#46104;&#45716; &#51648;&#44552;, &#50868;&#50857; &#47112;&#51060;&#50612;&#51032; &#50669;&#47049;&#51060; &#54645;&#49900; &#48320;&#49688;&#44032; &#46121;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/defi-lending-is-modularizing-the-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/defi-lending-is-modularizing-the-kor</guid>
<dc:creator>
<![CDATA[ Henry Kim ]]>
</dc:creator>
<pubDate>Tue, 16 Jun 2026 13:03:50 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/202260871/8cd42ab530cbf550989515c01952c546.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>&#44592;&#44288; &#53804;&#51088;&#51088;&#44032; &#50728;&#52404;&#51064; &#45824;&#52636; &#49884;&#51109;&#50640; &#51652;&#51077;&#54616;&#47732;&#49436;, DeFi&#45716; &#45800;&#51068; &#54400; &#44396;&#51312;&#50640;&#49436; &#47532;&#49828;&#53356;&#47484; &#48516;&#47532;&#54616;&#44256; &#50868;&#50857; &#47112;&#51060;&#50612;&#47484; &#51204;&#47928;&#54868;&#54616;&#45716; &#48169;&#54693;&#51004;&#47196; &#51652;&#54868;&#54616;&#44256; &#51080;&#49845;&#45768;&#45796;.</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>&#47532;&#47676; &#49324;&#53468;&#50752; &#53000;&#54532; DAO &#49324;&#53468;&#45716; &#45800;&#51068; &#54400; &#44396;&#51312;&#44032; &#53945;&#51221; &#51088;&#49328;&#51032; &#48512;&#49892;&#51012; &#49884;&#49828;&#53596; &#51204;&#52404;&#51032; &#50948;&#44592;&#47196; &#51613;&#54253;&#49884;&#53412;&#45716; &#44396;&#51312;&#51201; &#44208;&#54632;&#51012; &#46300;&#47084;&#45252;</p></li><li><p>&#51204;&#53685; &#44552;&#50997;&#51008; &#44552;&#50997;&#50640; &#54596;&#50836;&#54620; &#44033; &#47112;&#51060;&#50612;&#47484; &#48516;&#47532;&#54616;&#45716; &#48169;&#49885;&#51012; &#49440;&#53469;</p></li><li><p>DeFi &#49373;&#53468;&#44228; &#50669;&#49884; &#47532;&#49828;&#53356; &#44201;&#47532; &#51473;&#49900;&#51032; &#47784;&#46280;&#54805; &#50500;&#53412;&#53581;&#52376;&#47196; &#49688;&#47156;</p></li><li><p>&#51060;&#47084;&#54620; &#44396;&#51312;&#45716; RWA &#51088;&#49328;&#51060; &#50976;&#51077;&#46104;&#44592; &#49884;&#51089;&#54616;&#47732;&#49436; &#45908;&#50865; &#44032;&#49549;&#54868;</p></li><li><p>&#47784;&#46280;&#54805; &#50500;&#53412;&#53581;&#52376;&#50640;&#49436; &#49892;&#51656;&#51201;&#51004;&#47196; &#49345;&#54408;&#51012; &#50868;&#50857;&#54616;&#45716; &#8216;&#50868;&#50857; &#47112;&#51060;&#50612;&#8217;&#51032; &#50669;&#47049;&#51060; &#45908;&#50865; &#44053;&#51312;&#46112; &#44163;</p></li></ul><div><hr></div><h2><strong>1. &#47532;&#47676; &#49324;&#53468;&#44032; &#45912;&#51648;&#45716; &#44368;&#54984;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1XKv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1XKv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png 424w, https://substackcdn.com/image/fetch/$s_!1XKv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png 848w, https://substackcdn.com/image/fetch/$s_!1XKv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png 1272w, https://substackcdn.com/image/fetch/$s_!1XKv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!1XKv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png" width="1456" height="933" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:933,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!1XKv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png 424w, https://substackcdn.com/image/fetch/$s_!1XKv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png 848w, https://substackcdn.com/image/fetch/$s_!1XKv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png 1272w, https://substackcdn.com/image/fetch/$s_!1XKv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F980195a4-c2bc-4905-9e4e-818d6f0e6fd2_2048x1312.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Source: YPFS and Brookings Institution.</p><p><strong>2008&#45380; 9&#50900;, &#47532;&#47676; &#48652;&#46972;&#45908;&#49828; &#54028;&#49328;&#51032; &#50668;&#54028;&#47196; &#49464;&#44228; 3&#50948; &#47672;&#45768;&#47560;&#53011;&#54144;&#46300;(MMF)&#51064; <a href="https://en.wikipedia.org/wiki/Reserve_Primary_Fund">&#47532;&#51200;&#48652; &#54532;&#46972;&#51060;&#47672;&#47532; &#54144;&#46300;(Reserve Primary Fund, &#51060;&#54616; RPF)</a>&#44032; &#45800; &#54616;&#47336; &#47564;&#50640; &#51064;&#52636;&#51012; &#51204;&#47732; &#51473;&#45800;&#54616;&#45716; <a href="https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1655&amp;context=journal-of-financial-crises">&#52488;&#50976;&#51032; &#49324;&#53468;</a>&#44032; &#48156;&#49373;&#54664;&#45796;.</strong></p><p>&#45817;&#49884; RPF&#44032; &#48372;&#50976;&#54664;&#45912; &#47532;&#47676; &#48652;&#46972;&#45908;&#49828; &#52292;&#44428;&#51008; &#51204;&#52404; &#50868;&#50857;&#51088;&#49328;&#51032; &#44200;&#50864; 1.2%&#50640; &#48520;&#44284;&#54664;&#45796;. &#54616;&#51648;&#47564; &#47532;&#47676;&#51032; &#54028;&#49328;&#51004;&#47196; &#51060; 1.2%&#51032; &#51088;&#49328;&#51060; &#54924;&#49688; &#48520;&#44032;&#45733;&#54620; &#49345;&#44033; &#51088;&#49328;&#51004;&#47196; &#52376;&#47532;&#46104;&#47732;&#49436;, &#54144;&#46300;&#44032; &#48372;&#50976;&#54620; &#51204;&#52404; &#51088;&#49328;&#51032; &#52509; &#44032;&#52824;&#45716; 100%&#50640;&#49436; 98.8%&#47196; &#44048;&#49548;&#54616;&#44172; &#46104;&#50632;&#45796;. &#51060;&#50640; &#46384;&#46972; &#53804;&#51088; &#50896;&#44552;&#44284; &#54144;&#46300; &#44032;&#52824;&#47484; &#54637;&#49345; &#8216;1&#45804;&#47084; &#45824; 1&#45804;&#47084;&#8217;&#47196; &#46041;&#51068;&#54616;&#44172; &#50976;&#51648;&#54616;&#45912; MMF&#51032; &#51208;&#45824; &#50896;&#52825;&#51060; &#47924;&#45320;&#51276;&#44256;, &#51452;&#45817; &#44032;&#52824;&#44032; 1&#45804;&#47084; &#48145;(0.97&#45804;&#47084;)&#51004;&#47196; &#52628;&#46973;&#54616;&#45716; &#49324;&#53468;&#44032; &#51068;&#50612;&#45228;&#45796;.</p><p>&#50896;&#44552; &#49552;&#49892;&#51060; &#44032;&#49884;&#54868;&#46104;&#51088;, &#49884;&#51109;&#51008; &#49692;&#49885;&#44036;&#50640; &#44277;&#54252;&#50640; &#55081;&#49912;&#50688;&#45796;. &#8220;&#51648;&#44552; &#45817;&#51109; &#46024;&#51012; &#48764;&#51648; &#50506;&#51004;&#47732; &#45224;&#51008; &#50896;&#44552;&#47560;&#51200; &#45908; &#44622;&#51068; &#49688; &#51080;&#45796;&#8221;&#45716; &#44277;&#54252;&#45716; &#44144;&#45824;&#54620; &#48197;&#53356;&#47088;&#51004;&#47196; &#54869;&#49328;&#46104;&#50632;&#51004;&#47728;, &#48520;&#44284; &#51060;&#53952; &#47564;&#50640; $400&#50613;&#51032; &#54872;&#47588; &#50836;&#52397;&#51060; &#47792;&#47532;&#45716; &#44208;&#44284;&#47484; &#45235;&#50520;&#45796;. &#44208;&#44397; &#48128;&#47140;&#46300;&#45716; &#51064;&#52636; &#50517;&#48149;&#51012; &#44204;&#46356;&#51648; &#47803;&#54620; &#54144;&#46300;&#44032; &#47560;&#48708;&#46104;&#47728; &#51204;&#47732;&#51201;&#51064; &#51064;&#52636; &#51473;&#45800;&#51012; &#49440;&#50616;&#54616;&#44172; &#46108; &#44163;&#51060;&#45796;.</p><p>&#51060; &#47532;&#47676; &#48652;&#46972;&#45908;&#49828; &#49324;&#53468;&#45716; &#51204;&#53685; &#51088;&#48376;&#49884;&#51109;&#51032; &#45824;&#45824;&#51201;&#51064; &#44396;&#51312; &#44060;&#54200;&#51012; &#51060;&#45132;&#50612;&#45256;&#45796;. MMF &#50689;&#50669;&#50640;&#49436;&#45716; &#47532;&#49828;&#53356; &#46321;&#44553;&#48324; &#50756;&#52649; &#51109;&#52824;&#50752; &#54872;&#47588; &#51228;&#54620; &#44032;&#51060;&#46300;&#46972;&#51064;&#51060; &#51116;&#51221;&#48708;&#46104;&#50632;&#44256;, &#54756;&#51648;&#54144;&#46300; &#50689;&#50669;&#50640;&#49436;&#45716; &#45800;&#51068; &#51473;&#44060;&#44592;&#44288;&#51060; &#51088;&#49328;&#51012; &#46021;&#51216;&#54616;&#50668; &#48156;&#49373;&#54664;&#45912; &#47532;&#47676;&#51032; &#51116;&#45812;&#48372;(Rehypothecation) &#47532;&#49828;&#53356;&#47484; &#54617;&#49845;&#54664;&#45796;.</p><p><strong>&#44208;&#44284;&#51201;&#51004;&#47196; &#51204;&#53685; &#44552;&#50997;&#44592;&#44288;&#46308;&#51008; &#45800;&#51068; &#51473;&#44060;&#44592;&#44288;&#50640; &#51088;&#49328;&#44284; &#49888;&#50857;&#51012; &#47792;&#50500;&#51452;&#45912; &#44288;&#54665;&#50640;&#49436; &#48279;&#50612;&#45208;, &#49892;&#54665; &#51064;&#54532;&#46972;&#50752; &#47532;&#49828;&#53356; &#44288;&#47532; &#51452;&#52404;&#47484; &#48516;&#47532;&#54616;&#44256; &#48373;&#49688;&#51032; &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#47532;&#51648;(Multi-prime)&#47484; &#54876;&#50857;&#54644; &#50948;&#54744;&#51012; &#44201;&#47532;&#54616;&#45716; &#48169;&#49885;&#51012; &#44544;&#47196;&#48268; &#54364;&#51456;&#51004;&#47196; &#51221;&#52265;&#49884;&#53040;&#45796;. </strong>&#50948;&#44592; &#49345;&#54889;&#50640;&#49436; &#51064;&#54532;&#46972;&#50752; &#47532;&#49828;&#53356;&#47484; &#48516;&#47532;&#54644; &#47532;&#49828;&#53356; &#51204;&#50684;&#51012; &#47561;&#45716; &#51060; &#51228;&#46020;&#51201; &#50504;&#51204;&#51109;&#52824; &#50948;&#50640;&#49436;, &#51088;&#49328;&#50868;&#50857; &#49328;&#50629;&#51008; &#48708;&#47196;&#49548; &#51064;&#54532;&#46972;&#51201; &#49888;&#47280;&#47484; &#54924;&#48373;&#54616;&#44256; &#49457;&#51109;&#51012; &#51060;&#50612;&#44040; &#49688; &#51080;&#50632;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. &#51204;&#53685; &#51088;&#48376;&#49884;&#51109;&#51008; &#51060; &#47928;&#51228;&#47484; &#50612;&#46523;&#44172; &#54400;&#50632;&#45716;&#44032;</strong></h2><p><strong>2014&#45380; &#48120;&#44397; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;(SEC)&#45716; <a href="https://www.sec.gov/newsroom/press-releases/2014-143">MMF &#44396;&#51312;&#47484; &#49552;&#48420;&#45796;.</a> &#51088;&#44552; &#49457;&#44201;&#50640; &#46384;&#46972; &#50976;&#54805;&#51012; &#48516;&#47532;&#54616;&#44256;, &#44033; &#50976;&#54805;&#47560;&#45796; &#44592;&#51456;&#51012; &#45796;&#47476;&#44172; &#51201;&#50857;&#54664;&#45796;. &#54620; &#50976;&#54805;&#50640;&#49436; &#48197;&#53356;&#47088; &#46321;&#51032; &#47928;&#51228;&#44032; &#49373;&#44200;&#46020; &#49884;&#49828;&#53596; &#51204;&#52404;&#45208; &#45796;&#47480; &#50976;&#54805;&#51032; &#54144;&#46300;&#47196; &#50948;&#54744;&#51060; &#51204;&#50684;&#46104;&#45716; &#44163;&#51012; &#47561;&#44592; &#50948;&#54644; &#50976;&#54805;&#48324; &#50756;&#52649; &#51109;&#52824;&#47484; &#47560;&#47144;&#54620; &#44163;&#51060;&#45796;.</strong></p><p>&#51060;&#52376;&#47100; &#51204;&#53685; &#44552;&#50997;&#51060; &#47532;&#49828;&#53356;&#47484; &#53685;&#51228;&#54616;&#45716; &#54645;&#49900; &#52384;&#54617;&#51008; &#8216;&#48516;&#47532;&#8217;&#50640; &#51080;&#45796;. &#50948;&#54744;&#51060; &#54620;&#44275;&#50640; &#47784;&#51060;&#51648; &#50506;&#46020;&#47197; &#44592;&#44288;&#51032; &#44428;&#54620;&#51012; &#51900;&#44060;&#44256;, &#51088;&#44552;&#51060; &#51060;&#46041;&#54616;&#45716; &#44221;&#47196;&#47560;&#45796; &#46021;&#47549;&#46108; &#44160;&#51613; &#45800;&#44228;&#47484; &#45180;&#50892; &#45347;&#45716; &#48169;&#49885;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!xO--!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!xO--!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png 424w, https://substackcdn.com/image/fetch/$s_!xO--!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png 848w, https://substackcdn.com/image/fetch/$s_!xO--!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png 1272w, https://substackcdn.com/image/fetch/$s_!xO--!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!xO--!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png" width="1456" height="855" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:855,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!xO--!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png 424w, https://substackcdn.com/image/fetch/$s_!xO--!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png 848w, https://substackcdn.com/image/fetch/$s_!xO--!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png 1272w, https://substackcdn.com/image/fetch/$s_!xO--!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32398c43-8105-4f58-8ecc-a42db65b3c33_2048x1203.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51088;&#48376;&#49884;&#51109;&#51032; &#8216;&#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#47532;&#51648;&#8217;&#44032; &#45824;&#54364;&#51201;&#51064; &#44396;&#48516;&#51032; &#50696;&#49884;&#45796;. &#50668;&#44592;&#49436;&#45716; &#53804;&#51088;(&#54756;&#51648;&#54144;&#46300;)&#50752; &#50948;&#54744; &#44048;&#49884;(&#48652;&#47196;&#52964;)&#51032; &#44428;&#54620;&#51012; &#48516;&#47532;&#54644; &#47532;&#49828;&#53356;&#47484; &#52404;&#44228;&#51201;&#51004;&#47196; &#44201;&#47532;&#54620;&#45796;. &#51068;&#48152; &#45824;&#52636; &#49884;&#51109; &#50669;&#49884; &#51088;&#44552;&#51060; &#51060;&#46041;&#54616;&#45716; &#44284;&#51221; &#49549;&#50640; &#49888;&#50857;&#54217;&#44032;&#183;&#49900;&#49324;&#183;&#45812;&#48372;&#44288;&#47532;&#183;&#49688;&#53441; &#46321;&#51032; &#46021;&#47549;&#46108; &#51452;&#52404;&#46308;&#51012; &#44396;&#48516;&#54616;&#44592; &#49884;&#51089;&#54664;&#45796;.</p><p>&#44536;&#47084;&#45208; &#51088;&#49328; &#50868;&#50857;&#44284; &#45824;&#52636; &#50689;&#50669;&#51060; DeFi&#47196; &#51204;&#54872;&#46104;&#47732;&#49436;, &#51204;&#53685; &#44552;&#50997;&#51060; &#44396;&#52629;&#54644; &#50728; &#51060; &#48373;&#51105;&#54620; &#51473;&#44036; &#47112;&#51060;&#50612;&#46308;&#51008; &#54616;&#45208;&#47196; &#54633;&#52432;&#51648;&#44592; &#49884;&#51089;&#54664;&#45796;. &#52488;&#44592; DeFi &#54532;&#47196;&#53664;&#53084;&#46308;&#51008; &#48516;&#47532; &#44396;&#51312;&#50640;&#49436; &#48156;&#49373;&#54616;&#45912; &#49688;&#47566;&#51008; &#51473;&#44060;&#51088;&#47484; &#50630;&#50528;&#44256;, &#44288;&#47144; &#47700;&#52964;&#45768;&#51608;&#51012; &#53076;&#46300; &#50504;&#51004;&#47196; &#50517;&#52629;&#54616;&#50668; &#51088;&#46041;&#54868;&#54644; &#45236;&#45716; &#44163;&#50640; &#51665;&#51473;&#54664;&#45796;.</p><h2><strong>3. &#53685;&#54633;&#46108; &#54400;&#51060; &#47784;&#46280;&#54805; &#54400;&#47196; &#44032;&#44592;&#44620;&#51648;</strong></h2><p>&#47784;&#46304; &#45824;&#52636; &#47700;&#52964;&#45768;&#51608;&#51012; &#54616;&#45208;&#51032; &#49828;&#47560;&#53944; &#52968;&#53944;&#47001;&#53944;(&#53685;&#54633;&#54805; &#54400;)&#47196; &#50517;&#52629;&#54620; &#52488;&#44592; DeFi&#51032; &#49884;&#46020;&#45716; &#51473;&#44060; &#48708;&#50857;&#51012; &#51208;&#44048;&#54664;&#51004;&#45208;, &#50669;&#51004;&#47196; &#47784;&#46304; &#47532;&#49828;&#53356;&#44032; &#45800;&#51068; &#54532;&#47196;&#53664;&#53084; &#45236;&#47196; &#51665;&#51473;&#46104;&#45716; &#47928;&#51228;&#47484; &#50556;&#44592;&#54664;&#45796;. &#51204;&#53685; &#44552;&#50997;&#52376;&#47100; &#49888;&#50857;&#54217;&#44032;, &#49900;&#49324;, &#45812;&#48372;&#44288;&#47532;&#44032; &#48516;&#47532;&#46104;&#50612; &#51080;&#51648; &#50506;&#44256; &#54616;&#45208;&#51032; &#53076;&#46300; &#50504;&#50640;&#49436; &#51089;&#46041;&#54616;&#44592; &#46412;&#47928;&#50640;, &#53945;&#51221; &#51088;&#49328;&#51032; &#48512;&#49892;&#51060;&#45208; &#52397;&#49328; &#49892;&#54056;&#44032; &#51204;&#52404; &#49884;&#49828;&#53596;&#51032; &#50976;&#46041;&#49457; &#47560;&#48708;&#47196; &#51649;&#44208;&#46104;&#45716; &#44396;&#51312;&#51201; &#52712;&#50557;&#49457;&#51012; &#44032;&#51276;&#45796;.</p><p>&#51060;&#47084;&#54620; &#50948;&#54744; &#51204;&#51060; &#44032;&#45733;&#49457;&#51004;&#47196; &#51064;&#54644;, &#54532;&#47196;&#53664;&#53084; &#44144;&#48260;&#45324;&#49828;(DAO)&#45716; &#50948;&#54744; &#54028;&#46972;&#48120;&#53552;&#47484; &#44537;&#46020;&#47196; &#48372;&#49688;&#51201;&#51004;&#47196; &#49444;&#51221;&#54624; &#49688;&#48150;&#50640; &#50630;&#50632;&#45796;. &#44208;&#44284;&#51201;&#51004;&#47196; &#48708;&#53944;&#53076;&#51064;&#51060;&#45208; &#51060;&#45908;&#47532;&#50880; &#50808;&#50640; &#49345;&#45824;&#51201;&#51004;&#47196; &#53944;&#47001; &#47112;&#53076;&#46300;&#44032; &#48512;&#51313;&#54616;&#44144;&#45208; &#48320;&#46041;&#49457;&#51060; &#53360; &#49888;&#44508; &#50516;&#54840;&#54868;&#54224;&#46308;&#51008; &#45812;&#48372; &#51088;&#49328; &#44508;&#44201;&#50640;&#49436; &#51228;&#50808;&#46104;&#50612; &#45824;&#52636; &#49884;&#51109; &#51652;&#51077;&#51060; &#44396;&#51312;&#51201;&#51004;&#47196; &#52264;&#45800;&#46104;&#50632;&#45796;. &#53076;&#46300;&#51032; &#50517;&#52629;&#51060; &#51088;&#48376; &#54952;&#50984;&#49457;&#51032; &#51200;&#54616;&#50752; &#51088;&#49328;&#51032; &#45796;&#48320;&#54868; &#49892;&#54056;&#46972;&#45716; &#54620;&#44228;&#47196; &#51060;&#50612;&#51652; &#44163;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!dw_I!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!dw_I!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png 424w, https://substackcdn.com/image/fetch/$s_!dw_I!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png 848w, https://substackcdn.com/image/fetch/$s_!dw_I!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png 1272w, https://substackcdn.com/image/fetch/$s_!dw_I!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!dw_I!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png" width="1456" height="1085" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1085,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!dw_I!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png 424w, https://substackcdn.com/image/fetch/$s_!dw_I!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png 848w, https://substackcdn.com/image/fetch/$s_!dw_I!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png 1272w, https://substackcdn.com/image/fetch/$s_!dw_I!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f176fcc-aa6f-483c-8376-f497c900054f_2048x1526.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51060;&#47084;&#54620; &#53685;&#54633;&#54805; &#54400;&#51032; &#47532;&#49828;&#53356; &#51665;&#51473; &#47928;&#51228;&#47484; &#54644;&#44208;&#54616;&#44592; &#50948;&#54644; <a href="https://www.silo.finance/post/introducing-silo">&#49324;&#51068;&#47196; &#54028;&#51060;&#45240;&#49828;(Silo Finance)</a>&#45716; &#51088;&#49328;&#48324;&#47196; &#46021;&#47549;&#46108; &#45824;&#52636; &#54400;&#51012; &#44396;&#49457;&#54616;&#45716; &#8216;&#44201;&#47532; &#44396;&#51312;&#8217;&#47484; &#46020;&#51077;&#54664;&#45796;. &#53945;&#51221; &#45812;&#48372; &#51088;&#49328; &#54400;&#50640;&#49436; &#44032;&#44201; &#51312;&#51089;&#51060;&#45208; &#44553;&#44201;&#54620; &#44032;&#52824; &#54616;&#46973;&#51060; &#48156;&#49373;&#54616;&#45908;&#46972;&#46020; &#54644;&#45817; &#50948;&#54744;&#51060; &#53440; &#51088;&#49328; &#54400;&#47196; &#48264;&#51648;&#51648; &#50506;&#46020;&#47197; &#49884;&#49828;&#53596;&#51201;&#51004;&#47196; &#52264;&#45800;&#54632;&#51004;&#47196;&#50024;, &#44144;&#48260;&#45324;&#49828;&#51032; &#49324;&#51204; &#49900;&#49324; &#54728;&#46308;&#51012; &#45230;&#52628;&#44256; &#45796;&#50577;&#54620; &#51088;&#49328;&#51032; &#45824;&#52636; &#49884;&#51109;&#51012; &#49888;&#49549;&#54616;&#44172; &#44060;&#49444;&#54624; &#49688; &#51080;&#51020;&#51012; &#51613;&#47749;&#54664;&#45796;.</p><p>&#51060;&#45716; &#44144;&#45824;&#54620; &#45800;&#51068; &#54400;&#51012; &#54644;&#52404;&#54616;&#44256; &#49884;&#51109; &#45800;&#50948;&#47196; &#47532;&#49828;&#53356;&#47484; &#44201;&#47532;&#54624; &#49688; &#51080;&#45796;&#45716; &#44592;&#49696;&#51201; &#44032;&#45733;&#49457;&#51012; &#51228;&#49884;&#54616;&#47728; &#54693;&#54980; &#45796;&#49884;&#44552; &#47112;&#51060;&#50612;&#48324;&#47196; &#51900;&#44060;&#51648;&#45716; &#47784;&#46280;&#54868; &#44396;&#51312;&#47196; &#48156;&#51204;&#54616;&#44172; &#46104;&#50632;&#45796;.</p><p>&#51060;&#47111;&#44172; &#49324;&#51068;&#47196;&#44032; &#44060;&#52377;&#54620; &#47784;&#46280;&#54868; &#49884;&#49828;&#53596;&#51008; &#53664;&#53360;&#54868; &#44397;&#52292;, &#49324;&#47784; &#53356;&#47112;&#46375; &#46321; &#49892;&#47932;&#51088;&#49328;(RWA)&#51060; &#50728;&#52404;&#51064;&#51004;&#47196; &#45824;&#44144; &#50976;&#51077;&#46104;&#47728; &#51088;&#49328;&#51032; &#45796;&#48320;&#54868;&#44032; &#48376;&#44201;&#54868;&#46120;&#50640; &#46384;&#46972; &#50728;&#52404;&#51064; &#45824;&#52636; &#49884;&#51109;&#51032; &#54596;&#49688;&#51201;&#51064; &#44508;&#44201;&#51004;&#47196; &#51088;&#47532; &#51105;&#44172; &#46104;&#50632;&#45796;. &#50728;&#52404;&#51064;&#51004;&#47196; &#46308;&#50612;&#50724;&#45716; RWA&#45716; &#51088;&#49328; &#51333;&#47448;&#50640; &#46384;&#46972; &#44144;&#47000; &#44032;&#45733; &#49884;&#44036;, &#50724;&#46972;&#53364;(&#44032;&#44201; &#54588;&#46300;)&#51032; &#49888;&#47280;&#46020;, &#44508;&#51228;&#51201; &#51228;&#54620;(KYC/AML &#50836;&#44396;&#49324;&#54637;), &#52397;&#49328; &#51208;&#52264;&#44032; &#50756;&#51204;&#55176; &#49345;&#51060;&#54616;&#48064;&#47196;, &#51060;&#52376;&#47100; &#48320;&#49688;&#50752; &#44508;&#44201;&#51060; &#48373;&#51105;&#54620; &#51088;&#49328;&#46308;&#51012; &#44284;&#44144;&#51032; &#53685;&#54633;&#54805; &#54400; &#44396;&#51312;&#52376;&#47100; &#54616;&#45208;&#51032; &#53685;&#51068;&#46108; &#54028;&#46972;&#48120;&#53552;&#47196; &#44288;&#47532;&#54616;&#45716; &#44163;&#51008; &#48520;&#44032;&#45733;&#54616;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_13Z!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_13Z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png 424w, https://substackcdn.com/image/fetch/$s_!_13Z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png 848w, https://substackcdn.com/image/fetch/$s_!_13Z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png 1272w, https://substackcdn.com/image/fetch/$s_!_13Z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_13Z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png" width="1456" height="855" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/cfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:855,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_13Z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png 424w, https://substackcdn.com/image/fetch/$s_!_13Z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png 848w, https://substackcdn.com/image/fetch/$s_!_13Z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png 1272w, https://substackcdn.com/image/fetch/$s_!_13Z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcfa0b357-e096-429a-95cd-ceecff014849_2048x1203.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#45208;&#50500;&#44032; RWA&#51032; &#50976;&#51077;&#51008; &#45800;&#49692;&#55176; &#51088;&#49328;&#51032; &#54028;&#54200;&#54868;&#46108; &#44201;&#47532;&#47484; &#45336;&#50612;, &#51204;&#53685; &#44552;&#50997; &#49688;&#51456;&#51032; &#51221;&#44368;&#54620; &#47532;&#49828;&#53356; &#51228;&#50612; &#52404;&#44228;&#47484; &#50728;&#52404;&#51064;&#50640; &#51060;&#49885;&#54644;&#50556; &#54616;&#45716; &#54596;&#50672;&#49457;&#51012; &#48156;&#49373;&#49884;&#53040;&#45796;. &#51088;&#49328;&#51060; &#45796;&#48320;&#54868;&#46112;&#49688;&#47197; &#50728;&#52404;&#51064; &#54872;&#44221;&#50640;&#49436; &#48156;&#49373;&#54616;&#45716; &#44256;&#46020;&#54868;&#46108; &#50948;&#54744;&#51012; &#53685;&#51228;&#54644;&#50556; &#54616;&#47728;, &#51060;&#47484; &#50948;&#54644;&#49436;&#45716; &#52397;&#49328;&#44284; &#44208;&#51228;&#47564;&#51012; &#51204;&#45812;&#54616;&#45716; &#48520;&#48320;&#51032; &#8216;&#51064;&#54532;&#46972; &#47112;&#51060;&#50612;&#8217;&#50752; &#50948;&#54744; &#54028;&#46972;&#48120;&#53552;&#47484; &#49892;&#49884;&#44036;&#51004;&#47196; &#51312;&#51221;&#54616;&#44256; &#52293;&#51076;&#51648;&#45716; &#8216;&#50868;&#50857; &#47112;&#51060;&#50612;&#8217;&#51032; &#44396;&#51312;&#51201; &#48516;&#47532;&#44032; &#50836;&#44396;&#46104;&#50632;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><p>&#44208;&#44284;&#51201;&#51004;&#47196; &#52488;&#44592; DeFi&#44032; &#51473;&#44036; &#47112;&#51060;&#50612;&#47484; &#54616;&#45208;&#51032; &#53076;&#46300;&#47196; &#50517;&#52629;&#54616;&#47728; &#49884;&#51089;&#46104;&#50632;&#45796;&#47732;, RWA&#51032; &#50976;&#51077;&#44284; &#45824;&#52636; &#49884;&#51109;&#51032; &#44256;&#46020;&#54868; &#44284;&#51221;&#50640;&#49436;&#45716; &#52397;&#49328;&#183;&#44208;&#51228;&#51032; &#54952;&#50984;&#49457;&#51008; &#48660;&#47197;&#52404;&#51064;&#50640; &#47585;&#44592;&#46104; &#47532;&#49828;&#53356; &#44048;&#49884; &#44428;&#54620;&#51008; &#46021;&#47549;&#46108; &#47112;&#51060;&#50612;&#47196; &#48516;&#47532;&#54616;&#45716; &#44221;&#47196;&#47484; &#48159;&#44172; &#46104;&#50632;&#45796;. &#51593;, &#51088;&#49328;&#51032; &#48373;&#51105;&#49457;&#51012; &#49688;&#50857;&#54616;&#45716; &#44284;&#51221;&#50640;&#49436; &#50948;&#54744; &#44048;&#49884;&#50752; &#53804;&#51088;&#47484; &#48516;&#47532;&#54616;&#45912; &#51204;&#53685; &#44552;&#50997;&#51032; &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#47532;&#51648;&#45208; &#49888;&#50857;&#54217;&#44032; &#48516;&#47532; &#52404;&#44228;&#50752; &#50976;&#49324;&#54620; &#54805;&#53468;&#51032; &#8216;&#47784;&#46280;&#54805;&#8217; &#50500;&#53412;&#53581;&#52376;&#44032; &#50728;&#52404;&#51064; &#45824;&#52636; &#49884;&#51109;&#51032; &#49352;&#47196;&#50868; &#54364;&#51456;&#51004;&#47196; &#48512;&#49345;&#54616;&#44172; &#46108; &#44163;&#51060;&#45796;.</p><h2><strong>4. &#48376;&#44201;&#51201;&#51064; &#44592;&#44288; &#47582;&#52644; &#47532;&#49828;&#53356; &#44201;&#47532; &#44536;&#47532;&#44256; &#49688;&#47156;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!6QhU!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd28a1cd-84da-438b-ba4d-370675219290_2048x1702.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!6QhU!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd28a1cd-84da-438b-ba4d-370675219290_2048x1702.png 424w, https://substackcdn.com/image/fetch/$s_!6QhU!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd28a1cd-84da-438b-ba4d-370675219290_2048x1702.png 848w, https://substackcdn.com/image/fetch/$s_!6QhU!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd28a1cd-84da-438b-ba4d-370675219290_2048x1702.png 1272w, https://substackcdn.com/image/fetch/$s_!6QhU!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd28a1cd-84da-438b-ba4d-370675219290_2048x1702.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!6QhU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd28a1cd-84da-438b-ba4d-370675219290_2048x1702.png" width="1456" height="1210" 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https://substackcdn.com/image/fetch/$s_!6QhU!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd28a1cd-84da-438b-ba4d-370675219290_2048x1702.png 848w, https://substackcdn.com/image/fetch/$s_!6QhU!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd28a1cd-84da-438b-ba4d-370675219290_2048x1702.png 1272w, https://substackcdn.com/image/fetch/$s_!6QhU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd28a1cd-84da-438b-ba4d-370675219290_2048x1702.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#48708;&#47197; &#52636;&#48156;&#51216;&#51008; &#49373;&#53468;&#44228; &#45236;&#48512;&#51032; &#51652;&#54868;&#50688;&#51004;&#45208;, &#47784;&#46280;&#54805; &#50500;&#53412;&#53581;&#52376;&#45716; &#44208;&#44284;&#51201;&#51004;&#47196; &#51228;&#46020;&#44428; &#44592;&#44288;&#46308;&#51060; &#50896;&#54616;&#45912; &#47532;&#49828;&#53356; &#53685;&#51228; &#44592;&#51456;&#44284; &#51221;&#54869;&#55176; &#47582;&#47932;&#47160;&#45796;.</p><p>&#44592;&#52488; &#51064;&#54532;&#46972; &#47112;&#51060;&#50612;&#50640;&#49436; &#51088;&#48376; &#54952;&#50984;&#49457;&#51012; &#51068;&#48512; &#50577;&#48372;&#54616;&#45716; &#45824;&#49888; &#50756;&#48317;&#54620; &#47532;&#49828;&#53356; &#44201;&#47532;&#47484; &#52628;&#44396;&#54620; &#47784;&#54252;&#51032; &#49440;&#53469;&#51008; &#44592;&#44288;&#51032; &#49688;&#50836;&#47196; &#51060;&#50612;&#51276;&#44256;, &#51060;&#45716; &#44208;&#44397; &#51088;&#49328; &#44277;&#50976;&#54805; &#44396;&#51312;&#47196; &#52636;&#48156;&#54664;&#45912; &#45796;&#47480; &#51452;&#50836; &#45824;&#52636; &#54532;&#47196;&#53664;&#53084;&#46308;&#44620;&#51648; &#50976;&#49324;&#54620; &#48169;&#54693;&#51004;&#47196; &#49688;&#47156;&#54616;&#46020;&#47197; &#51060;&#45124;&#45716; &#44592;&#51216;&#51060; &#46104;&#50632;&#45796;.</p><h3><strong>4.1. &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;, &#47784;&#54252; &#48660;&#47336;(Morpho Blue)</strong></h3><p>&#52636;&#48156; &#45817;&#49884;&#51032; &#47784;&#54252;&#45716; &#50500;&#48288;(Aave), &#52980;&#54028;&#50868;&#46300;(Compound) &#44057;&#51008; 1&#49464;&#45824; DeFi &#45824;&#52636; &#54532;&#47196;&#53664;&#53084; &#50948;&#50640;&#49436; &#44552;&#47532;&#47484; &#52572;&#51201;&#54868;&#54616;&#45716; &#51473;&#44060; &#47112;&#51060;&#50612;&#47196; &#49884;&#51089;&#54664;&#45796;. &#44536;&#47111;&#44592; &#46412;&#47928;&#50640; &#52488;&#44592; &#47784;&#54252;&#45716; &#45824;&#52636; &#54532;&#47196;&#53664;&#53084; &#50630;&#51060; &#54844;&#51088;&#49436; &#51316;&#51116;&#54624; &#49688; &#50630;&#45716; &#44396;&#51312;&#50688;&#45796;. &#54616;&#51648;&#47564; 2023&#45380; <a href="https://morpho.org/blog/morpho-blue-and-how-it-enables-our-vision-for-defi-lending/">&#47784;&#54252; &#48660;&#47336;(Morpho Blue) &#48177;&#49436;</a>&#47484; &#44277;&#44060;&#54616;&#44256;, 2024&#45380; &#52488; &#47784;&#54252; &#48660;&#47336;&#50752; &#47784;&#54252; &#48380;&#53944;&#47484; &#51221;&#49885; &#52636;&#49884;&#54616;&#47728; &#46021;&#47549;&#51012; &#49440;&#50616;&#54664;&#45796;.</p><p>&#54644;&#45817; &#51204;&#54872;&#51008; &#44144;&#48260;&#45324;&#49828;&#44032; &#47784;&#46304; &#49884;&#51109;&#51032; &#47532;&#49828;&#53356;&#47484; &#51068;&#44292; &#44208;&#51221;&#54616;&#45716; &#44396;&#51312;&#50640;&#49436; &#48279;&#50612;&#45208;, &#49884;&#51109; &#49373;&#49457;&#44284; &#47532;&#49828;&#53356; &#54032;&#45800;&#51012; &#54532;&#47196;&#53664;&#53084; &#50808;&#48512;&#47196; &#48516;&#47532;(&#50808;&#48512;&#54868;)&#54616;&#45716; &#45936; &#51080;&#50632;&#45796;. &#51060;&#45716; &#54999;&#45216; &#44592;&#44288;&#51060; &#51088;&#49888;&#51032; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#44592;&#51456;&#50640; &#47582;&#52656; &#47532;&#49828;&#53356;&#47484; &#49440;&#53469;&#54616;&#44256; &#53685;&#51228;&#54624; &#49688; &#51080;&#45716; &#44396;&#51312;&#51201; &#44592;&#48152;&#51060; &#46104;&#50632;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Y0q9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Y0q9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png 424w, https://substackcdn.com/image/fetch/$s_!Y0q9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png 848w, https://substackcdn.com/image/fetch/$s_!Y0q9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png 1272w, https://substackcdn.com/image/fetch/$s_!Y0q9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Y0q9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png" width="1456" height="1026" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1026,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Y0q9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png 424w, https://substackcdn.com/image/fetch/$s_!Y0q9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png 848w, https://substackcdn.com/image/fetch/$s_!Y0q9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png 1272w, https://substackcdn.com/image/fetch/$s_!Y0q9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c42625e-69e1-4615-9ef6-79fd63af58dc_2048x1443.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#44396;&#51312;</strong></p><ul><li><p><strong>&#47784;&#54252; &#48660;&#47336;(Morpho Blue):</strong> &#48520;&#48320;(Immutable) &#54532;&#47196;&#53664;&#53084;. &#45812;&#48372; &#51088;&#49328;&#183;&#45824;&#52636; &#51088;&#49328;&#183;&#45812;&#48372;&#51064;&#51221;&#48708;&#50984;(LLTV)&#183;&#44032;&#44201; &#54588;&#46300;&#183;&#44552;&#47532; &#47784;&#45944; &#45796;&#49455; &#44032;&#51648; &#51312;&#44148;&#51012; &#47560;&#53011; &#44060;&#49444; &#49884; &#44256;&#51221;&#54620;&#45796;. &#54728;&#44032; &#50630;&#51060;(Permissionless) &#45572;&#44396;&#45208; &#47560;&#53011;&#51012; &#49373;&#49457;&#54624; &#49688; &#51080;&#51004;&#47728;, &#54532;&#47196;&#53664;&#53084; &#51088;&#52404;&#45716; &#50724;&#51649; &#53076;&#46300;&#51032; &#47924;&#44208;&#54620; &#49892;&#54665;&#47564; &#45812;&#45817;&#54620;&#45796;.</p></li><li><p><strong>&#47784;&#54252; &#48380;&#53944;(Morpho Vaults):</strong> &#46021;&#47549; &#50868;&#50857;&#49324;(Curator)&#44032; &#54200;&#51077; &#44032;&#45733;&#54620; &#47560;&#53011;&#51012; &#49440;&#48324;&#54616;&#44256;, &#44277;&#44553; &#54620;&#46020;&#50752; &#51088;&#48376; &#48176;&#48516;&#51012; &#51312;&#51221;&#54616;&#45716; &#47532;&#49828;&#53356; &#50868;&#50857; &#47112;&#51060;&#50612;. &#48380;&#53944;&#47560;&#45796; &#47532;&#49828;&#53356; &#54532;&#47196;&#54028;&#51068;&#51060; &#45796;&#47476;&#45796;.</p></li><li><p><strong>&#45824;&#52636;&#51088;(Lenders):</strong> DAO&#183;&#54532;&#47196;&#53664;&#53084;&#183;&#44060;&#51064;&#183;&#54756;&#51648;&#54144;&#46300; &#46321; &#47532;&#49828;&#53356; &#49457;&#54693;&#51060; &#45796;&#47480; &#50696;&#52824;&#51088;&#46308;&#51060; &#51088;&#49888;&#51032; &#54532;&#47196;&#54028;&#51068;&#50640; &#47582;&#45716; &#48380;&#53944;&#47484; &#49440;&#53469;&#54644; &#51088;&#48376;&#51012; &#44277;&#44553;&#54620;&#45796;.</p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!TU31!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TU31!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png 424w, https://substackcdn.com/image/fetch/$s_!TU31!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png 848w, https://substackcdn.com/image/fetch/$s_!TU31!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png 1272w, https://substackcdn.com/image/fetch/$s_!TU31!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!TU31!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png" width="1456" height="772" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:772,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!TU31!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png 424w, https://substackcdn.com/image/fetch/$s_!TU31!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png 848w, https://substackcdn.com/image/fetch/$s_!TU31!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png 1272w, https://substackcdn.com/image/fetch/$s_!TU31!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F85bd9bf3-7345-489b-b50e-4ed3b7955ac3_2048x1086.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#48376;&#47000; &#51204;&#53685; &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#50640;&#44172; &#50836;&#44396;&#46104;&#45716; &#50669;&#54624;&#51008; &#52397;&#49328;, &#49688;&#53441;, &#47112;&#48260;&#47532;&#51648; &#44277;&#44553;, &#47532;&#49828;&#53356; &#47784;&#45768;&#53552;&#47553; &#45348; &#44032;&#51648;&#45796;. &#47784;&#54252;&#45716; &#52397;&#49328;&#44284; &#47112;&#48260;&#47532;&#51648; &#44277;&#44553;&#51012; &#49828;&#47560;&#53944; &#44228;&#50557;&#51012; &#53685;&#54644; &#54532;&#47196;&#53664;&#53084; &#45800;&#50640;&#49436; &#51088;&#46041;&#54868;&#54620; &#48152;&#47732;, &#48708;&#49688;&#53441;(Non-custodial) &#44396;&#51312;&#51032; &#54620;&#44228;&#49345; &#44592;&#44288;&#51060; &#44508;&#51228;&#49345; &#50836;&#44396;&#54616;&#45716; &#49688;&#53441; &#54872;&#44221;&#51012; &#51088;&#52404;&#51201;&#51004;&#47196; &#51228;&#44277;&#54616;&#51648; &#47803;&#54620;&#45796;. &#51060; &#46412;&#47928;&#50640; &#53076;&#51064;&#48288;&#51060;&#49828;(Coinbase)&#45208; &#50549;&#52964;&#47532;&#51648;(Anchorage) &#44057;&#51008; &#50808;&#48512; &#51204;&#47928; &#49688;&#53441; &#44592;&#44288;&#44284;&#51032; &#50672;&#44208;&#51060; &#48324;&#46020;&#47196; &#54596;&#50836;&#54616;&#45796;.</p><p>&#47532;&#49828;&#53356; &#47784;&#45768;&#53552;&#47553; &#50669;&#49884; &#54532;&#47196;&#53664;&#53084;&#51060; &#50500;&#45772; &#53328;&#47112;&#51060;&#53552;&#51032; &#51088;&#49328; &#49440;&#48324; &#48143; &#45432;&#52636; &#44288;&#47532; &#50669;&#47049;&#50640; &#51032;&#51316;&#54620;&#45796;. &#44536;&#47111;&#44592; &#46412;&#47928;&#50640; &#53328;&#47112;&#51060;&#53552;&#51032; &#54408;&#51656;&#51060; &#44512;&#51068;&#54616;&#51648; &#50506;&#45796;&#45716; &#47532;&#49828;&#53356;&#44032; &#49345;&#51316;&#54620;&#45796;. 2025&#45380; &#48156;&#49373;&#54620; xUSD/Stream Finance &#49324;&#53468;&#45716; &#51060; &#52712;&#50557;&#49457;&#51012; &#45800;&#51201;&#51004;&#47196; &#48372;&#50668;&#51456; &#49324;&#47168;&#45796;.</p><p>&#45817;&#49884; &#51068;&#48512; Morpho &#48380;&#53944;&#44032; xUSD &#44288;&#47144; &#45432;&#52636;&#51012; &#48372;&#50976;&#54616;&#47732;&#49436; &#49552;&#49892;(Bad Debt)&#51060; &#48156;&#49373;&#54664;&#44256;, &#51060; &#49324;&#53468; &#51060;&#54980; &#49884;&#51109;&#51008; &#53328;&#47112;&#51060;&#53552;&#51032; &#51088;&#49328; &#49440;&#48324; &#45733;&#47141;&#44284; &#49892;&#49884;&#44036; &#47532;&#49828;&#53356; &#44288;&#47532; &#50669;&#47049;&#51012; &#45908;&#50865; &#50628;&#44201;&#54616;&#44172; &#44160;&#51613;&#54616;&#44592; &#49884;&#51089;&#54664;&#45796;. &#51060; &#44284;&#51221;&#50640;&#49436; &#44592;&#44288; &#53804;&#51088;&#51088;&#46308;&#51008; &#47532;&#49828;&#53356;&#47484; &#50504;&#51221;&#51201;&#51004;&#47196; &#44288;&#47532;&#54644; &#50728; &#49828;&#53580;&#51060;&#53356;&#54616;&#50864;&#49828;(Steakhouse), &#44148;&#53952;&#47551;(Gauntlet), &#49468;&#53664;&#46972;(Sentora)&#50752; &#44057;&#51008; &#53457;&#54000;&#50612; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#51452;&#48320;&#51004;&#47196; &#51665;&#51473;&#46104;&#44592; &#49884;&#51089;&#54664;&#45796;.</p><p>&#44208;&#44397; &#51204;&#53685;&#51032; &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#47532;&#51648;&#44032; &#52397;&#49328;, &#49688;&#53441;, &#47112;&#48260;&#47532;&#51648;, &#45812;&#48372;&#44288;&#47532; &#44592;&#45733;&#51012; &#47926;&#50612; &#51228;&#44277;&#54616;&#45716; &#48264;&#46308;&#54805; &#45824;&#47732; &#52285;&#44396;&#50688;&#45796;&#47732;, &#47784;&#54252;&#45716; &#51060;&#47484; &#54616;&#45208;&#51032; &#44592;&#44288;&#51060; &#47784;&#46160; &#46496;&#50504;&#45716; &#45824;&#49888; &#49373;&#53468;&#44228; &#50504;&#51032; &#51204;&#47928; &#51452;&#52404;&#46308;&#51060; &#45208;&#45572;&#50612; &#47585;&#45716; &#48516;&#50629; &#44396;&#51312;&#47484; &#50504;&#52265;&#49884;&#53416; &#49480;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!MOOv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!MOOv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png 424w, https://substackcdn.com/image/fetch/$s_!MOOv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png 848w, https://substackcdn.com/image/fetch/$s_!MOOv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png 1272w, https://substackcdn.com/image/fetch/$s_!MOOv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!MOOv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png" width="1456" height="855" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:855,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!MOOv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png 424w, https://substackcdn.com/image/fetch/$s_!MOOv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png 848w, https://substackcdn.com/image/fetch/$s_!MOOv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png 1272w, https://substackcdn.com/image/fetch/$s_!MOOv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4fa65d61-25c0-468c-8bf7-a2d1b3db7535_2048x1203.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#54788;&#51116; &#47784;&#54252;&#47484; &#51473;&#49900;&#51004;&#47196; &#44592;&#44288;&#51032; &#45824;&#44508;&#47784; &#52292;&#53469;&#51060; &#51060;&#50612;&#51648;&#44256; &#51080;&#45796;. &#44536;&#47532;&#44256; &#44536; &#44592;&#44288; &#52292;&#53469;&#51008; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#47196;&#48512;&#53552; &#49884;&#51089;&#46096;&#45796;.</p><ul><li><p><strong>&#53076;&#51064;&#48288;&#51060;&#49828;</strong>: USDC &#45824;&#52636; &#49436;&#48708;&#49828; &#46263;&#45800;&#51004;&#47196; &#47784;&#54252; &#48660;&#47336; &#52292;&#53469;. &#49828;&#53580;&#51060;&#53356;&#54616;&#50864;&#49828; &#53328;&#47112;&#51060;&#49496;.</p></li><li><p><strong>&#48148;&#51060;&#45240;&#49828;</strong>: &#44057;&#51008; &#44396;&#51312;&#47196; &#54633;&#47448;. &#49828;&#53580;&#51060;&#53356;&#54616;&#50864;&#49828;, &#44148;&#53952;&#47551; &#53328;&#47112;&#51060;&#49496;</p></li></ul><p>&#49324;&#50857;&#51088;&#45716; &#47784;&#54252;&#45208; &#49828;&#53580;&#51060;&#53356;&#54616;&#50864;&#49828;&#50640; &#45824;&#54644; &#47792;&#46972;&#46020; &#50545;&#50640;&#49436; &#45824;&#52636; &#48260;&#53948;&#51012; &#45572;&#47476;&#44592;&#47564; &#54616;&#47732; &#45824;&#52636;&#51012; &#48155;&#51012; &#49688; &#51080;&#45796;. &#49464;&#44228; &#52572;&#45824; &#44144;&#47000;&#49548; &#46160; &#44275;&#51060; &#44057;&#51008; &#51064;&#54532;&#46972;&#47484; &#49440;&#53469;&#54664;&#45796;.</p><p>&#51204;&#53685; &#44552;&#50997;&#44592;&#44288;&#51032; &#52292;&#53469;&#46020; &#51060;&#50612;&#51276;&#45796;.</p><ul><li><p><strong>SG-FORGE</strong>: MiCA &#51456;&#49688; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; EURCV&#183;USDCV&#47484; &#47784;&#54252;&#50640; &#48176;&#54252;</p></li><li><p><strong>&#50500;&#54260;&#47196;(Apollo)</strong>: &#49324;&#47784; &#53356;&#47112;&#46375; &#54144;&#46300; ACRED&#47484; &#50728;&#52404;&#51064;&#51004;&#47196; &#44032;&#51256;&#50752; &#47784;&#54252;&#50640;&#49436; &#45812;&#48372; &#51088;&#49328;&#51004;&#47196; &#54876;&#50857;</p></li><li><p><strong>&#48727;&#50752;&#51060;&#51592;(Bitwitse): </strong>&#47784;&#54252; &#48380;&#53944; &#50948;&#50640;&#49436; &#51649;&#51217; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#49496;</p></li></ul><p>&#53664;&#53360;&#54868;&#44032; &#51088;&#49328;&#51032; &#51217;&#44540;&#44428;&#51012; &#50676;&#50632;&#45796;&#47732;, &#47784;&#54252;&#45716; &#44536; &#51088;&#49328;&#51012; &#49892;&#51228;&#47196; &#50424; &#49688; &#51080;&#45716; &#51088;&#48376; &#54952;&#50984;&#49457;&#51032; &#53685;&#47196;&#47484; &#50676;&#50632;&#45796;. &#47784;&#54252;&#44032; &#44032;&#51256;&#50728; &#51060; &#55120;&#47492;&#51008; &#52636;&#48156;&#51216;&#51060; &#51204;&#54784; &#45804;&#46992;&#45912; &#45824;&#52636; &#54532;&#47196;&#53664;&#53084;&#46308;&#50640;&#44172;&#46020; &#44144;&#47484; &#49688; &#50630;&#45716; &#44057;&#51008; &#51652;&#54868; &#48169;&#54693;&#51012; &#51228;&#49884;&#54616;&#44592; &#49884;&#51089;&#54664;&#45796;.</p><h3><strong>4.2. &#50976;&#45768;&#48260;&#49444; &#48197;&#53356;, &#50500;&#48288;(Aave) V4</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ylxS!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ylxS!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png 424w, https://substackcdn.com/image/fetch/$s_!ylxS!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png 848w, https://substackcdn.com/image/fetch/$s_!ylxS!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png 1272w, https://substackcdn.com/image/fetch/$s_!ylxS!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ylxS!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png" width="1456" height="772" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:772,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ylxS!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png 424w, https://substackcdn.com/image/fetch/$s_!ylxS!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png 848w, https://substackcdn.com/image/fetch/$s_!ylxS!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png 1272w, https://substackcdn.com/image/fetch/$s_!ylxS!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3882eb61-f952-4179-9e3c-8812535681c2_2048x1086.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#50500;&#48288;(Aave)&#45716; &#44284;&#44144; P2P &#45824;&#52636; &#47588;&#52845; &#47784;&#45944;&#51060;&#50632;&#45912; ETHLend&#50640;&#49436; &#49884;&#51089;&#54644;, &#44277;&#46041; &#54400; &#44592;&#48152;&#51032; Aave V1&#48512;&#53552; V3&#44620;&#51648; &#50629;&#44536;&#47112;&#51060;&#46300;&#47484; &#44144;&#52452;&#44256;, 2026&#45380; 3&#50900; Ethereum &#47700;&#51064;&#45367;&#50640;&#49436; &#47784;&#46280;&#54805; &#50500;&#53412;&#53581;&#52376;&#51064; V4&#47484; &#54876;&#49457;&#54868;&#54664;&#45796;. &#47784;&#54252;&#44032; &#51064;&#54532;&#46972;&#50752; &#50868;&#50857;&#51012; &#44396;&#51312;&#51201;&#51004;&#47196; &#48516;&#47532;&#54616;&#45716; &#48169;&#54693;&#51012; &#49440;&#53469;&#54664;&#45796;&#47732;, &#50500;&#48288; V4&#45716; &#50976;&#46041;&#49457; &#54952;&#50984;&#51012; &#50976;&#51648;&#54616;&#47732;&#49436; &#47532;&#49828;&#53356;&#47484; &#53685;&#51228;&#54616;&#45716; &#54616;&#51060;&#48652;&#47532;&#46300; &#47784;&#45944;&#51012; &#49440;&#53469;&#54664;&#45796;.</p><p>&#50500;&#48288;&#45716; &#47532;&#49828;&#53356; &#44201;&#47532;&#50752; &#51088;&#48376; &#54952;&#50984;&#49457;&#51060; &#53944;&#47112;&#51060;&#46300;&#50724;&#54532; &#44288;&#44228;&#50640; &#51080;&#45796;&#45716; &#51216;&#51012; &#47749;&#54869;&#55176; &#51064;&#51648;&#54664;&#45796;. &#44201;&#47532; &#48169;&#54693;&#51004;&#47196; &#44040;&#49688;&#47197; &#48512;&#49892;&#52292;&#44428; &#51204;&#54028;&#45716; &#47561;&#51012; &#49688; &#51080;&#51648;&#47564; &#50976;&#46041;&#49457; &#45348;&#53944;&#50892;&#53356; &#54952;&#44284;&#44032; &#50557;&#54644;&#51648;&#44256; &#51088;&#48376; &#54952;&#50984;&#49457;&#51060; &#46504;&#50612;&#51652;&#45796;. V4&#45716; &#51060; &#53944;&#47112;&#51060;&#46300;&#50724;&#54532;&#47484; &#44396;&#51312;&#51201;&#51004;&#47196; &#54644;&#49548;&#54616;&#44256;&#51088; &#52636;&#49884;&#46104;&#50632;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!QuJW!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d536c64-50dc-4723-9cd2-76a6740de36f_2048x1304.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!QuJW!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d536c64-50dc-4723-9cd2-76a6740de36f_2048x1304.png 424w, https://substackcdn.com/image/fetch/$s_!QuJW!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d536c64-50dc-4723-9cd2-76a6740de36f_2048x1304.png 848w, https://substackcdn.com/image/fetch/$s_!QuJW!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d536c64-50dc-4723-9cd2-76a6740de36f_2048x1304.png 1272w, https://substackcdn.com/image/fetch/$s_!QuJW!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d536c64-50dc-4723-9cd2-76a6740de36f_2048x1304.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!QuJW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d536c64-50dc-4723-9cd2-76a6740de36f_2048x1304.png" width="1456" height="927" 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https://substackcdn.com/image/fetch/$s_!QuJW!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d536c64-50dc-4723-9cd2-76a6740de36f_2048x1304.png 848w, https://substackcdn.com/image/fetch/$s_!QuJW!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d536c64-50dc-4723-9cd2-76a6740de36f_2048x1304.png 1272w, https://substackcdn.com/image/fetch/$s_!QuJW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8d536c64-50dc-4723-9cd2-76a6740de36f_2048x1304.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#44396;&#51312;</strong></p><ul><li><p><strong>&#54728;&#48652;(Hub):</strong> &#50976;&#46041;&#49457;&#44284; &#54924;&#44228;&#47484; &#53685;&#54633; &#44288;&#47532;&#54616;&#45716; &#51473;&#49900; &#44592;&#51648;. &#44033; &#49828;&#54252;&#53356;(Spoke)&#50640; &#53356;&#47112;&#46375; &#46972;&#51064;(Credit Line)&#44284; &#46356;&#48727; &#46972;&#51064;(Debit Line)&#51012; &#48512;&#50668;&#54644;, &#50612;&#46500; &#49884;&#51109;&#51060; &#50620;&#47560;&#47564;&#53372;&#51032; &#50976;&#46041;&#49457;&#51012; &#45132;&#50612;&#45796; &#50424; &#49688; &#51080;&#45716;&#51648; &#54620;&#46020;&#47484; &#51228;&#54620;&#54620;&#45796;. &#44592;&#48376;&#51201;&#51064; &#47532;&#49828;&#53356; &#48169;&#54868;&#48317;&#51008; &#51060; &#49828;&#54252;&#53356;&#48324; &#54620;&#46020;&#50752; &#47196;&#52972; &#54028;&#46972;&#48120;&#53552;&#50640;&#49436; &#54805;&#49457;&#46108;&#45796;.</p></li><li><p><strong>&#49828;&#54252;&#53356;(Spoke):</strong> &#51088;&#49328;&#48324; &#46021;&#47549; &#54028;&#46972;&#48120;&#53552;&#47484; &#44032;&#51652; &#44060;&#48324; &#52264;&#51077; &#49884;&#51109;. &#53945;&#51221; &#49828;&#54252;&#53356;&#45208; &#51088;&#49328;&#50640;&#49436; &#47928;&#51228;&#44032; &#48156;&#49373;&#54616;&#47732;, &#44144;&#48260;&#45324;&#49828;&#50752; &#47532;&#49828;&#53356; &#44288;&#47532;&#51088;&#45716; &#54644;&#45817; &#49828;&#54252;&#53356;&#51032; &#54620;&#46020; &#51312;&#51221;, &#49888;&#44508; &#52264;&#51077; &#51228;&#54620;, &#48708;&#49345; &#51221;&#51648;(Emergency Controls) &#46321;&#51012; &#53685;&#54644; &#51061;&#49828;&#54252;&#51200; &#54869;&#49328;&#51012; &#51228;&#54620;&#54624; &#49688; &#51080;&#45796;. &#52572;&#45824; &#50948;&#54744; &#45432;&#52636;&#46020;&#44032; &#53356;&#47112;&#46375; &#46972;&#51064; 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stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51204;&#53685; &#44552;&#50997;&#51004;&#47196; &#52824;&#47732; &#50976;&#45768;&#48260;&#49444; &#48197;&#53356;&#51032; &#8216;&#45236;&#48512; &#49888;&#50857; &#54620;&#46020; &#48176;&#51221; &#44396;&#51312;&#8217;&#50752; &#50976;&#49324;&#54616;&#45796;. &#48376;&#49324;&#44032; &#44033; &#49324;&#50629;&#48512;&#50640; &#49888;&#50857; &#54620;&#46020;&#47484; &#48176;&#51221;&#54616;&#44256;, &#54620; &#49324;&#50629;&#48512;&#44032; &#48512;&#49892;&#54868;&#46104;&#47732; &#48376;&#49324;&#44032; &#54620;&#46020;&#47484; &#51312;&#51208;&#54644; &#51204;&#54028;&#47484; &#47561;&#45716; &#49885;&#51060;&#45796;. &#54728;&#48652;&#44032; &#48376;&#49324; &#50669;&#54624;&#51012; &#54616;&#44256; &#49828;&#54252;&#53356;&#44032; &#44033; &#49324;&#50629;&#48512;&#52376;&#47100; &#46021;&#47549;&#51201;&#51004;&#47196; &#50868;&#50689;&#46108;&#45796;. 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&#48512;&#53944;&#49828;&#53944;&#47000;&#54609; &#48708;&#50857;&#51004;&#47196; &#49884;&#51109;&#50640; &#50732;&#47532;&#47732;&#49436;&#46020;, &#52488;&#44592; &#51061;&#49828;&#54252;&#51200;&#47484; &#53356;&#47112;&#46375; &#46972;&#51064; &#50504;&#50640;&#49436; &#51228;&#54620;&#54624; &#49688; &#51080;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!bPC9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbbce58e-d593-4d40-a574-2e5948158bf2_2048x1232.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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src="https://substackcdn.com/image/fetch/$s_!bPC9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbbce58e-d593-4d40-a574-2e5948158bf2_2048x1232.png" width="1456" height="876" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fbbce58e-d593-4d40-a574-2e5948158bf2_2048x1232.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:876,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!bPC9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbbce58e-d593-4d40-a574-2e5948158bf2_2048x1232.png 424w, https://substackcdn.com/image/fetch/$s_!bPC9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbbce58e-d593-4d40-a574-2e5948158bf2_2048x1232.png 848w, https://substackcdn.com/image/fetch/$s_!bPC9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbbce58e-d593-4d40-a574-2e5948158bf2_2048x1232.png 1272w, https://substackcdn.com/image/fetch/$s_!bPC9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbbce58e-d593-4d40-a574-2e5948158bf2_2048x1232.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#44592;&#44288; &#52292;&#53469;&#51008; &#8216;&#54840;&#46972;&#51060;&#51596;(Horizon)&#8217;&#51012; &#51473;&#49900;&#51004;&#47196; &#51652;&#54665;&#46104;&#44256; &#51080;&#45796;. &#54840;&#46972;&#51060;&#51596;&#51008; &#52636;&#49884; &#45817;&#49884; Aave v3.3&#51012; &#44592;&#48152;&#51004;&#47196; &#54620; &#48324;&#46020;&#51032; RWA &#45824;&#52636; &#51064;&#49828;&#53556;&#49828;&#47196; &#49884;&#51089;&#54664;&#51004;&#45208;, &#49444;&#44228; &#52384;&#54617;&#51008; V4&#51032; &#53685;&#54633; &#50976;&#46041;&#49457; &#48143; &#47532;&#49828;&#53356; &#48516;&#47532; &#48169;&#54693;&#44284; &#47582;&#45823;&#50500; &#51080;&#45796;. &#54693;&#54980; V4&#51032; &#53356;&#47112;&#46375; &#46972;&#51064; &#44396;&#51312;&#50752; &#44208;&#54633;&#46112;&#49688;&#47197; &#54840;&#46972;&#51060;&#51596;&#51008; &#50500;&#48288;&#51032; &#44592;&#44288;&#50857; RWA &#47112;&#51060;&#50612;&#47196; &#45908;&#50865; &#44618;&#44172; &#53685;&#54633;&#46112; &#44032;&#45733;&#49457;&#51060; &#53356;&#45796;.</p><p>&#54840;&#46972;&#51060;&#51596;&#51008; &#44508;&#51228;&#47484; &#51456;&#49688;&#54616;&#45716; &#53664;&#53360;&#54868; &#44397;&#52292;, MMF, &#44592;&#44288;&#50857; &#54144;&#46300; &#46321;&#51012; &#45812;&#48372;&#47196; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#52264;&#51077;&#54624; &#49688; &#51080;&#46020;&#47197; &#49444;&#44228;&#46104;&#50632;&#51004;&#47728;, &#54693;&#54980; &#53664;&#53360;&#54868; &#51452;&#49885;&#51060;&#45208; ETF &#44057;&#51008; &#51088;&#49328;&#44400;&#51004;&#47196; &#54869;&#51109;&#46112; &#50668;&#51648;&#46020; &#50676;&#50612;&#46160;&#44256; &#51080;&#45796;.</p><p><strong>&#54840;&#46972;&#51060;&#51596; &#45236;&#48512;&#50640;&#49436;&#45716; &#49849;&#51064;&#46108; &#44592;&#44288;&#50857; &#51088;&#49328;&#46308;&#51060; &#46041;&#51068;&#54620; &#44592;&#44288;&#50857; &#50976;&#46041;&#49457; &#47112;&#51060;&#50612;&#50640; &#50672;&#44208;&#46104;&#44592; &#46412;&#47928;&#50640;, &#49352;&#47196;&#50868; RWA&#44032; &#52628;&#44032;&#46104;&#45716; &#51593;&#49884; &#44592;&#51316; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#50976;&#46041;&#49457;&#51012; &#54876;&#50857;&#54624; &#49688; &#51080;&#45796;.</strong></p><p>&#51060; &#50976;&#46041;&#49457; &#47112;&#51060;&#50612; &#50504;&#50640;&#49436;&#51032; &#50669;&#54624; &#48516;&#47532;&#45716; &#45796;&#51020;&#44284; &#44057;&#51060; &#52384;&#51200;&#55176; &#48516;&#50629;&#54868;&#46108;&#45796;.</p><ul><li><p><strong>&#48156;&#54665;&#49324;:</strong> &#53804;&#51088;&#51088; &#50728;&#48372;&#46377; &#48143; &#54868;&#51060;&#53944;&#47532;&#49828;&#53944;(KYC/AML) &#44288;&#47532;</p></li><li><p><strong>&#47532;&#49828;&#53356; &#44288;&#47532;&#51088;(LlamaRisk):</strong> RWA &#51088;&#49328; &#49892;&#49324; &#48143; &#47532;&#49828;&#53356; &#54532;&#47112;&#51076;&#50892;&#53356;/&#54028;&#46972;&#48120;&#53552; &#51228;&#50504;</p></li><li><p><strong>&#50724;&#46972;&#53364;(Chainlink):</strong> &#50728;&#52404;&#51064; &#44032;&#44201; &#54588;&#46300; &#44277;&#44553;</p></li><li><p><strong>&#54532;&#47196;&#53664;&#53084;(Aave):</strong> &#49828;&#47560;&#53944; &#44228;&#50557; &#49892;&#54665;</p></li></ul><p>&#51204;&#53685;&#51201;&#51064; &#50500;&#48288; &#49884;&#51109;&#50640;&#49436;&#45716; &#49352;&#47196;&#50868; &#51088;&#49328;&#51012; &#54200;&#51077;&#54624; &#46412;&#47560;&#45796; DAO &#44144;&#48260;&#45324;&#49828;&#51032; &#49900;&#51032;&#50752; &#53804;&#54364; &#51208;&#52264;&#47484; &#44144;&#52432;&#50556; &#54616;&#48064;&#47196; &#49549;&#46020;&#44032; &#45712;&#47532;&#45796;.</p><p>&#54840;&#46972;&#51060;&#51596;&#51008; &#51088;&#49328;&#48324; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;&#45716; &#48156;&#54665;&#49324;&#44032;, &#47532;&#49828;&#53356; &#49892;&#49324;&#45716; &#46972;&#47560;&#47532;&#49828;&#53356;(LlamaRisk)&#44032;, &#44032;&#44201; &#44160;&#51613;&#51008; &#52404;&#51064;&#47553;&#53356;(Chainlink)&#44032; &#47585;&#46020;&#47197; &#50669;&#54624;&#51012; &#48516;&#47532;&#54664;&#45796;. &#51060;&#47484; &#53685;&#54644; &#47784;&#46304; &#54032;&#45800;&#51012; &#51068;&#48152; DAO &#44144;&#48260;&#45324;&#49828;&#50640; &#51649;&#51217; &#50732;&#47532;&#45716; &#48169;&#49885;&#48372;&#45796; &#44592;&#44288;&#50857; &#51088;&#49328; &#54200;&#51077;&#44284; &#47532;&#49828;&#53356; &#51312;&#51221;&#51032; &#50868;&#50689; &#49549;&#46020;&#47484; &#45458;&#51060;&#45716; &#44396;&#51312;&#47484; &#47564;&#46304; &#44163;&#51060;&#45796;.</p><p>&#44208;&#44284;&#51201;&#51004;&#47196; &#47784;&#54252;&#44032; &#44144;&#48260;&#45324;&#49828; &#44060;&#51077;&#51012; &#52572;&#49548;&#54868;&#54616;&#44256; &#47560;&#53011; &#49373;&#49457;&#44284; &#47532;&#49828;&#53356; &#50868;&#50857;&#51012; &#50808;&#48512;&#54868;&#54616;&#45716; &#48169;&#49885;&#51004;&#47196; &#8216;&#49549;&#46020;&#50752; &#49440;&#53469;&#44428;&#8217;&#51012; &#53469;&#54664;&#45796;&#47732;, &#50500;&#48288;&#45716; &#53685;&#51228;&#46108; &#44144;&#48260;&#45324;&#49828; &#50948;&#51076;&#44284; &#44277;&#50976; &#50976;&#46041;&#49457;&#51012; &#53685;&#54644; &#8216;&#51088;&#48376; &#54952;&#50984;&#49457;&#51012; &#51648;&#53412;&#45716; &#51473;&#47549;&#51201;&#51064; &#48169;&#54693;&#8217;&#51012; &#53469;&#54664;&#45796;.</p><p><strong>&#46160; &#49440;&#53469; &#47784;&#46160; &#47532;&#49828;&#53356; &#48516;&#49328;&#51060;&#46972;&#45716; &#51204;&#53685; &#44552;&#50997;&#51032; &#52384;&#54617;&#51012; &#50728;&#52404;&#51064;&#51004;&#47196; &#51060;&#49885;&#54616;&#45716; &#45436;&#47532;&#51201;&#51064; &#54644;&#48277;&#51060;&#51648;&#47564;, &#49892;&#51228; RWA &#49884;&#51109;&#51032; &#51452;&#46020;&#44428;&#51060; &#50612;&#45712; &#51901;&#51004;&#47196; &#49688;&#47156;&#54624;&#51648; &#51648;&#53020;&#48400;&#50556; &#54620;&#45796;.</strong></p><h3><strong>4.3. &#47680;&#54000; &#49828;&#53944;&#47000;&#54000;&#51648; &#54756;&#51648;&#54144;&#46300;, &#50724;&#51068;&#47084;(Euler) V2</strong></h3><p>2023&#45380; 3&#50900; &#50724;&#51068;&#47084;(Euler)&#45716; $197M &#44508;&#47784;&#51032; &#51061;&#49828;&#54540;&#47196;&#51079;&#51012; &#44202;&#50632;&#45796;. &#49828;&#47560;&#53944; &#44228;&#50557; &#53076;&#46300;&#51032; &#44208;&#54632;&#51012; &#51060;&#50857;&#54620; &#44277;&#44201;&#51060;&#50632;&#44256;, &#45800;&#51068; &#54532;&#47196;&#53664;&#53084; &#54924;&#44228;&#183;&#52397;&#49328; &#44396;&#51312; &#50504;&#50640; &#50668;&#47084; &#51088;&#49328; &#49884;&#51109;&#51060; &#50672;&#44208;&#46104;&#50612; &#51080;&#50632;&#44592; &#46412;&#47928;&#50640; &#54588;&#54644;&#44032; &#48373;&#49688; &#51088;&#49328;&#51004;&#47196; &#54869;&#49328;&#46096;&#45796;.</p><p>&#51060;&#54980; &#50557; 3&#51452;&#50640; &#44152;&#52828; &#54801;&#49345; &#45149;&#50640; &#53448;&#52712; &#51088;&#49328;&#51008; &#45824;&#48512;&#48516; &#54924;&#49688;&#46104;&#50632;&#51004;&#45208;, &#50724;&#51068;&#47084;&#45716; &#45800;&#49692; &#48372;&#49688;&#44032; &#50500;&#45772; &#50500;&#53412;&#53581;&#52376; &#51116;&#44148;&#51012; &#49440;&#53469;&#54664;&#45796;. &#51060;&#54980; &#54532;&#47196;&#53664;&#53084;&#51012; &#44256;&#46020;&#54868;&#54616;&#47728; &#50976;&#50672;&#54620; &#44592;&#44288; &#45824;&#52636; &#51064;&#54532;&#46972;&#47196; &#54252;&#51648;&#49492;&#45789;&#51012; &#44053;&#54868;&#54664;&#45796;.</p><p>&#50724;&#51068;&#47084;&#44032; RWA&#50752; &#44592;&#44288; &#49888;&#50857;(Institutional Credit) &#49884;&#51109;&#50640; &#51652;&#51077;&#54620; &#48176;&#44221;&#50640;&#45716; &#51204;&#53685; &#44552;&#50997;&#51032; &#51088;&#49328; &#53664;&#53360;&#54868;&#44032; &#44032;&#51652; &#54620;&#44228;&#44032; &#51080;&#50632;&#45796;. &#45817;&#49884; &#51008;&#54665;&#46308;&#51008; &#53664;&#53360;&#54868; &#52292;&#44428;, &#54144;&#46300;, &#44397;&#52292;&#47484; &#48156;&#54665;&#54616;&#44256; &#51080;&#50632;&#51648;&#47564;, &#51060; &#51088;&#49328;&#46308;&#51008; &#50728;&#52404;&#51064;&#50640;&#49436; &#45824;&#52636;&#51060;&#45208; &#49888;&#50857; &#44277;&#44553;&#50640; &#54876;&#50857;&#46112; &#51064;&#54532;&#46972;&#44032; &#48512;&#51313;&#54664;&#45796;.</p><p><strong>&#50724;&#51068;&#47084;&#45716; &#44592;&#44288; &#49688;&#50836;&#47484; &#48320;&#46041;&#49457;&#51060; &#53360; &#47217;&#53580;&#51068; &#50516;&#54840;&#51088;&#49328; &#49884;&#51109;&#51004;&#47196; &#45132;&#50612;&#46308;&#51060;&#44592;&#48372;&#45796;, &#51060; &#51088;&#49328;&#46308;&#50640; &#50976;&#46041;&#49457;&#51012; &#48512;&#50668;&#54616;&#45716; &#8216;&#51228;&#46020;&#44428; &#44552;&#50997;&#51032; &#49888;&#50857; &#47112;&#51060;&#50612;(Credit layer for finance)&#8217;&#47196; &#54252;&#51648;&#49492;&#45789;&#54616;&#44592; &#49884;&#51089;&#54664;&#45796;.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!bYjC!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!bYjC!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png 424w, https://substackcdn.com/image/fetch/$s_!bYjC!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png 848w, https://substackcdn.com/image/fetch/$s_!bYjC!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png 1272w, https://substackcdn.com/image/fetch/$s_!bYjC!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!bYjC!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png" width="1456" height="772" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:772,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!bYjC!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png 424w, https://substackcdn.com/image/fetch/$s_!bYjC!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png 848w, https://substackcdn.com/image/fetch/$s_!bYjC!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png 1272w, https://substackcdn.com/image/fetch/$s_!bYjC!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8eb213-4e8e-4283-adce-0991f74878c7_2048x1086.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#44396;&#51312;</strong></p><ul><li><p><strong>EVK(Euler Vault Kit):</strong> &#52264;&#51077; &#44592;&#45733;&#51060; &#52628;&#44032;&#46108; ERC-4626 &#44592;&#48152; &#49888;&#50857; &#48380;&#53944;&#47484; &#47564;&#46308; &#49688; &#51080;&#45716; &#53412;&#53944;&#45796;. &#44033; &#48380;&#53944;&#45716; &#53945;&#51221; &#51088;&#49328;&#44284; &#47532;&#49828;&#53356; &#49444;&#51221;&#51012; &#46021;&#47549;&#51201;&#51004;&#47196; &#44032;&#51656; &#49688; &#51080;&#44256;, EVC&#47484; &#53685;&#54644; &#45796;&#47480; &#48380;&#53944;&#50752; &#50672;&#44208;&#46104;&#47728; &#45824;&#52636; &#49884;&#51109;&#51012; &#54805;&#49457;&#54620;&#45796;.</p></li><li><p><strong>EVC(Ethereum Vault Connector):</strong> &#50668;&#47084; &#48380;&#53944;&#50640; &#48516;&#49328;&#46108; &#45812;&#48372;&#50752; &#48512;&#52292; &#44288;&#44228;&#47484; &#54616;&#45208;&#51032; &#44228;&#51221; &#45800;&#50948;&#50640;&#49436; &#50672;&#44208;&#54644; &#44288;&#47532;&#54624; &#49688; &#51080;&#44172; &#54616;&#45716; &#54645;&#49900; &#51060;&#48036;&#53552;&#48660; &#54532;&#47532;&#48120;&#54000;&#48652;(Primitive)&#45796;. &#51204;&#53685; &#44552;&#50997;&#51004;&#47196; &#52824;&#47732; &#50668;&#47084; &#48516;&#49328;&#46108; &#51088;&#49328; &#44228;&#51340;&#47484; &#54616;&#45208;&#51032; &#47560;&#51652; &#44228;&#51340;(Margin Account)&#47196; &#53685;&#54633;&#54616;&#50668; &#44368;&#52264; &#45812;&#48372;&#47484; &#51228;&#44277;&#54616;&#45716; &#44163;&#44284; &#50976;&#49324;&#54616;&#45796;.</p></li></ul><p>EVK&#44032; &#51088;&#49328;&#48324; &#46021;&#47549; &#49444;&#44228;&#47484; &#44032;&#45733;&#54616;&#44172; &#54620;&#45796;&#47732;, EVC&#45716; &#54028;&#54200;&#54868;&#46112; &#49688; &#51080;&#45716; &#51088;&#49328;&#46308;&#51012; &#54616;&#45208;&#51032; &#44228;&#51221;&#183;&#54252;&#51648;&#49496; &#44288;&#47532; &#52404;&#44228;&#47196; &#50672;&#44208;&#54620;&#45796;.</p><p><strong>&#51204;&#53685; &#44552;&#50997;&#50640; &#48708;&#50976;&#54616;&#47732;, &#50724;&#51068;&#47084;&#45716; &#47680;&#54000; &#49828;&#53944;&#47000;&#54000;&#51648;(Multi-strategy) &#54756;&#51648;&#54144;&#46300;&#51032; &#54252;&#46300; &#44396;&#51312;&#50752; &#51068;&#48512; &#45806;&#50500; &#51080;&#45796;. &#46021;&#47549;&#46108; &#54252;&#46300;(Pod)&#44032; &#44033;&#51088;&#51032; &#51204;&#47029;&#44284; &#47532;&#49828;&#53356; &#54620;&#46020;&#47484; &#44032;&#51648;&#44256; &#50868;&#50857;&#46104;&#51648;&#47564;, &#44592;&#49696; &#51064;&#54532;&#46972;&#50752; &#51088;&#48376; &#44288;&#47532; &#52404;&#44228;&#47484; &#44277;&#50976;&#54616;&#45716; &#44396;&#51312;&#50752; &#50976;&#49324;&#54616;&#44592; &#46412;&#47928;&#51060;&#45796;.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!f_Z0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!f_Z0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png 424w, https://substackcdn.com/image/fetch/$s_!f_Z0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png 848w, https://substackcdn.com/image/fetch/$s_!f_Z0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png 1272w, https://substackcdn.com/image/fetch/$s_!f_Z0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!f_Z0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png" width="1456" height="715" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:715,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!f_Z0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png 424w, https://substackcdn.com/image/fetch/$s_!f_Z0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png 848w, https://substackcdn.com/image/fetch/$s_!f_Z0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png 1272w, https://substackcdn.com/image/fetch/$s_!f_Z0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F173bd6db-005b-4477-b4a0-1e0832c17461_2048x1006.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#45796;&#47564; &#50724;&#51068;&#47084;&#45716; &#54616;&#45208;&#51032; &#50868;&#50857;&#49324; &#45236;&#48512; &#51312;&#51649;&#51060; &#50500;&#45768;&#46972;, &#50668;&#47084; &#46021;&#47549; &#51452;&#52404;&#44032; &#48380;&#53944;&#47484; &#47564;&#46308;&#44256; &#50672;&#44208;&#54624; &#49688; &#51080;&#45716; &#44060;&#48169;&#54805; &#51064;&#54532;&#46972;&#46972;&#45716; &#51216;&#50640;&#49436; &#45796;&#47476;&#45796;.</p><p>&#48708;&#50976;&#51201;&#51004;&#47196; &#48372;&#47732;, &#47784;&#54252;&#44032; &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#47532;&#51648;&#54805; &#48516;&#50629; &#47784;&#45944;&#50640; &#44032;&#44637;&#44256;, &#50500;&#48288;&#44032; &#50976;&#45768;&#48260;&#49444; &#48197;&#53356;&#49885; &#44277;&#50976; &#50976;&#46041;&#49457; &#47784;&#45944;&#50640; &#44032;&#44637;&#45796;&#47732;, &#50724;&#51068;&#47084;&#45716; &#47680;&#54000; &#49828;&#53944;&#47000;&#54000;&#51648; &#54756;&#51648;&#54144;&#46300;&#49885; &#50672;&#44208;&#54805; &#47784;&#46280; &#44396;&#51312;&#50640; &#44032;&#44637;&#45796;. &#50976;&#50672;&#49457;&#44284; &#51088;&#48376; &#54952;&#50984;&#49457;&#51060; &#45458;&#50500;&#51648;&#45716; &#47564;&#53372;, &#50672;&#44208;&#46108; &#48380;&#53944; &#49373;&#53468;&#44228; &#50504;&#50640;&#49436; &#53945;&#51221; &#51088;&#49328;&#51032; &#50948;&#54744;&#51060; &#45796;&#47480; &#54252;&#51648;&#49496;&#51004;&#47196; &#44036;&#51217; &#51204;&#51060;&#46112; &#44032;&#45733;&#49457;&#46020; &#51316;&#51116;&#54620;&#45796;. &#46384;&#46972;&#49436; &#53328;&#47112;&#51060;&#53552;&#51032; &#47532;&#49828;&#53356; &#44288;&#47532; &#50669;&#47049;&#51008; &#50724;&#51068;&#47084; V2 &#49373;&#53468;&#44228;&#51032; &#54645;&#49900; &#44284;&#51228;&#47196; &#45224;&#50500; &#51080;&#45796;.</p><p>&#50724;&#51068;&#47084;&#51032; &#44592;&#44288; &#52292;&#53469;&#51008; &#51088;&#49328;&#51032; &#53945;&#49688;&#49457;&#44284; &#44508;&#51228; &#54872;&#44221;&#51012; &#49688;&#50857;&#54616;&#45716; &#48169;&#54693;&#51004;&#47196; &#51204;&#44060;&#46104;&#44256; &#51080;&#45796;. &#52395; &#48264;&#51704;&#45716; &#53664;&#53360;&#54868; &#51452;&#49885;&#51060;&#45796;. &#51452;&#49885; &#51088;&#49328;&#51008; 24/5 &#44144;&#47000; &#54872;&#44221;&#51012; &#44032;&#51648;&#47728;, &#48176;&#45817;&#44284; &#51452;&#49885; &#48516;&#54624; &#44057;&#51008; &#44592;&#50629; &#51060;&#48292;&#53944;&#47484; &#44032;&#44201; &#49328;&#51221;&#50640; &#48152;&#50689;&#54624; &#49688; &#51080;&#45716; &#44032;&#44201; &#54588;&#46300;&#44032; &#54596;&#50836;&#54616;&#45796;. &#44592;&#51316; &#45800;&#51068; &#44277;&#50976; &#47532;&#49828;&#53356; &#44396;&#51312;&#50640;&#49436;&#45716; &#51060;&#47084;&#54620; &#51312;&#44148;&#51012; &#52649;&#51313;&#54616;&#45716; &#46021;&#47549; &#49884;&#51109;&#51012; &#54805;&#49457;&#54616;&#44592; &#50612;&#47140;&#50912;&#51648;&#47564;, &#51088;&#49328;&#48324; &#46021;&#47549; &#49444;&#44228;&#44032; &#44032;&#45733;&#54620; EVK&#45716; &#51060;&#47484; &#44032;&#45733;&#54616;&#44172; &#54664;&#45796;.</p><p><strong>&#50724;&#51068;&#47084;&#45716; Ondo &#54028;&#51060;&#45240;&#49828;&#50752; &#54801;&#47141;&#54644; SPYon(S&amp;P 500), QQQon(Nasdaq-100), TSLAon(Tesla) &#46321;&#51012; &#45812;&#48372;&#47196; &#49688;&#50857;&#54616;&#45716; &#45824;&#52636; &#47560;&#53011; &#8216;STEY&#8217;&#47484; &#52636;&#49884;&#54664;&#45796;.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!2O7Q!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!2O7Q!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png 424w, https://substackcdn.com/image/fetch/$s_!2O7Q!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png 848w, https://substackcdn.com/image/fetch/$s_!2O7Q!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png 1272w, https://substackcdn.com/image/fetch/$s_!2O7Q!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!2O7Q!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png" width="1456" height="933" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:933,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!2O7Q!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png 424w, https://substackcdn.com/image/fetch/$s_!2O7Q!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png 848w, https://substackcdn.com/image/fetch/$s_!2O7Q!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png 1272w, https://substackcdn.com/image/fetch/$s_!2O7Q!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F406bad74-4fa8-47a6-968f-eae6e0ce46b5_2048x1312.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>STEY &#47560;&#53011; &#44396;&#51312;</strong></p><ul><li><p><strong>&#45812;&#48372; &#51088;&#49328;: </strong>Ondo &#53664;&#53360;&#54868; &#51452;&#49885;(SPYon, QQQon, TSLAon)</p></li><li><p><strong>&#45824;&#52636; &#51088;&#49328;: </strong>PYUSD(PayPal &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;)</p></li><li><p><strong>&#44032;&#44201; &#54588;&#46300;:</strong> Chainlink &#49892;&#49884;&#44036; &#51452;&#44032; &#54588;&#46300;</p></li><li><p><strong>&#47532;&#49828;&#53356; &#50868;&#50857;: </strong>Sentora &#53328;&#47112;&#51060;&#49496;</p></li></ul><p>&#51204;&#53685; &#44552;&#50997;&#50640;&#49436;&#46020; &#51452;&#49885;&#45812;&#48372;&#45824;&#52636;(Lombard Loan)&#51012; &#53685;&#54644; &#51088;&#44552;&#51012; &#51312;&#45804;&#54616;&#45716; &#44032;&#52824; &#51228;&#44256; &#48169;&#49885;&#51060; &#51316;&#51116;&#54616;&#46319;, STEY &#47560;&#53011;&#51008; &#51060; &#47700;&#52964;&#45768;&#51608;&#51012; &#50728;&#52404;&#51064; &#49345;&#50640;&#49436; &#54952;&#50984;&#54868;&#54664;&#45796;. &#53804;&#51088;&#51088;&#45716; &#53664;&#53360;&#54868; &#51452;&#49885;&#50640; &#45824;&#54620; &#44032;&#44201; &#45432;&#52636;&#51012; &#50976;&#51648;&#54616;&#47732;&#49436;, &#52264;&#51077;&#54620; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#50728;&#52404;&#51064; &#49688;&#51061;&#47456; &#51204;&#47029;&#50640; &#51116;&#53804;&#51077;&#54616;&#50668; &#51088;&#48376; &#54952;&#50984;&#49457;&#51012; &#44537;&#45824;&#54868;&#54624; &#49688; &#51080;&#45796;.</p><p>&#46160; &#48264;&#51704; &#48169;&#54693;&#51008; &#8216;&#53664;&#53360;&#54868; &#44397;&#52292;&#50752; CLO(&#45824;&#52636;&#52292;&#44428;&#45812;&#48372;&#48512;&#51613;&#44428;)&#8217;&#51032; &#44208;&#54633;&#51060;&#45796;. &#50724;&#51068;&#47084;&#45716; KPK&#51032; &#8216;USDC Prime RWA Vault&#8217;&#47484; &#52636;&#49884;&#54616;&#47728; &#44396;&#51312;&#51201; &#50976;&#50672;&#49457;&#51012; &#51077;&#51613;&#54664;&#45796;.</p><p><strong>KPK USDC Prime RWA Vault &#44396;&#51312;</strong></p><ul><li><p><strong>&#45812;&#48372; &#51088;&#49328;: </strong>VBILL (VanEck &#53664;&#53360;&#54868; &#44397;&#52292;), STAC (Securitize AAA &#46321;&#44553; CLO)</p></li><li><p><strong>&#45824;&#52636; &#51088;&#49328;: </strong>USDC</p></li><li><p><strong>&#44032;&#44201; &#54588;&#46300;: </strong>&#47112;&#46300;&#49828;&#53668;(RedStone) &#51068;&#48324; NAV &#54588;&#46300;</p></li><li><p><strong>&#47532;&#49828;&#53356; &#50868;&#50857;: </strong>&#49468;&#53664;&#46972;(Sentora) &#53328;&#47112;&#51060;&#49496;</p></li></ul><p>&#53945;&#55176; &#50724;&#46972;&#53364;&#51012; &#53685;&#54620; &#51221;&#44592;&#51201;&#51064; NAV &#49328;&#51221;&#44284; &#51088;&#49328; &#44256;&#50976;&#51032; &#52397;&#49328; &#44592;&#51456;&#51060; &#54596;&#50836;&#54620; CLO&#45208; &#50628;&#44201;&#54620; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#53685;&#51228;&#44032; &#54596;&#50836;&#54620; &#53664;&#53360;&#54868; &#44397;&#52292;&#51032; &#44221;&#50864;, &#48380;&#53944; &#45800;&#50948;&#47196; &#46021;&#47549;&#51201;&#51064; &#54981;(Hooks)&#44284; &#54028;&#46972;&#48120;&#53552;&#47484; &#52964;&#49828;&#53568; &#49444;&#44228;&#54624; &#49688; &#51080;&#45716; &#47784;&#46280;&#54805; &#51064;&#54532;&#46972;&#44032; &#50630;&#50632;&#45796;&#47732; &#50728;&#52404;&#51064; &#45824;&#52636; &#51088;&#49328;&#51004;&#47196; &#54200;&#51077;&#54616;&#44592; &#47588;&#50864; &#50612;&#47140;&#50912;&#45796;.</p><p>&#45796;&#47564; &#46041;&#51068; &#51088;&#49328;&#183;&#50724;&#46972;&#53364;&#183;&#45812;&#48372;&#50640; &#45824;&#54620; &#51473;&#48373; &#45432;&#52636;&#50640;&#49436; &#48156;&#49373;&#54616;&#45716; &#44036;&#51217;&#51201; &#47532;&#49828;&#53356; &#51204;&#51060; &#44032;&#45733;&#49457;&#51008; &#51316;&#51116;&#54616;&#48064;&#47196;, &#50724;&#51068;&#47084; V2&#45716; &#51060; &#50976;&#50672;&#49457;&#44284; &#53685;&#51228; &#49324;&#51060;&#51032; &#51221;&#44368;&#54620; &#44512;&#54805;&#51012; &#44284;&#51228;&#47196; &#47560;&#51452;&#54616;&#44256; &#51080;&#45796;.</p><p><strong>&#51060;&#52376;&#47100; &#49464; &#54532;&#47196;&#53664;&#53084;&#51008; &#44033;&#44592; &#45796;&#47480; &#52636;&#48156;&#51216;&#44284; &#48169;&#48277;&#47200;&#51004;&#47196; &#44592;&#44288; &#53804;&#51088;&#51088;&#51032; &#51652;&#51077; &#51109;&#48317;&#51012; &#54644;&#44208;&#54616;&#44256; &#51080;&#45796;.</strong></p><ul><li><p><strong>&#47784;&#54252;(Morpho):</strong> &#47560;&#53011; &#49373;&#49457;&#44284; &#47532;&#49828;&#53356; &#50868;&#50857;&#51012; &#50756;&#51204;&#55176; &#50808;&#48512;&#54868;&#54616;&#50668; &#8216;&#49549;&#46020;&#50752; &#49440;&#53469;&#44428;&#8217;&#51012; &#44537;&#45824;&#54868;&#54616;&#46104;, &#48516;&#50629;&#54868;&#46108; &#53328;&#47112;&#51060;&#53552; &#47112;&#51060;&#50612;&#51032; &#54408;&#51656;&#51012; &#44160;&#51613;&#54616;&#45716; &#45936; &#51665;&#51473;&#54620;&#45796;.</p></li><li><p><strong>&#50500;&#48288;(Aave):</strong> &#53685;&#51228;&#46108; &#44144;&#48260;&#45324;&#49828; &#50948;&#51076;&#44284; V4&#51032; &#54728;&#48652; &#50532; &#49828;&#54252;&#53356; &#50500;&#53412;&#53581;&#52376;&#47484; &#44208;&#54633;&#54616;&#50668;, &#8216;&#51088;&#48376; &#54952;&#50984;&#49457;&#8217;&#51012; &#55036;&#49552;&#54616;&#51648; &#50506;&#51004;&#47732;&#49436; &#50504;&#51221;&#49457;&#51012; &#51648;&#53412;&#45716; &#54616;&#51060;&#48652;&#47532;&#46300; &#45432;&#49440;&#51012; &#52712;&#54620;&#45796;.</p></li><li><p><strong>&#50724;&#51068;&#47084;(Euler):</strong> EVK&#50752; EVC&#47484; &#53685;&#54644; &#51088;&#49328;&#48324; &#46021;&#47549;&#49457;&#44284; &#53356;&#47196;&#49828; &#45812;&#48372;&#51032; &#50976;&#50672;&#49457;&#51012; &#46041;&#49884;&#50640; &#54869;&#48372;&#54616;&#44256;, &#47680;&#54000; &#49828;&#53944;&#47000;&#54000;&#51648; &#44396;&#51312; &#50504;&#50640;&#49436; &#52572;&#51201;&#51032; &#8216;&#47532;&#49828;&#53356; &#44512;&#54805;&#8217;&#51012; &#47784;&#49353;&#54620;&#45796;.</p></li></ul><p><strong>&#44208;&#44284;&#51201;&#51004;&#47196; &#51060;&#46308;&#51032; &#54644;&#44208; &#48169;&#49885;&#51008; &#49345;&#51060;&#54616;&#51648;&#47564;, &#44592;&#52488; &#49892;&#54665; &#51064;&#54532;&#46972;&#50752; &#47532;&#49828;&#53356; &#54032;&#45800; &#47112;&#51060;&#50612;&#47484; &#44396;&#51312;&#51201;&#51004;&#47196; &#48516;&#47532;&#54616;&#44256; &#51088;&#49328;&#48324; &#47582;&#52644;&#54805; &#50948;&#54744; &#51312;&#44148;&#51012; &#49444;&#44228;&#54620;&#45796;&#45716; &#48169;&#54693;&#49457;&#51004;&#47196; &#49688;&#47156;&#54616;&#44256; &#51080;&#45796;.</strong></p><h2><strong>5. &#44208;&#47200;</strong></h2><p>&#51204;&#53685; &#51088;&#48376;&#49884;&#51109;&#50640;&#49436; &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#47532;&#51648;(Prime Brokerage)&#45716; &#54756;&#51648;&#54144;&#46300;&#51032; &#44144;&#47000;, &#49688;&#53441;, &#44208;&#51228;, &#47112;&#48260;&#47532;&#51648;, &#47532;&#49828;&#53356; &#44288;&#47532;&#47484; &#51333;&#54633;&#51201;&#51004;&#47196; &#51648;&#50896;&#54616;&#45716; &#54645;&#49900; &#51064;&#54532;&#46972;&#47196; &#51088;&#47532; &#51105;&#45716; &#45936; &#49688;&#49901; &#45380;&#51060; &#44152;&#47160;&#45796;.</p><p>2008&#45380; &#47532;&#47676; &#48652;&#46972;&#45908;&#49828; &#54028;&#49328;&#44284; &#47532;&#51200;&#48652; &#54532;&#46972;&#51060;&#47672;&#47532; &#54144;&#46300;&#51032; &#48197;&#53356;&#47088; &#49324;&#53468;&#45716; &#44033;&#44033; &#47532;&#49828;&#53356;&#47484; &#44537;&#47749;&#54616;&#44172; &#46300;&#47084;&#45256;&#44256;, &#51060;&#54980; &#49884;&#51109;&#51008; &#49688;&#53441;, &#45812;&#48372;, &#50976;&#46041;&#49457; &#44288;&#47532; &#48143; &#50669;&#54624; &#48516;&#47532;&#50640; &#45908;&#50865; &#48124;&#44048;&#54644;&#51276;&#45796;.</p><p>&#48152;&#47732; DeFi &#49373;&#53468;&#44228;&#45716; &#51060;&#50752; &#50976;&#49324;&#54620; &#44396;&#51312;&#51201; &#48169;&#54693;&#49457;&#44284; &#47928;&#51228;&#51032;&#49885;&#50640; &#55016;&#50476; &#51687;&#51008; &#49884;&#44036; &#50504;&#50640; &#46020;&#45804;&#54664;&#45796;. &#51060;&#52376;&#47100; &#48736;&#47476;&#44172; &#45824;&#51025;&#54624; &#49688; &#51080;&#50632;&#45912; &#51060;&#50976;&#45716; &#53076;&#46300;&#44032; &#51228;&#46020;&#48372;&#45796; &#48736;&#47476;&#44172; &#50880;&#51649;&#50688;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><p>&#52488;&#44592; &#44277;&#50976; &#47532;&#49828;&#53356; &#44396;&#51312;&#44032; &#44144;&#48260;&#45324;&#49828; &#48337;&#47785;&#51012; &#44221;&#54744;&#54616;&#44256;, &#50696;&#44592;&#52824; &#47803;&#54620; &#51061;&#49828;&#54252;&#51200;&#50752; &#48512;&#49892; &#51088;&#49328; &#51204;&#54028; &#47532;&#49828;&#53356;&#47484; &#44202;&#51008; &#46244;, &#47784;&#54252;, &#50500;&#48288;, &#50724;&#51068;&#47084; &#46321;&#51060; &#47532;&#49828;&#53356; &#44201;&#47532;&#50752; &#50868;&#50857; &#48516;&#47532; &#44396;&#51312;&#47484; &#50728;&#52404;&#51064;&#50640; &#44396;&#54788;&#54616;&#44592;&#44620;&#51648; &#44152;&#47536; &#49884;&#44036;&#51008; &#47588;&#50864; &#51687;&#50520;&#45796;. DeFi &#49884;&#51109;&#51008; &#49892;&#51228; &#51088;&#48376;&#51032; &#49552;&#49892;&#44284; &#50500;&#53412;&#53581;&#52376;&#51032; &#51116;&#44148;&#51012; &#48152;&#48373;&#54616;&#47728; &#50517;&#52629;&#51201;&#51004;&#47196; &#54617;&#49845;&#54644; &#50728; &#49480;&#51060;&#45796;.</p><p>&#51204;&#53685; &#44552;&#50997;&#51032; &#50669;&#49324;&#50640;&#49436;&#46020; &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#47532;&#51648; &#44057;&#51008; &#51064;&#54532;&#46972;&#51032; &#49457;&#49689;&#51008; &#54756;&#51648;&#54144;&#46300; &#49328;&#50629; &#49457;&#51109;&#51032; &#51473;&#50836;&#54620; &#51312;&#44148; &#51473; &#54616;&#45208;&#50688;&#45796;. 2008&#45380; &#51060;&#54980; &#54756;&#51648;&#54144;&#46300; &#51204;&#52404; &#50868;&#50857;&#51088;&#49328;(AUM)&#51008; &#51064;&#54532;&#46972;&#51032; &#50504;&#51221;&#54868;&#50752; &#54632;&#44760; &#44592;&#44288; &#51088;&#44552; &#50976;&#51077; &#46321;&#51060; &#47582;&#47932;&#47532;&#47728; <a href="https://www.preqin.com/academy/lesson-3-hedge-funds/history-of-the-hedge-fund-industry">$2&#51312;&#50640; &#50977;&#48149;</a>&#54664;&#45796;. &#45208;&#50500;&#44032; 2015&#45380;&#48512;&#53552; 2025&#45380; &#49324;&#51060;&#50640;&#47564;<a href="https://am.gs.com/en-ae/advisors/insights/article/2025/mapping-the-evolution-hedge-funds-in-a-new-market-regime"> $1.4&#51312;&#50640;&#49436; $4.5&#51312; &#44508;&#47784;&#47196; &#44553;&#49457;&#51109;</a>&#54664;&#45796;. &#51064;&#54532;&#46972;&#44032; &#49457;&#49689;&#54616;&#51088; &#44536; &#50948;&#51032; &#50868;&#50857; &#47112;&#51060;&#50612;&#50640;&#49436; &#48376;&#44201;&#51201;&#51064; &#51204;&#47029; &#48143; &#47532;&#49828;&#53356; &#44288;&#47532; &#44221;&#51137;&#51060; &#49884;&#51089;&#46096;&#44256;, &#53441;&#50900;&#54620; &#50669;&#47049;&#51012; &#51613;&#47749;&#54620; &#50868;&#50857;&#49324;&#46308;&#51060; &#49884;&#51109;&#51032; &#51088;&#48376;&#51012; &#55137;&#49688;&#54664;&#45796;.</p><p>&#50728;&#52404;&#51064; &#45824;&#52636; &#49884;&#51109;&#46020; &#50976;&#49324;&#54620; &#51204;&#54872;&#51216;&#50640; &#51652;&#51077;&#54616;&#44256; &#51080;&#45796;. &#47784;&#54252;, &#50500;&#48288; V4, &#50724;&#51068;&#47084; V2&#44032; &#47784;&#46160; &#47532;&#49828;&#53356; &#44201;&#47532;&#50752; &#50868;&#50857; &#48516;&#47532;&#46972;&#45716; &#44144;&#45824;&#54620; &#48169;&#54693;&#49457;&#51004;&#47196; &#49688;&#47156;&#54616;&#44256; &#51080;&#45716; &#51648;&#44552;, &#51060;&#51228; &#49884;&#51109;&#51032; &#54645;&#49900;&#51008; &#44536; &#50948;&#50640;&#49436; &#54204;&#52432;&#51656; &#8216;&#50868;&#50857; &#47112;&#51060;&#50612;&#51032; &#44221;&#51137;&#8217;&#51060;&#45796;.</p><p><strong>&#54788;&#51116; &#50728;&#52404;&#51064; &#53328;&#47112;&#51060;&#49496; &#48380;&#53944;&#51032; &#52509; &#50868;&#50857;&#51088;&#49328;&#51008; <a href="https://defillama.com/protocols/risk-curators">&#50557; $74&#50613; &#49688;&#51456;</a>&#51060;&#45796;. &#54756;&#51648;&#54144;&#46300; &#49328;&#50629;&#51060; &#51064;&#54532;&#46972; &#51221;&#48708; &#51060;&#54980; &#53360; &#54253;&#51004;&#47196; &#49457;&#51109;&#54620; &#51216;&#51012; &#44048;&#50504;&#54616;&#47732;, &#51648;&#44552;&#51032; &#50728;&#52404;&#51064; &#49888;&#50857; &#49884;&#51109;&#51008; &#44144;&#45824;&#54620; &#49457;&#51109;&#51032; &#52488;&#51077;&#50640; &#49436; &#51080;&#45716; &#44163;&#44284; &#44057;&#45796;.</strong></p><p>&#44284;&#44144; &#51204;&#53685; &#44552;&#50997;&#50640;&#49436; &#54532;&#46972;&#51076; &#48652;&#47196;&#52964;&#47532;&#51648; &#51064;&#54532;&#46972;&#45716; &#44264;&#46300;&#47564;&#49325;&#49828;&#50752; &#47784;&#44148;&#49828;&#53472;&#47532;&#44032; &#49884;&#51109;&#51012; &#44284;&#51216;&#54664;&#44256;, &#54756;&#51648;&#54144;&#46300;&#44032; &#51060; &#51064;&#54532;&#46972;&#50640; &#51217;&#44540;&#54616;&#47140;&#47732; &#44536;&#46308;&#51032; &#51312;&#44148;&#51012; &#51204;&#51201;&#51004;&#47196; &#49688;&#50857;&#54644;&#50556; &#54664;&#45796;. &#54616;&#51648;&#47564; &#50728;&#52404;&#51064; &#51064;&#54532;&#46972;&#45716; &#45796;&#47476;&#45796;. &#47784;&#54252;&#45208; &#50724;&#51068;&#47084; &#50948;&#50640;&#49436; &#47560;&#53011;&#51012; &#50668;&#45716; &#45936; &#50612;&#46500; &#44592;&#44288;&#51032; &#54728;&#46973;&#46020; &#54596;&#50836;&#54616;&#51648; &#50506;&#45796;.</p><p>&#51064;&#54532;&#46972;&#51032; &#46021;&#51216;&#51060; &#44648;&#51652; &#47564;&#53372;, &#50728;&#52404;&#51064; &#50868;&#50857; &#47112;&#51060;&#50612;&#50640;&#49436;&#51032; &#44221;&#51137;&#51008; &#51204;&#53685; &#44552;&#50997;&#48372;&#45796; &#45908; &#44060;&#48169;&#51201;&#51060;&#44256; &#48736;&#47476;&#44172; &#51204;&#44060;&#46112; &#44032;&#45733;&#49457;&#51060; &#53356;&#45796;. &#44284;&#44144; &#51204;&#53685; &#44552;&#50997;&#50640;&#49436;&#45716; &#48652;&#47551;&#51648;&#50892;&#53552;(Bridgewater), &#48128;&#47112;&#45768;&#50628;(Millennium), &#49884;&#53440;&#45944;(Citadel) &#44057;&#51008; &#54756;&#51648;&#54144;&#46300; &#54540;&#47019;&#54268;&#51060;&#45208; &#48660;&#47001;&#49828;&#53668;(Blackstone), &#50500;&#54260;&#47196;(Apollo) &#44057;&#51008; &#45824;&#52404;&#53804;&#51088; &#50868;&#50857;&#49324;&#44032; &#50868;&#50857; &#50669;&#47049;&#44284; &#51064;&#54532;&#46972; &#51217;&#44540;&#49457;&#51012; &#48148;&#53461;&#51004;&#47196; &#45824;&#44508;&#47784; &#51088;&#48376;&#51012; &#45132;&#50612;&#45817;&#44220;&#45796;.</p><p><strong>&#51060;&#51228; &#50728;&#52404;&#51064;&#50640;&#49436;&#46020; &#45812;&#48372; &#49900;&#49324;, &#47532;&#49828;&#53356; &#49444;&#44228;, &#44592;&#44288; &#44508;&#51228; &#45824;&#51025;, &#44536;&#47532;&#44256; &#53944;&#47001;&#47112;&#53076;&#46300; &#44396;&#52629; &#50669;&#47049;&#51012; &#44054;&#52632; &#51452;&#52404;&#46972;&#47732;, &#51204;&#53685; &#44552;&#50997;&#48372;&#45796; &#45230;&#51008; &#51064;&#54532;&#46972; &#51109;&#48317; &#50948;&#50640;&#49436; &#49352;&#47196;&#50868; &#49888;&#50857; &#49884;&#51109;&#51032; &#44592;&#54924;&#47484; &#54252;&#52265;&#54624; &#49688; &#51080;&#44172; &#46104;&#50632;&#45796;.</strong></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-kor">&#46020;&#54028;&#48124;&#51060; &#49324;&#46972;&#51652; DeFi, RWA&#47196; &#46104;&#49332;&#50500;&#45208;&#45796;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-kor">&#50728;&#52404;&#51064;&#50640;&#49436; RWA&#47196;: &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#51116;&#49444;&#44228;&#54616;&#45716; DeFi&#51032; &#49352;&#47196;&#50868; &#53664;&#45824;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/onchain-risk-curators-147t-vs-7b-kor">$147T vs $7B, &#50728;&#52404;&#51064; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#49884;&#51109; &#48516;&#49437;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/korea-institutional-crypto-2026-landscape-kor">2026&#45380;, &#54620;&#44397; &#44592;&#44288;&#46308;&#51032; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#51652;&#52636; &#52509;&#51221;&#47532;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/cex-to-everything-store-abandoned-kor">&#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#49548;&#51032; &#45824;&#44508;&#47784; &#51452;&#49885; &#44144;&#47000; &#51648;&#50896;, &#50808;&#47732;&#48155;&#45716; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944; &#51060;&#50857; &#50504;&#45236;</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; <a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">&#47196;&#44256;</a>&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ ๋น„ํŠธ์ฝ”์ธ ์ „๋žต ์ค€๋น„๊ธˆ, ์–ธ์ œ ๋น„ํŠธ์ฝ”์ธ์— ์˜ํ–ฅ์„ ์ค„ ์ˆ˜ ์žˆ๋Š”๊ฐ€? ]]>
</title>
<description>
<![CDATA[ &#48708;&#53944;&#53076;&#51064; &#51204;&#47029;&#51201; &#48708;&#52629; &#49548;&#49885;&#51008; &#50612;&#45712;&#49352; 2&#45380; &#46041;&#50504; &#51060;&#50612;&#51256; &#50772;&#49845;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/us-bitcoin-strategic-reserve-what-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/us-bitcoin-strategic-reserve-what-kor</guid>
<dc:creator>
<![CDATA[ Ekko an ]]>
</dc:creator>
<pubDate>Fri, 12 Jun 2026 12:03:02 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/201731744/49a7c4f1b903d5ebdc18c607f87a341f.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>&#48708;&#53944;&#53076;&#51064; &#51204;&#47029;&#51201; &#48708;&#52629; &#49548;&#49885;&#51008; &#50612;&#45712;&#49352; 2&#45380; &#46041;&#50504; &#51060;&#50612;&#51256; &#50772;&#49845;&#45768;&#45796;. 2024&#45380;&#50640;&#45716; &#48708;&#53944;&#53076;&#51064; &#47588;&#51077;&#51012; &#51473;&#51216;&#51004;&#47196; &#44861;&#50520;&#51648;&#47564;, ARMA&#45716; &#47588;&#51077; &#45236;&#50857;&#51060; &#50630;&#49845;&#45768;&#45796;. &#44284;&#50672; &#49884;&#51109;&#50640; &#54840;&#51116;&#51068;&#44620;&#50836;?</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>&#53944;&#47100;&#54532; &#54665;&#51221;&#47749;&#47161;(2025.3)&#51008; &#44592;&#51316; &#48372;&#50976; &#48708;&#53944;&#53076;&#51064;&#51012; &#54036;&#51648; &#50506;&#44192;&#45796;&#45716; &#50557;&#49549;&#51060;&#50632;&#45796;. &#49352;&#47196; &#47588;&#51077;&#54616;&#44192;&#45796;&#45716; &#44163;&#51060; &#50500;&#45768;&#45796;. &#49436;&#47749; &#54980; &#49884;&#51109;&#51060; &#44592;&#45824;&#54620; &#44163;&#44284; &#45804;&#46992;&#44256;, &#44032;&#44201;&#51008; &#51593;&#44033; 5.7% &#44553;&#46973;&#54664;&#45796;.</p></li><li><p>2024&#45380;&#48512;&#53552; &#49884;&#51089;&#46108; &#51077;&#48277; &#49884;&#46020;&#45716; 2&#45380; &#47564;&#50640; 100&#47564; BTC &#51032;&#47924; &#47588;&#51077;&#50640;&#49436; &#47588;&#51077; &#51312;&#54637; &#50630;&#45716; &#48372;&#44288; &#48277;&#50504;&#51004;&#47196; &#54980;&#53748;&#54664;&#45796;.</p></li><li><p>&#54788;&#51116; &#53685;&#44284; &#44032;&#45733;&#49457;&#51060; &#44032;&#51109; &#45458;&#51008; ARMA&#45716; &#47588;&#51077; &#48277;&#50504;&#51060; &#50500;&#45768;&#45796;. &#51221;&#48512;&#44032; &#50517;&#49688;&#54620; &#48708;&#53944;&#53076;&#51064;&#51012; 20&#45380;&#44036; &#54036;&#51648; &#47803;&#54616;&#44172; &#54616;&#45716; &#48277;&#50504;&#51060;&#45796;.</p></li><li><p>ARMA&#45716; &#45800;&#44592;&#51201;&#51004;&#47196; &#50689;&#54693;&#51060; &#51201;&#51012; &#44163;&#51060;&#45796;. &#54616;&#51648;&#47564;, &#48708;&#53944;&#53076;&#51064;&#51060; &#48120;&#44397; &#44397;&#44032; &#51456;&#48708; &#51088;&#49328;&#51032; &#51648;&#50948;&#47484; &#49845;&#46301;&#54616;&#47732;&#49436; &#47588;&#51077; &#45436;&#51032;&#44032; &#45796;&#49884; &#51060;&#50612;&#51656; &#49688; &#51080;&#45796;. &#44536;&#47084;&#54620; &#51216;&#51012; &#48420;&#51012; &#46412;, &#51109;&#44592;&#51201;&#51004;&#47196;&#45716; &#49884;&#51109;&#50640; &#44557;&#51221;&#51201;&#51064; &#50689;&#54693;&#51012; &#51460; &#44163;&#51060;&#45796;.</p></li></ul><div><hr></div><h2><strong>1. &#48120;&#44397;, &#48708;&#53944;&#53076;&#51064; &#51204;&#47029; &#51456;&#48708;&#44552; &#44284;&#44144;&#50752; &#54788;&#54889;</strong></h2><p>&#53944;&#47100;&#54532;&#45716; 2024&#45380; &#45824;&#49440; &#45236;&#45236; &#48708;&#53944;&#53076;&#51064; &#51204;&#47029; &#51456;&#48708;&#44552; &#44396;&#49345;&#51012; &#44277;&#50557;&#51004;&#47196; &#45236;&#44152;&#50632;&#45796;. &#49884;&#51109;&#51008; &#45817;&#49440; &#51060;&#54980; &#51221;&#48512;&#44032; &#51649;&#51217; &#48708;&#53944;&#53076;&#51064;&#51012; &#49324;&#46308;&#51068; &#44163;&#51004;&#47196; &#48420;&#45796;.</p><p>&#54616;&#51648;&#47564; &#45817;&#49440; &#51060;&#54980; 2025&#45380; 3&#50900; 6&#51068;, &#53944;&#47100;&#54532;&#45716; &#54665;&#51221;&#47749;&#47161; &#54616;&#45208;&#50640; &#49436;&#47749;&#54664;&#45796;. &#48276;&#51396; &#49688;&#49324;&#45208; &#47792;&#49688;&#47196; &#52712;&#46301;&#54620; &#48708;&#53944;&#53076;&#51064;&#51012; &#51204;&#47029; &#51456;&#48708;&#44552;&#51004;&#47196; &#51648;&#51221;&#54616;&#44256;, &#50689;&#44396; &#48372;&#50976;&#54620;&#45796;&#45716; &#45236;&#50857;&#51060;&#50632;&#45796;. &#49888;&#44508; &#47588;&#51077; &#47749;&#47161;&#51008; &#50630;&#50632;&#45796;. &#54665;&#51221;&#47749;&#47161;&#51060; &#45812;&#51008; &#44163;&#51008; &#44592;&#51316; &#48372;&#50976;&#48516;&#51012; &#54036;&#51648; &#50506;&#44192;&#45796;&#45716; &#50557;&#49549;&#49104;&#51060;&#50632;&#45796;. &#48708;&#53944;&#53076;&#51064; &#44032;&#44201;&#51008; &#44592;&#45824;&#44032; &#44732;&#51648;&#47728; $92,000&#50640;&#49436; $85,000 &#50500;&#47000;&#47196; 5.7% &#44553;&#46973;&#54664;&#45796;.</p><p>&#45817;&#49884; &#48120;&#44397; &#51221;&#48512;&#44032; &#51536;&#44256; &#51080;&#45912; &#48708;&#53944;&#53076;&#51064;&#51008; &#50557; 19&#47564; &#44060;&#50688;&#45796;. &#52509; &#48156;&#54665;&#47049; 2,100&#47564; &#44060;&#51032; &#50557; 0.9%&#45796;. &#51204;&#47049; &#48276;&#51396; &#49688;&#49324;&#50752; &#48124;&#49324; &#47792;&#49688;&#47196; &#49939;&#51064; &#47932;&#47049;&#51060;&#45796;. &#51221;&#48512;&#45716; &#51060; 19&#47564; &#44060;&#47484; &#54036;&#51648; &#50506;&#44192;&#45796;&#44256; &#54664;&#51012; &#49104;, &#54616;&#45208;&#51032; &#48708;&#53944;&#53076;&#51064;&#46020; &#49324;&#51648; &#50506;&#50520;&#45796;.</p><p><strong>&#51648;&#44552;&#46020; &#49345;&#54889;&#51008; &#44057;&#45796;. &#54665;&#51221;&#47749;&#47161; &#50808;&#50640; &#48277;&#47456;&#47196; &#54869;&#51221;&#46108; &#45236;&#50857;&#51008; &#50630;&#45796;.</strong></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. &#48120;&#44397; &#48708;&#53944;&#53076;&#51064; &#51204;&#47029; &#51456;&#48708;&#44552; &#51077;&#48277; &#50669;&#49324;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!mZR3!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!mZR3!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png 424w, https://substackcdn.com/image/fetch/$s_!mZR3!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png 848w, https://substackcdn.com/image/fetch/$s_!mZR3!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png 1272w, https://substackcdn.com/image/fetch/$s_!mZR3!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!mZR3!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png" width="1456" height="1093" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/81377b45-d3af-40df-8f73-c80514625671_2048x1538.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1093,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!mZR3!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png 424w, https://substackcdn.com/image/fetch/$s_!mZR3!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png 848w, https://substackcdn.com/image/fetch/$s_!mZR3!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png 1272w, https://substackcdn.com/image/fetch/$s_!mZR3!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81377b45-d3af-40df-8f73-c80514625671_2048x1538.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>2021&#45380;&#48512;&#53552; &#49884;&#51089;&#46108; &#45436;&#51032;&#45716; 2024&#45380; &#52395; &#48277;&#50504;&#51004;&#47196; &#44396;&#52404;&#54868;&#46096;&#44256;, 2025&#45380; &#51116;&#48156;&#51032;&#47484; &#44144;&#52432; 2026&#45380; ARMA&#47196; &#48320;&#54805;&#46096;&#45796;. &#54645;&#49900;&#51008; &#51060; &#44284;&#51221;&#50640;&#49436; &#48277;&#50504;&#51060; &#51216;&#51216; &#54788;&#49892;&#44284; &#53440;&#54801;&#54664;&#45796;&#45716; &#51216;&#51060;&#45796;. &#51032;&#47924; &#47588;&#51077; &#44508;&#47784;&#45716; &#50976;&#51648;&#46096;&#45796;&#44032; &#44208;&#44397; &#49325;&#51228;&#46096;&#44256;, &#53685;&#44284; &#44032;&#45733;&#49457;&#51012; &#45458;&#51060;&#45716; &#45824;&#49888; &#49884;&#51109;&#50640; &#51452;&#45716; &#52649;&#44201;&#51008; &#51460;&#50632;&#45796;.</p><h3><strong>2.1. 2024&#45380;: &#52395; &#48277;&#50504;, &#44032;&#51109; &#44277;&#44201;&#51201;&#51064; &#48260;&#51204;</strong></h3><p>Lummis &#51032;&#50896;&#51008; 2021&#45380; &#49345;&#50896; &#51077;&#49457; &#51649;&#54980;&#48512;&#53552; &#48708;&#53944;&#53076;&#51064;&#51012; &#50672;&#48169; &#51456;&#48708;&#51088;&#49328;&#50640; &#54200;&#51077;&#54644;&#50556; &#54620;&#45796;&#44256; &#44277;&#44060; &#49437;&#49345;&#50640;&#49436; &#48152;&#48373;&#54664;&#45796;. &#45817;&#49884; &#51032;&#54924; &#50504;&#50640;&#45716; &#44277;&#44048;&#45824;&#44032; &#50630;&#50632;&#45796;. 2022~2023&#45380; &#53356;&#47549;&#53664; &#50952;&#53552;&#50752; FTX &#48533;&#44340;&#47484; &#44144;&#52824;&#47732;&#49436; &#45436;&#51032;&#45716; &#45908; &#50880;&#52768;&#47084;&#46308;&#50632;&#45796;.</p><p>&#48516;&#50948;&#44592;&#44032; &#48148;&#45072; &#44163;&#51008; 2024&#45380;&#51060;&#45796;. &#48708;&#53944;&#53076;&#51064;&#51060; $10&#47564;&#51012; &#46028;&#54028;&#54616;&#44256; &#54788;&#47932; ETF&#44032; &#49849;&#51064;&#46096;&#45796;. Lummis&#45716; &#44536;&#54644; 7&#50900; &#52376;&#51020;&#51004;&#47196; &#44396;&#52404;&#51201;&#51064; &#48277;&#50504;&#51012; &#48156;&#51032;&#54664;&#45796;. 5&#45380;&#44036; 100&#47564; &#48708;&#53944;&#53076;&#51064;&#51012; &#51032;&#47924; &#47588;&#51077;&#54616;&#44256;, 20&#45380;&#44036; &#48372;&#50976;&#54620;&#45796;&#45716; &#45236;&#50857;&#51060;&#50632;&#45796;. &#51116;&#50896;&#51008; &#50672;&#48169;&#51456;&#48708;&#51228;&#46020; &#51081;&#50668;&#44552;&#50640;&#49436; &#45132;&#50612;&#50724;&#46020;&#47197; &#47749;&#49884;&#54664;&#45796;.</p><p>100&#47564; &#44060;&#45716; &#52509; &#48156;&#54665;&#47049;&#51032; 4.76%&#47196;, &#49828;&#53944;&#47000;&#54000;&#51648; &#48372;&#50976;&#47049;(&#50557; 84&#47564; &#44060;)&#48372;&#45796; &#47566;&#45796;. &#54616;&#51648;&#47564; &#48277;&#50504;&#51008; &#44057;&#51008; &#54644; &#54924;&#44592;&#44032; &#45149;&#45208;&#47728; &#51088;&#46041; &#54224;&#44592;&#46096;&#45796;.</p><h3><strong>2.2. 2025&#45380;: &#51116;&#48156;&#51032;, &#44536;&#47084;&#45208; &#51032;&#54924;&#51032; &#48317;</strong></h3><p>2025&#45380; 3&#50900;, Lummis&#45716; &#53944;&#47100;&#54532; &#54665;&#51221;&#47749;&#47161;&#44284; &#44057;&#51008; &#45804;&#50640; BITCOIN Act S. 954&#47484; &#49345;&#50896;&#50640; &#51116;&#48156;&#51032;&#54664;&#45796;. &#54645;&#49900; &#44264;&#44201;&#51008; &#44057;&#50520;&#45796;. &#50672;&#44036; 200,000 BTC&#50473; 5&#45380;&#44036; &#47588;&#51077;&#54644; 100&#47564; &#44060;&#47484; &#48708;&#52629;&#54616;&#44256;, 20&#45380;&#44036; &#54036;&#51648; &#50506;&#45716;&#45796;. 2024&#45380; &#48260;&#51204;&#44284; &#45804;&#46972;&#51652; &#51216;&#51008; &#47588;&#44033; &#50696;&#50808; &#51312;&#54637;&#51012; &#49325;&#51228;&#54644; &#48372;&#50976; &#51032;&#47924;&#47484; &#45908; &#44053;&#54616;&#44172; &#54616;&#45716; &#44163;&#51060;&#45796;. &#44277;&#46041; &#48156;&#51032;&#51088;&#46020; 5&#47749;&#51004;&#47196; &#45720;&#50632;&#45796;.</p><p>&#49884;&#51109; &#48152;&#51025;&#51008; &#44557;&#51221;&#51201;&#51060;&#50632;&#51004;&#45208; &#54788;&#49892;&#51201;&#51064; &#47928;&#51228;&#46308;&#51060; &#51080;&#50632;&#45796;.</p><ol><li><p>&#51116;&#51221;: 100&#47564; &#48708;&#53944;&#53076;&#51064;&#51008; &#54788;&#51116;&#44032;&#47196; &#49688;&#48177;&#51312; &#50896; &#44508;&#47784;&#45796;. &#44277;&#54868;&#45817; &#45236; &#51116;&#51221;&#48372;&#49688;&#54028;&#45716; &#8220;&#44552;&#51008; &#44032;&#44201;&#51060; &#50504;&#51221;&#51201;&#51060;&#51648;&#47564; &#48708;&#53944;&#53076;&#51064;&#51008; &#53804;&#44592; &#51088;&#49328;&#8221;&#51060;&#46972;&#47728; &#51032;&#47924; &#47588;&#51077; &#44396;&#51312;&#50640; &#48152;&#45824;&#54664;&#45796;.</p></li><li><p>&#45804;&#47084; &#54056;&#44428;&#47200;: &#48124;&#51452;&#45817; Maxine Waters&#47484; &#51473;&#49900;&#51004;&#47196; &#8220;&#48708;&#53944;&#53076;&#51064;&#51012; &#51456;&#48708;&#51088;&#49328;&#51004;&#47196; &#54200;&#51077;&#54616;&#47732; &#45804;&#47084;&#51032; &#44592;&#52629;&#53685;&#54868; &#51648;&#50948;&#47484; &#49828;&#49828;&#47196; &#55036;&#49552;&#54620;&#45796;&#8221;&#45716; &#48152;&#47200;&#51060; &#45208;&#50772;&#45796;.</p></li><li><p>&#51116;&#47924;&#51109;&#44288;&#51032; &#48156;&#50616;: 2025&#45380; 8&#50900;, Bessent &#51116;&#47924;&#51109;&#44288;&#51060; &#8220;&#52628;&#44032; &#48708;&#53944;&#53076;&#51064; &#47588;&#51077;&#51008; &#54616;&#51648; &#50506;&#44192;&#45796;&#8221;&#44256; &#44277;&#44060; &#48156;&#50616;&#54664;&#45796;. &#48277;&#50504;&#51032; &#54645;&#49900; &#51665;&#54665;&#51088;&#44032; &#48152;&#45824; &#51077;&#51109;&#51012; &#54364;&#47749;&#54620; &#44163;&#51060;&#45796;.</p></li></ol><p>&#44208;&#44284;&#51201;&#51004;&#47196; &#48277;&#50504;&#51008; &#49345;&#50896; &#51008;&#54665;&#50948;&#50896;&#54924;&#50640; &#44228;&#47448;&#46096;&#45796;.</p><h3><strong>2.3. 2026&#45380;: ARMA, &#53440;&#54801;&#51032; &#49328;&#47932;</strong></h3><p>2026&#45380; 5&#50900;, &#54616;&#50896;&#51032;&#50896; Nick Begich&#44032; ARMA(&#48120;&#44397; &#51456;&#48708;&#44552; &#54788;&#45824;&#54868;&#48277;)&#47484; &#48156;&#51032;&#54664;&#45796;. &#48124;&#51452;&#45817; &#51032;&#50896; Jared Golden&#51060; &#44277;&#46041; &#48156;&#51032;&#51088;&#47196; &#54633;&#47448;&#54664;&#45796;. &#48277;&#50504; &#47749;&#52845;&#48512;&#53552; &#48148;&#44988; &#44163;&#51008; &#44592;&#51316; &#54620;&#44228;&#47484; &#45916;&#50612;&#45236;&#44256; &#51648;&#51648;&#47484; &#45132;&#50612;&#45236;&#44592; &#50948;&#54620; &#51204;&#47029;&#51060;&#45796;.</p><p>ARMA&#51032; &#54645;&#49900;&#51008; &#46160; &#44032;&#51648;&#45796;.</p><ol><li><p>&#50672;&#48169; &#51221;&#48512;&#44032; &#48372;&#50976;&#54616;&#44144;&#45208; &#47792;&#49688;&#54620; &#48708;&#53944;&#53076;&#51064;&#51012; &#51116;&#47924;&#48512; &#49328;&#54616; &#45800;&#51068; &#51456;&#48708;&#44552;&#51004;&#47196; &#53685;&#54633;</p></li><li><p>&#52572;&#49548; 20&#45380;&#44036; &#47588;&#44033;&#51012; &#44552;&#51648;&#54616;&#47728; &#47588;&#44033;&#51060; &#54728;&#50857;&#46104;&#45716; &#50976;&#51068;&#54620; &#44221;&#50864;&#45716; &#44397;&#44032; &#48512;&#52292; &#49345;&#54872;</p></li></ol><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!XVhw!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!XVhw!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png 424w, https://substackcdn.com/image/fetch/$s_!XVhw!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png 848w, https://substackcdn.com/image/fetch/$s_!XVhw!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png 1272w, https://substackcdn.com/image/fetch/$s_!XVhw!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!XVhw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png" width="1456" height="1423" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1423,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!XVhw!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png 424w, https://substackcdn.com/image/fetch/$s_!XVhw!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png 848w, https://substackcdn.com/image/fetch/$s_!XVhw!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png 1272w, https://substackcdn.com/image/fetch/$s_!XVhw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa882ddec-fce4-4f7a-b093-81a8ec949a18_2048x2001.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#53945;&#55176; &#44208;&#51221;&#51201; &#52264;&#51060;&#45716; &#47588;&#51077; &#51312;&#54637;&#51060;&#45796;. BITCOIN Act&#45716; &#50672;&#44036; 200,000 BTC &#47588;&#51077;&#51012; &#51032;&#47924;&#47196; &#44508;&#51221;&#54664;&#45796;. ARMA&#45716; &#54644;&#45817; &#51032;&#47924;&#47484; &#51648;&#50912;&#51004;&#47728; &#45824;&#49888; &#51116;&#47924;&#48512;&#50752; &#49345;&#47924;&#48512;&#50640; &#50696;&#49328; &#51473;&#47549;&#51201; &#48169;&#49885;&#51032; &#52628;&#44032; &#47588;&#51077; &#44032;&#45733;&#49457;&#51012; 180&#51068; &#45236;&#50640; &#8220;&#50672;&#44396;&#54644; &#48372;&#44256;&#54616;&#46972;&#8221;&#44256;&#47564; &#51648;&#49884;&#54664;&#45796;.</p><p>&#51593;, &#49888;&#44508; &#47588;&#51077;&#51060; &#50630;&#45716; &#48277;&#50504;&#51004;&#47196; &#47588;&#51077;&#51060; &#48372;&#51109;&#46104;&#51648; &#50506;&#45716; &#48277;&#50504;&#51004;&#47196; &#53685;&#44284;&#47484; &#47785;&#51201;&#51004;&#47196; &#54616;&#45716; &#48277;&#50504;&#51064; &#44163;&#51060;&#45796;.</p><h2><strong>3. &#48708;&#53944;&#53076;&#51064; &#51204;&#47029; &#51456;&#48708;&#44552;, &#45800;&#44592; &#54840;&#51116; &#50500;&#45768;&#45796;.</strong></h2><p>&#54788;&#51116; &#51032;&#54924;&#50640;&#45716; &#46160; &#48277;&#50504;&#51060; &#48337;&#54665; &#51473;&#51060;&#45796;. Lummis&#51032; BITCOIN Act(S.954)&#45716; &#49345;&#50896;, Begich&#51032; ARMA&#45716; &#54616;&#50896;&#50640;&#49436; &#44033;&#44033; &#50948;&#50896;&#54924;&#50640; &#44228;&#47448;&#46076; &#51080;&#45796;. &#46168;&#51032; &#47785;&#54364;&#45716; &#45796;&#47476;&#45796;. BITCOIN Act&#45716; &#47588;&#51077; &#48277;&#50504;&#51060;&#44256;, ARMA&#45716; &#48372;&#44288; &#48277;&#50504;&#51060;&#45796;.</p><p>&#54788;&#49892;&#51201;&#51004;&#47196; &#47676;&#51200; &#50880;&#51649;&#51068; &#44032;&#45733;&#49457;&#51060; &#45458;&#51008; &#51901;&#51008; ARMA&#45796;. BITCOIN Act&#45716; &#44277;&#54868;&#45817; &#45800;&#46021; &#48156;&#51032;&#50640; &#51116;&#51221; &#45436;&#46976;&#44620;&#51648; &#50617;&#54784; 1&#45380; &#45336;&#44172; &#50948;&#50896;&#54924; &#48150;&#51004;&#47196; &#45208;&#50724;&#51648; &#47803;&#54664;&#45796;. ARMA&#45716; &#48124;&#51452;&#45817; &#51032;&#50896;&#51060; &#44277;&#46041; &#48156;&#51032;&#51088;&#47196; &#48537;&#50632;&#44256;, &#49888;&#44508; &#47588;&#51077; &#51032;&#47924;&#46020; &#50630;&#45796;. &#48152;&#45824;&#54624; &#47749;&#48516;&#51060; &#51460;&#50632;&#45796;.</p><p>&#44536;&#47111;&#45796;&#44256; ARMA &#53685;&#44284;&#44032; &#44263; &#54840;&#51116;&#45716; &#50500;&#45768;&#45796;. ARMA&#44032; &#53685;&#44284;&#46104;&#47732; &#48120;&#44397; &#51221;&#48512;&#44032; &#51540; &#50557; 32&#47564; &#44060; &#48708;&#53944;&#53076;&#51064;&#51008; &#52572;&#49548; 20&#45380;&#44036; &#49884;&#51109;&#50640; &#45208;&#50724;&#51648; &#50506;&#45716;&#45796;. &#47588;&#46020; &#50517;&#47141;&#51060; &#48277;&#51201;&#51004;&#47196; &#49324;&#46972;&#51652;&#45796;. &#47928;&#51228;&#45716; &#49888;&#44508; &#47588;&#51077; &#51032;&#47924;&#44032; &#50630;&#44592;&#50640; &#49884;&#51109;&#50640; &#50976;&#46041;&#49457; &#44277;&#44553;&#46020; &#50630;&#45796;&#45716; &#44163;&#51060;&#45796;. &#49884;&#51109;&#51060; &#50896;&#54616;&#45716; &#44163;&#51008; &#51221;&#48512;&#44032; &#51649;&#51217; &#48708;&#53944;&#53076;&#51064;&#51012; &#49324;&#46308;&#51060;&#45716; &#44163;&#51060;&#51648;&#47564;, ARMA&#45716; &#51060;&#50752; &#45796;&#47476;&#45796;. 2025&#45380; 3&#50900; &#54665;&#51221;&#47749;&#47161;&#51012; &#48277;&#47456;&#47196; &#44201;&#49345;&#49884;&#53412;&#45716; &#44163;&#50640; &#44032;&#44637;&#45796;.</p><p>&#44536;&#47084;&#45208; ARMA &#45796;&#51020;&#51012; &#48400;&#50556; &#54620;&#45796;. &#50668;&#44592;&#49436; &#51473;&#50836;&#54620; &#44163;&#51008; &#51060; &#48277;&#50504;&#51012; &#48156;&#51032;&#54620; &#49324;&#46988;&#51060; &#45572;&#44396;&#45264;&#45716; &#44163;&#51060;&#45796;.</p><p>Nick Begich&#45716; 2013&#45380;&#48512;&#53552; &#48708;&#53944;&#53076;&#51064;&#50640; &#53804;&#51088;&#54644; &#50772;&#51004;&#47728; &#49457;&#44201;&#51060; &#45796;&#47480; 2025&#45380; 3&#50900; BITCOIN Act &#54616;&#50896; &#44277;&#46041; &#48156;&#51032;&#51088;&#51060;&#44592;&#46020; &#54664;&#45796;. &#51593; &#48708;&#53944;&#53076;&#51064; &#51088;&#52404;&#50640; &#45824;&#54620; &#44557;&#51221;&#51201;&#51064; &#49884;&#44033;&#51060; &#51080;&#51004;&#47728;, &#51204;&#47029;&#51088;&#49328; &#48708;&#52629; &#51088;&#52404;&#50640;&#46020; &#46041;&#51032;&#54616;&#45716; &#51064;&#47932;&#51060;&#45796;.</p><p>&#46412;&#47928;&#50640; &#52628;&#52769;&#52968;&#45824; BITCOIN Act&#50752; &#44057;&#51060; &#50669;&#54413;&#51060; &#44053;&#54620; &#48708;&#52629; &#48277;&#50504;&#51012; &#54620; &#48264;&#50640; &#53685;&#44284;&#49884;&#53412;&#45716; &#44163;&#48372;&#45796;, &#48277;&#51201; &#53952;&#51012; &#47676;&#51200; &#49464;&#50864;&#44256; &#44536; &#50948;&#50640; &#49939;&#50500;&#44032;&#45716; &#44396;&#51312;&#47484; &#53469;&#54620; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;.</p><p>ARMA&#44032; &#53685;&#44284;&#46104;&#47732; &#48708;&#53944;&#53076;&#51064;&#51008; &#44397;&#44032; &#51456;&#48708;&#51088;&#49328;&#51004;&#47196;&#49436;&#51032; &#48277;&#51201; &#51648;&#50948;&#47484; &#50619;&#44592;&#50640; &#51088;&#49328;&#50640; &#45824;&#54620; &#51648;&#50948;&#47484; &#48277;&#51004;&#47196; &#51221;&#51032;&#54620; &#46244; &#51032;&#47924; &#47588;&#51077; &#45436;&#51032;&#47484; &#45796;&#49884; &#49884;&#51089;&#54624; &#44032;&#45733;&#49457;&#51060; &#45458;&#45796;.</p><p>&#51221;&#47532;&#54616;&#51088;&#47732; &#45800;&#44592;&#51201;&#51004;&#47196; ARMA &#53685;&#44284;&#45716; &#48708;&#53944;&#53076;&#51064; &#44032;&#44201;&#50640; &#53360; &#50689;&#54693;&#51060; &#50630;&#45796;. &#44536;&#47084;&#45208; &#51109;&#44592;&#51201;&#51004;&#47196;&#45716; &#50668;&#51204;&#55176; &#49884;&#51109;&#50640; &#54840;&#51116;&#47196; &#51089;&#50857;&#54624; &#49688; &#51080;&#45716; &#50836;&#51064;&#51060;&#47728;, ARMA &#53685;&#44284; &#54980; &#44032;&#49884;&#49457;&#51008; &#45908; &#45458;&#50500;&#51652;&#45796;&#44256; &#48400;&#50556; &#54624; &#44163;&#51060;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/what-businesses-should-you-build-kor">&#53364;&#47000;&#47532;&#54000; &#48277;&#50504; &#53685;&#44284;, &#45817;&#49888;&#51060; &#54644;&#50556; &#54624; 6&#44032;&#51648; &#48708;&#51592;&#45768;&#49828;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/change-in-the-us-kor">&#53944;&#47100;&#54532; &#51221;&#48512; 1&#45380;, &#48120;&#44397; &#50516;&#54840;&#54868;&#54224; &#49328;&#50629;&#51032; &#48320;&#54868;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944; &#51060;&#50857; &#50504;&#45236;</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; <a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">&#47196;&#44256;</a>&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ ์•”ํ˜ธํ™”ํ ๊ฑฐ๋ž˜์†Œ์˜ ๋Œ€๊ทœ๋ชจ ์ฃผ์‹ ๊ฑฐ๋ž˜ ์ง€์›, ์™ธ๋ฉด๋ฐ›๋Š” ์•”ํ˜ธํ™”ํ ์‹œ์žฅ ]]>
</title>
<description>
<![CDATA[ &#48148;&#51060;&#45240;&#49828;&#44032; &#51452;&#49885; &#44144;&#47000;&#47484; &#50676;&#50632;&#49845;&#45768;&#45796;. &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#49548;&#46308;&#51060; &#50508;&#53944;&#53076;&#51064;&#51012; &#46244;&#47196;&#54616;&#44256; &#49352;&#47196;&#50868; &#47673;&#44144;&#47532;&#47484; &#52286;&#50500; &#45208;&#49436;&#44592; &#49884;&#51089;&#54664;&#49845;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/cex-to-everything-store-abandoned-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/cex-to-everything-store-abandoned-kor</guid>
<dc:creator>
<![CDATA[ Henry Kim ]]>
</dc:creator>
<pubDate>Tue, 09 Jun 2026 13:02:18 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/201266338/4dbca1f404c242967f651d42fd0a0f46.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>&#48148;&#51060;&#45240;&#49828; &#46321; &#45796;&#49688;&#51032; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#49548;&#44032; &#51452;&#49885; &#44144;&#47000; &#49436;&#48708;&#49828;&#47484; &#46020;&#51077;&#54616;&#44592; &#49884;&#51089;&#54664;&#49845;&#45768;&#45796;. &#51204;&#53685; &#44552;&#50997;&#51004;&#47196; &#50689;&#50669;&#51012; &#45331;&#54784;&#44032;&#45716; &#44144;&#47000;&#49548;&#46308;&#51032; &#50880;&#51649;&#51076;&#51060; &#44284;&#50672; &#47924;&#50631;&#51012; &#51032;&#48120;&#54616;&#45716;&#51648; &#49332;&#54196;&#48389;&#45768;&#45796;.</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>&#50516;&#54840;&#54868;&#54224; &#44144;&#47000; &#49688;&#49688;&#47308; &#47784;&#45944;&#51032; &#54620;&#44228;, &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;(Hyperliquid) &#44057;&#51008; &#47924;&#44592;&#54620; &#49440;&#47932; DEX&#51032; &#49457;&#51109;, &#53944;&#47100;&#54532; &#54665;&#51221;&#48512; &#51060;&#54980; &#50676;&#47536; &#44508;&#51228; &#54872;&#44221;&#51060; &#44217;&#52824;&#47728; &#44544;&#47196;&#48268; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#49548;&#46308;&#51060; &#48169;&#54693;&#51012; &#48148;&#44984;&#44592; &#49884;&#51089;&#54664;&#45796;.</p></li><li><p>&#51452;&#50836; &#44144;&#47000;&#49548;&#46308;&#51060; &#54693;&#54616;&#45716; &#44275;&#51008; &#51452;&#49885;&#183;&#54028;&#49373;&#49345;&#54408; &#44057;&#51008; &#51204;&#53685; &#44552;&#50997; &#49345;&#54408;&#51060;&#44256;, &#54805;&#53468;&#45716; &#51204;&#53685; &#44552;&#50997;&#50640; &#44032;&#44620;&#50892;&#51648;&#44256; &#51080;&#45796;.</p></li><li><p>&#44284;&#44144;&#50644; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#44032; &#50516;&#54840;&#54868;&#54224; &#49373;&#53468;&#44228;&#51032; &#54645;&#49900; &#50976;&#46041;&#49457; &#44277;&#44553;&#51088;&#50688;&#51004;&#45208; &#51648;&#44552; &#44144;&#47000;&#49548;&#51032; &#52572;&#50864;&#49440; &#44284;&#51228;&#45716; &#51204;&#53685; &#44552;&#50997;&#51012; &#54693;&#54620; &#49324;&#50629; &#51116;&#54200;&#51060;&#45796;.</p></li><li><p>&#50516;&#54840;&#54868;&#54224;&#51032; &#44033;&#51088;&#46020;&#49373; &#49884;&#45824;&#44032; &#50676;&#47532;&#44256; &#51080;&#45796;. &#44144;&#47000;&#49548; &#50630;&#51060;&#46020; &#49332;&#50500;&#45224;&#51012; &#49688; &#51080;&#45716; &#54532;&#47196;&#51229;&#53944;&#50752; &#44536;&#47111;&#51648; &#47803;&#54620; &#54532;&#47196;&#51229;&#53944;&#44032; &#44040;&#47532;&#44172; &#46108;&#45796;.</p></li></ul><div><hr></div><h2><strong>1. &#48148;&#51060;&#45240;&#49828;&#50640;&#49436; &#50528;&#54540; &#51452;&#49885;&#51012; &#49328;&#45796;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!KWPq!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!KWPq!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png 424w, https://substackcdn.com/image/fetch/$s_!KWPq!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png 848w, https://substackcdn.com/image/fetch/$s_!KWPq!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png 1272w, https://substackcdn.com/image/fetch/$s_!KWPq!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!KWPq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png" width="1456" height="1027" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1027,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!KWPq!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png 424w, https://substackcdn.com/image/fetch/$s_!KWPq!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png 848w, https://substackcdn.com/image/fetch/$s_!KWPq!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png 1272w, https://substackcdn.com/image/fetch/$s_!KWPq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e39eda2-4fa4-44f6-9aaf-ee6feac8d18b_2048x1445.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51648;&#45212; 6&#50900; 1&#51068;&#48512;&#53552; &#48148;&#51060;&#45240;&#49828;(Binance) &#50545;&#50640;&#49436; &#50528;&#54540;(Apple, AAPL), &#44396;&#44544;(Google, GOOGL) &#44057;&#51008; &#51452;&#49885;&#51012; <a href="https://www.binance.com/en/square/post/329822888819298">&#44396;&#47588;</a>&#54624; &#49688; &#51080;&#44172; &#46096;&#45796;. &#44536; &#54980;&#47196; &#54616;&#47336; &#46244;&#51064; 6&#50900; 2&#51068; KOSPI &#51064;&#44592; &#51333;&#47785;&#51064; SK&#54616;&#51060;&#45769;&#49828;, &#49340;&#49457;&#51204;&#51088;, &#54788;&#45824;&#52264; &#51452;&#49885;&#51032; &#44144;&#47000;&#47484; &#51648;&#50896;&#54620;&#45796;&#44256; &#48156;&#54364;&#54664;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!PDFz!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5bbb5caf-48d9-4b38-98f9-830761554246_2048x1381.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!PDFz!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5bbb5caf-48d9-4b38-98f9-830761554246_2048x1381.png 424w, https://substackcdn.com/image/fetch/$s_!PDFz!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5bbb5caf-48d9-4b38-98f9-830761554246_2048x1381.png 848w, https://substackcdn.com/image/fetch/$s_!PDFz!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5bbb5caf-48d9-4b38-98f9-830761554246_2048x1381.png 1272w, https://substackcdn.com/image/fetch/$s_!PDFz!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5bbb5caf-48d9-4b38-98f9-830761554246_2048x1381.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!PDFz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5bbb5caf-48d9-4b38-98f9-830761554246_2048x1381.png" width="1456" height="982" 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https://substackcdn.com/image/fetch/$s_!PDFz!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5bbb5caf-48d9-4b38-98f9-830761554246_2048x1381.png 848w, https://substackcdn.com/image/fetch/$s_!PDFz!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5bbb5caf-48d9-4b38-98f9-830761554246_2048x1381.png 1272w, https://substackcdn.com/image/fetch/$s_!PDFz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5bbb5caf-48d9-4b38-98f9-830761554246_2048x1381.png 1456w" sizes="100vw"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#48148;&#51060;&#45240;&#49828;&#44032; &#51452;&#49885; &#49884;&#51109;&#50640; &#48156;&#51012; &#46308;&#51060;&#47140; &#54620; &#44148; &#51060;&#48264;&#51060; &#52376;&#51020;&#51060; &#50500;&#45768;&#45796;. 2021&#45380; 4&#50900; <a href="https://www.binance.com/en/support/announcement/detail/3a0304f3ee1c43668959c1b01f610d59">&#53580;&#49836;&#46972;(Tesla, TSLA), &#50528;&#54540;(AAPL), &#47560;&#51060;&#53356;&#47196;&#49548;&#54532;&#53944;(Microsoft, MSFT) </a>&#46321;&#51032; &#51452;&#49885; &#53664;&#53360; &#44144;&#47000;&#47484; &#51648;&#50896;&#54664;&#45796;&#44032;, &#50668;&#47084; &#50517;&#48149; &#49549;&#50640; &#44057;&#51008; &#54644; 7&#50900; &#49436;&#48708;&#49828;&#47484; &#50756;&#51204;&#55176; &#51333;&#47308;&#54664;&#45796;.</p><p>&#45817;&#49884; &#44396;&#51312;&#51201; &#47928;&#51228;&#45716; &#49464; &#44032;&#51648;&#50688;&#45796;. <strong>1) &#51452;&#49885; &#53664;&#53360;&#51032; &#48277;&#51201; &#51648;&#50948;&#44032; &#51613;&#44428;&#51064;&#51648; &#54028;&#49373;&#49345;&#54408;&#51064;&#51648; &#48520;&#47749;&#54869;&#54664;&#44256;, 2) EU &#44508;&#51221;&#49345; &#51032;&#47924;&#51064; &#53804;&#51088;&#49444;&#47749;&#49436;&#44032; &#50630;&#50632;&#51004;&#47728;, 3) &#48148;&#51060;&#45240;&#49828; &#51088;&#52404;&#50640;&#45716; &#51649;&#51217; &#51064;&#44032;&#44032; &#50630;&#50632;&#45796;.</strong> <a href="https://www.bafin.de/DE/home_node.html">&#46021;&#51068; BaFin</a>&#44284; <a href="https://www.fca.org.uk/">&#50689;&#44397; FCA</a>, <a href="https://www.sfc.hk/en/">&#54861;&#53097; SFC</a>&#44032; &#47784;&#46160; &#51060;&#47484; &#47928;&#51228; &#49340;&#50520;&#45796;.</p><p>&#51060;&#48264; &#52636;&#49884;&#45716; &#45796;&#47476;&#45796;. &#48148;&#51060;&#45240;&#49828;&#44032; <a href="https://www.adgm.com/public-registers/fsra/firms/financial-firms/nest-trading-limited-260000">&#50500;&#48512;&#45796;&#48708; &#44544;&#47196;&#48268; &#47560;&#53011;(ADGM) &#51064;&#44032;</a> &#48652;&#47196;&#52964;&#46364;&#47084;&#47484; &#53685;&#54644; &#51452;&#47928; &#52404;&#44228;&#47484; &#44396;&#52629;&#54616;&#47728; &#48277;&#51201; &#51648;&#50948;&#47484; &#8220;&#48652;&#47196;&#52964;&#47532;&#51648; &#49436;&#48708;&#49828;&#8221;&#47196; &#47749;&#54869;&#55176; &#54664;&#45796;. 2021&#45380;&#52376;&#47100; &#49345;&#54408; &#48156;&#54665; &#51452;&#52404;&#47484; &#46160;&#44256; &#45796;&#53812; &#50668;&#51648;&#44032; &#51460;&#50632;&#45796;.</p><p>&#44277;&#44368;&#47213;&#44172;&#46020; &#48148;&#51060;&#48727;(Bybit)&#51060; &#48708;&#49847;&#54620; &#49884;&#44592;&#50640; TradFi &#47924;&#44592;&#54620; &#49440;&#47932; &#49884;&#51109;&#51012; &#52636;&#49884;&#54644;&#49436;<a href="https://announcements.bybit.com/en/article/new-listing-samsungusdt-perpetual-contract-with-up-to-20x-leverage-blta154b4788f259b3f/"> KOSPI &#51064;&#44592; &#51333;&#47785;&#51064; &#54616;&#51060;&#45769;&#49828;, &#49340;&#49457;&#51204;&#51088;</a> &#46321;&#51012; &#51648;&#50896;&#54616;&#44256; <a href="https://announcements.bybit.com/en/article/new-listing-samsungusdt-perpetual-contract-with-up-to-20x-leverage-blta154b4788f259b3f/">&#49828;&#54168;&#51060;&#49828;X(SpaceX, SPCX)</a>&#51032; &#47924;&#44592;&#54620; &#49440;&#47932; &#44144;&#47000;&#47484; &#51648;&#50896;&#54620;&#45796;. &#53076;&#51064;&#48288;&#51060;&#49828;(Coinbase)&#46020; <a href="https://www.coinbase.com/blog/pre-ipos-are-launching-on-coinbase-starting-with-spacex">SPCX &#49440;&#47932; &#44144;&#47000;&#47484; &#51648;&#50896;</a>&#54620;&#45796;&#45716; &#49548;&#49885;&#51012; &#48156;&#54364;&#54664;&#45796;.</p><p><strong>&#50780; &#51452;&#50836; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#49548;&#46308;&#51008; &#48708;&#49847;&#54620; &#49884;&#51216;&#50640; &#51204;&#53685; &#44552;&#50997;&#50545;&#50640; &#44032;&#44620;&#50868; &#48169;&#54693;&#51004;&#47196; &#50880;&#51649;&#51060;&#44592; &#49884;&#51089;&#54664;&#51012;&#44620;.</strong></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. &#44144;&#47000;&#49548;&#47484; &#46168;&#47084;&#49916; &#49464; &#44032;&#51648; &#50517;&#47141;</strong></h2><p>&#44144;&#47000;&#49548;&#46308;&#51060; &#50516;&#54840;&#54868;&#54224; &#51473;&#49900; &#47784;&#45944;&#50640;&#49436; &#47680;&#50612;&#51648;&#45716; &#45936;&#45716; &#49464; &#44032;&#51648; &#50517;&#47141;&#51060; &#51089;&#50857;&#54664;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Ly_m!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Ly_m!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png 424w, https://substackcdn.com/image/fetch/$s_!Ly_m!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png 848w, https://substackcdn.com/image/fetch/$s_!Ly_m!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png 1272w, https://substackcdn.com/image/fetch/$s_!Ly_m!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Ly_m!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png" width="1456" height="942" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:942,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Ly_m!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png 424w, https://substackcdn.com/image/fetch/$s_!Ly_m!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png 848w, https://substackcdn.com/image/fetch/$s_!Ly_m!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png 1272w, https://substackcdn.com/image/fetch/$s_!Ly_m!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4fa1f-da7f-49ff-a869-8f983c626e59_2048x1325.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h3><strong>2.1. &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#47049; &#44553;&#44048;</strong></h3><p>&#52395; &#48264;&#51704; &#50517;&#47141;&#51008; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#47049;&#51032; &#44048;&#49548;&#45796;. &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#49548; &#49688;&#51061;&#51008; &#44208;&#44397; &#44144;&#47000;&#47049;&#50640; &#51333;&#49549;&#46108;&#45796;. &#44536;&#47532;&#44256; &#44536; &#44144;&#47000;&#47049;&#51008; &#49884;&#51109;&#51032; &#48516;&#50948;&#44592;&#50640; &#51032;&#54644; &#44208;&#51221;&#46108;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_S_k!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_S_k!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png 424w, https://substackcdn.com/image/fetch/$s_!_S_k!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png 848w, https://substackcdn.com/image/fetch/$s_!_S_k!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png 1272w, https://substackcdn.com/image/fetch/$s_!_S_k!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_S_k!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png" width="1456" height="1162" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1162,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_S_k!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png 424w, https://substackcdn.com/image/fetch/$s_!_S_k!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png 848w, https://substackcdn.com/image/fetch/$s_!_S_k!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png 1272w, https://substackcdn.com/image/fetch/$s_!_S_k!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa34a7968-08f5-4871-a12b-499617fd4991_2048x1634.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#44144;&#47000;&#49548;&#48324; &#50508;&#53944;&#53076;&#51064; &#44144;&#47000;&#47049;&#51008; &#48148;&#51060;&#45240;&#49828; &#44592;&#51456;, &#51068;&#54217;&#44512; &#49828;&#54047; &#44144;&#47000;&#47049;&#51060; 2025&#45380; 10&#50900; &#44256;&#51216; <a href="https://decrypt.co/361900/altcoin-volume-slumps-80-amid-tighter-monetary-conditions">&#50557; $45B&#50640;&#49436; &#54788;&#51116; $7.7B&#51004;&#47196; &#50557; 85% &#44048;&#49548;</a>&#54664;&#45796;. &#53440; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548; &#54633;&#49328;&#46020; &#44256;&#51216; &#50557; <a href="https://decrypt.co/361900/altcoin-volume-slumps-80-amid-tighter-monetary-conditions">$63B&#50640;&#49436; $18.8B&#51004;&#47196; 70% &#51221;&#46020; &#44048;&#49548;</a>&#54664;&#45796;.</p><p>&#44048;&#49548;&#54620; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#47049;&#44284; &#54632;&#44760; <strong>&#44144;&#47000; &#49688;&#49688;&#47308;&#50640; &#44592;&#45828; &#48708;&#51592;&#45768;&#49828; &#47784;&#45944;&#51060; &#55124;&#46308;&#47532;&#44592; &#49884;&#51089;&#54664;&#45796;.</strong></p><h3><strong>2.2. &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#51032; &#50728;&#52404;&#51064; &#44144;&#47000;&#47049; &#55137;&#49688;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!puRs!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!puRs!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png 424w, https://substackcdn.com/image/fetch/$s_!puRs!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png 848w, https://substackcdn.com/image/fetch/$s_!puRs!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png 1272w, https://substackcdn.com/image/fetch/$s_!puRs!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!puRs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png" width="1456" height="1101" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/454c4db9-374d-4953-8d16-24661745d616_2048x1549.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1101,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!puRs!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png 424w, https://substackcdn.com/image/fetch/$s_!puRs!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png 848w, https://substackcdn.com/image/fetch/$s_!puRs!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png 1272w, https://substackcdn.com/image/fetch/$s_!puRs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F454c4db9-374d-4953-8d16-24661745d616_2048x1549.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#48708;&#53944;&#53076;&#51064;&#44284; &#51060;&#45908;&#47532;&#50880;&#51012; &#51228;&#50808;&#54620; &#50508;&#53944;&#53076;&#51064; &#44144;&#47000;&#47049;&#44284; <a href="https://www.theblock.co/post/403384/hyperliquid-record-share-global-perps-market-hip-3-tops-62-billion-monthly-volume">&#54616;&#51060;&#54140;&#47532;&#53300;&#46300; &#45236; &#51452;&#49885;&#183;&#50896;&#51088;&#51116; &#46321;&#51032; RWA &#51088;&#49328; &#44144;&#47000;&#47049;</a> &#48708;&#44368;&#44032; &#54788; &#49345;&#54889;&#51012; &#45908; &#51649;&#44288;&#51201;&#51004;&#47196; &#48372;&#50668;&#51456;&#45796;.</strong></p><p><a href="https://app.hyperliquid.xyz/trade">&#54616;&#51060;&#54140;&#47532;&#53300;&#46300;(Hyperliquid)</a>&#44032; &#51452;&#49885;&#44284; &#50896;&#51088;&#51116; &#49440;&#47932; &#44144;&#47000;&#47484; &#51648;&#50896;&#54616;&#47728; &#50728;&#52404;&#51064; &#50976;&#46041;&#49457;&#51012; &#45132;&#50612;&#46308;&#51060;&#44592; &#49884;&#51089;&#54664;&#45796;.<strong> </strong>&#52280;&#44256;&#47196; <strong>2026&#45380; &#51473;&#48152; &#44592;&#51456; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300; &#47924;&#44592;&#54620; &#49440;&#47932; &#44144;&#47000;&#47049; &#49345;&#50948; 30&#44060; &#51088;&#49328; &#51473; 23&#44060;&#44032; &#53356;&#47549;&#53664;&#44032; &#50500;&#45772; &#51452;&#49885;&#44284; &#50896;&#51088;&#51116;&#50688;&#45796;.</strong></p><p>&#50728;&#52404;&#51064;&#51060; &#50516;&#54840;&#54868;&#54224;&#47564;&#51032; &#50689;&#50669;&#51060;&#46972;&#45716; &#51204;&#51228;&#44032; &#47924;&#45320;&#51276;&#45796;. &#45908;&#44400;&#45796;&#45208; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51032; &#44144;&#47000;&#47049;&#51012; &#46832;&#50612;&#45336;&#45716; &#53448;&#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51032; &#46321;&#51109;&#51008; &#50668;&#47084; &#44144;&#47000;&#49548;&#46308;&#51012; &#44596;&#51109;&#54616;&#44172; &#47564;&#46308;&#50632;&#45796;.</p><h3><strong>2.3. &#44508;&#51228; &#48320;&#54868;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!KTMx!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!KTMx!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png 424w, https://substackcdn.com/image/fetch/$s_!KTMx!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png 848w, https://substackcdn.com/image/fetch/$s_!KTMx!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!KTMx!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!KTMx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png" width="1456" height="1710" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/be1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1710,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!KTMx!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png 424w, https://substackcdn.com/image/fetch/$s_!KTMx!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png 848w, https://substackcdn.com/image/fetch/$s_!KTMx!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!KTMx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbe1d86f7-2cfd-4290-90cb-d9f5b6f02006_1744x2048.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#49464;&#48264;&#51704; &#50517;&#47141;&#51008; &#53944;&#47100;&#54532; &#54665;&#51221;&#48512; &#52636;&#48276; &#51060;&#54980; &#44508;&#51228; &#51648;&#54805;&#51060; &#48148;&#45084;&#50640; &#46384;&#46972; &#44032;&#54644;&#51276;&#45796;. SEC&#45716; <a href="https://www.sec.gov/Archives/edgar/data/1679788/000119312525031346/d857645d8k.htm">&#53076;&#51064;&#48288;&#51060;&#49828;</a>&#50752; <a href="https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26278">&#53356;&#46972;&#52996;</a>&#51012; &#49345;&#45824;&#47196; &#51228;&#44592;&#54664;&#45912; &#49548;&#49569;&#51012; &#52712;&#54616;&#54664;&#45796;. &#44508;&#51228; &#44592;&#44288;&#51060; &#51201;&#45824;&#51201;&#51060;&#45912; &#49884;&#51208;&#50644; &#51204;&#53685; &#44552;&#50997; &#51064;&#44032;&#47484; &#49888;&#52397;&#54616;&#45716; &#44163; &#51088;&#52404;&#44032; &#47532;&#49828;&#53356;&#50688;&#51648;&#47564; &#51060;&#51232; &#44536; &#51064;&#44032;&#44032; &#52264;&#48324;&#51216;&#51012; &#48512;&#50668;&#54616;&#47728; &#49888;&#47280;&#51032; &#51613;&#54364;&#44032; &#46104;&#50612;&#51460; &#49688; &#51080;&#45796;.</p><p><strong>&#44508;&#51228; &#54616;&#50640; &#51080;&#45716; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#44032; &#54624; &#49688; &#51080;&#45716; &#44163;&#44284; &#54624; &#49688; &#50630;&#45716; &#44163;&#51060; &#47749;&#54869;&#54644;&#51276;&#45796;. &#51060;&#51228; &#44033;&#51088;&#44032; &#44032;&#51648;&#44256; &#51080;&#45716; &#51109;&#51216;&#51012; &#50526;&#49464;&#50892; &#49352;&#47196;&#50868; &#48169;&#54693;&#49457;&#51012; &#44032;&#51256;&#44040; &#49688; &#51080;&#44172; &#46108; &#44163;&#51060;&#45796;.</strong></p><h2><strong>3. &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#48324; &#49373;&#51316; &#51204;&#47029;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!vkV2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!vkV2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png 424w, https://substackcdn.com/image/fetch/$s_!vkV2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png 848w, https://substackcdn.com/image/fetch/$s_!vkV2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png 1272w, https://substackcdn.com/image/fetch/$s_!vkV2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!vkV2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png" width="1456" height="961" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:961,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!vkV2!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png 424w, https://substackcdn.com/image/fetch/$s_!vkV2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png 848w, https://substackcdn.com/image/fetch/$s_!vkV2!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png 1272w, https://substackcdn.com/image/fetch/$s_!vkV2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d80ee84-094e-44d4-b0d2-fd52afe42509_2048x1352.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#46308;&#51008; &#46041;&#49884;&#50640; &#48708;&#49847;&#54620; &#51333;&#47448;&#51032; &#50517;&#48149;&#51012; &#48155;&#50520;&#51648;&#47564; &#44144;&#44592;&#50640; &#45824;&#51025;&#54616;&#45716; &#50880;&#51649;&#51076;&#51008; &#49436;&#47196; &#45804;&#46992;&#45796;.</p><h3><strong>3.1. &#48148;&#51060;&#45240;&#49828;(Binance): &#50640;&#48652;&#47532;&#46965; &#49828;&#53664;&#50612;(Everything Store)</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!cMHH!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!cMHH!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png 424w, https://substackcdn.com/image/fetch/$s_!cMHH!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png 848w, https://substackcdn.com/image/fetch/$s_!cMHH!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png 1272w, https://substackcdn.com/image/fetch/$s_!cMHH!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!cMHH!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png" width="1456" height="841" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/cde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:841,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!cMHH!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png 424w, https://substackcdn.com/image/fetch/$s_!cMHH!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png 848w, https://substackcdn.com/image/fetch/$s_!cMHH!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png 1272w, https://substackcdn.com/image/fetch/$s_!cMHH!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcde38f0f-54fc-4ba1-8677-2b3420c805e4_2048x1183.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#49464;&#44228; &#52572;&#45824; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51064; &#48148;&#51060;&#45240;&#49828;&#51032; &#48169;&#54693;&#49457;&#51008; &#49900;&#54540;&#54616;&#45796;. &#8220;Everything Store&#8221;&#44032; &#46104;&#50612; &#47784;&#46304; &#44144;&#47000;&#44032; &#48376;&#51064;&#46308; &#54540;&#47019;&#54268; &#50504;&#50640;&#49436; &#48156;&#49373;&#54624; &#49688; &#51080;&#46020;&#47197; &#54632;&#51004;&#47196;&#50024; &#49324;&#50857;&#51088;&#51032; &#51060;&#53448;&#51012; &#47561;&#45716; &#44163;&#51012; &#47785;&#54364;&#47196; &#54620;&#45796;.</strong></p><p>&#49324;&#49892; &#50728;&#52404;&#51064; &#44277;&#47029;&#51012; &#47676;&#51200; &#49884;&#46020;&#54664;&#44256; &#49457;&#44277;&#51201;&#51060;&#50632;&#45796;. &#51068;&#52237;&#51060; &#44144;&#47000;&#49548;&#47196; &#49457;&#44277;&#54620; &#48148;&#51060;&#45240;&#49828;&#45716; &#50728;&#52404;&#51064; &#49373;&#53468;&#44228; &#44277;&#47029;&#51012; &#47785;&#51201;&#51004;&#47196; <a href="https://www.binance.com/en/support/announcement/binance-chain-mainnet-launch-and-swap-information-360027114471">2019&#45380; 4&#50900; &#48148;&#51060;&#45240;&#49828; &#52404;&#51064;&#51012; &#52636;&#49884;</a>&#54664;&#44256;,<a href="https://www.binance.com/en/support/announcement/detail/bc87529069fc43f7b94dde548fe21a74"> 2025&#45380; &#49345;&#48152;&#44592;&#50640;&#45716; &#48148;&#51060;&#45240;&#49828; &#50508;&#54028;&#47484; &#52636;&#49884;</a>&#54644; &#49457;&#44277;&#51201;&#51004;&#47196; &#50728;&#52404;&#51064; &#54028;&#51060;&#47484; &#44032;&#51256;&#44052;&#45796;.</p><p>&#54616;&#51648;&#47564; 2026&#45380;&#50640; &#46308;&#50612;&#49436;&#47728; &#50976;&#46041;&#49457;&#51060; &#51452;&#49885; &#49884;&#51109;&#51004;&#47196; &#47792;&#47532;&#44592; &#49884;&#51089;&#54664;&#45796;. &#44144;&#44592;&#50640; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#44032; &#51452;&#49885;, &#50896;&#51088;&#51116;&#47196; &#50728;&#52404;&#51064; &#50976;&#46041;&#49457;&#51012; &#55137;&#49688;&#54616;&#44592; &#49884;&#51089;&#54616;&#51088;, &#48148;&#51060;&#45240;&#49828;&#44032; &#53412;&#50868; &#50728;&#52404;&#51064; &#49324;&#50857;&#51088; &#44592;&#48152;&#46020; &#50948;&#54801;&#48155;&#44592; &#49884;&#51089;&#54664;&#45796;.</p><p>&#45796;&#47564; &#48148;&#51060;&#45240;&#49828;&#45716; &#50728;&#52404;&#51064;&#51060; &#50500;&#45768;&#46972; 2&#50613;&#47749; &#51060;&#49345;&#51032; &#44592;&#51316; &#50976;&#51200; &#54400;&#51012; &#44277;&#47029;&#54644; &#51452;&#49885; &#49884;&#51109;&#51012; &#51649;&#51217; &#47088;&#52845;&#54616;&#45716; &#44163;&#50640; &#51665;&#51473;&#54664;&#45796;. &#50728;&#52404;&#51064;&#50640;&#49436; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#50752; &#51221;&#47732; &#44221;&#51137;&#54616;&#45716; &#44163;&#48372;&#45796;, &#51060;&#48120; &#54869;&#48372;&#54620; &#49324;&#50857;&#51088; &#44592;&#48152;&#51012; &#51105;&#50500;&#46160;&#45716; &#51901;&#51060; &#48148;&#51060;&#45240;&#49828; &#51077;&#51109;&#50640;&#49436; &#45908; &#50976;&#47532;&#54620; &#54032;&#45800;&#51060;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!22IC!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!22IC!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png 424w, https://substackcdn.com/image/fetch/$s_!22IC!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png 848w, https://substackcdn.com/image/fetch/$s_!22IC!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png 1272w, https://substackcdn.com/image/fetch/$s_!22IC!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!22IC!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png" width="1456" height="815" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:815,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!22IC!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png 424w, https://substackcdn.com/image/fetch/$s_!22IC!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png 848w, https://substackcdn.com/image/fetch/$s_!22IC!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png 1272w, https://substackcdn.com/image/fetch/$s_!22IC!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F63617c8d-b591-4020-b683-ff488fa6d2dd_2048x1146.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#44396;&#51312;&#45716; &#51060;&#47111;&#45796;. &#48148;&#51060;&#45240;&#49828; &#54532;&#47200;&#53944;&#50644;&#46300;&#47484; &#53685;&#54644; &#51452;&#47928;&#51060; &#46308;&#50612;&#50724;&#47732;, ADGM &#51064;&#44032; &#48652;&#47196;&#52964;&#46364;&#47084;&#51064; <a href="https://www.adgm.com/public-registers/fsra/firms/financial-firms/nest-trading-limited-260000">&#45348;&#49828;&#53944; &#53944;&#47112;&#51060;&#46377;(Nest Trading)</a>&#51060; &#51452;&#47928;&#51012; &#48155;&#50500; <a href="https://alpaca.markets/">&#50508;&#54028;&#52852; &#49884;&#53328;&#47532;&#54000;&#51592;(Alpaca Securities)</a>&#47196; &#45336;&#44596;&#45796;. &#49892;&#54665;, &#52397;&#49328;, &#44208;&#51228;, &#49688;&#53441;&#51008; &#47784;&#46160; &#50508;&#54028;&#52852;&#44032; &#47585;&#45716;&#45796;. &#48148;&#51060;&#45240;&#49828;&#45716; &#51613;&#44428;&#51012; &#51649;&#51217; &#48372;&#44288;&#54616;&#51648; &#50506;&#45716;&#45796;. &#44508;&#51228; &#51649;&#51217; &#51201;&#50857;&#51012; &#54588;&#54616;&#44592; &#50948;&#54620; &#44396;&#51312;&#51201; &#49440;&#53469;&#51060;&#45796;.</p><p>&#45576;&#50668;&#44200;&#48380; &#51216;&#51008; <a href="https://bitcoinworld.co.in/nest-trading-binance-us-stock-service-affiliate/">&#45348;&#49828;&#53944; &#53944;&#47112;&#51060;&#46377;&#51060; &#48148;&#51060;&#45240;&#49828; &#44228;&#50676;&#49324;</a>&#47196; &#54869;&#51064;&#46096;&#45796;&#45716; &#51216;&#51060;&#45796;. &#50508;&#54028;&#52852;&#51032; &#49548;&#49688; &#51648;&#48516;&#46020; &#48372;&#50976;&#54616;&#44256; &#51080;&#51004;&#47728;, &#51452;&#47928; &#55120;&#47492; &#49688;&#49688;&#47308;&#51032; 50%, &#51452;&#49885; &#45824;&#50668; &#49688;&#51061;&#51032; 65%&#47484; &#44032;&#51256;&#44032;&#45716; &#49688;&#51061; &#48516;&#48176; &#44396;&#51312;&#45796;.</p><p><strong>&#44208;&#44397; &#48148;&#51060;&#45240;&#49828;&#44032; &#51064;&#54532;&#46972;&#47484; &#51649;&#51217; &#44396;&#52629;&#54644;, &#48169;&#54693;&#49457; &#51088;&#52404;&#47484; &#50640;&#48652;&#47532;&#46965; &#49828;&#53664;&#50612;&#47196; &#51204;&#54872;&#54616;&#44256;, &#50508;&#53944;&#53076;&#51064; &#44144;&#47000;&#47049;&#51060; &#53944;&#47116;&#46300;&#50640; &#46384;&#46972; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#50752; &#51452;&#49885;&#51004;&#47196; &#51060;&#46041;&#54616;&#44592; &#51204;&#50640; &#44592;&#51316; &#50976;&#51200;&#47484; &#48537;&#51105;&#50500;&#46160;&#47140;&#45716; &#54252;&#49437;&#51060;&#45796;.</strong></p><h3><strong>3.2 Bybit: &#50728;&#50724;&#54532;&#52404;&#51064; &#53804;&#53944;&#47001; &#51204;&#47029;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!hvb_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!hvb_!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png 424w, https://substackcdn.com/image/fetch/$s_!hvb_!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png 848w, https://substackcdn.com/image/fetch/$s_!hvb_!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png 1272w, https://substackcdn.com/image/fetch/$s_!hvb_!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!hvb_!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png" width="1456" height="813" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:813,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!hvb_!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png 424w, https://substackcdn.com/image/fetch/$s_!hvb_!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png 848w, https://substackcdn.com/image/fetch/$s_!hvb_!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png 1272w, https://substackcdn.com/image/fetch/$s_!hvb_!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd7b1a8db-6046-47b0-b0d6-d5344cf8125a_2048x1144.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#48148;&#51060;&#48727;&#51008; 2018&#45380; &#54028;&#49373;&#49345;&#54408; &#44144;&#47000;&#49548;&#47196; &#52636;&#48156;&#54644; &#52572;&#45824; 100&#48176; &#47112;&#48260;&#47532;&#51648;&#50752; &#45230;&#51008; &#49688;&#49688;&#47308;&#47196; &#44553;&#49457;&#51109;&#54664;&#45796;. &#51648;&#44552;&#51008; &#46160; &#44060;&#51032; &#53944;&#47001;&#51012; &#46041;&#49884;&#50640; &#48159;&#44256; &#51080;&#45796;. &#51473;&#50521;&#54868; &#44144;&#47000;&#49548; &#50976;&#46041;&#49457;&#51012; &#50728;&#52404;&#51064;&#51004;&#47196; &#51060;&#49885;&#54616;&#45716; &#44163;&#44284;, &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#50640;&#49436; &#51204;&#53685; &#51088;&#49328; &#54028;&#49373;&#49345;&#54408;&#51012; &#51649;&#51217; &#49345;&#51109;&#54616;&#45716; &#44163;&#51060;&#45796;.</strong></p><p>&#50728;&#52404;&#51064; &#53944;&#47001;&#51060; &#47676;&#51200;&#50688;&#45796;. 2025&#45380; 6&#50900;, <a href="https://backed.fi/">&#48177;&#46300;(Backed)</a>&#51032; <a href="https://xstocks.fi/">xStocks</a>&#47484; &#48148;&#51060;&#48727; &#49828;&#54047;&#50640; &#49345;&#51109;&#54616;&#47728; &#53664;&#53360;&#54868; &#51452;&#49885; &#54801;&#47141;&#51032; &#52395; &#45800;&#52628;&#47484; &#45044; &#46244;, 11&#50900; &#47592;&#53952;&#183;&#48177;&#46300;&#50752; 3&#51088; &#54801;&#47141;&#51004;&#47196; &#50644;&#48708;&#46356;&#50500;(NVIDIA, NVDA)&#183;&#50528;&#54540;(AAPL)) &#46321; &#48120;&#44397; &#51452;&#50836; &#51452;&#49885;&#51012; &#47592;&#53952; &#50728;&#52404;&#51064;&#50640; &#50732;&#47532;&#45716; xStocks&#47484; &#51221;&#49885; &#52636;&#49884;&#54664;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!jEzF!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!jEzF!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png 424w, https://substackcdn.com/image/fetch/$s_!jEzF!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png 848w, https://substackcdn.com/image/fetch/$s_!jEzF!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png 1272w, https://substackcdn.com/image/fetch/$s_!jEzF!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!jEzF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png" width="1456" height="916" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:916,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!jEzF!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png 424w, https://substackcdn.com/image/fetch/$s_!jEzF!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png 848w, https://substackcdn.com/image/fetch/$s_!jEzF!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png 1272w, https://substackcdn.com/image/fetch/$s_!jEzF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F20cf4d04-bca3-4539-b51e-2995a377ee41_2048x1288.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>2026&#45380; 5&#50900;&#50640;&#45716; &#47592;&#53952; &#49373;&#53468;&#44228;&#51032; DEX&#51064; <a href="https://app.fluxion.network/">&#54540;&#47085;&#49884;&#50728;(Fluxion)</a> &#50948;&#50640;&#49436; &#50500;&#53664;&#48121; RFQ(Atomic RFQ)&#47484; &#54876;&#49457;&#54868;&#54616;&#47728; &#48156;&#54665;&#49324; &#51649;&#51217; &#52404;&#44208; &#44396;&#51312;&#47196; &#44256;&#46020;&#54868;&#54664;&#45796;. &#50500;&#53664;&#48121; RFQ&#45716; AMM&#51060; &#50500;&#45768;&#46972; &#48156;&#54665;&#49324;&#50640;&#44172; &#51649;&#51217; &#54840;&#44032;&#47484; &#50836;&#52397;&#54644; &#49892;&#49884;&#44036;&#51004;&#47196; &#52404;&#44208;&#54616;&#45716; &#48169;&#49885;&#51004;&#47196;, &#44592;&#44288;&#51060; &#51204;&#53685; &#44552;&#50997;&#50640;&#49436; &#50836;&#44396;&#54616;&#45716; &#49892;&#54665; &#54408;&#51656;&#51012; &#50728;&#52404;&#51064;&#50640;&#49436; &#44396;&#54788;&#54620; &#44163;&#51060;&#45796;.</p><p>&#48148;&#51060;&#48727;&#50640;&#49436;&#46020; &#48516;&#51452;&#55176; &#50880;&#51649;&#50688;&#45796;. &#48148;&#51060;&#45240;&#49828;&#50752; &#48708;&#49847;&#54620; &#50517;&#47141;&#51012; &#48155;&#51008; &#48148;&#51060;&#48727; &#46608;&#54620; 2026&#45380; 4&#50900; TradFi &#47924;&#44592;&#54620; &#49440;&#47932; &#49345;&#54408;&#51012; &#52636;&#49884;&#54616;&#44256; &#47588;&#51452; &#49352;&#47196;&#50868; &#51333;&#47785;&#51012; &#52628;&#44032;&#54664;&#45796;. &#53580;&#49836;&#46972;(TSLA)&#183;&#50644;&#48708;&#46356;&#50500;(NVDA)&#183;&#50528;&#54540;(AAPL) &#46321; &#48120;&#44397; &#51452;&#50836; &#51452;&#49885;&#44284; &#44552;&#183;&#51008;&#183;&#50896;&#50976;&#47484; USDT &#44208;&#51228; &#44396;&#51312;&#47196; 24&#49884;&#44036; &#44144;&#47000;&#54624; &#49688; &#51080;&#44172; &#54664;&#45796;. 6&#50900; 4&#51068;&#50640;&#45716; &#49340;&#49457;&#51204;&#51088;, SK&#54616;&#51060;&#45769;&#49828;, &#54788;&#45824;&#52264; &#47924;&#44592;&#54620; &#49440;&#47932;&#51012; &#49345;&#51109;&#54664;&#51004;&#47728; SpaceX&#51032; Pre-IPO&#44620;&#51648; &#51648;&#50896;&#54616;&#44256; &#51080;&#45796;.</p><p><strong>&#46160; &#53944;&#47001; &#47784;&#46160; &#44208;&#44284;&#51201;&#51004;&#47196; &#50668;&#47084; &#51333;&#47448;&#51032; &#51204;&#53685; &#51088;&#49328;&#51012; &#50728;&#50724;&#54532;&#52404;&#51064;&#50640;&#49436; &#45908; &#51221;&#48128;&#54616;&#44172; &#44144;&#47000;&#54624; &#49688; &#51080;&#45716; &#51064;&#54532;&#46972;&#47484; &#49939;&#45716; &#44163;&#51012; &#44200;&#45285;&#54616;&#44256; &#51080;&#45796;. &#48148;&#51060;&#45240;&#49828;&#50752; &#45796;&#47480; &#51216;&#51008; &#54540;&#47085;&#49884;&#50728;&#44284; &#47592;&#53952; &#46321; &#50728;&#52404;&#51064;&#50640; &#45824;&#54620; &#51217;&#51216;&#51012; &#51075;&#51648; &#50506;&#51004;&#47140;&#44256; &#45432;&#47141;&#54616;&#44256; &#51080;&#45716; &#44163;&#51060;&#45796;.</strong></p><h3><strong>3.3. Coinbase: &#44032;&#51109; &#49888;&#47280;&#48155;&#45716; &#48120;&#44397; &#44144;&#47000;&#49548;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!8VwO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!8VwO!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png 424w, https://substackcdn.com/image/fetch/$s_!8VwO!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png 848w, https://substackcdn.com/image/fetch/$s_!8VwO!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png 1272w, https://substackcdn.com/image/fetch/$s_!8VwO!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!8VwO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png" width="1456" height="775" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:775,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!8VwO!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png 424w, https://substackcdn.com/image/fetch/$s_!8VwO!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png 848w, https://substackcdn.com/image/fetch/$s_!8VwO!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png 1272w, https://substackcdn.com/image/fetch/$s_!8VwO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff1e2ebd7-db42-43a3-8fe4-f2b190a0d92f_2048x1090.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#53076;&#51064;&#48288;&#51060;&#49828;&#45716; 2021&#45380; &#45208;&#49828;&#45797; &#49345;&#51109;, 2025&#45380; 5&#50900; S&amp;P 500&#50640; &#54200;&#51077;&#46096;&#45796;. &#50900;&#49828;&#53944;&#47532;&#53944;&#47484; &#46321;&#50640; &#50629;&#44256; &#54788;&#49884;&#51216; &#44032;&#51109; &#53360; &#49888;&#47280;&#47484; &#50619;&#44256; &#51080;&#45716; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51060;&#45796;.</strong></p><p>&#50728;&#52404;&#51064;&#50640;&#46020; &#48156;&#51012; &#44152;&#52452;&#45796;. 2023&#45380; &#52636;&#49884;&#54620; &#51060;&#45908;&#47532;&#50880; L2 <a href="https://www.base.org/">&#48288;&#51060;&#49828;(Base)</a>&#45716; 2025&#45380; L2 &#51204;&#52404; TVL&#51032; &#51208;&#48152; &#44032;&#44620;&#51060;&#47484; &#51216;&#50976;&#54616;&#47728; &#48736;&#47476;&#44172; &#50732;&#46972;&#49456;&#45796;. &#54616;&#51648;&#47564; 2026&#45380; &#46308;&#50612; &#49457;&#51109;&#51060; &#51221;&#52404;&#46104;&#44256; &#48288;&#51060;&#49828;&#44032; &#53076;&#51064;&#48288;&#51060;&#49828;&#51032; &#54645;&#49900; &#50864;&#49440;&#49692;&#50948;&#45716; &#50500;&#45768;&#46972;&#45716; &#51064;&#49345;&#51012; &#51500;&#45796;.</p><p>&#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#51652;&#49900;&#51004;&#47196; &#49849;&#48512;&#47484; &#44148; &#44275;&#51008; &#44592;&#44288; &#44256;&#44061;&#51060;&#50632;&#45796;. <strong>2025&#45380; 8&#50900; 29&#50613; &#45804;&#47084;&#50640; <a href="https://coinlaw.io/coinbase-deribit-acquisition-crypto-options/">&#45936;&#47532;&#48727;(Deribit) &#51064;&#49688;</a>&#47484; &#50756;&#47308;&#54616;&#47728; &#44544;&#47196;&#48268; &#53356;&#47549;&#53664; &#50741;&#49496; &#49884;&#51109;&#51032; &#50557; 85%&#47484; &#44032;&#51256;&#50772;&#45796;. <a href="https://www.coinbase.com/blog/coinbase-brings-global-crypto-derivatives-to-us-market">&#48120;&#44397; CFTC &#51064;&#44032; &#49440;&#47932; &#51473;&#44060; &#49436;&#48708;&#49828;(FCM)</a>&#47484; &#52636;&#49884;&#54664;&#44256;, &#44592;&#51316; &#49828;&#54047;, &#49440;&#47932;, &#47924;&#44592;&#54620; &#49440;&#47932;&#51012; &#45800;&#51068; &#45812;&#48372; &#54400;&#47196; &#53685;&#54633;&#54620; &#53356;&#47196;&#49828; &#47560;&#51652;&#51012; &#52636;&#49884;&#54644; &#44592;&#44288; &#44256;&#44061; &#44592;&#48152;&#51012; &#54869;&#51109;&#54664;&#45796;.</strong> <strong>&#44536; &#54644; &#54756;&#51648;&#54144;&#46300;&#183;&#51088;&#49328;&#50868;&#50857;&#49324; &#46321; &#44592;&#44288; &#44256;&#44061;&#51032; &#45824;&#52636; &#51092;&#50529;&#51008; &#48516;&#44592; &#44592;&#51456; &#49324;&#49345; &#52572;&#44256;&#47484; &#44592;&#47197;&#54664;&#45796;.</strong></p><p>2025&#45380; 12&#50900;&#50640;&#45716; &#44592;&#51316; &#50545;&#50640;&#49436; &#51452;&#49885;&#183;ETF &#44144;&#47000;&#47484; &#49688;&#49688;&#47308; &#50630;&#51060; &#50676;&#50632;&#45796;. &#48148;&#51060;&#45240;&#49828;&#44032; &#48324;&#46020; &#48652;&#47196;&#52964;&#47532;&#51648; &#51064;&#54532;&#46972;&#47484; &#50617;&#44256;, &#44036;&#51217;&#51201;&#51004;&#47196; &#51217;&#44540;&#54620; &#44163;&#44284; &#45804;&#47532; &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#49939;&#50500;&#50728; &#44508;&#51228; &#49888;&#47280; &#50948;&#50640;&#49436; &#51649;&#51217; &#44144;&#47000;&#47484; &#51648;&#50896;&#54620;&#45796;. &#46608;&#54620; &#51648;&#45212; 6&#50900; 4&#51068;, <a href="https://www.coinbase.com/blog/pre-ipos-are-launching-on-coinbase-starting-with-spacex">Space X&#51032; Pre-IPO &#44144;&#47000;</a>&#47484; &#51648;&#50896;&#54620;&#45796;&#44256; &#48156;&#54364;&#54664;&#45796;.</p><p><strong>&#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#44032; &#44508;&#51228; &#48150;&#50640;&#49436; &#45796;&#50577;&#54620; &#49345;&#54408;&#51012; &#52636;&#49884;&#54644; &#50976;&#46041;&#49457;&#51012; &#54869;&#48372;&#54624; &#46412;, &#48120;&#47532; &#51452;&#49885; &#44144;&#47000; &#49884;&#51109;&#51012; &#50672; &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#48736;&#47476;&#44172; &#47582;&#48520;&#51012; &#46168; &#49688; &#51080;&#44172; &#46104;&#50632;&#45796;.</strong></p><h3><strong>3.4. Kraken: &#50516;&#54840;&#54868;&#54224; &#50672;&#48169; &#51008;&#54665;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Yf2U!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Yf2U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png 424w, https://substackcdn.com/image/fetch/$s_!Yf2U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png 848w, https://substackcdn.com/image/fetch/$s_!Yf2U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png 1272w, https://substackcdn.com/image/fetch/$s_!Yf2U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Yf2U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png" width="1456" height="790" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/db137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:790,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Yf2U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png 424w, https://substackcdn.com/image/fetch/$s_!Yf2U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png 848w, https://substackcdn.com/image/fetch/$s_!Yf2U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png 1272w, https://substackcdn.com/image/fetch/$s_!Yf2U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb137cf5-d4cc-40ff-9d3d-a42a00c795d6_2048x1111.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>2011&#45380; &#49444;&#47549;&#46108; &#53356;&#46972;&#52996;&#51008; &#53356;&#47549;&#53664; &#50629;&#44228; &#52572;&#51109;&#49688; &#44144;&#47000;&#49548; &#51473; &#54616;&#45208;&#45796;. &#53356;&#46972;&#52996;&#51032; &#48169;&#54693;&#49457;&#51008; &#46972;&#51060;&#49440;&#49828;&#47484; &#53685;&#54633;&#54616;&#44256;, &#51649;&#51217; &#51064;&#54532;&#46972;&#47484; &#49939;&#44256;, &#50672;&#48169; &#44508;&#51228; &#54616;&#51032; &#44592;&#44288; &#50516;&#54840;&#54868;&#54224; &#49688;&#53441; &#51008;&#54665;&#51060; &#46104;&#45716; &#44163;&#51060;&#45796;.</strong><br><br>&#47676;&#51200; &#44508;&#51228; &#51064;&#54532;&#46972; &#44396;&#52629;&#51012; &#52572;&#50864;&#49440;&#49884; &#54664;&#45796;.<a href="https://www.kraken.com/press/releases/kraken-to-acquire-ninjatrader-introducing-the-next-era-of-professional-trading"> </a>2025&#45380; 3&#50900; <a href="https://www.kraken.com/press/releases/kraken-to-acquire-ninjatrader-introducing-the-next-era-of-professional-trading">&#45772;&#51088;&#53944;&#47112;&#51060;&#45908;&#47484; 15&#50613; &#45804;&#47084;&#50640; &#51064;&#49688;</a>&#54644; CFTC FCM &#46972;&#51060;&#49440;&#49828;&#50752; 200&#47564; &#47532;&#53580;&#51068; &#53944;&#47112;&#51060;&#45908;&#47484; &#44032;&#51256;&#50772;&#45796;.</p><p>2026&#45380; 4&#50900;&#50640;&#45716; <a href="https://blog.kraken.com/news/payward-acquires-bitnomial">&#48708;&#53944;&#45432;&#48120;&#50620;&#51012; 5&#50613; 5&#52380;&#47564; &#45804;&#47084;&#50640; &#52628;&#44032; &#51064;&#49688;</a>&#54664;&#45796;. DCM, DCO, FCM &#49464; &#44032;&#51648; CFTC &#46972;&#51060;&#49440;&#49828;&#47484; 10&#45380;&#50640; &#44152;&#52432; &#52712;&#46301;&#54620; &#50976;&#51068;&#54620; &#53356;&#47549;&#53664; &#45348;&#51060;&#54000;&#48652; &#54540;&#47019;&#54268;&#51060;&#50632;&#45796;. 2026&#45380; 3&#50900; <a href="https://blog.kraken.com/news/federal-reserve-master-account">&#50672;&#51456; &#47560;&#49828;&#53552; &#44228;&#51340;&#47484; &#54869;&#48372;</a>&#54664;&#44256;, 5&#50900;&#50640;&#45716; <a href="https://blog.kraken.com/news/payward-files-application-for-occ-national-trust-company">OCC&#50640; &#44397;&#44032; &#49888;&#53441;&#54924;&#49324; &#51064;&#44032;&#47484; &#49888;&#52397;</a>&#54664;&#45796;.</p><p>&#50728;&#52404;&#51064;&#46020; &#46321;&#54620;&#49884;&#54620; &#44148; &#50500;&#45768;&#50632;&#45796;. 2024&#45380; 12&#50900; &#51088;&#52404; L2&#51064; <a href="https://inkonchain.com/">&#51081;&#53356;(Ink)</a>&#47484; &#52636;&#49884;&#54664;&#44256;, &#51081;&#53356; &#50948;&#50640;&#49436; &#45824;&#52636; &#54532;&#47196;&#53664;&#53084; <a href="https://tydro.com/">&#53440;&#51060;&#46300;&#47196;(Tydro)</a>&#50752; &#54140;&#54168;&#52628;&#50620; DEX <a href="https://www.nado.xyz/">&#45208;&#46020;(Nado)</a>&#47484; &#50672;&#51060;&#50612; &#52636;&#49884;&#54664;&#45796;. 2026&#45380; 1&#50900;&#50640;&#45716; <a href="https://www.kraken.com/defi-earn">&#46356;&#54028;&#51060; &#50616;(DeFi Earn)</a>, 5&#50900;&#50640;&#45716; <a href="https://www.kraken.com/bitcoin-vault">&#48708;&#53944;&#53076;&#51064; &#48380;&#53944;(Bitcoin Vault)</a>&#46020; &#45236;&#45480;&#45796;. &#45796;&#47564; &#51060; &#49345;&#54408;&#46308;&#51032; &#51473;&#49900;&#51008; &#44592;&#44288;&#50640;&#44172; &#49444;&#47749; &#44032;&#45733;&#54620; &#51088;&#49328;&#46308;&#47196; &#44396;&#49457;&#46104;&#50612; &#51080;&#45796;. &#50508;&#53944;&#53076;&#51064;&#51008; &#53356;&#46972;&#52996;&#51032; &#50728;&#52404;&#51064; &#51204;&#47029;&#50640;&#49436;&#46020; &#50864;&#49440;&#49692;&#50948;&#44032; &#46112; &#49688; &#50630;&#50632;&#45796;.</p><p>&#53440; &#44144;&#47000;&#49548;&#44032; &#51452;&#49885; &#44144;&#47000;&#47196; &#49324;&#50857;&#51088;&#47484; &#51105;&#51004;&#47140;&#45716; &#46041;&#50504;, <strong>&#53356;&#46972;&#52996;&#51008; &#44592;&#44288;&#51060; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#50976;&#51068;&#54620; &#53356;&#47549;&#53664; &#45348;&#51060;&#54000;&#48652; &#51008;&#54665;&#51060; &#46104;&#45716; &#51901;&#51012; &#53469;&#54664;&#45796;.</strong></p><p><strong>&#50948;&#50640;&#49436; &#50508;&#50500;&#48376; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51032; &#54693;&#54980; &#48169;&#54693;&#49457;&#44284; &#51204;&#47029;&#51008; &#51228;&#44033;&#44033;&#51060;&#45796;. &#54616;&#51648;&#47564; &#44277;&#53685;&#51201;&#51004;&#47196; &#50508;&#53944;&#53076;&#51064;&#51012; &#51452;&#50836; &#44228;&#54925;&#50640; &#54252;&#54632;&#49884;&#53412;&#51648; &#50506;&#50520;&#45796;&#45716; &#44163;&#51060;&#45796;.</strong></p><h2><strong>4. &#50516;&#54840;&#54868;&#54224;&#45716; &#50612;&#46523;&#44172; &#46104;&#45716;&#44148;&#44032;?</strong></h2><p><strong>&#50516;&#54840;&#54868;&#54224; &#49373;&#53468;&#44228;&#50640;&#49436; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#45716; &#50976;&#46041;&#49457; &#44277;&#44553;&#51088;&#50688;&#45796;. &#44144;&#47000;&#49548;&#44032; &#53664;&#53360;&#51012; &#49345;&#51109;&#54616;&#44256;, &#44144;&#47000;&#47049;&#51012; &#47564;&#46308;&#50612; &#51500;&#44592;&#50640; &#50516;&#54840;&#54868;&#54224; &#54532;&#47196;&#51229;&#53944;&#46308;&#51060; &#49373;&#51316;&#54644;&#50772;&#45796;.</strong></p><p>&#44540;&#48376;&#51201;&#51064; &#47928;&#51228;&#45716; &#50516;&#54840;&#54868;&#54224; &#51473; &#49892;&#51228; &#49688;&#51061;&#51004;&#47196; &#51088;&#44592; &#44032;&#52824;&#47484; &#51613;&#47749;&#54616;&#45716; &#54532;&#47196;&#51229;&#53944;&#45716; &#44144;&#51032; &#50630;&#45796;&#45716; &#44163;&#51060;&#45796;. &#44536;&#46041;&#50504; &#53664;&#53360; &#44032;&#44201;&#51012; &#48155;&#52432;&#50728; &#44148; &#45824;&#52404;&#47196; &#54532;&#47196;&#53664;&#53084;&#51032; &#49892;&#51201;&#51060; &#50500;&#45768;&#46972; &#44144;&#47000;&#49548;&#51032; &#49345;&#51109;&#44284; &#47088;&#52824;&#54400; &#44057;&#51008; &#52488;&#44592; &#50976;&#46041;&#49457; &#51648;&#50896;&#51060;&#50632;&#45796;.</p><p>&#44536; &#44396;&#51312;&#44032; &#51089;&#46041;&#54616;&#47140;&#47732; &#44144;&#47000;&#49548;&#50752; &#53944;&#47112;&#51060;&#45908;&#44032; &#51648;&#49549;&#51201;&#51004;&#47196; &#50516;&#54840;&#54868;&#54224;&#50640; &#44288;&#49900;&#51012; &#44032;&#51256;&#50556; &#54616;&#45716;&#45936;, &#47532;&#53580;&#51068; &#44144;&#47000;&#47049;&#51008; &#51460;&#50612;&#46308;&#44256; &#51080;&#45796;. &#44144;&#47000;&#47049;&#51060; &#50630;&#45716; &#51060;&#49345; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51032; &#49345;&#51109;&#44284; &#47560;&#52992;&#54021; &#51648;&#50896;&#46020; &#51460;&#50612;&#46308; &#44163;&#51060;&#44256; &#50516;&#54840;&#54868;&#54224; &#49373;&#53468;&#44228;&#44032; &#48260;&#54008; &#49688; &#50630;&#45796;.</p><p>&#49324;&#49892;&#49345; &#49884;&#51109; &#51088;&#52404;&#44032; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51032; &#51648;&#50896;&#50640; &#51032;&#51316;&#54616;&#44592; &#48372;&#45800; &#49892;&#51228; &#54532;&#47196;&#45909;&#53944; &#49688;&#51061;&#51012; &#48148;&#53461;&#51004;&#47196; &#51088;&#44592; &#44032;&#52824;&#47484; &#51613;&#47749;&#54620; &#54532;&#47196;&#51229;&#53944;&#51032; &#53664;&#53360;&#51012; &#50896;&#54616;&#44256; &#51080;&#45796;. &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#51032; <a href="https://www.coingecko.com/en/coins/hyperliquid?chart=type%3Dprice%26mode%3Dline%26timeframe%3Dd365">HYPE</a>&#44032; &#45824;&#54364;&#51201;&#51064; &#49324;&#47168;&#45796;. &#50612;&#46523;&#44172; &#48372;&#47732; &#50728;&#52404;&#51064; &#50976;&#46041;&#49457;&#51012; &#51452;&#49885;&#51004;&#47196; &#48744;&#50500;&#46308;&#51064; &#45817;&#49324;&#51088;&#51076;&#50640;&#46020;, <strong>&#54788;&#51116; &#44032;&#51109; &#51339;&#51008; &#54140;&#54252;&#47676;&#49828;&#47484; &#48372;&#50668;&#51452;&#44256; &#51080;&#45716; &#50516;&#54840;&#54868;&#54224; &#51473; &#54616;&#45208;&#51060;&#45796;. &#44536;&#51204;&#51032; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#50752; &#50516;&#54840;&#54868;&#54224; &#44036;&#51032; &#49345;&#49373; &#44288;&#44228;&#44032; &#50693;&#50612;&#51656; &#49688; &#51080;&#45796;&#45716; &#44152; &#48372;&#50668;&#51456;&#45796;.</strong></p><p>&#51473;&#50521;&#54868; &#44144;&#47000;&#49548; &#51077;&#51109;&#50640;&#49436; &#48400;&#46020; &#44536;&#47111;&#45796;. &#44144;&#47000;&#49548;&#45716; &#47532;&#53580;&#51068; &#44144;&#47000;&#47049;&#44284; &#49324;&#50857;&#51088; &#49688;&#44032; &#54645;&#49900; &#44592;&#48152;&#51060; &#46108;&#45796;. &#44536;&#47088;&#45936; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#47049;&#50640;&#47564; &#51665;&#51473;&#54616;&#47732; &#44536; &#54645;&#49900; &#44592;&#48152;&#51012; &#51075;&#51012; &#49688; &#51080;&#45716; &#49345;&#54889;&#51060;&#45796;. &#49884;&#51109;&#51060; &#45908;&#51060;&#49345; &#49888;&#44508; &#49345;&#51109; &#50516;&#54840;&#54868;&#54224;&#50640; &#50696;&#51204;&#44057;&#51008; &#47588;&#47141;&#51012; &#45712;&#45180;&#51648; &#47803;&#54616;&#44256; &#51080;&#44592; &#46412;&#47928;&#51060;&#45796;. &#51060;&#51228; &#44536;&#46308;&#51060; &#44032;&#51648;&#44256; &#51080;&#45716; &#51064;&#54532;&#46972;&#50752; &#49324;&#50857;&#51088; &#54400;&#51012; &#51648;&#53412;&#45716; &#46041;&#49884;&#50640; &#54876;&#50857; &#44032;&#45733;&#54620; &#45796;&#47480; &#47673;&#44144;&#47532;&#47484; &#52286;&#50500;&#45208;&#49444; &#49688; &#48150;&#50640; &#50630;&#45796;.</p><p>&#44536;&#47111;&#44592; &#46412;&#47928;&#50640; &#51452;&#49885; &#54028;&#49373;&#49345;&#54408;, &#49688;&#51061; &#49345;&#54408;, &#49688;&#53441;&#51004;&#47196; &#49884;&#49440;&#51012; &#50734;&#44220;&#45796;. &#44536;&#46308;&#51032; &#48169;&#54693; &#51204;&#54872;&#51060; &#49688;&#47566;&#51008; &#50508;&#53944;&#53076;&#51064;&#50640;&#44172; &#44033;&#51088;&#46020;&#49373;&#51012; &#49440;&#50616;&#54620; &#49480;&#51060;&#45796;.</p><p><strong>&#50696;&#51204;&#50644; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#44032; &#50516;&#54840;&#54868;&#54224;&#50752; &#54632;&#44760; &#54616;&#46973;&#51109;&#51012; &#48260;&#53628;&#45796;. &#54616;&#51648;&#47564; &#51648;&#44552;&#51008; &#50516;&#54840;&#54868;&#54224; &#50630;&#51060; &#49457;&#51109;&#54616;&#45716; &#48169;&#48277;&#51012; &#52286;&#44256; &#51080;&#45796;. &#50516;&#54840;&#54868;&#54224;&#50640;&#44172; &#51060;&#48264; &#44200;&#50872;&#51060; &#45908; &#52628;&#50872; &#49688;&#48150;&#50640; &#50630;&#45716; &#51060;&#50976;&#45796;.</strong></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-kor">&#46020;&#54028;&#48124;&#51060; &#49324;&#46972;&#51652; DeFi, RWA&#47196; &#46104;&#49332;&#50500;&#45208;&#45796;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-kor">&#50728;&#52404;&#51064;&#50640;&#49436; RWA&#47196;: &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#51116;&#49444;&#44228;&#54616;&#45716; DeFi&#51032; &#49352;&#47196;&#50868; &#53664;&#45824;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/onchain-risk-curators-147t-vs-7b-kor">$147T vs $7B, &#50728;&#52404;&#51064; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#49884;&#51109; &#48516;&#49437;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/korea-institutional-crypto-2026-landscape-kor">2026&#45380;, &#54620;&#44397; &#44592;&#44288;&#46308;&#51032; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#51652;&#52636; &#52509;&#51221;&#47532;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944; &#51060;&#50857; &#50504;&#45236;</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; <a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">&#47196;&#44256;</a>&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ ๋ฌด๊ธฐํ•œ ์„ ๋ฌผ์„ ์ค‘์‹ฌ์œผ๋กœ ์•Œ์•„๋ณด๋Š” 2026๋…„ ์ฃผ์‹ ํ† ํฐํ™” ์‹œ์žฅ์˜ ์•ฝ์ง„ ]]>
</title>
<description>
<![CDATA[ &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51060; &#54616;&#46973;&#49464;&#47484; &#44592;&#47197;&#54616;&#45716; &#44284;&#51221; &#49549;&#50640;&#49436; &#51452;&#49885; &#53664;&#53360;&#54868; &#49884;&#51109;&#51008; &#49457;&#51109;&#54616;&#44256; &#51080;&#49845;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/2026-tokenized-stock-market-the-rise-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/2026-tokenized-stock-market-the-rise-kor</guid>
<dc:creator>
<![CDATA[ Ryan Yoon ]]>
</dc:creator>
<pubDate>Fri, 05 Jun 2026 08:48:03 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/200730028/55fc4e736049dc5299673961617f096f.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>&#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51060; &#54616;&#46973;&#49464;&#47484; &#44592;&#47197;&#54616;&#45716; &#44284;&#51221; &#49549;&#50640;&#49436; &#51452;&#49885; &#53664;&#53360;&#54868; &#49884;&#51109;&#51008; &#49457;&#51109;&#54616;&#44256; &#51080;&#49845;&#45768;&#45796;. &#51452;&#49885; &#53664;&#53360;&#54868; &#49884;&#51109;&#51008; &#50756;&#51204; &#45812;&#48372;&#54805; &#54788;&#47932;&#44284; &#47924;&#44592;&#54620; &#49440;&#47932;&#49884;&#51109;&#51004;&#47196; &#45208;&#45656;&#50612; &#51080;&#49845;&#45768;&#45796;. &#53945;&#55176; &#47924;&#44592;&#54620; &#49440;&#47932; &#49884;&#51109;&#51060; &#51452;&#47785;&#48155;&#44256; &#51080;&#51004;&#47728; &#45796;&#50577;&#54620; &#51204;&#47029;&#51060; &#45208;&#53440;&#45208;&#44256; &#51080;&#49845;&#45768;&#45796;. &#50612;&#46500; &#51204;&#47029;&#51060; &#51080;&#51012;&#44620;&#50836;?</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>&#51613;&#49884;&#44032; &#49324;&#49345; &#52572;&#44256;&#44032;&#47484; &#44221;&#49888;&#54616;&#45716; &#46041;&#50504; &#44032;&#49345;&#51088;&#49328;&#51008; &#49884;&#52509;&#44284; &#44144;&#47000;&#47049;&#51060; &#46041;&#48152; &#54616;&#46973;&#54664;&#45796;. &#46160; &#49884;&#51109;&#51060; &#44040;&#46972;&#51648;&#45716; &#49324;&#51060; &#51452;&#49885; &#53664;&#53360;&#54868; &#49884;&#51109;&#51008; &#47924;&#44592;&#54620; &#49440;&#47932; &#48120;&#44208;&#51228;&#50557;&#51221;&#51012; &#53412;&#50864;&#47728; &#49457;&#51109;&#54616;&#44256; &#51080;&#45796;.</p></li><li><p>&#51452;&#49885; &#53664;&#53360;&#54868; &#49884;&#51109;&#51008; &#50756;&#51204; &#45812;&#48372;&#54805; &#54788;&#47932;&#44284; &#47924;&#44592;&#54620; &#49440;&#47932;&#47196; &#45208;&#45660;&#45796;. &#47924;&#44592;&#54620; &#49440;&#47932;&#51060; &#51452;&#47785;&#48155;&#45716; &#51060;&#50976;&#45716; &#51088;&#44397; &#44144;&#47000;&#49548;&#50640;&#49436; &#49332; &#49688; &#50630;&#45912; &#51333;&#47785;&#51012; 24&#49884;&#44036;, &#47112;&#48260;&#47532;&#51648;&#44620;&#51648; &#50617;&#50612; &#44144;&#47000;&#54624; &#49688; &#51080;&#50612;&#49436;&#45796;.</p></li><li><p>&#51221;&#44508;&#51109;&#51060; &#45803;&#55180; &#49884;&#44036;&#50640; &#47924;&#44592;&#54620; &#49440;&#47932;&#51060; &#47564;&#46300;&#45716; &#44032;&#44201;&#51008; &#45796;&#51020; &#45216; &#54788;&#47932; &#49884;&#52488;&#44032;&#47484; &#50696;&#52769;&#54616;&#45716; &#51648;&#54364;&#44032; &#46108;&#45796;. &#48169;&#54693;&#49104; &#50500;&#45768;&#46972; &#46321;&#46973;&#54253;&#44620;&#51648; &#44144;&#51032; &#44536;&#45824;&#47196; &#50696;&#44256;&#54620;&#45796;.</p></li><li><p>&#54788;&#47932;&#44284; &#49440;&#47932;&#51032; &#54532;&#47532;&#48120;&#50628;&#51012; &#54144;&#46377; &#47112;&#51060;&#53944;&#47196; &#49688;&#52712;&#54616;&#45716; &#45944;&#53440; &#45684;&#53944;&#47092; &#51204;&#47029;, &#44144;&#47000;&#49548; &#44036; &#44032;&#44201; &#52264;&#51060;&#47484; &#45432;&#47536; &#52264;&#51061;&#44144;&#47000;&#44032; &#44060;&#51064; &#53804;&#51088;&#51088;&#51032; &#44592;&#54924;&#47196; &#50676;&#47140; &#51080;&#45796;.</p></li><li><p>&#44057;&#51008; &#44396;&#51312;&#45716; &#47560;&#53011; &#47700;&#51060;&#52964;, &#51648;&#50669; &#50724;&#46972;&#53364;, &#53664;&#53360;&#54868; &#48156;&#54665;, &#48288;&#51060;&#49884;&#49828; &#54756;&#51648;&#54144;&#46300; &#44057;&#51008; &#49324;&#50629; &#44592;&#54924;&#47196; &#51060;&#50612;&#51652;&#45796;. &#44508;&#47784;&#45716; &#51089;&#51648;&#47564; &#51228;&#46020;&#44428;&#51060; &#46308;&#50612;&#50724;&#47732;&#49436; &#53804;&#51088;&#50752; &#48708;&#51592;&#45768;&#49828; &#50577;&#51901;&#50640; &#44592;&#54924;&#44032; &#51080;&#45716; &#49884;&#51109;&#51060;&#45796;.</p></li></ul><div><hr></div><h2><strong>1. &#50516;&#54840;&#54868;&#54224; &#50976;&#46041;&#49457;&#44620;&#51648; &#47792;&#47532;&#45716; &#51452;&#49885; &#49884;&#51109;</strong></h2><p>2026&#45380; 1&#48516;&#44592; &#51204;&#52404; &#50516;&#54840;&#54868;&#54224; &#49884;&#44032;&#52509;&#50529;&#51008; 20.4% &#44048;&#49548;&#54664;&#44256;, &#51473;&#50521;&#54868; &#44144;&#47000;&#49548; &#54788;&#47932; &#44144;&#47000;&#47049;&#51008; 39.1% &#44553;&#44048;&#54664;&#45796;. &#48708;&#53944;&#53076;&#51064;&#51008; 2025&#45380; 10&#50900; &#50669;&#45824; &#52572;&#44256;&#44032;&#47484; &#52237;&#51008; &#46244; &#45236;&#47532;&#47561;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!oHGt!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!oHGt!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png 424w, https://substackcdn.com/image/fetch/$s_!oHGt!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png 848w, https://substackcdn.com/image/fetch/$s_!oHGt!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png 1272w, https://substackcdn.com/image/fetch/$s_!oHGt!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!oHGt!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png" width="1456" height="1027" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1027,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!oHGt!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png 424w, https://substackcdn.com/image/fetch/$s_!oHGt!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png 848w, https://substackcdn.com/image/fetch/$s_!oHGt!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png 1272w, https://substackcdn.com/image/fetch/$s_!oHGt!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b29b14b-3835-4500-ab96-a2cf42770edc_2048x1444.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#48152;&#47732; S&amp;P 500&#51008; &#50672;&#44036; &#47785;&#54364;&#52824;&#47484; &#45336;&#50612;&#49456;&#44256;, &#53076;&#49828;&#54588;&#45716; &#48152;&#46020;&#52404; &#47008;&#47532;&#50640; &#50732;&#46972;&#53440; &#50732;&#54644; &#46160; &#48176;&#44032; &#46096;&#45796;. &#48708;&#53944;&#53076;&#51064;&#51012; &#48708;&#47215;&#54620; &#44032;&#49345;&#51088;&#49328; &#49884;&#51109;&#51032; &#52509; &#49884;&#44032;&#52509;&#50529;&#51060; &#53356;&#44172; &#54616;&#46973;&#54616;&#45716; &#46041;&#50504; &#45824;&#48512;&#48516;&#51032; &#44397;&#44032;&#51032; &#51452;&#49885; &#49884;&#51109;&#51008; &#49324;&#49345; &#52572;&#44256;&#44032;&#47484; &#44221;&#49888;&#54664;&#45796;. &#46160; &#49884;&#51109;&#51032; &#44452;&#51201;&#51060; &#51060;&#52376;&#47100; &#44537;&#47749;&#54616;&#44172; &#44040;&#47536; &#49884;&#44592;&#45716; &#50630;&#50632;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. &#45812;&#48372;&#51032; &#52264;&#51060;, &#47924;&#44592;&#54620; &#49440;&#47932;&#47196; &#47792;&#47532;&#45716; &#51088;&#44552;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!PnEv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!PnEv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png 424w, https://substackcdn.com/image/fetch/$s_!PnEv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png 848w, https://substackcdn.com/image/fetch/$s_!PnEv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png 1272w, https://substackcdn.com/image/fetch/$s_!PnEv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!PnEv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png" width="1456" height="570" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:570,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!PnEv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png 424w, https://substackcdn.com/image/fetch/$s_!PnEv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png 848w, https://substackcdn.com/image/fetch/$s_!PnEv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png 1272w, https://substackcdn.com/image/fetch/$s_!PnEv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe721a93a-f9d9-45df-975c-1cb2ee63a33e_2048x802.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51452;&#49885; &#53664;&#53360;&#54868; &#49884;&#51109;&#51008; &#45812;&#48372; &#44396;&#51312;&#50640; &#46384;&#46972; &#46160; &#44032;&#51648;&#47196; &#45208;&#45660;&#45796;.</p><p>&#50756;&#51204; &#45812;&#48372;&#54805; &#54788;&#47932;&#51008; &#49892;&#47932; &#51452;&#49885;&#51012; 1:1&#47196; &#50696;&#52824;&#54620; &#46244; &#53664;&#53360;&#51012; &#48156;&#54665;&#54620;&#45796;. &#53804;&#51088;&#51088;&#44032; &#48372;&#50976;&#54616;&#45716; &#44163;&#51008; &#51452;&#49885; &#44536; &#51088;&#52404;&#51060;&#44144;&#45208; &#51452;&#49885;&#50640; &#45824;&#54620; &#48277;&#51201; &#52397;&#44396;&#44428;&#51060;&#45796;. &#44396;&#52404;&#51201;&#51064; &#48156;&#54665; &#44396;&#51312;&#45716; &#54540;&#47019;&#54268;&#47560;&#45796; &#45796;&#47476;&#51648;&#47564;, &#44592;&#52488; &#51088;&#49328;&#51060; &#48152;&#46300;&#49884; &#51316;&#51116;&#54620;&#45796;&#45716; &#51216;&#51008; &#44057;&#45796;.</p><p>&#47924;&#44592;&#54620; &#49440;&#47932;&#51008; &#44396;&#51312;&#44032; &#44540;&#48376;&#51201;&#51004;&#47196; &#45796;&#47476;&#45796;. &#49892;&#47932; &#51452;&#49885;&#51012; &#48372;&#50976;&#54616;&#51648; &#50506;&#45716;&#45796;. &#51613;&#44144;&#44552;&#51012; &#45347;&#44256; &#51452;&#44032;&#47484; &#52628;&#51333;&#54616;&#45716; &#44228;&#50557;&#51012; &#50668;&#45716; &#48169;&#49885;&#51060;&#46972; &#52397;&#44396;&#54624; &#49688; &#51080;&#45716; &#44592;&#52488; &#51088;&#49328;&#51060; &#50630;&#45796;. &#51613;&#44144;&#44552;&#51008; &#51452;&#47196; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060;&#47728;, &#52572;&#44540;&#50640;&#45716; ETH &#46321; &#45796;&#47480; &#51088;&#49328;&#46020; &#45812;&#48372;&#47196; &#54728;&#50857;&#54616;&#45716; &#54540;&#47019;&#54268;&#51060; &#45720;&#44256; &#51080;&#45796;.</p><p>&#46160; &#44396;&#51312; &#51473; &#47924;&#44592;&#54620; &#49440;&#47932;&#51060; &#51452;&#47785;&#48155;&#45716; &#51060;&#50976;&#45716;, &#51088;&#44397; &#44144;&#47000;&#49548;&#50640;&#49436; &#49332; &#49688; &#50630;&#45912; &#51452;&#49885;&#50640; 24&#49884;&#44036; &#51217;&#44540;&#54624; &#49688; &#51080;&#45796;&#45716; &#54788;&#47932; &#44144;&#47000;&#51032; &#51109;&#51216;&#51012; &#44536;&#45824;&#47196; &#44032;&#51256;&#44032;&#47732;&#49436; &#50668;&#44592;&#50640; &#55016;&#50476; &#53360; &#47112;&#48260;&#47532;&#51648;&#47484; &#45908;&#54616;&#44592; &#46412;&#47928;&#51060;&#45796;. &#50756;&#51204; &#45812;&#48372;&#54805; &#54788;&#47932; &#44396;&#51312;&#51064; Kraken xStocks&#51032; &#51068;&#48512; &#49345;&#54408;&#51060; &#52572;&#45824; 3&#48176; &#47560;&#51652;&#51012; &#51228;&#44277;&#54616;&#45716; &#45936; &#48152;&#54644;, &#47924;&#44592;&#54620; &#49440;&#47932;&#51008; &#49345;&#54408;&#48324;&#47196; &#45796;&#47476;&#51648;&#47564; 20&#48176;&#44620;&#51648; &#44032;&#45733;&#54616;&#45796;. &#44172;&#45796;&#44032; &#44592;&#52488; &#51088;&#49328;&#51012; &#48372;&#44288;&#54624; &#54596;&#50836; &#50630;&#51060; &#50724;&#46972;&#53364; &#44032;&#44201; &#54588;&#46300;&#47564;&#51004;&#47196; &#51452;&#44032;&#47484; &#52628;&#51333;&#54616;&#45716; &#44396;&#51312;&#47196; &#49345;&#51109;&#51060; &#48736;&#47476;&#44256; &#45796;&#47344; &#49688; &#51080;&#45716; &#51333;&#47785;&#46020; &#47566;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!xtqt!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!xtqt!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png 424w, https://substackcdn.com/image/fetch/$s_!xtqt!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png 848w, https://substackcdn.com/image/fetch/$s_!xtqt!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png 1272w, https://substackcdn.com/image/fetch/$s_!xtqt!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!xtqt!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png" width="1456" height="1048" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1048,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!xtqt!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png 424w, https://substackcdn.com/image/fetch/$s_!xtqt!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png 848w, https://substackcdn.com/image/fetch/$s_!xtqt!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png 1272w, https://substackcdn.com/image/fetch/$s_!xtqt!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F65f7c319-48c4-4de7-b3be-779ab36305f5_2048x1474.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51204;&#53685; &#49884;&#51109;&#44284; &#48708;&#44368;&#54616;&#47732; &#50500;&#51649; &#51089;&#45796;. &#48120;&#44397; &#51204;&#52404; &#51452;&#49885; &#49884;&#51109;&#51032; &#54616;&#47336; &#54217;&#44512; &#44144;&#47000; &#45824;&#44552;&#51008; &#50557; 1&#51312; 1,000&#50613; &#45804;&#47084;&#45796;. &#51452;&#49885; &#54140;&#54532;&#51032; &#48120;&#44208;&#51228;&#50557;&#51221;(OI), &#51593; &#54788;&#51116; &#49884;&#51109;&#50640; &#50676;&#47140; &#51080;&#45716; &#44228;&#50557;&#51032; &#52509;&#47049;&#51008; 22.5&#50613; &#45804;&#47084;&#45796;. &#51648;&#54364; &#44592;&#51456; &#51088;&#52404;&#44032; &#45804;&#46972; &#51649;&#51217; &#48708;&#44368;&#45716; &#50612;&#47157;&#51648;&#47564;, &#49884;&#51109; &#44508;&#47784;&#44032; &#50500;&#51649; &#52488;&#44592; &#45800;&#44228;&#51076;&#51008; &#48516;&#47749;&#54616;&#45796;.</p><p>&#44536;&#47084;&#45208; &#48169;&#54693;&#51008; &#47749;&#54869;&#54616;&#45796;. OI&#45716; &#48516;&#44592;&#47560;&#45796; &#45720;&#44256; &#51080;&#44256;, &#44508;&#51228; &#52769;&#47732;&#50640;&#49436;&#46020; &#54616;&#45208;&#51032; &#49884;&#51109;&#51004;&#47196; &#51064;&#51221;&#48155;&#45716; &#55120;&#47492;&#51060;&#45796;. SEC&#45716; &#47924;&#44592;&#54620; &#49440;&#47932;&#51012; &#54785;&#49888; &#44552;&#50997;&#49345;&#54408;&#51004;&#47196; &#50616;&#44553;&#54664;&#44256;, CFTC&#46020; &#48120;&#44397; &#45236; &#51228;&#46020;&#54868; &#44032;&#45733;&#49457;&#51012; &#44277;&#44060; &#44160;&#53664; &#51473;&#51060;&#45796;. &#44508;&#51228; &#48148;&#44645;&#50640;&#49436; &#49884;&#51089;&#54664;&#51648;&#47564;, &#51228;&#46020;&#44428; &#50504;&#51004;&#47196; &#54200;&#51077;&#46104;&#45716; &#49549;&#46020;&#44032; &#48744;&#46972;&#51648;&#44256; &#51080;&#45796;.</p><h2><strong>3. 24&#49884;&#44036; &#44396;&#46041;&#46104;&#45716; &#49884;&#51109;&#44284; &#49892;&#51228; &#49884;&#51109;&#51032; &#52264;&#51060;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!WfLi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!WfLi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png 424w, https://substackcdn.com/image/fetch/$s_!WfLi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png 848w, https://substackcdn.com/image/fetch/$s_!WfLi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png 1272w, https://substackcdn.com/image/fetch/$s_!WfLi!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!WfLi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png" width="1456" height="1017" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1017,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!WfLi!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png 424w, https://substackcdn.com/image/fetch/$s_!WfLi!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png 848w, https://substackcdn.com/image/fetch/$s_!WfLi!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png 1272w, https://substackcdn.com/image/fetch/$s_!WfLi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F191aec1a-7f7d-4bd9-b8f1-eb2341f1f954_2048x1430.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#50640;&#49436;&#45716; &#51060;&#47088; &#55120;&#47492;&#51012; &#51064;&#51648;&#54616;&#44256;, &#54644;&#50808; &#47924;&#44592;&#54620; &#49440;&#47932; &#49884;&#51109;&#50640;&#49436; &#44144;&#47000;&#46104;&#45716; &#54620;&#44397; &#51452;&#49885; &#44032;&#44201;&#51012; KRX &#54788;&#47932;&#44284; &#49892;&#49884;&#44036;&#51004;&#47196; &#48708;&#44368;&#54616;&#45716; &#44592;&#45733;&#51012; &#51228;&#44277;&#54616;&#44256; &#51080;&#45796;. &#54788;&#51116; &#49340;&#49457;&#51204;&#51088;, SK&#54616;&#51060;&#45769;&#49828;, &#54788;&#45824;&#52264;&#47484; &#44144;&#47000; &#51648;&#50896;&#54616;&#45716; &#50668;&#47084; &#47924;&#44592;&#54620; &#49440;&#47932; &#44144;&#47000;&#49548;&#51032; &#44032;&#44201;&#51012; &#44144;&#47000;&#47049; &#44032;&#51473;&#54217;&#44512;&#51004;&#47196; &#51665;&#44228;&#54644;, &#44057;&#51008; &#51333;&#47785;&#51032; &#44397;&#45236; &#54788;&#47932; &#44032;&#44201;&#44284; <a href="https://app.tiger-research.com/south-korea/trade-fi">&#48708;&#44368;&#54644; &#54869;&#51064;</a>&#54624; &#49688; &#51080;&#45796;.</p><p>&#44536;&#47532;&#44256; &#49892;&#51228; &#51648;&#44552;&#44620;&#51648; &#45936;&#51060;&#53552;&#47484; &#54869;&#51064;&#54644;&#48372;&#47732; &#49464; &#44032;&#51648; &#53945;&#51669;&#51060; &#54869;&#51064;&#46108;&#45796;.</p><h3><strong>3.1. &#50556;&#44036; &#47924;&#44592;&#54620; &#49440;&#47932;&#51032; &#46321;&#46973;&#51004;&#47196; &#45796;&#51020; &#45216; &#49884;&#52488;&#44032; &#50696;&#49345;</strong></h3><p>&#44397;&#45236; &#51613;&#49884;&#45716; &#48164;&#50640; &#47688;&#52632;&#45796;. &#48120;&#44397; &#49884;&#51109;&#51060; &#50880;&#51649;&#51060;&#44256; &#50644;&#48708;&#46356;&#50500; &#49892;&#51201;&#51060; &#45208;&#50724;&#44256; &#54872;&#50984;&#51060; &#52636;&#47105;&#50668;&#46020; &#54620;&#44397; &#49884;&#51109;&#51008; &#45796;&#51020; &#45216; &#50724;&#51204;&#44620;&#51648; &#44144;&#47000;&#44032; &#50630;&#45796;. &#54616;&#51648;&#47564; &#47924;&#44592;&#54620; &#49440;&#47932;&#51008; &#44536; &#49884;&#44036;&#50640;&#46020; &#44144;&#47000;&#46108;&#45796;.</p><p>&#50668;&#44592;&#49436; &#54620; &#44032;&#51648; &#51032;&#47928;&#51060; &#46304;&#45796;. &#54788;&#47932; &#49884;&#51109;&#51060; &#45803;&#54784; &#51080;&#51004;&#47732; &#47924;&#44592;&#54620; &#49440;&#47932;&#51008; &#47924;&#49832; &#44032;&#44201;&#51012; &#52280;&#44256;&#54624;&#44620;?</p><p>&#45813;&#51008; &#46384;&#46972;&#44032;&#51648; &#50506;&#45716;&#45796;&#45716; &#44163;&#51060;&#45796;. &#51109;&#51060; &#50676;&#47140; &#51080;&#51012; &#46412;&#45716; &#44592;&#44288; &#45936;&#51060;&#53552;&#47196; &#54788;&#47932; &#44032;&#44201;&#51012; &#48155;&#50500;&#50724;&#51648;&#47564;, &#51109;&#51060; &#45803;&#55176;&#47732; &#47924;&#44592;&#54620; &#49440;&#47932; &#49884;&#51109; &#52280;&#50668;&#51088;&#46308;&#51032; &#47588;&#47588;&#44032; &#51649;&#51217; &#44032;&#44201;&#51012; &#47564;&#46304;&#45796;. &#45803;&#55180; &#54788;&#47932;&#51012; &#48288;&#45180;&#45716; &#44172; &#50500;&#45768;&#46972;, &#48164;&#49324;&#51060; &#49939;&#51064; &#45684;&#49828;&#50752; &#47588;&#53356;&#47196; &#48320;&#49688;&#47484; &#48152;&#50689;&#54644; &#49352; &#44032;&#44201;&#51012; &#48156;&#44204;&#54620;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!c3Ox!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F981d79ff-9117-49dd-850e-d449f42ce4a6_2048x1474.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!c3Ox!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F981d79ff-9117-49dd-850e-d449f42ce4a6_2048x1474.png 424w, https://substackcdn.com/image/fetch/$s_!c3Ox!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F981d79ff-9117-49dd-850e-d449f42ce4a6_2048x1474.png 848w, https://substackcdn.com/image/fetch/$s_!c3Ox!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F981d79ff-9117-49dd-850e-d449f42ce4a6_2048x1474.png 1272w, https://substackcdn.com/image/fetch/$s_!c3Ox!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F981d79ff-9117-49dd-850e-d449f42ce4a6_2048x1474.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!c3Ox!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F981d79ff-9117-49dd-850e-d449f42ce4a6_2048x1474.png" width="1456" height="1048" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/981d79ff-9117-49dd-850e-d449f42ce4a6_2048x1474.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1048,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#44536; &#44208;&#44284;&#44032; &#45936;&#51060;&#53552;&#50640; &#45208;&#53440;&#45212;&#45796;. &#51109; &#47560;&#44048; &#54980; &#47924;&#44592;&#54620; &#49440;&#47932;&#51060; &#49345;&#49849;&#54620; &#45216;, &#45796;&#51020; &#45216; &#54620;&#44397; &#51613;&#49884;&#44032; &#49345;&#49849; &#52636;&#48156;&#54620; &#48708;&#50984;&#51008; &#49340;&#49457;&#51204;&#51088; 82%, SK&#54616;&#51060;&#45769;&#49828; 95%&#50688;&#45796;. &#48152;&#45824;&#47196; &#47924;&#44592;&#54620; &#49440;&#47932;&#51060; &#54616;&#46973;&#54620; &#45216;, &#45796;&#51020; &#45216; &#54616;&#46973; &#52636;&#48156;&#54620; &#48708;&#50984;&#51008; &#49340;&#49457;&#51204;&#51088; 96%, SK&#54616;&#51060;&#45769;&#49828; 78%&#50688;&#45796;. &#48169;&#54693; &#51068;&#52824;&#50984;&#51008; &#46160; &#51333;&#47785; &#47784;&#46160; 85% &#50504;&#54030;, &#49345;&#44288;&#44228;&#49688;&#45716; 0.85&#50640;&#49436; 0.89&#45796;.</p><p>&#48169;&#54693;&#47564; &#47582;&#45716; &#44172; &#50500;&#45768;&#45796;. &#46321;&#46973;&#54253;&#46020; &#48708;&#49847;&#54616;&#44172; &#46384;&#46972;&#44036;&#45796;. &#47924;&#44592;&#54620; &#49440;&#47932;&#51060; &#48164;&#49324;&#51060; 3% &#50724;&#47476;&#47732; &#45796;&#51020; &#45216; &#49884;&#52488;&#44032;&#46020; &#50557; 3% &#45458;&#44172; &#50676;&#47160;&#45796;. &#47924;&#44592;&#54620; &#49440;&#47932; &#48320;&#54868;&#54253;&#44284; &#49892;&#51228; &#44060;&#51109;&#44077;&#51032; &#54924;&#44480;&#44228;&#49688;&#45716; &#49340;&#49457;&#51204;&#51088; 0.93, SK&#54616;&#51060;&#45769;&#49828; 1.00&#51060;&#45796;. &#50620;&#47560;&#45208; &#50724;&#47476;&#44256; &#45236;&#47540;&#51648;&#44620;&#51648; &#44144;&#51032; &#44536;&#45824;&#47196; &#50696;&#44256;&#54616;&#45716; &#49480;&#51060;&#45796;.</p><p>&#51452;&#47568;&#51008; &#45908; &#46748;&#47159;&#54616;&#45796;. &#44552;&#50836;&#51068; &#51333;&#44032;&#48512;&#53552; &#50900;&#50836;&#51068; &#49884;&#52488;&#44032;&#44620;&#51648;, &#47924;&#44592;&#54620; &#49440;&#47932;&#51060; &#44032;&#47532;&#53416; &#48169;&#54693;&#51060; &#49892;&#51228; &#50900;&#50836;&#51068; &#44060;&#51109; &#48169;&#54693;&#44284; &#47582;&#51008; &#48708;&#50984;&#51008; &#49340;&#49457;&#51204;&#51088; 93%, SK&#54616;&#51060;&#45769;&#49828; 87%&#50688;&#45796;. &#51452;&#47568; &#51060;&#53952;&#44036; &#45572;&#51201;&#46108; &#44544;&#47196;&#48268; &#48320;&#49688;&#47484; &#47924;&#44592;&#54620; &#49440;&#47932;&#51060; &#47676;&#51200; &#48152;&#50689;&#54616;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><p>&#50556;&#44036; &#47924;&#44592;&#54620; &#49440;&#47932; &#44032;&#44201;&#51012; &#48372;&#47732; &#50724;&#51204; &#49884;&#52488;&#44032;&#44032; &#50612;&#46356;&#49436; &#50676;&#47540;&#51648; &#48120;&#47532; &#44032;&#45728;&#54624; &#49688; &#51080;&#45796;.</p><h3><strong>3.2. &#54788;&#47932;-&#49440;&#47932; &#54532;&#47532;&#48120;&#50628;&#51012; &#54876;&#50857;&#54620; &#45944;&#53440; &#45684;&#53944;&#47092; &#51204;&#47029;</strong></h3><p>&#47924;&#44592;&#54620; &#49440;&#47932;&#50640;&#45716; &#47564;&#44592;&#44032; &#50630;&#45796;. &#44536;&#47000;&#49436; &#44032;&#44201;&#51060; &#44592;&#51456; &#44032;&#44201;&#50640;&#49436; &#44284;&#46020;&#54616;&#44172; &#48268;&#50612;&#51648;&#51648; &#50506;&#46020;&#47197;, &#51068;&#51221; &#51452;&#44592;&#47560;&#45796; &#47217;&#44284; &#49679; &#48372;&#50976;&#51088;&#44032; &#49436;&#47196; &#49688;&#49688;&#47308;&#47484; &#51452;&#44256;&#48155;&#45716;&#45796;. &#51060;&#47484; &#54144;&#46377; &#47112;&#51060;&#53944;&#46972;&#44256; &#54620;&#45796;.</p><p>&#50696;&#47484; &#46308;&#50612; &#47924;&#44592;&#54620; &#49440;&#47932;&#51060; &#44592;&#51456; &#44032;&#44201;&#48372;&#45796; &#45458;&#44172; &#44144;&#47000;&#46104;&#47732;, &#51060;&#46301;&#51012; &#48376; &#47217; &#54252;&#51648;&#49496;&#51060; &#49552;&#49892;&#51012; &#48376; &#49679; &#54252;&#51648;&#49496;&#50640;&#44172; &#49688;&#49688;&#47308;&#47484; &#51648;&#44553;&#54620;&#45796;. &#54532;&#47532;&#48120;&#50628;&#51060; &#53364;&#49688;&#47197; &#51648;&#44553;&#50529;&#46020; &#52964;&#51652;&#45796;. &#54620; &#54252;&#51648;&#49496;&#51060; &#44592;&#51456;&#48372;&#45796; &#53360; &#51060;&#46301;&#51012; &#52712;&#54624; &#46412; &#44536;&#47564;&#53372; &#48708;&#50857;&#51060; &#48512;&#44284;&#46104;&#45716; &#44163;&#51060;&#45796;. &#51060; &#48512;&#45812;&#51012; &#54588;&#54616;&#47140;&#45716; &#44144;&#47000;&#44032; &#49939;&#51060;&#47732;&#49436; &#44032;&#44201;&#51060; &#45796;&#49884; &#44592;&#51456;&#44032;&#47196; &#49688;&#47156;&#54620;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wVkZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wVkZ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png 424w, https://substackcdn.com/image/fetch/$s_!wVkZ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png 848w, https://substackcdn.com/image/fetch/$s_!wVkZ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png 1272w, https://substackcdn.com/image/fetch/$s_!wVkZ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wVkZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png" width="1456" height="1118" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1118,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wVkZ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png 424w, https://substackcdn.com/image/fetch/$s_!wVkZ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png 848w, https://substackcdn.com/image/fetch/$s_!wVkZ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png 1272w, https://substackcdn.com/image/fetch/$s_!wVkZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb15b4c7-48fe-4bf1-8f93-10865a0fee83_2048x1572.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#45936;&#51060;&#53552;&#47484; &#48372;&#47732; &#54620;&#44397; &#51452;&#49885; &#47924;&#44592;&#54620; &#49440;&#47932;&#51008; &#54788;&#47932;&#48372;&#45796; &#45458;&#51008; &#44032;&#44201;&#50640; &#44144;&#47000;&#46096;&#45796;. &#51109;&#51473; &#54217;&#44512;&#51004;&#47196; &#49340;&#49457;&#51204;&#51088;&#45716; 0.15%, SK&#54616;&#51060;&#45769;&#49828;&#45716; 0.23%&#51032; &#54532;&#47532;&#48120;&#50628;&#51060; &#48537;&#50632;&#45796;. &#47924;&#44592;&#54620; &#49440;&#47932;&#51012; &#47588;&#46020;&#54616;&#47732; &#51060; &#54532;&#47532;&#48120;&#50628;&#47564;&#53372;&#51032; &#54144;&#46377; &#47112;&#51060;&#53944;&#47484; &#51452;&#44592;&#47560;&#45796; &#49688;&#52712;&#54620;&#45796;&#45716; &#46907;&#51060;&#45796;.</p><p>&#50668;&#44592;&#49436; &#51204;&#47029;&#51060; &#45208;&#50728;&#45796;. &#51109;&#51473;&#50640; KRX &#54788;&#47932; &#51452;&#49885;&#51012; &#47588;&#49688;&#54616;&#45716; &#46041;&#49884;&#50640; &#44057;&#51008; &#44552;&#50529;&#47564;&#53372; &#47924;&#44592;&#54620; &#49440;&#47932;&#51012; &#47588;&#46020;&#54620;&#45796;. &#51452;&#44032;&#44032; &#50724;&#47476;&#47732; &#54788;&#47932;&#50640;&#49436; &#51060;&#51061;, &#49440;&#47932;&#50640;&#49436; &#49552;&#49892;&#51060; &#45212;&#45796;. &#45236;&#47532;&#47732; &#44536; &#48152;&#45824;&#45796;. &#46160; &#54252;&#51648;&#49496;&#51032; &#49552;&#51061;&#51060; &#49345;&#49604;&#46076; &#51452;&#44032;&#44032; &#50612;&#46356;&#47196; &#44032;&#46304; &#44208;&#44284;&#45716; 0&#50640; &#44032;&#44637;&#45796;. &#45824;&#49888; &#47924;&#44592;&#54620; &#49440;&#47932;&#51012; &#47588;&#46020;&#54620; &#45824;&#44032;&#47196; &#54144;&#46377; &#47112;&#51060;&#53944;&#44032; &#46308;&#50612;&#50728;&#45796;. &#51452;&#44032; &#48169;&#54693;&#50640; &#48288;&#54021;&#54616;&#51648; &#50506;&#44256;, &#47924;&#44592;&#54620; &#49440;&#47932;&#50640; &#48537;&#51008; &#54532;&#47532;&#48120;&#50628;&#47564;&#51004;&#47196; &#49688;&#51061;&#51012; &#47564;&#46300;&#45716; &#44396;&#51312;&#45796;. &#51060;&#47111;&#44172; &#48169;&#54693;&#49457; &#50948;&#54744;&#51012; &#51228;&#44144;&#54620; &#54252;&#51648;&#49496;&#51012; &#45944;&#53440; &#45684;&#53944;&#47092; &#51204;&#47029;&#51060;&#46972; &#48512;&#47480;&#45796;.</p><p>&#45796;&#47564; &#54532;&#47532;&#48120;&#50628;&#51008; &#50724;&#47000; &#50976;&#51648;&#46104;&#51648; &#50506;&#45716;&#45796;. &#47924;&#44592;&#54620; &#49440;&#47932;&#44284; &#54788;&#47932;&#51032; &#44340;&#47532;&#45716; &#54217;&#44512; 40&#48516; &#47564;&#50640; &#51208;&#48152;&#51060; &#51329;&#54784;&#51276;&#45796;. &#54532;&#47532;&#48120;&#50628;&#51060; &#53356;&#44172; &#48268;&#50612;&#51648;&#45716; &#48320;&#46041;&#49457; &#44397;&#47732;&#50640; &#51201;&#51208;&#54620; &#51204;&#47029;&#51004;&#47196; &#51648;&#49549;&#51201;&#51064; &#49884;&#51109; &#44288;&#52272;&#51060; &#54596;&#50836;&#54616;&#45796;.</p><h3><strong>3.3. &#44144;&#47000;&#49548; &#44036; &#44032;&#44201; &#52264;&#51060;&#47484; &#45432;&#47536; &#52264;&#51061;&#44144;&#47000;</strong></h3><p>&#44057;&#51008; &#49884;&#44033;, &#44057;&#51008; &#51333;&#47785;&#51064;&#45936;&#46020; &#44144;&#47000;&#49548;&#47560;&#45796; &#47924;&#44592;&#54620; &#49440;&#47932; &#44032;&#44201;&#51060; &#45796;&#47476;&#45796;. 2026&#45380; 6&#50900; &#45936;&#51060;&#53552;&#50640;&#49436; Binance&#51032; &#49340;&#49457;&#51204;&#51088; &#47924;&#44592;&#54620; &#49440;&#47932;&#51008; Hyperliquid&#48372;&#45796; &#54217;&#44512; 0.93% &#45458;&#44172; &#44144;&#47000;&#46096;&#45796;. SK&#54616;&#51060;&#45769;&#49828;&#45716; 1.03% &#52264;&#51060;&#44032; &#45228;&#44256;, &#52572;&#45824; 2.3%&#44620;&#51648; &#48268;&#50612;&#51652; &#51201;&#46020; &#51080;&#45796;.</p><p>&#49440;&#47932; &#54252;&#51648;&#49496;&#51008; &#44144;&#47000;&#49548; &#49324;&#51060;&#47484; &#50734;&#44600; &#49688; &#50630;&#45796;. &#45824;&#49888; &#50577;&#51901;&#50640; &#46041;&#49884;&#50640; &#48152;&#45824; &#54252;&#51648;&#49496;&#51012; &#44148;&#45796;. &#44032;&#44201;&#51060; &#45458;&#51008; &#44144;&#47000;&#49548;&#50640;&#49436; &#49679;, &#45230;&#51008; &#44144;&#47000;&#49548;&#50640;&#49436; &#47217;&#51012; &#46041;&#49884;&#50640; &#50676;&#47732; &#51452;&#44032; &#48169;&#54693;&#50640; &#46384;&#47480; &#49552;&#51061;&#51008; &#49345;&#49604;&#46108;&#45796;. &#49884;&#44036;&#51060; &#51648;&#45208; &#46160; &#44144;&#47000;&#49548; &#44032;&#44201;&#51060; &#49688;&#47156;&#54616;&#47732; &#48268;&#50612;&#51276;&#45912; &#52264;&#51060;&#47564;&#53372;&#51060; &#49688;&#51061;&#51004;&#47196; &#45224;&#45716;&#45796;. &#44032;&#44201;&#51060; &#45458;&#51008; &#51901;&#50640;&#49436;&#45716; &#49679;&#51060; &#54144;&#46377; &#47112;&#51060;&#53944;&#44620;&#51648; &#49688;&#52712;&#54616;&#45768; &#52628;&#44032; &#49688;&#51061;&#51060; &#46384;&#46972;&#50728;&#45796;.</p><p>&#54980;&#48156; &#44144;&#47000;&#49548;&#51068;&#49688;&#47197; &#52264;&#51061;&#44144;&#47000; &#51088;&#44552;&#51060; &#45916; &#50976;&#51077;&#46076; &#44032;&#44201;&#51060; &#45458;&#44172; &#50976;&#51648;&#46104;&#45716; &#44221;&#54693;&#51060; &#51080;&#45796;. &#44144;&#47000;&#49548;&#44032; &#45720;&#50612;&#45208;&#45716; &#52488;&#44592; &#44397;&#47732;&#50640;&#49436; &#51060;&#47088; &#52264;&#51060;&#44032; &#48152;&#48373;&#51201;&#51004;&#47196; &#45208;&#53440;&#45212;&#45796;. &#53945;&#55176; &#54788;&#47932; &#49884;&#51109;&#51060; &#45803;&#55180; &#50556;&#44036;&#44284; &#51452;&#47568;&#50640;&#45716; &#44033; &#44144;&#47000;&#49548;&#44032; &#46021;&#47549;&#51201;&#51004;&#47196; &#44032;&#44201;&#51012; &#48156;&#44204;&#54616;&#44592; &#46412;&#47928;&#50640; &#44144;&#47000;&#49548; &#44036; &#44340;&#47532;&#44032; &#51109;&#51473;&#48372;&#45796; &#45908; &#48268;&#50612;&#51652;&#45796;.</p><h2><strong>4. &#49884;&#51109;&#51032; &#48320;&#54868;&#50752; &#50696;&#49345;&#46104;&#45716; &#44592;&#54924;&#46308;</strong></h2><p>&#45796;&#47564; &#51060; &#49884;&#51109;&#51032; &#45149;&#51008; &#54028;&#54200;&#54868;&#44032; &#51080;&#45796;&#45716; &#51216;&#51060; &#51316;&#51116;&#54620;&#45796;. &#54028;&#54200;&#54868;&#45716; &#50948;&#54744;&#51060;&#51648;&#47564; &#44592;&#54924;&#44592;&#46020; &#54616;&#45796;. &#44057;&#51008; &#51333;&#47785;&#51060; &#54620;&#44397; &#45236; &#44592;&#51316; &#44144;&#47000;&#49548; &#44536;&#47532;&#44256; Hyperliquid, Binance, Lighter&#47196; &#55145;&#50612;&#51648;&#47732;&#49436; &#50976;&#46041;&#49457;&#51060; &#44040;&#46972;&#51652;&#45796;. &#44032;&#44201;&#51060; &#50668;&#47084; &#44275;&#51004;&#47196; &#45208;&#45656;&#47732; &#50612;&#45712; &#44163;&#51060; &#51652;&#51676;&#51064;&#51648; &#54633;&#51032;&#54616;&#44592; &#50612;&#47140;&#50892;&#51648;&#44256;, &#44144;&#47000;&#49548;&#47560;&#45796; &#45796;&#47480; &#44032;&#44201;&#51008; &#44536; &#51088;&#52404;&#47196; &#54844;&#46976;&#44284; &#51312;&#51089;&#51032; &#50668;&#51648;&#44032; &#46108;&#45796;. &#50567;&#51008; &#50976;&#46041;&#49457; &#50948;&#50640; &#47112;&#48260;&#47532;&#51648;&#44032; &#49939;&#51060;&#47732; &#52397;&#49328;&#51060; &#50672;&#49604;&#51201;&#51004;&#47196; &#53552;&#51656; &#49688; &#51080;&#45796;. &#44592;&#54924;&#51648;&#47564; &#50948;&#54744;&#51060;&#44592;&#46020; &#54616;&#45796;.</p><p>&#50526;&#49436; &#48376; &#44592;&#54924;&#46308;&#51008; &#44060;&#51064; &#53804;&#51088;&#51088;&#51032; &#47787;&#51060;&#50632;&#45796;. &#54616;&#51648;&#47564; &#44057;&#51008; &#44396;&#51312;&#45716; &#49324;&#50629; &#45800;&#50948;&#51032; &#44592;&#54924;&#47196;&#46020; &#51060;&#50612;&#51652;&#45796;.</p><ul><li><p><strong>&#47560;&#53011; &#47700;&#51060;&#52964;: </strong>&#44057;&#51008; &#51333;&#47785;&#51060; &#44144;&#47000;&#49548;&#47560;&#45796; 0.15&#50640;&#49436; 0.75%&#50473; &#45796;&#47480; &#44032;&#44201;&#50640; &#44144;&#47000;&#46104;&#44256;, &#50556;&#44036;&#50640;&#45716; &#44536; &#52264;&#51060;&#44032; &#45908; &#48268;&#50612;&#51652;&#45796;. &#52264;&#51061;&#44144;&#47000; &#51088;&#44552;&#51060; &#50500;&#51649; &#45916; &#46308;&#50612;&#50728; &#52488;&#44592; &#49884;&#51109;&#51060;&#46972; &#49828;&#54532;&#47112;&#46300;&#44032; &#53356;&#45796;. &#50976;&#46041;&#49457;&#51060; &#50567;&#44256; &#50668;&#47084; &#44144;&#47000;&#49548;&#44032; &#49436;&#47196; &#54028;&#54200;&#54868;&#46108; &#50976;&#46041;&#49457;&#51012; &#44288;&#47532;&#54616;&#44592;&#50640; &#47560;&#53011; &#47700;&#51060;&#53433; &#49688;&#50836;&#44032; &#44228;&#49549;&#54644;&#49436; &#45720;&#50612;&#45216; &#44163;&#51060;&#45796;.</p></li><li><p><strong>&#51648;&#50669; &#50724;&#46972;&#53364;: </strong>&#47924;&#44592;&#54620; &#49440;&#47932;&#51008; &#54788;&#47932;&#51060; &#45803;&#55180; &#49884;&#44036;&#50640; &#49828;&#49828;&#47196; &#44032;&#44201;&#51012; &#48156;&#44204;&#54616;&#44256;, &#44536; &#51221;&#54869;&#46020;&#45716; &#50724;&#46972;&#53364;&#51060; &#51340;&#50864;&#54620;&#45796;. &#54620;&#44397;, &#51068;&#48376;, &#45824;&#47564; &#44057;&#51008; &#50500;&#49884;&#50500; &#49884;&#44036;&#45824; &#51088;&#49328;&#50640; &#51221;&#54869;&#54620; &#44032;&#44201;&#51012; &#44277;&#44553;&#54616;&#45716; &#53945;&#54868; &#50724;&#46972;&#53364;&#51008; &#50500;&#51649; &#48712; &#50689;&#50669;&#51060;&#45796;.</p></li><li><p><strong>&#53664;&#53360;&#54868; &#48156;&#54665;: </strong>&#51648;&#44552; &#49345;&#51109;&#46108; &#54620;&#44397; &#51452;&#49885;&#51008; &#49340;&#49457;&#51204;&#51088;, SK&#54616;&#51060;&#45769;&#49828;, &#54788;&#45824;&#52264; &#51221;&#46020;&#50640; &#44536;&#52828;&#45796;. &#53076;&#49828;&#54588;200 &#51333;&#47785;&#44284; &#50500;&#49884;&#50500; &#51452;&#50836; &#44592;&#50629;&#51012; &#49345;&#51109;&#49884;&#53412;&#44256; &#44288;&#47532;&#54616;&#45716; &#51473;&#44036;&#51088;&#44032; &#54596;&#50836;&#54616;&#45796;.</p></li><li><p><strong>&#48288;&#51060;&#49884;&#49828; &#54756;&#51648;&#54144;&#46300;: </strong>&#47924;&#44592;&#54620; &#49440;&#47932;&#51008; &#54788;&#47932; &#45824;&#48708; &#54532;&#47532;&#48120;&#50628;&#51012; &#54144;&#46377; &#47112;&#51060;&#53944;&#47196; &#47588;&#49884;&#44036; &#54788;&#44552;&#54868;&#54620;&#45796;. &#50668;&#47084; &#44144;&#47000;&#49548;&#51032; &#48288;&#51060;&#49884;&#49828;&#50752; &#54144;&#46377; &#52264;&#51060;&#47484; &#46041;&#49884;&#50640; &#49688;&#52712;&#54616;&#45716; &#51204;&#50857; &#54144;&#46300;&#45716; &#51204;&#53685; &#48288;&#51060;&#49884;&#49828; &#53944;&#47112;&#51060;&#46300;&#48372;&#45796; &#51088;&#48376; &#54924;&#51204;&#51060; &#48736;&#47476;&#45796;. &#45796;&#47564; &#51060; &#44144;&#47000;&#47484; &#49548;&#54868;&#54624; &#49688; &#51080;&#45716; &#49884;&#51109;&#51032; &#44508;&#47784;&#44032; &#46104;&#44592;&#50640;&#45716; &#51060;&#47476;&#45796;.</p></li></ul><p>&#50668;&#51204;&#55176; &#47924;&#44592;&#54620; &#49440;&#47932; &#49884;&#51109;&#51008; &#50500;&#51649; &#51204;&#53685;&#49884;&#51109;&#50640; &#48708;&#54644; &#44508;&#47784;&#44032; &#51201;&#51648;&#47564; &#51032;&#48120;&#44032; &#51080;&#45796;. &#44032;&#44201;&#51012; &#47676;&#51200; &#48156;&#44204;&#54616;&#44256;, 24&#49884;&#44036; &#50676;&#47140; &#51080;&#51004;&#47728;, &#51228;&#46020;&#44428;&#51060; &#48736;&#47476;&#44172; &#46308;&#50612;&#50724;&#44256; &#51080;&#45796;. &#50500;&#51649; &#53804;&#51088;&#50752; &#48708;&#51592;&#45768;&#49828; &#49324;&#51060;&#46300; &#47784;&#46160; &#44592;&#54924;&#44032; &#51080;&#45716; &#49884;&#51109;&#51060;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/tokenized-stock-market-map-how-tokenized-kor?utm_source=publication-search">&#51452;&#49885; &#53664;&#53360;&#54868; &#49884;&#51109; &#47560;&#53011;&#47605;: &#53664;&#53360;&#54868; &#51452;&#49885;&#51060; &#44544;&#47196;&#48268; &#44552;&#50997;&#51012; &#51116;&#54200;&#54616;&#45716; &#48169;&#48277;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/2026-commodity-market-kor?utm_source=publication-search">2026&#45380; &#50896;&#51088;&#51116; &#53664;&#53360;&#54868; &#49884;&#51109; &#48516;&#49437;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/can-tokenized-pre-ipo-stocks-break-kor?utm_source=publication-search">&#48708;&#49345;&#51109; &#51452;&#49885; &#53664;&#53360;&#54868; &#49884;&#51109;, &#53804;&#51088; &#51109;&#48317;&#51012; &#47924;&#45320;&#46888;&#47540; &#49688; &#51080;&#51012;&#44620;?</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944; &#51060;&#50857; &#50504;&#45236;</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; <a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">&#47196;&#44256;</a>&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ Defi App: ๋กœ๋นˆํ›„๋“œ์™€ DeFi, ๊ทธ ์‚ฌ์ด์—์„œ ]]>
</title>
<description>
<![CDATA[ defi.app&#51008; &#44032;&#49828;&#48708; &#52628;&#49345;&#54868;&#50752; &#52404;&#51064; &#48520;&#44032;&#51648;&#47200; &#51064;&#53552;&#54168;&#51060;&#49828;&#47196; DeFi &#49892;&#54665; &#47112;&#51060;&#50612;&#51032; &#44277;&#48177;&#51012; &#51221;&#47732;&#51004;&#47196; &#44200;&#45285;&#54633;&#45768;&#45796;. &#52636;&#49884; &#51060;&#54980; &#45572;&#51201; &#44144;&#47000;&#47049; 440&#50613; &#45804;&#47084;, &#44032;&#51077;&#51088; 106&#47564; &#47749;&#51012; &#44592;&#47197;&#54620; defi.app&#51032; &#44396;&#51312;&#51201; &#52264;&#48324;&#49457;&#44284; &#45224;&#51008; &#44284;&#51228;&#47484; &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#50640;&#49436; &#48516;&#49437;&#54633;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/defi-app-between-robinhood-and-defi-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/defi-app-between-robinhood-and-defi-kor</guid>
<dc:creator>
<![CDATA[ Henry Kim ]]>
</dc:creator>
<pubDate>Tue, 02 Jun 2026 13:03:49 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/200247944/a258b3ef185c93dc83386d726f216610.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>DeFi &#49373;&#53468;&#44228;&#50640;&#45716; &#51060;&#48120; &#49828;&#50769;, &#45824;&#52636;, &#49688;&#51061;, &#54028;&#49373;&#49345;&#54408; &#46321; &#44552;&#50997;&#51032; &#54645;&#49900; &#48716;&#46377; &#48660;&#47197;&#51060; &#47784;&#46160; &#51316;&#51116;&#54633;&#45768;&#45796;. &#51221;&#51089; &#48512;&#51116;&#54620; &#44163;&#51008; &#51060; &#51064;&#54532;&#46972;&#46308;&#51012; &#45824;&#51473;&#51060; &#49789;&#44172; &#49548;&#48708;&#54624; &#49688; &#51080;&#46020;&#47197; &#46037;&#45716; &#8216;&#49892;&#54665; &#47112;&#51060;&#50612;&#8217;&#51077;&#45768;&#45796;. &#51648;&#44049;&#51032; &#48373;&#51105;&#49457;&#44284; &#52404;&#51064;&#51032; &#51109;&#48317;&#51012; &#54728;&#47932;&#47140;&#45716; &#44592;&#51316;&#51032; &#49884;&#46020;&#46308;&#51008; &#50780; &#49892;&#54056;&#54664;&#51004;&#47728;, defi.app&#51008; &#50612;&#46500; &#44396;&#51312;&#51201; &#52264;&#48324;&#51216;&#51012; &#51228;&#49884;&#54616;&#44256; &#51080;&#45716;&#51648; &#48516;&#49437;&#54633;&#45768;&#45796;.</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>DeFi &#49884;&#51109;&#51008; &#51064;&#54532;&#46972;&#51032; &#44256;&#46020;&#54868;&#50640; &#48708;&#54644; &#50976;&#51200;&#47484; &#48537;&#51105;&#50500;&#46160;&#45716; &#52968;&#49800;&#47672; &#50545;&#51060; &#48512;&#51313;&#54616;&#45796;. &#48152;&#47732;&#50640; &#47196;&#48712;&#54980;&#46300; &#44057;&#51008; &#51204;&#53685; &#54592;&#53580;&#53356;&#45716; &#44508;&#51228; &#51109;&#48317;&#51004;&#47196; &#51064;&#54644; &#49472;&#54532; &#52964;&#49828;&#53552;&#46356; &#48143; &#44256;&#47112;&#48260;&#47532;&#51648; &#50689;&#50669;&#50640; &#51652;&#51077;&#54616;&#44592; &#50612;&#47157;&#45796;. &#51060; &#49324;&#51060;&#47484; &#44277;&#47029;&#54644;&#50556; &#54620;&#45796;.</p></li><li><p>defi.app&#51008; &#52636;&#49884;(2025&#45380; 2&#50900;) &#51060;&#54980; &#45572;&#51201; &#44144;&#47000;&#47049; $44B&#50752; &#45572;&#51201; &#44032;&#51077;&#51088; 106&#47564; &#47749;&#51012; &#54869;&#48372;&#54616;&#47728;, &#52404;&#51064;&#44284; &#44032;&#49828;&#47484; &#49704;&#44596; &#44032;&#49828; &#52628;&#49345;&#54868; &#51064;&#53552;&#54168;&#51060;&#49828;&#51032; &#50976;&#54952;&#49457;&#51012; &#51613;&#47749;&#54664;&#45796;.</p></li><li><p>Rocket Perps&#45716; &#51068;&#48152; DEX &#45824;&#48708; &#45458;&#51008; &#49688;&#49688;&#47308; &#44396;&#51312;&#47484; &#44032;&#51648;&#45208;, &#54540;&#47019;&#54268; &#51204;&#52404; &#49688;&#51061;&#51032; 80%&#47484; DIP-004 &#44144;&#48260;&#45324;&#49828; &#44208;&#51032;&#50640; &#46384;&#46972; $HOME &#53664;&#53360; &#48148;&#51060;&#48177;&#50640; &#53804;&#51077;&#54616;&#45716; &#44396;&#51312;&#47484; &#52292;&#53469;&#54664;&#45796;.</p></li><li><p>defi.app&#51060; &#51109;&#44592;&#51201;&#51004;&#47196; &#49457;&#51109;&#54616;&#44592; &#50948;&#54644;&#49440; &#45800;&#44592; &#47784;&#44061; &#51204;&#47029;&#49104; &#50500;&#45768;&#46972; &#50976;&#51200;&#44032; &#50504;&#51221;&#49457;&#51012; &#45712;&#45180;&#44256; &#47588;&#51068; &#48169;&#47928;&#54624; &#49688; &#51080;&#45716; &#46041;&#44592;&#47484; &#47560;&#47144;&#54644;&#50556; &#54620;&#45796;.</p></li></ul><div><hr></div><h2><strong>1. DeFi &#49892;&#54665; &#47112;&#51060;&#50612;, &#50780; &#50500;&#51649; &#50500;&#47924;&#46020; &#47803; &#51105;&#50520;&#45208;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!jTav!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!jTav!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png 424w, https://substackcdn.com/image/fetch/$s_!jTav!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png 848w, https://substackcdn.com/image/fetch/$s_!jTav!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png 1272w, https://substackcdn.com/image/fetch/$s_!jTav!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!jTav!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png" width="1456" height="864" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:864,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!jTav!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png 424w, https://substackcdn.com/image/fetch/$s_!jTav!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png 848w, https://substackcdn.com/image/fetch/$s_!jTav!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png 1272w, https://substackcdn.com/image/fetch/$s_!jTav!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fba2f8a24-f373-41aa-afd7-21d651baa88d_2048x1216.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>DeFi &#49373;&#53468;&#44228;&#44032; &#53468;&#46041;&#54620; &#51648; 10&#45380;&#51060; &#51648;&#45228;&#45796;. 2015&#45380; &#51060;&#45908;&#47532;&#50880; &#52636;&#49884; &#51060;&#54980; &#50728;&#52404;&#51064; &#44552;&#50997;&#51008; &#45824;&#48512;&#48516;&#51032; &#51204;&#53685; &#44552;&#50997;&#51012; &#44592;&#49696;&#51201;&#51004;&#47196; &#48373;&#51228;&#54644; &#45256;&#45796;. &#44536;&#47084;&#45208; &#44552;&#50997; &#49345;&#54408;&#51032; &#44256;&#46020;&#54868;&#50752; &#45804;&#47532;, &#45824;&#51473;&#54868; &#49457;&#51201;&#51008; &#44900; &#50724;&#47004; &#49884;&#44036; &#51221;&#52404;&#46104;&#50612; &#51080;&#45796;. &#8216;&#48520;&#54200;&#54632;&#8217;&#51060; &#54644;&#44208;&#46104;&#51648; &#50506;&#50520;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><p>&#50557; 2&#45380; &#51204;, &#52968;&#49468;&#49884;&#49828;(Consensys)&#44032; &#50976;&#44256;&#48652;(YouGov)&#50752; &#51652;&#54665;&#54616;&#44256; &#44277;&#44060;&#54620; <strong><a href="https://consensys.io/insight-report/web3-and-crypto-global-survey-2023">2023</a></strong><a href="https://consensys.io/insight-report/web3-and-crypto-global-survey-2023"> </a><strong><a href="https://consensys.io/insight-report/web3-and-crypto-global-survey-2023">&#44544;&#47196;&#48268; &#49444;&#47928;&#51312;&#49324;</a></strong>&#50640;&#49436;&#46020; &#51204; &#49464;&#44228; &#51025;&#45813;&#51088;&#51032; 93%&#44032; &#50516;&#54840;&#54868;&#54224;&#50640; &#45824;&#54644; &#46308;&#50612;&#48376; &#51201;&#51060; &#51080;&#45796;&#44256; &#45813;&#54664;&#51648;&#47564; &#50937;3(Web3)&#45208; DeFi&#50640; &#45824;&#54644; &#52828;&#49689;&#54616;&#45796;&#44256; &#45813;&#54620; &#48708;&#50984;&#51008; &#45800; 8%&#50640; &#44536;&#52452;&#50632;&#45796;.</p><p><strong>2&#45380;&#51060; &#55120;&#47480; &#51648;&#44552;&#46020; &#50976;&#51200;&#44221;&#54744; &#52769;&#47732;&#50640;&#49436; &#53356;&#44172; &#44060;&#49440;&#46108; &#48512;&#48516;&#51008; &#50630;&#45716; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;. &#50732;&#54644; &#52488; 1inch&#44032; &#51652;&#54665;&#54620; &#49444;&#47928;&#51312;&#49324;&#50640; &#46384;&#47476;&#47732;, DeFi &#50976;&#51200;&#46308;&#51032; &#44032;&#51109; &#53360; &#48520;&#47564;&#51008; &#44032;&#49828;&#48708;(27%), &#48372;&#50504; &#47532;&#49828;&#53356;(22%), &#45712;&#47536; &#53944;&#47004;&#51117;&#49496;(18%), &#48652;&#47551;&#51648; &#48264;&#44144;&#47196;&#50880;(14%) &#49692;&#51060;&#50632;&#45796;. &#51060;&#45716; DeFi&#51032; &#44552;&#50997; &#44592;&#45733; &#51088;&#52404;&#51032; &#44208;&#54632;&#51060;&#46972;&#44592;&#48372;&#45796;, &#51060;&#47484; &#49548;&#48708;&#54616;&#45716; &#44284;&#51221;&#50640;&#49436; &#48156;&#49373;&#54616;&#45716; &#8216;&#50976;&#51200; &#44221;&#54744;(UX)&#51032; &#47560;&#52272;&#8217;&#51060; &#51652;&#51077; &#51109;&#48317;&#51004;&#47196; &#51089;&#50857;&#54616;&#44256; &#51080;&#51020;&#51012; &#48372;&#50668;&#51456;&#45796;.</strong></p><p>&#51204;&#53685; &#44552;&#50997; &#49884;&#51109;&#50640;&#49436;&#45716; &#48120;&#44397;&#51032; &#47196;&#48712;&#54980;&#46300;(Robinhood)&#44032; &#51060; &#44221;&#54744;&#51032; &#47928;&#51228;&#47484; &#47676;&#51200; &#54644;&#44208;&#54616;&#47728; &#45824;&#51473;&#54868;&#50640; &#49457;&#44277;&#54664;&#45796;. &#51060;&#45908;&#47532;&#50880;, DeFi&#50752; &#48708;&#49847;&#54620; &#49884;&#44592;&#50640; &#46321;&#51109;&#54620; &#47196;&#48712;&#54980;&#46300;&#45716;, &#49688;&#49688;&#47308;&#50752; &#48373;&#51105;&#54620; &#44228;&#51340; &#44060;&#49444; &#51208;&#52264;&#44032; &#45817;&#50672;&#54664;&#45912; &#54872;&#44221;&#50640;&#49436; &#51452;&#49885; &#44144;&#47000;&#47484; &#49688;&#49688;&#47308; &#50630;&#51060; &#49828;&#47560;&#53944;&#54256; &#54620; &#45824;&#47196; &#44032;&#45733;&#54616;&#44172; &#47564;&#46308;&#50632;&#45796;. &#47196;&#48712;&#54980;&#46300;&#51032; &#49457;&#44277;&#51008; &#51452;&#49885; &#44144;&#47000;&#52376;&#47100; &#8216;&#45572;&#44396;&#45208; &#49884;&#46020;&#54644;&#48380; &#49688; &#51080;&#45716; &#51200;&#50948;&#54744; &#53804;&#51088; &#44221;&#54744;&#8217;&#51012; &#45800;&#49692;&#54868;&#54664;&#44592;&#50640; &#44032;&#45733;&#54664;&#45796;.</p><p>&#48152;&#47732; DeFi&#51032; &#49892;&#51228; &#49688;&#50836;&#45716; &#44208;&#51060; &#45796;&#47476;&#45796;. &#44256;&#47112;&#48260;&#47532;&#51648; &#54028;&#49373;&#49345;&#54408;, &#50728;&#52404;&#51064; &#49688;&#51061;&#47456;, &#49472;&#54532; &#52964;&#49828;&#53552;&#46356; &#46321; &#51228;&#46020;&#44428; &#44552;&#50997; &#50545;&#51060; &#44508;&#51228;&#49345; &#51228;&#44277;&#54624; &#49688; &#50630;&#44144;&#45208; &#44592;&#54588;&#54616;&#45716; &#50689;&#50669;&#51060; DeFi &#44256;&#50976;&#51032; &#49884;&#51109;&#51060;&#45796;. &#47196;&#48712;&#54980;&#46300;&#44032; &#53356;&#47549;&#53664; &#54788;&#47932;&#51012; &#51068;&#48512; &#52712;&#44553;&#54616;&#44592; &#49884;&#51089;&#54664;&#51648;&#47564;, &#49472;&#54532; &#52964;&#49828;&#53552;&#46356;&#50752; &#47924;&#54728;&#44032; &#44256;&#47112;&#48260;&#47532;&#51648; &#49345;&#54408;&#51008; &#50668;&#51204;&#55176; &#44508;&#51228;&#51032; &#48317; &#48150;&#50640; &#51080;&#45796;. <strong>&#46384;&#46972;&#49436; DeFi &#49892;&#54665; &#47112;&#51060;&#50612;&#44032; &#51648;&#54693;&#54644;&#50556; &#54624; &#48169;&#54693;&#51008; &#47196;&#48712;&#54980;&#46300;&#51032; &#48708;&#51592;&#45768;&#49828;&#47484; &#44536;&#45824;&#47196; &#48373;&#51228;&#54616;&#45716; &#44163;&#51060; &#50500;&#45768;&#45796;. &#47196;&#48712;&#54980;&#46300;&#44032; &#44508;&#51228;&#50752; &#44396;&#51312;&#51201; &#54620;&#44228; &#46412;&#47928;&#50640; &#50732; &#49688; &#50630;&#45716; &#50689;&#53664; &#50948;&#50640;, &#47196;&#48712;&#54980;&#46300; &#49688;&#51456;&#51032; &#47588;&#45124;&#47084;&#50868; &#44552;&#50997; &#44221;&#54744;&#51012; &#51060;&#49885;&#54616;&#45716; &#44163;&#51060;&#45796;.</strong></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p><div><hr></div><h2><strong>2. &#44592;&#51316; &#49884;&#46020;&#46308;&#51060; &#49892;&#54056;&#54620; &#51060;&#50976;</strong></h2><p>&#44536;&#44036; &#51652;&#51077; &#51109;&#48317;&#51012; &#45230;&#52628;&#47140;&#45716; &#49884;&#46020;&#44032; &#50630;&#50632;&#45912; &#44163;&#51008; &#50500;&#45768;&#45796;.<a href="https://zerion.io/"> Zerion</a>&#51060;&#45208;<a href="https://zapper.xyz/"> Zapper</a>&#45716; &#48373;&#51105;&#54620; &#50728;&#52404;&#51064; &#54252;&#51648;&#49496;&#51012; &#45824;&#49884;&#48372;&#46300; &#54616;&#45208;&#47196; &#47926;&#50612; &#51008;&#54665; &#50545;&#52376;&#47100; &#44036;&#54200;&#54620; &#49828;&#50769;&#183;&#50696;&#52824; &#44221;&#54744;&#51012; &#51228;&#44277;&#54616;&#47140; &#54664;&#45796;. <a href="https://instadapp.io/">Instadapp</a>(Avocado) &#44057;&#51008; &#54532;&#47196;&#51229;&#53944;&#46308;&#51060; &#49828;&#47560;&#53944; &#44228;&#51221;(AA) &#44592;&#49696;&#51012; &#46020;&#51077;&#54644; &#45796;&#51473; &#52404;&#51064;&#51032; &#44032;&#49828;&#48708; &#51109;&#48317;&#51012; &#48373;&#54633;&#51201;&#51004;&#47196; &#54644;&#44208;&#54616;&#47140; &#49884;&#46020;&#54616;&#44592;&#46020; &#54664;&#45796;.</p><p><strong>&#48169;&#54693;&#51008; &#47582;&#50520;&#51004;&#45208; &#51060;&#46308;&#51032; &#54620;&#44228;&#45716; &#8216;&#51648;&#49549; &#44032;&#45733;&#54620; &#47532;&#53584;&#49496; &#47336;&#54532;&#8217;&#51032; &#48512;&#51116;&#50688;&#45796;. &#53664;&#53360;&#51060;&#45208; &#54252;&#51064;&#53944; &#51064;&#49468;&#54000;&#48652;&#44032; &#51460;&#50612;&#46308;&#47732; &#50976;&#51200;&#44032; &#48120;&#47144; &#50630;&#51060; &#45796;&#51020; &#48372;&#49345; &#49324;&#51060;&#53364;&#47196; &#46496;&#45208;&#45716; &#54056;&#53556;&#51060; &#48152;&#48373;&#46096;&#45796;. </strong>&#45824;&#48512;&#48516;&#51032; DeFi &#48143; &#53944;&#47112;&#51060;&#46377; &#50545;&#51008; &#44592;&#49696;&#51201; &#54728;&#46308;&#51012; &#45230;&#52628;&#45716; &#45936;&#45716; &#49457;&#44277;&#54664;&#51004;&#45208;, &#51064;&#49468;&#54000;&#48652; &#50630;&#51060; &#50976;&#51200;&#47484; &#48537;&#51105;&#50500;&#46160;&#45716; &#44592;&#54925;&#47141;&#51060; &#48512;&#51313;&#54644;<a href="https://www.digitalapplied.com/blog/mobile-app-marketing-statistics-2026-install-data"> &#8216;D30 &#47532;&#53584;&#49496; &#50557; 10%(AppsFlyer, 2026)&#8217;</a>&#46972;&#45716; &#54592;&#53580;&#53356; &#44592;&#51456;&#49440;&#51012; &#45336;&#51648; &#47803;&#54664;&#45796;.</p><p>&#51652;&#51077; &#47560;&#52272;&#51012; &#51648;&#50864;&#45716; &#44592;&#49696;&#44284; &#50976;&#51200;&#47484; &#47588;&#51068; &#46028;&#50500;&#50724;&#44172; &#47564;&#46300;&#45716; &#44592;&#54925;&#51008; &#48324;&#44060;&#51032; &#50689;&#50669;&#51060;&#45796;. &#47196;&#48712;&#54980;&#46300;&#44032; &#50976;&#51200;&#47484; &#47926;&#50612;&#46164; &#44163;&#51008; &#45800;&#49692;&#55176; &#44144;&#47000;&#44032; &#54200;&#54644;&#49436;&#44032; &#50500;&#45768;&#46972; <strong>&#50508;&#47548;, &#49548;&#48708; &#48516;&#49437;, &#51068;&#49345;&#51201; &#54812;&#53469; &#46321; &#51088;&#48156;&#51201;&#51004;&#47196; &#50545;&#51012; &#50676;&#44172; &#47564;&#46300;&#45716; &#48152;&#48373; &#47336;&#54532;&#44032; &#51316;&#51116;&#54664;&#44592; &#46412;&#47928;&#51060;&#45796;.</strong> &#48152;&#47732;&#50640; &#44592;&#51316; DeFi &#50545;&#46308;&#51008; &#51064;&#49468;&#54000;&#48652; &#50630;&#51060; &#50976;&#51200;&#46308;&#51060; &#51068;&#49345;&#51201;&#51004;&#47196; &#50545;&#51012; &#49324;&#50857;&#54616;&#44172; &#47564;&#46300;&#45716; &#45936;&#50640;&#45716; &#49892;&#54056;&#54664;&#45796;.</p><p>&#44592;&#51316; &#49892;&#54056; &#54056;&#53556;&#51012; &#48152;&#52628;&#54644; &#48372;&#47732;, &#51060; &#44277;&#49437;&#51012; &#52264;&#51648;&#54616;&#44592; &#50948;&#54644;&#49440; &#49464; &#44032;&#51648; &#51312;&#44148;&#51060; &#46041;&#49884;&#50640; &#52649;&#51313;&#46104;&#50612;&#50556; &#54620;&#45796;&#45716; &#44208;&#47200;&#50640; &#46020;&#45804;&#54620;&#45796;.</p><ul><li><p><strong>&#47560;&#52272; &#51228;&#44144; (Frictionless):</strong> &#50976;&#51200;&#44032; &#52404;&#51064; &#48516;&#47532;, &#44032;&#49828;&#48708;, &#48652;&#47551;&#51648;&#47484; &#51204;&#54784; &#51032;&#49885;&#54616;&#51648; &#47803;&#54616;&#45716; &#54872;&#44221;.</p></li><li><p><strong>&#48152;&#48373; &#47336;&#54532; (Retention Loop):</strong> &#51068;&#49884;&#51201;&#51064; &#53664;&#53360; &#51064;&#49468;&#54000;&#48652;&#44032; &#45149;&#45208;&#46020; &#50976;&#51200;&#47484; &#50545;&#50640; &#48537;&#51105;&#50500;&#46160;&#45716; &#51109;&#52824;.</p></li><li><p><strong>&#53356;&#47549;&#53664; &#45348;&#51060;&#54000;&#48652; &#52964;&#48260;&#47532;&#51648; (Crypto-Native Coverage):</strong> &#49472;&#54532; &#52964;&#49828;&#53552;&#46356;&#50752; &#44256;&#47112;&#48260;&#47532;&#51648; &#46321; &#51204;&#53685; &#54592;&#53580;&#53356;&#44032; &#44508;&#51228; &#46412;&#47928;&#50640; &#51228;&#44277;&#54616;&#51648; &#47803;&#54616;&#45716; &#50689;&#50669;&#51012; &#50756;&#48317;&#55176; &#54252;&#49453;&#54616;&#45716; &#44163;.</p></li></ul><p>&#51060; &#49464; &#44032;&#51648; &#44592;&#46181;&#51012; &#54616;&#45208;&#47196; &#47926;&#50612;&#45236;&#45716; &#54540;&#47112;&#51060;&#50612;&#44032; &#49884;&#51109;&#51032; &#49849;&#51088;&#44032; &#46108;&#45796;.</p><h2><strong>3. defi.app &#51032; &#51217;&#44540; &#48169;&#49885;: &#47560;&#52272;&#51012; &#51228;&#44144;&#54664;&#51004;&#45208; &#45224;&#51008; &#44163;&#51008;?</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!VsWY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!VsWY!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png 424w, https://substackcdn.com/image/fetch/$s_!VsWY!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png 848w, https://substackcdn.com/image/fetch/$s_!VsWY!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png 1272w, https://substackcdn.com/image/fetch/$s_!VsWY!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!VsWY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png" width="1456" height="980" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/cda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:980,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!VsWY!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png 424w, https://substackcdn.com/image/fetch/$s_!VsWY!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png 848w, https://substackcdn.com/image/fetch/$s_!VsWY!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png 1272w, https://substackcdn.com/image/fetch/$s_!VsWY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcda3dc38-dd26-451b-b6bb-fd2f5d0ec954_2048x1379.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><a href="https://www.defi.app">defi.app</a>&#51008; &#49828;&#50769;, Earn, Perps&#47484; &#45800;&#51068; &#51064;&#53552;&#54168;&#51060;&#49828;&#50640; &#53685;&#54633;&#54620; &#44396;&#51312;&#47484; &#52712;&#54620;&#45796;. <a href="https://eips.ethereum.org/EIPS/eip-4337">EIP-4337</a> &#49828;&#47560;&#53944; &#50612;&#52852;&#50868;&#53944; &#44592;&#48152;&#51032; &#44032;&#49828; &#52628;&#49345;&#54868;&#47484; &#51201;&#50857;&#54644; &#50976;&#51200;&#45716; &#44032;&#49828;&#48708;&#47484; &#46384;&#47196; &#51456;&#48708;&#54624; &#54596;&#50836;&#44032; &#50630;&#51004;&#47728;, EVM&#44284; &#49556;&#46972;&#45208; &#49373;&#53468;&#44228;&#47484; &#50724;&#44032;&#45716; &#44144;&#47000;&#45716; &#45236;&#48512;&#50640;&#49436; &#51088;&#46041;&#51004;&#47196; &#52572;&#51201; &#44221;&#47196;(<a href="https://1inch.com/">1inch</a>, <a href="https://jup.ag/">Jupiter</a> &#46321;)&#47484; &#52286;&#50500; &#46972;&#50864;&#54021;&#46108;&#45796;. &#44552;&#50997; &#49345;&#54408;&#51012; &#51204;&#47732;&#50640; &#45236;&#49464;&#50864;&#44256; &#48373;&#51105;&#54620; &#50937;3 &#51064;&#54532;&#46972;&#45716; &#46244;&#47196; &#49704;&#44592;&#45716; &#52968;&#49800;&#47672; &#51473;&#49900;&#51032; &#49444;&#44228;&#45796;.</p><p>&#52636;&#49884; &#51060;&#54980; &#51201;&#47549;&#46108; &#45936;&#51060;&#53552;&#45716; &#51060;&#47084;&#54620; &#51217;&#44540; &#48169;&#49885;&#51032; &#50976;&#54952;&#49457;&#44284; &#54693;&#54980; &#44284;&#51228;&#47484; &#46041;&#49884;&#50640; &#48372;&#50668;&#51456;&#45796;.106&#47564; &#47749;&#51032; &#45572;&#51201; &#44032;&#51077;&#51088;&#47484; &#54869;&#48372;&#54616;&#47728; &#45824;&#44508;&#47784; &#50728;&#48372;&#46377; &#50669;&#47049;&#51012; &#51613;&#47749;&#54664;&#44256;, MAU 30,000~40,000&#47749;&#44284; &#52636;&#49884; &#52488;&#44592; &#45824;&#48708; &#50557; 3,000% &#49457;&#51109;&#54620; DAU&#45716; Rocket Perps &#51221;&#49885; &#47088;&#52824; &#51060;&#51204; &#49884;&#51216;&#50640; &#51060;&#48120; &#49892;&#51656;&#51201;&#51064; &#47532;&#53584;&#49496; &#44592;&#48152;&#51060; &#54805;&#49457;&#46096;&#51020;&#51012; &#48372;&#50668;&#51456;&#45796;. &#51060;&#51228; &#44288;&#44148;&#51008; 6&#50900; 4&#51068; Rocket Perps &#54140;&#48660;&#47533; &#47088;&#52824;&#44032; &#51060; &#44592;&#48152;&#51012; &#50620;&#47560;&#45208; &#45908; &#54869;&#51109;&#54624; &#49688; &#51080;&#45716;&#51648;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!6bM_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!6bM_!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png 424w, https://substackcdn.com/image/fetch/$s_!6bM_!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png 848w, https://substackcdn.com/image/fetch/$s_!6bM_!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png 1272w, https://substackcdn.com/image/fetch/$s_!6bM_!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!6bM_!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png" width="1456" height="1445" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1445,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!6bM_!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png 424w, https://substackcdn.com/image/fetch/$s_!6bM_!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png 848w, https://substackcdn.com/image/fetch/$s_!6bM_!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png 1272w, https://substackcdn.com/image/fetch/$s_!6bM_!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffbb03c1f-7abb-4adf-b0fd-01633aa1be57_2048x2033.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h2><strong>4. Rocket Perps: &#46020;&#54028;&#48124;&#51012; &#47588;&#52636;&#44284; &#53664;&#53360; &#44032;&#52824;&#47196; &#52824;&#54872;&#54616;&#45716; &#44277;&#49885;</strong></h2><p>defi.app&#51008; &#51648;&#44552;&#44620;&#51648; &#47560;&#52272; &#51228;&#44144;&#50752; &#48152;&#48373; &#47336;&#54532;&#47484; &#47564;&#46300;&#45716; &#45936;&#50640; &#51665;&#51473;&#54664;&#51004;&#45208; &#49324;&#49892; &#51204;&#53685; &#54592;&#53580;&#53356;&#50752; &#48708;&#44368; &#49440;&#49345;&#50640; &#44228;&#49549; &#49436; &#51080;&#50632;&#45796;. &#47566;&#51008; &#49436;&#48708;&#49828;&#47484; &#54620; &#44275;&#50640;&#49436; &#49324;&#50857;&#54624; &#49688; &#51080;&#50632;&#51004;&#45208;, &#44536; &#51060;&#49345;, &#51593; &#53356;&#47549;&#53664; &#45348;&#51060;&#54000;&#48652; &#52964;&#48260;&#47532;&#51648;(Crypto-Native Coverage)&#47484; &#47564;&#46308;&#51648; &#47803;&#54664;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_79g!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_79g!,w_424,c_limit,f_webp,q_auto:good,fl_lossy/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif 424w, https://substackcdn.com/image/fetch/$s_!_79g!,w_848,c_limit,f_webp,q_auto:good,fl_lossy/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif 848w, https://substackcdn.com/image/fetch/$s_!_79g!,w_1272,c_limit,f_webp,q_auto:good,fl_lossy/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif 1272w, https://substackcdn.com/image/fetch/$s_!_79g!,w_1456,c_limit,f_webp,q_auto:good,fl_lossy/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_79g!,w_1456,c_limit,f_auto,q_auto:good,fl_lossy/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:21847059,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/gif&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/200247944?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_79g!,w_424,c_limit,f_auto,q_auto:good,fl_lossy/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif 424w, https://substackcdn.com/image/fetch/$s_!_79g!,w_848,c_limit,f_auto,q_auto:good,fl_lossy/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif 848w, https://substackcdn.com/image/fetch/$s_!_79g!,w_1272,c_limit,f_auto,q_auto:good,fl_lossy/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif 1272w, https://substackcdn.com/image/fetch/$s_!_79g!,w_1456,c_limit,f_auto,q_auto:good,fl_lossy/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4875f8a8-f149-4ce8-bc24-c37a0d526a6b_864x864.gif 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p></p><p><em>Source: defi.app</em></p><p><strong>&#51060; &#53356;&#47549;&#53664; &#45348;&#51060;&#54000;&#48652; &#52964;&#48260;&#47532;&#51648; &#47928;&#51228;&#47484; &#54644;&#44208;&#54616;&#44592; &#50948;&#54644; defi.app&#51060; &#46020;&#51077;&#54620; &#44592;&#45733;&#51060; &#48148;&#47196; &#8216;Rocket Perps&#8217;&#45796;.</strong></p><p><a href="https://docs.defi.app/knowledge-base/trade-and-earn/trade-perpetuals/rocket-perps">Rocket Perps</a>&#45716; &#54589;&#49472;&#50500;&#53944; &#50500;&#52992;&#51060;&#46300; &#44172;&#51076; UI&#47484; &#44208;&#54633;&#54620; 1000x &#47112;&#48260;&#47532;&#51648; &#54028;&#49373;&#49345;&#54408;&#51060;&#45796;. <a href="https://aark.digital/">Aark Digital</a>&#51032; &#50724;&#46972;&#53364; &#51064;&#54532;&#46972;&#47484; &#54876;&#50857;&#54644; &#44144;&#47000; &#49345;&#45824;&#48169; &#47588;&#52845; &#50630;&#51060; &#51593;&#49884; &#54252;&#51648;&#49496;&#51060; &#52404;&#44208;&#46104;&#45716; &#49549;&#46020;&#47484; &#44396;&#54788;&#54664;&#45796;. &#45216;&#50500;&#50724;&#45716; &#49548;&#54665;&#49457;&#51012; &#53485;&#54616;&#47732; XP&#44032; &#49939;&#51060;&#44256;, &#51060;&#47484; &#53685;&#54644; $HOME &#53664;&#53360; &#48372;&#49345;&#51012; &#53364;&#47112;&#51076;&#54616;&#45716; &#44172;&#51076;&#54868;(Gamification) &#50836;&#49548;&#47484; &#44208;&#54633;&#54644; &#53944;&#47112;&#51060;&#45908;&#46308;&#51032; &#48152;&#48373;&#51201; &#51652;&#51077;&#51012; &#50976;&#46020;&#54616;&#45716; &#44396;&#51312;&#45796;.</p><p><a href="https://coinpedia.org/price-analysis/home-price-explodes-100-as-rocket-perps-momentum-triggers-massive-short-squeeze/">&#49548;&#54532;&#53944; &#47088;&#52824;(2026&#45380; 5&#50900; 13&#51068; ~ 5&#50900; 28&#51068;) &#44592;&#44036; &#46041;&#50504; &#51665;&#44228;&#46108; &#52488;&#44592; &#51648;&#54364;</a>&#45716; &#45796;&#51020;&#44284; &#44057;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!cK3Q!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!cK3Q!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png 424w, https://substackcdn.com/image/fetch/$s_!cK3Q!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png 848w, https://substackcdn.com/image/fetch/$s_!cK3Q!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png 1272w, https://substackcdn.com/image/fetch/$s_!cK3Q!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!cK3Q!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png" width="1456" height="688" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:688,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!cK3Q!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png 424w, https://substackcdn.com/image/fetch/$s_!cK3Q!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png 848w, https://substackcdn.com/image/fetch/$s_!cK3Q!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png 1272w, https://substackcdn.com/image/fetch/$s_!cK3Q!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e3aea56-1efb-47c6-a809-0187204ecce7_2048x968.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>264&#47749;&#51032; &#50976;&#51200;&#44032; $4&#50613;&#51060; &#45336;&#45716; &#44144;&#47000;&#47049;&#51012; &#44592;&#47197;&#54620; &#51216;&#51008; &#44256;&#47112;&#48260;&#47532;&#51648; &#49345;&#54408; &#53945;&#50976;&#51032; &#45458;&#51008; &#51088;&#48376; &#54952;&#50984;&#49457;&#44284; &#47792;&#51077;&#44048;&#51012; &#48372;&#50668;&#51456;&#45796;. &#45800;, &#51060;&#45716; &#52488;&#44256;&#50948;&#54744; &#49457;&#54693;&#51032; &#50620;&#47532; &#53944;&#47112;&#51060;&#45908; &#51473;&#49900; &#45936;&#51060;&#53552;&#51060;&#48064;&#47196; &#54140;&#48660;&#47533; &#54872;&#44221;&#50640;&#49436;&#51032; &#45824;&#51473;&#51201; &#54869;&#51109;&#49457;&#51008; &#48324;&#44060;&#47196; &#44160;&#51613;&#46104;&#50612;&#50556; &#54620;&#45796;.</p><p>1000x &#47112;&#48260;&#47532;&#51648;&#45716; &#50620;&#54607; &#44284;&#46020;&#54620; &#51088;&#44537;&#52376;&#47100; &#48372;&#51068; &#49688; &#51080;&#45796;. &#44536;&#47084;&#45208; &#51060;&#45716; &#53356;&#47549;&#53664; &#50976;&#51200;&#46308;&#51060; &#49884;&#51109;&#50640; &#51652;&#51077;&#54616;&#45716; &#46041;&#51064;&#44284; &#47582;&#45823;&#50500; &#51080;&#45796;. &#47566;&#51008; &#53356;&#47549;&#53664; &#53944;&#47112;&#51060;&#45908;&#46308;&#51060; &#44256;&#49688;&#51061;&#51012; &#50948;&#54644; &#44592;&#44732;&#51060; &#50948;&#54744;&#51012; &#44048;&#49688;&#54616;&#44592; &#46412;&#47928;&#51060;&#45796;. Rocket Perps&#45716; &#44536; &#49900;&#47532;&#47484; &#51060;&#50857;&#54644; &#51204;&#53685; &#54592;&#53580;&#53356;&#44032; &#44508;&#51228; &#46412;&#47928;&#50640; &#51228;&#44277;&#54616;&#51648; &#47803;&#54616;&#45716; &#50689;&#50669;&#51012; &#47564;&#46304; &#44163;&#51060;&#45796;.</p><p>&#51452;&#47785;&#54624; &#48512;&#48516;&#51008; &#49688;&#49688;&#47308; &#44396;&#51312;&#45796;. &#51652;&#51077; &#49884; &#47560;&#51652;&#51032; 4%, &#51061;&#51208; &#49884; &#51060;&#51061;&#51032; &#52572;&#45824; 50% &#52264;&#46321; &#51201;&#50857; &#46321; &#51068;&#48152;&#51201;&#51064; &#47924;&#44592;&#54620; &#49440;&#47932; &#44144;&#47000;&#49548;(0.02~0.07%)&#50752; &#48708;&#44368;&#54616;&#47732; &#49345;&#45817;&#55176; &#45458;&#51008; &#49688;&#51456;&#51060;&#45796;. &#54540;&#47019;&#54268; &#51204;&#52404; &#49688;&#51061;(&#54788;&#47932;, &#54140;&#54168;&#52740;&#50620;, Rocket Perps &#50500;&#52992;&#51060;&#46300;)&#51032; 80%&#44032; <a href="https://docs.defi.app/knowledge-base/home-token/tokenomics">DIP-004 &#44144;&#48260;&#45324;&#49828; &#44208;&#51032;</a>&#50640; &#46384;&#46972; <a href="https://x.com/defiapp/status/1947634079924400345">$HOME &#48148;&#51060;&#48177; &#54532;&#47196;&#44536;&#47016;</a>&#50640; &#53804;&#51077;&#46104;&#45716; &#47564;&#53372;, &#49373;&#53468;&#44228; &#48169;&#54693;&#49457;&#51012; &#44256;&#47140;&#54620; &#49688;&#49688;&#47308; &#52293;&#51221;&#51004;&#47196; &#54644;&#49437;&#54624; &#49688; &#51080;&#45796;. &#54756;&#51648; &#49688;&#45800;&#48372;&#45796;&#45716; &#44256;&#49688;&#51061;&#51012; &#52628;&#44396;&#54616;&#45716; &#53944;&#47112;&#51060;&#45908; &#53945;&#49457;&#50640; &#52572;&#51201;&#54868;&#46108; &#49345;&#54408;&#51004;&#47196; &#51060;&#54644;&#54616;&#47732; &#51060; &#44284;&#44552; &#44396;&#51312;&#45716; &#53440;&#44611; &#50976;&#51200;&#50640;&#44172; &#54633;&#47532;&#51201;&#51004;&#47196; &#48155;&#50500;&#46308;&#50668;&#51656; &#49688; &#51080;&#45796;.</p><p><strong><a href="https://app.hyperliquid.xyz/trade">&#54616;&#51060;&#54140;&#47532;&#53300;&#46300;(Hyperliquid)</a>&#45716; &#49688;&#49688;&#47308;&#50640;&#49436; &#48148;&#51060;&#48177;&#51004;&#47196; &#51060;&#50612;&#51648;&#45716; &#54540;&#46972;&#51060;&#55072;&#51032; &#49440;&#47168;&#47484; &#51228;&#49884;&#54620;&#45796;. &#54532;&#47196;&#53664;&#53084; &#49688;&#49688;&#47308;&#51032; 97%&#47484; HYPE &#53664;&#53360; &#48148;&#51060;&#48177;&#50640; &#53804;&#51077;&#54616;&#45716; &#44396;&#51312;&#47484; &#52292;&#53469;&#54664;&#44256;, &#47784;&#46304; &#53944;&#47004;&#51117;&#49496;&#51060; &#50728;&#52404;&#51064;&#50640;&#49436; &#51593;&#49884; &#44160;&#51613; &#44032;&#45733;&#54616;&#45796;. defi.app&#46020; &#44057;&#51008; &#49440;&#49692;&#54872;&#51012; &#50728;&#52404;&#51064;&#50640;&#49436; &#51613;&#47749;&#54620;&#45796;&#47732;, &#45458;&#51008; &#49688;&#49688;&#47308; &#44396;&#51312;&#50640; &#46384;&#47480; &#50976;&#51200; &#48708;&#50857; &#48512;&#45812;&#51012; &#49345;&#49604;&#54616;&#45716; &#44053;&#47141;&#54620; &#50976;&#51064;&#51060; &#46108;&#45796;.</strong></p><h2><strong>5. defi.app&#51060; &#54400;&#50612;&#50556; &#54624; &#54693;&#54980; &#47560;&#51068;&#49828;&#53668;</strong></h2><h3><strong>5.1. &#47532;&#53584;&#49496; &#44160;&#51613; &#44536;&#47532;&#44256; &#49888;&#47280; &#54532;&#47112;&#51076; &#44396;&#52629;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1EaP!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1EaP!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png 424w, https://substackcdn.com/image/fetch/$s_!1EaP!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png 848w, https://substackcdn.com/image/fetch/$s_!1EaP!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png 1272w, https://substackcdn.com/image/fetch/$s_!1EaP!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!1EaP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png" width="1456" height="804" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:804,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!1EaP!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png 424w, https://substackcdn.com/image/fetch/$s_!1EaP!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png 848w, https://substackcdn.com/image/fetch/$s_!1EaP!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png 1272w, https://substackcdn.com/image/fetch/$s_!1EaP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a15311a-6cc5-46bf-bc74-2bd710984672_2048x1131.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#49548;&#54532;&#53944; &#47088;&#52824;&#51032; 264&#47749;&#51008; 1000x &#47112;&#48260;&#47532;&#51648;&#47484; &#51088;&#48156;&#51201;&#51004;&#47196; &#52286;&#50500;&#50728; &#50620;&#47532; &#53944;&#47112;&#51060;&#45908; &#51665;&#45800;&#51060;&#45796;. &#48376;&#44201;&#51201;&#51064; &#47088;&#52824;&#47484; &#44592;&#51216;&#51004;&#47196; &#52376;&#51020;&#51004;&#47196; &#51068;&#48152; &#50976;&#51200; &#54400;&#51060; &#48376;&#44201; &#50976;&#51077;&#46104;&#47728;, &#51060;&#48120; &#54805;&#49457;&#46108; 30,000~40,000&#47749; MAU &#44592;&#48152;&#51060; &#50620;&#47560;&#45208; &#45908; &#54869;&#51109;&#46104;&#45716;&#51648;&#44032; &#54645;&#49900; &#44288;&#51204; &#54252;&#51064;&#53944;&#45796;.</p><p><a href="https://robinhood.com/us/en/">&#47196;&#48712;&#54980;&#46300;</a>&#45716; &#51060; &#47928;&#51228;&#47484; &#47676;&#51200; &#44202;&#50632;&#45796;. <a href="https://www.thestreet.com/technology/robinhood-abandoned-by-fans-of-crypto-and-meme-stocks">2021&#45380; &#48136;&#51452;&#49885; &#50676;&#54413;&#51060; &#44734;&#51060;&#51088; MAU&#44032; &#51221;&#51216;&#50640;&#49436; &#44553;&#44201;&#55176; &#54616;&#46973;&#54664;&#45796;.</a> &#51060;&#54980; &#49440;&#53469;&#54620; &#48169;&#54693;&#51008; &#53356;&#47112;&#46375; &#52852;&#46300;, &#48197;&#53433;, &#49548;&#49500; &#44592;&#45733;&#51012; &#44208;&#54633;&#54644; &#44144;&#47000; &#50668;&#48512;&#50752; &#47924;&#44288;&#54616;&#44172; &#47588;&#51068; &#50545;&#51012; &#50676; &#51060;&#50976;&#47484; &#47564;&#46300;&#45716; &#44163;&#51060;&#50632;&#45796;. &#50976;&#51200;&#44032; &#46024;&#51012; &#48268;&#46304; &#51075;&#46304; &#50545;&#51004;&#47196; &#46028;&#50500;&#50724;&#44172; &#47564;&#46300;&#45716; &#48324;&#46020;&#51032; &#47336;&#54532;&#44032; &#54596;&#50836;&#54616;&#45796;&#45716; &#44152; &#48372;&#50668;&#51500;&#45796;.</p><p>defi.app&#46020; &#44057;&#51008; &#44256;&#48124;&#51032; &#49440;&#49345;&#50640; &#51080;&#45796;. Rocket Perps&#52376;&#47100; &#53356;&#47549;&#53664; &#53944;&#47112;&#51060;&#45908;&#51032; &#44208;&#50640; &#47582;&#45716; &#44592;&#45733;&#46308;&#51012; &#51648;&#49549;&#51201;&#51004;&#47196; &#52636;&#49884;&#54644; &#50976;&#51200;&#47484; &#47784;&#51004;&#45716; &#44163;&#44284;, &#46041;&#49884;&#50640; &#50976;&#51200;&#46308;&#51060; &#8216;&#45236; &#51088;&#49328;&#51012; &#50504;&#51221;&#51201;&#51004;&#47196; &#54876;&#50857;&#54624; &#49688; &#51080;&#45716; &#44275;&#8217;&#51060;&#46972;&#45716; &#51064;&#49885;&#51012; &#49900;&#50612;&#51452;&#45716; &#44163;&#51060; &#48337;&#54665;&#46104;&#50612;&#50556; &#54620;&#45796;. &#47784;&#44061;&#46108; &#50976;&#51200;&#46308;&#51060; &#51068;&#49345;&#51201;&#51004;&#47196; &#50545;&#51012; &#49324;&#50857;&#54624; &#49688; &#51080;&#50612;&#50556; &#51652;&#51221;&#54620; &#8216;Everything App&#8217;&#51004;&#47196; &#44144;&#46317;&#45216; &#49688; &#51080;&#45796;.</p><h3><strong>5.2. &#48148;&#51060;&#48177; &#44396;&#51312;&#51032; &#50728;&#52404;&#51064; &#53804;&#47749;&#49457; &#54869;&#48372;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!T_8L!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!T_8L!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png 424w, https://substackcdn.com/image/fetch/$s_!T_8L!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png 848w, https://substackcdn.com/image/fetch/$s_!T_8L!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png 1272w, https://substackcdn.com/image/fetch/$s_!T_8L!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!T_8L!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png" width="1456" height="708" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:708,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!T_8L!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png 424w, https://substackcdn.com/image/fetch/$s_!T_8L!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png 848w, https://substackcdn.com/image/fetch/$s_!T_8L!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png 1272w, https://substackcdn.com/image/fetch/$s_!T_8L!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F22807c1a-59f6-4ccb-b436-758ff85a34db_2048x996.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#54788;&#51116; $HOME &#53664;&#53360;&#50640; &#53804;&#51088;&#54644;&#50556; &#54624; &#44032;&#51109; &#53360; &#45436;&#44144;&#45716; &#54540;&#47019;&#54268; &#51204;&#52404; &#49688;&#51061;&#51032; 80%&#47484; &#44144;&#48260;&#45324;&#49828; &#44592;&#48152; &#48148;&#51060;&#48177; &#54532;&#47196;&#44536;&#47016;&#50640; &#53804;&#51077;&#54620;&#45796;&#45716; &#44277;&#50557;&#51060;&#45796;. &#51060; &#44277;&#50557;&#51032; &#49888;&#47280;&#46020;&#47484; &#46263;&#48155;&#52840;&#54616;&#45716; &#44540;&#44144;&#45716; &#51060;&#48120; &#51316;&#51116;&#54620;&#45796;. Q3 2025 &#53944;&#47112;&#51060;&#46377; &#49688;&#51061; &#50557; $400&#47564;, &#50900; &#47588;&#52636; &#50557; $100&#47564;&#51060;&#46972;&#45716; &#49688;&#52824;&#45716; &#48148;&#51060;&#48177; &#51116;&#50896;&#51060; &#49892;&#51228;&#47196; &#49373;&#49457;&#46104;&#44256; &#51080;&#51020;&#51012; &#48372;&#50668;&#51456;&#45796;.</p><p>&#45824;&#48512;&#48516;&#51032; &#50516;&#54840;&#54868;&#54224; &#53804;&#51088;&#51088;&#46308;&#51008; &#51060;&#48120; &#48148;&#51060;&#48177; &#50557;&#49549;&#50640; &#48176;&#49888;&#45817;&#54620; &#44221;&#54744;&#51060; &#47566;&#45796;. &#49688;&#51061;&#51060; &#48156;&#49373;&#54616;&#44256; &#51080;&#45796;&#45716; &#49324;&#49892;&#47564;&#51004;&#47196;&#45716; &#48512;&#51313;&#54616;&#44256;, &#44536; &#49688;&#51061;&#51060; &#49892;&#51228;&#47196; &#48148;&#51060;&#48177;&#51004;&#47196; &#51665;&#54665;&#46104;&#44256; &#51080;&#45716;&#51648;&#47484; &#45572;&#44396;&#45208; &#46021;&#47549;&#51201;&#51004;&#47196; &#54869;&#51064;&#54624; &#49688; &#51080;&#50612;&#50556; &#54620;&#45796;.</p><p><a href="https://app.hyperliquid.xyz/trade">&#54616;&#51060;&#54140;&#47532;&#53300;&#46300;</a>&#45716; &#51060; &#47928;&#51228;&#47484; &#44032;&#51109; &#44628;&#45140;&#54616;&#44172; &#54400;&#50632;&#45796;. &#49688;&#49688;&#47308;&#44032; &#48156;&#49373;&#54616;&#45716; &#49692;&#44036; &#51088;&#46041;&#51004;&#47196; &#48148;&#51060;&#48177;&#51060; &#49892;&#54665;&#46104;&#46020;&#47197; &#54532;&#47196;&#44536;&#47016;&#54664;&#44256;, &#53944;&#47004;&#51117;&#49496;&#51012; &#45572;&#44396;&#45208; &#51312;&#54924;&#54624; &#49688; &#51080;&#45796;. &#48148;&#51060;&#48177;&#51060; &#8220;&#46104;&#44256; &#51080;&#45796;&#8221;&#45716; &#44277;&#51648;&#47484; &#46384;&#47196; &#54624; &#54596;&#50836;&#44032; &#50630;&#45796;.</p><p>defi.app&#51032; 80% &#48148;&#51060;&#48177;&#51060;&#46972;&#45716; &#44277;&#50557;&#51008; &#53804;&#51088;&#51088;&#50640;&#44172; &#52649;&#48516;&#55176; &#47588;&#47141;&#51201;&#51004;&#47196; &#46308;&#47540; &#49688; &#51080;&#45796;. &#48148;&#51060;&#48177; &#49892;&#54665; &#51648;&#44049; &#51452;&#49548;&#47484; &#44277;&#44060;&#54616;&#44256;, &#49688;&#51061; &#50976;&#54805;&#48324; &#45236;&#50669;&#51012; &#49892;&#49884;&#44036;&#51004;&#47196; &#51665;&#44228;&#54616;&#45716; &#45824;&#49884;&#48372;&#46300;&#47484; Rocket Perps &#54140;&#48660;&#47533; &#47088;&#52824;&#50752; &#46041;&#49884;&#50640; &#45236;&#45459;&#45716;&#45796;&#47732; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#52376;&#47100; &#49888;&#47280;&#47484; &#48148;&#53461;&#51004;&#47196; &#44404;&#47084;&#44032;&#45716; &#54540;&#46972;&#51060;&#55072;&#51012; &#44221;&#54744;&#54624; &#49688; &#51080;&#45796;.</p><h2><strong>6. &#44208;&#47200;</strong></h2><p>&#47196;&#48712;&#54980;&#46300;&#45716; &#44552;&#50997; &#44221;&#54744;&#51012; &#48148;&#45032;&#51648;&#47564; &#44508;&#51228;&#51032; &#50872;&#53440;&#47532; &#50504;&#50640; &#51080;&#45796;. &#49472;&#54532; &#52964;&#49828;&#53552;&#46356;&#46020;, &#44256;&#47112;&#48260;&#47532;&#51648;&#46020;, &#54728;&#44032;&#48155;&#51648; &#47803;&#54620; &#49688;&#51061;&#47456;&#51012; &#53804;&#51088;&#51088;&#50640;&#44172; &#51228;&#44277;&#54624; &#49688;&#46020; &#50630;&#45796;. &#44536;&#47532;&#44256; DeFi&#45716; &#44536; &#44508;&#51228; &#48148;&#44645;&#51032; &#44552;&#50997;&#51012; &#47564;&#46308;&#50632;&#51648;&#47564; &#49324;&#46988;&#51012; &#48537;&#51105;&#51648; &#47803;&#54664;&#45796;. &#51064;&#54532;&#46972;&#45716; &#50756;&#49457;&#46096;&#45716;&#45936; &#47588;&#51068; &#46028;&#50500;&#50724;&#44172; &#47564;&#46300;&#45716; &#51060;&#50976;&#44032; &#50630;&#50632;&#45796;.</p><p>defi.app&#51060; &#54400;&#47140;&#45716; &#47928;&#51228;&#45716; &#51221;&#54869;&#55176; &#44536; &#46160; &#49324;&#51060;&#50640; &#51080;&#45796;. &#47196;&#48712;&#54980;&#46300;&#44032; &#50732; &#49688; &#50630;&#45716; &#50689;&#53664;&#50640;&#49436;, DeFi&#44032; &#50500;&#51649; &#47564;&#46308;&#51648; &#47803;&#54620; &#44221;&#54744;&#51012; &#47564;&#46300;&#45716; &#44163;&#51060;&#45796;.</p><p>&#44536; &#51217;&#44540; &#48169;&#49885;&#51008; &#49464; &#52629;&#51004;&#47196; &#50836;&#50557;&#46108;&#45796;. 1) &#44032;&#49828;&#50752; &#48652;&#47551;&#51648;&#47484; &#49704;&#44596; &#51064;&#53552;&#54168;&#51060;&#49828;&#47196; &#47560;&#52272;&#51012; &#50630;&#50528;&#44256;, 2) Rocket Perps&#50752; &#44057;&#51008; &#50836;&#49548;&#47484; &#52628;&#44032;&#54616;&#50668; &#50976;&#51200;&#44032; &#48152;&#48373; &#51652;&#51077;&#54624; &#51060;&#50976;&#47484; &#47564;&#46308;&#44256;, 3) &#49688;&#49688;&#47308;&#47484; &#44144;&#48260;&#45324;&#49828; &#44592;&#48152; $HOME &#48148;&#51060;&#48177; &#54532;&#47196;&#44536;&#47016;&#51004;&#47196; &#50672;&#44208;&#54644; &#54540;&#47019;&#54268; &#49457;&#51109;&#51060; &#49892;&#51656;&#51201;&#51064; &#50728;&#52404;&#51064; &#49688;&#50836;&#47196; &#44480;&#49549;&#46104;&#45716; &#44396;&#51312;&#47484; &#49444;&#44228;&#54664;&#45796;.</p><p>defi.app&#51008; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#50640;&#49436; &#50976;&#51200;&#47484; &#45132;&#50612;&#46308;&#51060;&#44592; &#50948;&#54620; &#50836;&#49548;&#50640; &#45824;&#54644; &#51096; &#51060;&#54644;&#54616;&#44256; &#51080;&#45716; &#54016;&#51060;&#45796;. &#47932;&#47200; &#50976;&#51200; &#49457;&#54693;&#50640; &#46384;&#46972; &#45796;&#47476;&#44192;&#51648;&#47564;, &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#53945;&#50976;&#51032; &#48320;&#46041;&#49457;&#51012; &#51339;&#50500;&#54616;&#45716; &#50976;&#51200;&#46972;&#47732; Rocket Perps&#47484; &#53685;&#54644; &#55141;&#48120;&#47484; &#44032;&#51656; &#49688; &#51080;&#44256; &#51109;&#44592;&#51201;&#51004;&#47196; &#50545;&#50640; &#51116;&#48169;&#47928;&#54624; &#49688;&#46020; &#51080;&#45796;.</p><p>&#51060;&#51228; defi.app&#51060; &#44256;&#48124;&#54644;&#50556; &#54624; &#44148;, &#45800;&#44592;&#51201;&#51064; &#47784;&#44061; &#51204;&#47029;&#44284; &#45908;&#48520;&#50612;, &#50976;&#51200;&#44032; Earn&#51012; &#53685;&#54644; &#47560;&#51020; &#54200;&#55176; &#50696;&#52824; &#49688;&#51061;&#51012; &#45236;&#44256; &#44172;&#51076;&#51201;&#51064; &#50836;&#49548;&#47196; XP&#47484; &#47784;&#50500; &#48372;&#49345;&#51012; &#50619;&#45716; &#44221;&#54744;&#51012; &#53685;&#54644; &#51088;&#50672;&#49828;&#47101;&#44172; &#51116;&#48169;&#47928;&#54616;&#46020;&#47197; &#47564;&#46300;&#45716; &#44163;&#51060;&#45796;.</p><p>&#44536;&#44163;&#51060; &#44032;&#45733;&#54644;&#51648;&#45716; &#49692;&#44036;, defi.app&#51008; &#45800;&#49692;&#54620; DeFi &#50545;&#51060; &#50500;&#45768;&#46972; &#47196;&#48712;&#54980;&#46300;&#44032; &#45149;&#45236; &#51652;&#51077;&#54616;&#51648; &#47803;&#54620; &#49884;&#51109;&#51032; &#52395; &#48264;&#51704; &#54364;&#51456;&#51060; &#46108;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-kor">&#46020;&#54028;&#48124;&#51060; &#49324;&#46972;&#51652; DeFi, RWA&#47196; &#46104;&#49332;&#50500;&#45208;&#45796;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-kor">&#50728;&#52404;&#51064;&#50640;&#49436; RWA&#47196;: &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#51116;&#49444;&#44228;&#54616;&#45716; DeFi&#51032; &#49352;&#47196;&#50868; &#53664;&#45824;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/onchain-risk-curators-147t-vs-7b-kor">$147T vs $7B, &#50728;&#52404;&#51064; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#49884;&#51109; &#48516;&#49437;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/korea-institutional-crypto-2026-landscape-kor">2026&#45380;, &#54620;&#44397; &#44592;&#44288;&#46308;&#51032; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#51652;&#52636; &#52509;&#51221;&#47532;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p><span>&#51060; &#48372;&#44256;&#49436;&#45716; defi.app &#47196;&#48512;&#53552; &#51068;&#48512; &#50896;&#44256;&#47308; &#51648;&#50896;&#51012; &#48155;&#50520;&#51004;&#45208;, &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#46021;&#47549;&#51201;&#51064; &#51312;&#49324;&#47484; &#53685;&#54644; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;.</span><strong> </strong><span>&#54616;&#51648;&#47564; &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060;&#50640; &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#51004;&#47728; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</span></p><h2><strong>Terms of Usage</strong></h2><p><span>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(</span><a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a><span>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</span></p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ 2026๋…„, ํ•œ๊ตญ ๊ธฐ๊ด€๋“ค์˜ ์•”ํ˜ธํ™”ํ ์‹œ์žฅ ์ง„์ถœ ์ด์ •๋ฆฌ ]]>
</title>
<description>
<![CDATA[ &#44397;&#45236; &#51008;&#54665;&#44284; &#51613;&#44428;&#49324;&#44032; &#44144;&#47000;&#49548; &#51648;&#48516;&#51012; &#54869;&#48372;&#54616;&#47728; STO, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;, &#49688;&#53441; &#49884;&#51109;&#51032; &#51452;&#46020;&#44428; &#44221;&#51137;&#50640; &#45208;&#49436;&#44256; &#51080;&#49845;&#45768;&#45796;. &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#44032; 150&#44060; &#44592;&#44288;, 196&#44060; &#54028;&#53944;&#45320;&#49901;&#51012; &#48516;&#49437;&#54664;&#49845;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/korea-institutional-crypto-2026-landscape-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/korea-institutional-crypto-2026-landscape-kor</guid>
<dc:creator>
<![CDATA[ Henry Kim ]]>
</dc:creator>
<pubDate>Thu, 28 May 2026 13:01:14 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/199563404/f581b8bea1f7f403bcc3f79d4fde58ad.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>&#54620;&#44397; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#50640;&#49436; &#44592;&#44288;&#46308;&#51032; &#54028;&#53944;&#45320;&#49901; &#48156;&#54364;&#50752; &#51648;&#48516; &#51064;&#49688; &#44221;&#51137;&#51060; &#46041;&#49884;&#50640; &#50143;&#50500;&#51648;&#44256; &#51080;&#49845;&#45768;&#45796;. &#44536;&#47088;&#45936;, &#51648;&#54805;&#46020;&#47484; &#46308;&#50668;&#45796;&#48372;&#47732; &#54620; &#45576;&#50640; &#54028;&#50501;&#54616;&#44592; &#50612;&#47157;&#49845;&#45768;&#45796;. &#45908;&#44400;&#45796;&#45208; &#54028;&#53944;&#45320;&#49901;&#51008; &#45336;&#52432;&#45208;&#45716;&#45936; &#49345;&#50857; &#49436;&#48708;&#49828;&#47196; &#51204;&#54872;&#46108; &#49324;&#47168;&#45716; &#50668;&#51204;&#55176; &#46300;&#47941;&#45768;&#45796;. &#50780; &#51060; &#51204;&#54872;&#50984;&#51060; &#45230;&#51008;&#51648;, &#44536;&#47100;&#50640;&#46020; &#44592;&#44288;&#46308;&#51060; &#44228;&#49549; &#50880;&#51649;&#51060;&#45716; &#51060;&#50976;&#44032; &#47924;&#50631;&#51064;&#51648; &#49332;&#54196;&#48389;&#45768;&#45796;.</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>&#54620;&#44397; &#44592;&#44288;&#46308;&#51032; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#51652;&#52636;&#51060; &#44032;&#49549;&#54868;&#46104;&#47732;&#49436; &#45800;&#49692; &#50629;&#47924;&#54801;&#50557;(MOU)&#51012; &#45336;&#50612; &#49892;&#51228; &#49324;&#50629; &#50689;&#50669;, &#44144;&#47000;&#49548; &#51648;&#48516; &#51064;&#49688;&#44620;&#51648; &#54869;&#51109;&#51060; &#54869;&#51064;&#46108;&#45796;.</p></li><li><p>STO &#54364;&#51456; &#51452;&#46020;&#44428;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44208;&#51228;&#47581;, &#49688;&#53441; &#49884;&#51109; &#46321; &#54645;&#49900; &#44552;&#50997; &#51064;&#54532;&#46972;&#51032; &#44600;&#47785;&#51012; &#49440;&#51216;&#54616;&#44592; &#50948;&#54620; &#51652;&#50689; &#44036; &#47932;&#48145; &#44221;&#51137;&#51060; &#49900;&#54868;&#46104;&#50632;&#45796;.</p></li><li><p>&#54644;&#50808; &#44592;&#49696; &#51333;&#49549;&#50640;&#49436; &#48279;&#50612;&#45208; &#54620;&#44397;&#51008;&#54665; CBDC &#48143; &#44397;&#45236; &#44508;&#51228; &#47582;&#52644;&#54805; &#47112;&#51068;&#51012; &#51649;&#51217; &#44396;&#52629;&#54616;&#45716; &#44397;&#49328; &#51064;&#54532;&#46972; &#48716;&#45908;&#46308;&#51060; &#44592;&#44288; &#48708;&#51592;&#45768;&#49828;&#51032; &#49352;&#47196;&#50868; &#54645;&#49900; &#52629;&#51004;&#47196; &#48512;&#49345;&#54616;&#44256; &#51080;&#45796;.</p></li><li><p>&#54644;&#50808; &#50937;3 &#51116;&#45800;&#46308;&#51032; &#54620;&#44397; &#51652;&#52636; &#44277;&#49885;&#51060; &#47532;&#53580;&#51068; &#52964;&#48036;&#45768;&#54000; &#48716;&#46377;&#50640;&#49436; &#45824;&#44592;&#50629;&#183;&#44552;&#50997;&#49324; &#54801;&#50629;&#51004;&#47196; &#50756;&#51204;&#55176; &#51204;&#54872;&#46104;&#50632;&#51004;&#47728;, &#51204;&#53685; &#44552;&#50997;&#51060; &#51452;&#46020;&#54616;&#45716; &#49884;&#51109; &#44060;&#54200;&#51060; &#44032;&#49549;&#54868;&#46108;&#45796;.</p></li></ul><div><hr></div><h2><strong>1. &#49900;&#54868;&#46104;&#45716; MOU &#44221;&#51137;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!F_6r!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!F_6r!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png 424w, https://substackcdn.com/image/fetch/$s_!F_6r!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png 848w, https://substackcdn.com/image/fetch/$s_!F_6r!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png 1272w, https://substackcdn.com/image/fetch/$s_!F_6r!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!F_6r!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png" width="1456" height="1129" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1129,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!F_6r!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png 424w, https://substackcdn.com/image/fetch/$s_!F_6r!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png 848w, https://substackcdn.com/image/fetch/$s_!F_6r!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png 1272w, https://substackcdn.com/image/fetch/$s_!F_6r!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F28b37a90-a527-4406-b271-ff5a6d447bf6_2048x1588.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#50948; &#51648;&#54805;&#46020;&#45716; <a href="https://app.tiger-research.com">&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#44032; &#54620;&#44397; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51032; &#55120;&#47492;&#51012; &#51221;&#47532;&#54620; &#44288;&#44228;&#46020;</a>&#51060;&#45796;. &#44536;&#47084;&#45208; &#44396;&#51312;&#47484; &#54620;&#45576;&#50640; &#54028;&#50501;&#54616;&#44592;&#45716; &#49789;&#51648; &#50506;&#45796;. &#48373;&#51105;&#54616;&#44172; &#50621;&#55180; &#49440;&#46308; &#51473; &#50612;&#45712; &#44163;&#51060; &#49892;&#51228; &#49324;&#50629;&#51032; &#50689;&#50669;&#51064;&#51648;, &#50612;&#45712; &#44163;&#51060; &#45800;&#49692; &#50629;&#47924;&#54801;&#50557;(MOU)&#51064;&#51648; &#47749;&#54869;&#55176; &#44396;&#48516;&#46104;&#51648; &#50506;&#51004;&#47728;, &#51473;&#49900; &#54728;&#48652;&#50752; &#51452;&#48320;&#48512;&#51032; &#44221;&#44228;&#46020; &#47784;&#54840;&#54616;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><p><strong>&#55141;&#48120;&#47196;&#50868; &#51216;&#51008; &#51060; &#48373;&#51105;&#54632; &#51088;&#52404;&#44032; &#54788;&#51116; &#54620;&#44397; &#50516;&#54840;&#54868;&#54224; &#44592;&#44288; &#49884;&#51109;&#51032; &#54788;&#49892;&#51012; &#51221;&#54869;&#54616;&#44172; &#48372;&#50668;&#51456;&#45796;&#45716; &#49324;&#49892;&#51060;&#45796;.</strong> &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#44032; &#52628;&#51201;&#54620; 150&#44060; &#44592;&#44288;, 196&#44148;&#51032; &#54801;&#47141; &#44288;&#44228; &#45936;&#51060;&#53552;&#44032; &#51613;&#47749;&#54616;&#46319; &#50500;&#51649; &#49884;&#51109;&#51012; &#46021;&#51216;&#51201;&#51004;&#47196; &#51648;&#48176;&#54616;&#45716; &#54728;&#48652;&#45716; &#51316;&#51116;&#54616;&#51648; &#50506;&#45716;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wDBt!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wDBt!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png 424w, https://substackcdn.com/image/fetch/$s_!wDBt!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png 848w, https://substackcdn.com/image/fetch/$s_!wDBt!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!wDBt!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wDBt!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png" width="1456" height="1478" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/bc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1478,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wDBt!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png 424w, https://substackcdn.com/image/fetch/$s_!wDBt!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png 848w, https://substackcdn.com/image/fetch/$s_!wDBt!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!wDBt!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc29d663-f770-4716-a34e-8427e29f8867_2017x2048.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#51648;&#44552; &#44397;&#45236; &#44592;&#44288;&#46308;&#51008; &#44508;&#51228;&#44032; &#50756;&#51204;&#55176; &#54869;&#51221;&#46104;&#44592; &#51204; &#51452;&#46020;&#44428;&#51012; &#51105;&#44592; &#50948;&#54644; &#46041;&#49884;&#45796;&#48156;&#51201;&#51004;&#47196; &#51652;&#50689;&#51012; &#44396;&#52629;&#54616;&#45716; &#51473;&#51060;&#45796;. &#54788;&#51116; &#44221;&#51137;&#51008; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;, STO(&#53664;&#53360;&#51613;&#44428;), &#49688;&#53441;(&#50516;&#54840;&#54868;&#54224; &#48372;&#44288;)&#51060;&#46972;&#45716; 3&#45824; &#51204;&#49440;&#51012; &#51473;&#49900;&#51004;&#47196; &#54204;&#52432;&#51648;&#44256; &#51080;&#45796;.</strong></p><p>&#51452;&#47785;&#54624; &#51216;&#51008; &#44552;&#50997;&#44592;&#44288;&#46308;&#51032; &#44144;&#47000;&#49548; &#51648;&#48516; &#51064;&#49688;&#44032; &#51060;&#50612;&#51648;&#44256; &#51080;&#45796;&#45716; &#51216;&#51064;&#45936;, &#44508;&#51228;&#44032; &#50756;&#48708;&#46104;&#44592; &#51204; &#49884;&#51109;&#50640; &#45824;&#54620; &#54869;&#49888;&#51012; &#44032;&#51648;&#44256; &#49440;&#51216;&#54616;&#47140;&#45716; &#50880;&#51649;&#51076;&#51004;&#47196; &#54644;&#49437;&#46108;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. &#44284;&#50676;&#46104;&#45716; &#44144;&#47000;&#49548; &#51648;&#48516; &#51137;&#53448;&#51204;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3Qk2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3Qk2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png 424w, https://substackcdn.com/image/fetch/$s_!3Qk2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png 848w, https://substackcdn.com/image/fetch/$s_!3Qk2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png 1272w, https://substackcdn.com/image/fetch/$s_!3Qk2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3Qk2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png" width="1456" height="1045" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1045,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:511295,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/199563404?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!3Qk2!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png 424w, https://substackcdn.com/image/fetch/$s_!3Qk2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png 848w, https://substackcdn.com/image/fetch/$s_!3Qk2!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png 1272w, https://substackcdn.com/image/fetch/$s_!3Qk2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ad1dff0-d2b1-451c-87ad-2551104f1b7b_3376x2424.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#54616;&#45208;&#51008;&#54665;&#51060; &#50629;&#48708;&#53944; &#50868;&#50689;&#49324; &#46160;&#45208;&#47924; &#51648;&#48516; 6.55%&#47484; &#50557; 1&#51312;&#50896;&#50640; &#51064;&#49688;&#54616;&#44192;&#45796;&#44256; &#48157;&#55180; &#51648; &#50676;&#55128;&#46020; &#50504; &#46076; &#54620;&#54868;&#53804;&#51088;&#51613;&#44428;&#51060; &#52628;&#44032; 3.90% &#52712;&#46301;&#51012; &#44208;&#51032;&#54664;&#44256;, &#44057;&#51008; &#45804;&#51064; 5&#50900; 28&#51068;&#50644; &#49340;&#49457;&#51613;&#44428;&#183;&#49340;&#49457;SDS&#183;&#49340;&#49457;&#52852;&#46300;&#44032; &#54633;&#49328; 4.0% &#52712;&#46301;&#51012; &#44277;&#54364;&#54664;&#45796;. &#48120;&#47000;&#50640;&#49483;&#52968;&#49444;&#54021;&#51008; &#51060;&#48120; 2&#50900;&#50640; &#53076;&#48727; &#51648;&#48516; 92.06%&#47484; &#51064;&#49688;&#54616;&#45716; &#44228;&#50557;&#51012; &#52404;&#44208;&#54664;&#44256;, &#54620;&#44397;&#53804;&#51088;&#51613;&#44428;&#44284; &#44544;&#47196;&#48268; &#44144;&#47000;&#49548; OKX&#51032; &#53076;&#51064;&#50896; &#44277;&#46041; &#51064;&#49688; &#45436;&#51032;&#46020; &#49884;&#51109;&#50640; &#54140;&#51276;&#45796;.</p><p><strong>&#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#49548;&#44032; &#53076;&#51064; &#47588;&#47588; &#49688;&#49688;&#47308; &#54540;&#47019;&#54268;&#51012; &#45336;&#50612;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#183;&#49688;&#53441;&#183;&#53664;&#53360;&#51613;&#44428;&#183;RWA &#49345;&#54408;&#51060; &#50976;&#53685;&#46112; &#49688; &#51080;&#45716; &#54645;&#49900; &#44256;&#44061; &#51217;&#51216;&#51004;&#47196; &#51116;&#54217;&#44032;&#46104;&#47732;&#49436; &#48268;&#50612;&#51648;&#45716; &#49440;&#51216; &#44221;&#51137;&#51060;&#45796;.</strong></p><p><strong>&#51008;&#54665;&#44284; &#51613;&#44428;&#49324;&#45716; VASP&#50752; &#44057;&#51008; &#46972;&#51060;&#49440;&#49828;&#47484; &#50864;&#54924;&#51201;&#51004;&#47196; &#54925;&#46301;&#54616;&#47728; &#46041;&#49884;&#50640; &#44144;&#47000;&#49548;&#51032; &#50976;&#51200;&#50752; &#50976;&#46041;&#49457;&#51012; &#54869;&#48372;&#54624; &#49688; &#51080;&#45796;. &#51648;&#44552;&#51032; &#51648;&#48516;&#51137;&#53448;&#51204;&#51008; &#45572;&#44032; &#54693;&#54980; &#46356;&#51648;&#53560;&#51088;&#49328; &#44552;&#50997;&#51032; &#54532;&#47200;&#53944;&#50644;&#46300;&#47484; &#51109;&#50501;&#54624; &#44163;&#51064;&#44032;&#51032; &#47928;&#51228;&#45796;.</strong></p><h2><strong>3. &#49465;&#53552;&#48324; &#44288;&#44228;&#46020;&#47196; &#50508;&#50500;&#48372;&#45716; &#54620;&#44397; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;</strong></h2><p>&#44033; &#49465;&#53552;&#48324; &#44288;&#44228;&#46020;&#47484; &#49332;&#54196;&#48372;&#47732; &#49688;&#53441;&#51008; &#51228;&#46020;&#47484; &#53685;&#44284;&#54644; &#51060;&#48120; &#44032;&#46041; &#51473;&#51064; &#49324;&#47168;&#44032; &#47566;&#45796;. <strong>&#48152;&#47732; RWA&#50752; STO&#45716; &#48277; &#49884;&#54665;&#51012; &#44592;&#45796;&#47532;&#45712;&#46972; &#50668;&#51204;&#55176; &#44228;&#50557;&#51060;&#45208; &#50629;&#47924;&#54801;&#50557;(MOU) &#45800;&#44228;&#50640; &#47926;&#50668; &#51080;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#50669;&#49884; &#54869;&#49892;&#54620; &#51452;&#46020;&#44428;&#51012; &#51540; &#54364;&#51456; &#49324;&#50629;&#51088; &#50630;&#51060; &#48708;&#49847;&#54620; &#51221;&#52404;&#47484; &#44202;&#45716; &#51473;&#51060;&#45796;.</strong></p><p>&#51060;&#52376;&#47100; &#48516;&#50556;&#47560;&#45796; &#51109;&#48317;&#51032; &#49457;&#44201;&#51060; &#45796;&#47476;&#45796; &#48372;&#45768; &#46028;&#54028; &#51204;&#47029;&#46020; &#51228;&#44033;&#44033;&#51060;&#45796;. &#44508;&#51228;&#44032; &#54400;&#47532;&#44592;&#47484; &#44592;&#45796;&#47532;&#47728; &#44397;&#45236; &#50672;&#54633;&#51012; &#44277;&#44256;&#55176; &#54616;&#45716; &#51652;&#50689;&#51060; &#51080;&#45716; &#48152;&#47732;, &#44508;&#51228;&#44032; &#47676;&#51200; &#50676;&#47536; &#54644;&#50808;&#47196; &#45576;&#51012; &#46028;&#47140; &#50864;&#54924;&#47196;&#47484; &#44060;&#52377;&#54616;&#45716; &#54540;&#47112;&#51060;&#50612;&#46020; &#51080;&#45796;. &#44033; &#50689;&#50669;&#51032; &#51109;&#48317;&#44284; &#54540;&#47112;&#51060;&#50612;&#46308;&#51032; &#44396;&#52404;&#51201;&#51064; &#45824;&#51025; &#48169;&#49885;&#51012; &#49465;&#53552;&#48324;&#47196; &#49332;&#54196;&#48376;&#45796;.</p><h3><strong>3.1. RWA/STO: &#48277;&#51008; &#53685;&#44284;, &#49345;&#54408;&#54868; &#51064;&#54532;&#46972;&#44032; &#44288;&#44148;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!cQGr!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!cQGr!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png 424w, https://substackcdn.com/image/fetch/$s_!cQGr!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png 848w, https://substackcdn.com/image/fetch/$s_!cQGr!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png 1272w, https://substackcdn.com/image/fetch/$s_!cQGr!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!cQGr!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png" width="1456" height="1307" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1307,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!cQGr!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png 424w, https://substackcdn.com/image/fetch/$s_!cQGr!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png 848w, https://substackcdn.com/image/fetch/$s_!cQGr!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png 1272w, https://substackcdn.com/image/fetch/$s_!cQGr!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0d4eb523-dc8c-4921-815f-06a0108e67f3_2048x1838.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#44397;&#45236; STO &#49884;&#51109;&#51008; <a href="https://www.koscom.co.kr/mobile/bbs/B0000064/view.do?nttId=29474&amp;searchCnd=&amp;searchWrd=&amp;gubun=&amp;delcode=0&amp;searchBgnDe=&amp;searchEndDe=&amp;useAt=&amp;replyAt=&amp;menuNo=400107&amp;sdate=&amp;edate=&amp;deptId=&amp;isk=&amp;ise=&amp;viewType=&amp;type=&amp;year=&amp;pageIndex=63">&#53076;&#49828;&#53092; &#51473;&#49900;&#51032; &#52968;&#49548;&#49884;&#50628;</a>&#44284; <a href="https://www.shinhangroup.com/kr/archive/press/detail/622">&#49888;&#54620;&#53804;&#51088;&#51613;&#44428; &#51473;&#49900;&#51032; &#51312;&#44033;&#53804;&#51088; &#50672;&#54633;</a>&#51060;&#46972;&#45716; &#46160; &#52629;&#51004;&#47196; &#45208;&#45660;&#45796;. &#48152;&#47732; &#48120;&#47000;&#50640;&#49483;&#51613;&#44428;&#51008; &#54644;&#50808; &#44144;&#51216;&#51012; &#54876;&#50857;&#54644; &#51060;&#46308;&#44284;&#45716; &#45796;&#47480; &#46021;&#51088; &#45432;&#49440;&#51012; &#53469;&#54664;&#45796;.</strong></p><p><strong>&#53076;&#49828;&#53092;&#51008; &#54620;&#44397;&#44144;&#47000;&#49548;&#44032; &#51648;&#48516; 76.6%&#47484; &#48372;&#50976;&#54620; &#51613;&#44428;&#47581;&#51012; &#50868;&#50689;&#54616;&#45716; &#54645;&#49900; &#44592;&#44288;&#51060;&#45796;. &#8216;&#51613;&#44428;&#49324; &#44277;&#50857; &#51064;&#54532;&#46972; &#51228;&#44277;&#8217;&#51060;&#46972;&#45716; &#49444;&#47549; &#52712;&#51648;&#50640; &#47582;&#52656;, &#53945;&#51221; &#48156;&#54665;&#49324;&#50752;&#51032; &#46021;&#51216; &#44228;&#50557; &#45824;&#49888; 11&#44060; &#51613;&#44428;&#49324;&#47484; &#51088;&#49324; &#54540;&#47019;&#54268;&#51004;&#47196; &#53685;&#54633;&#54616;&#45716; &#47784;&#45944;&#51012; &#52628;&#51652; &#51473;&#51060;&#45796;. </strong>&#48156;&#54665;&#183;&#50976;&#53685; &#44592;&#49696; &#54364;&#51456;&#51012; &#49440;&#51216;&#54616;&#44256; &#50696;&#53441;&#44208;&#51228;&#50896; &#52509;&#47049;&#44288;&#47532; &#44592;&#51456;&#50640; &#47582;&#52632; &#51064;&#53552;&#54168;&#51060;&#49828;&#47484; &#54869;&#48372;&#54644; &#51473;&#47549; &#51064;&#54532;&#46972; &#49324;&#50629;&#51088; &#51648;&#50948;&#47484; &#45796;&#51648;&#44192;&#45796;&#45716; &#44396;&#49345;&#51060;&#45796;.</p><p><strong>&#49888;&#54620;&#53804;&#51088;&#51613;&#44428;&#51008; STO &#51064;&#54532;&#46972;&#47484; &#48736;&#47476;&#44172; &#46020;&#51077;&#54616;&#47728; &#51088;&#52404; &#49373;&#53468;&#44228;&#47484; &#45796;&#51256;&#50772;&#45796;.</strong></p><p> 2022&#45380; &#46988;&#45796;256&#44284;&#51032; PoC&#47484; &#49884;&#51089;&#51004;&#47196; 2024&#45380; &#50672;&#54633; &#54540;&#47019;&#54268; &#8216;PULSE&#8217; &#52636;&#48276;, 2025&#45380; &#47680;&#54000;&#54540;&#47019;&#54268; &#44228;&#51340; &#53685;&#54633; &#49436;&#48708;&#49828; &#44277;&#49885;&#54868;&#44032; &#44536; &#44208;&#44284;&#45796;. 2025&#45380; &#54620; &#54644;&#50640;&#47564; &#53804;&#51088;&#44228;&#50557;&#51613;&#44428; &#48156;&#54665; 10&#44148;&#50640; &#44228;&#51340;&#44288;&#47532;&#44592;&#44288;&#51004;&#47196; &#52280;&#50668;&#54664;&#44256;, &#51109;&#50808;&#44144;&#47000;&#49548; NXT&#51032; &#45824;&#51452;&#51452; &#51648;&#50948;&#44620;&#51648; &#54869;&#48372;&#54644; &#48156;&#54665;&#48512;&#53552; &#50976;&#53685;&#44620;&#51648; &#51060;&#50612;&#51648;&#45716; &#55120;&#47492;&#51012; &#51088;&#52404; &#52404;&#44228; &#50504;&#50640; &#44396;&#52629;&#54664;&#45796;.</p><p><strong>&#48120;&#47000;&#50640;&#49483;&#51613;&#44428;&#51008; &#44397;&#45236; &#51064;&#54532;&#46972; &#51221;&#48708;&#47484; &#44592;&#45796;&#47532;&#45716; &#45824;&#49888; &#54644;&#50808;&#47196; &#51649;&#54665;&#54664;&#45796;.</strong></p><p>&#54861;&#53097;&#50640;&#49436; &#46356;&#51648;&#53560;&#52292;&#44428;&#51012; &#48156;&#54665;&#54616;&#44256; &#54861;&#53097; &#51613;&#44428;&#49440;&#47932;&#50948;&#50896;&#54924;(SFC)&#47196;&#48512;&#53552; <a href="https://biz.chosun.com/stock/stock_general/2026/04/15/CEIP3GJC3NBYPNYWUKIB7CYYR4/">&#46356;&#51648;&#53560;&#51088;&#49328; &#47532;&#53580;&#51068; &#46972;&#51060;&#49440;&#49828;&#47484; &#52712;&#46301;</a>&#54664;&#51004;&#47728;, &#50724;&#45716; 6&#50900; <a href="https://www.news1.kr/finance/general-stock/6137642">MTS&#47484; &#52636;&#49884;&#54644; &#54788;&#51648; &#44060;&#51064; &#53804;&#51088;&#51088; &#45824;&#49345; &#49436;&#48708;&#49828;&#47484; &#49884;&#51089;&#54624; &#44228;&#54925;</a>&#51060;&#45796;. &#48120;&#44397;&#50640;&#49436;&#45716; JP&#47784;&#44148;, &#44264;&#46300;&#47564;&#49325;&#49828;, &#48660;&#47001;&#47197; &#46321;&#51060; &#52280;&#50668;&#54616;&#45716;<a href="https://news.einfomax.co.kr/news/articleView.html?idxno=4413777"> DTCC &#51452;&#46020; &#53664;&#53360;&#54868; &#50892;&#53433;&#44536;&#47353;&#50640; &#44397;&#45236; &#51613;&#44428;&#49324; &#51473; &#50976;&#51068;&#54616;&#44172; &#54633;&#47448;</a>&#54644; &#44544;&#47196;&#48268; &#54364;&#51456; &#45436;&#51032;&#50640; &#52280;&#50668;&#54616;&#44256; &#51080;&#45796;. &#54693;&#54980; &#44397;&#45236; STO &#51064;&#54532;&#46972;&#44032; &#44544;&#47196;&#48268; &#54364;&#51456;&#44284; &#50672;&#46041;&#46104;&#45716; &#49884;&#51216;&#50640; &#44508;&#51228; &#51221;&#54633;&#49457;&#44284; &#54801;&#49345;&#47141; &#47732;&#50640;&#49436; &#50864;&#50948;&#47484; &#51216;&#54616;&#44192;&#45796;&#45716; &#52712;&#51648;&#45796;.</p><h3><strong>3.2. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;: &#44592;&#49696;&#48372;&#45796; &#51077;&#48277; &#44396;&#51312;&#44032; &#47928;&#51228;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!fPXN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!fPXN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png 424w, https://substackcdn.com/image/fetch/$s_!fPXN!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png 848w, https://substackcdn.com/image/fetch/$s_!fPXN!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!fPXN!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!fPXN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png" width="1456" height="1857" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1857,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!fPXN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png 424w, https://substackcdn.com/image/fetch/$s_!fPXN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png 848w, https://substackcdn.com/image/fetch/$s_!fPXN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!fPXN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1f6a9e2-d3f9-44b9-9cf2-db0aefa962b5_1606x2048.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49884;&#51109;&#51008; &#45796;&#47480; &#50689;&#50669;&#50640; &#48708;&#54644; &#52280;&#50668; &#44592;&#50629;&#46308;&#51032; &#47732;&#47732;&#51060; &#45796;&#50577;&#54616;&#45796;. &#52852;&#46300;&#49324;, &#44144;&#47000;&#49548;, &#54592;&#53580;&#53356;, &#51064;&#54532;&#46972; &#44592;&#50629;&#51060; &#51200;&#47560;&#45796;&#51032; &#44053;&#51216;&#51012; &#45236;&#49464;&#50892; &#44033;&#44592; &#45796;&#47480; &#44221;&#47196;&#47196; &#51652;&#51077;&#54616;&#44256; &#51080;&#45796;.</p><p><strong>&#44032;&#51109; &#51652;&#50689;&#51060; &#53360; &#44275;&#51008; &#52852;&#52852;&#50724; &#44536;&#47353;&#51060;&#45796;. <a href="https://www.yna.co.kr/view/AKR20250805146000017">&#52852;&#52852;&#50724;&#53665;, &#52852;&#52852;&#50724;&#48197;&#53356;, &#52852;&#52852;&#50724;&#54168;&#51060;&#44032; &#44277;&#46041; TF&#47484; &#44396;&#49457;</a>&#54644; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;, &#50516;&#54840;&#54868;&#54224;, &#51648;&#50669;&#54868;&#54224;&#47484; &#50500;&#50864;&#47476;&#45716; &#8216;&#49800;&#54140;&#50900;&#47131;&#8217; &#44396;&#52629;&#51012; &#52628;&#51652; &#51473;&#51060;&#45796;. </strong>&#44536;&#46972;&#50868;&#46300;X &#49884;&#51208;&#48512;&#53552; <a href="https://www.kaia.io/">&#52852;&#51060;&#50500;(Kaia)</a> &#54140;&#48660;&#47533; &#52404;&#51064;&#51012; &#50868;&#50689;&#54616;&#47728; &#52629;&#51201;&#54620; &#51064;&#54532;&#46972;&#44032; &#47924;&#44592;&#45796;. &#52852;&#51060;&#50500;&#45716; &#51060;&#48120; &#53580;&#45908;(USDT)&#47484; &#45348;&#53944;&#50892;&#53356;&#50640; &#48176;&#54252;&#54644; &#49892;&#51656;&#51201;&#51064; &#44208;&#51228; &#53580;&#49828;&#53944;&#47484; &#51652;&#54665;&#54616;&#44256; &#51080;&#45796;.</p><p><strong>&#49888;&#54620;&#52852;&#46300;&#45716; &#44592;&#51316; &#44208;&#51228;&#47581;&#51012; &#48660;&#47197;&#52404;&#51064;&#51004;&#47196; &#51204;&#54872;&#54616;&#45716; &#45936; &#52488;&#51216;&#51012; &#47582;&#52676;&#45796;.<a href="https://www.mt.co.kr/finance/2026/04/30/2026043008252551466"> </a></strong><a href="https://www.mt.co.kr/finance/2026/04/30/2026043008252551466">&#49888;&#54620;&#52852;&#46300;&#45716; &#51648;&#45212; 4&#50900; &#49556;&#46972;&#45208;&#50752; MOU</a>&#47484; &#52404;&#44208;&#54664;&#45796;. &#49888;&#54620;&#52852;&#46300;&#45716; MOU &#51060;&#51204;&#48512;&#53552; &#49556;&#46972;&#45208;, &#48708;&#51088;, &#47560;&#49828;&#53552;&#52852;&#46300;, &#54028;&#51060;&#50612;&#48660;&#47197;&#49828; &#46321; &#44544;&#47196;&#48268; &#44592;&#50629;&#46308;&#44284; &#54801;&#47141;&#54644; &#51060;&#48120; 1&#52264; &#44592;&#49696; &#44160;&#51613;&#51012; &#47560;&#52828; &#46244; &#51648;&#44049;&#44284; &#49828;&#47560;&#53944;&#44228;&#50557; &#46321; 6&#44060; &#48516;&#50556;&#51032; &#44256;&#46020;&#54868; &#53580;&#49828;&#53944;&#47484; &#51060;&#50612;&#44032;&#44256; &#51080;&#50632;&#51004;&#47728;, &#44592;&#51316; &#52852;&#46300; &#44208;&#51228; &#51064;&#54532;&#46972;&#47484; &#48660;&#47197;&#52404;&#51064; &#47112;&#51068;&#47196; &#50734;&#44200;&#50724;&#44192;&#45796;&#45716; &#44396;&#49345;&#51060;&#45796;.</p><p><strong>&#44144;&#47000;&#49548; &#51652;&#50689;&#51008; &#45804;&#47084; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#50864;&#54924;&#47196;&#47196; &#49340;&#50520;&#45796;. </strong><a href="https://news.einfomax.co.kr/news/articleView.html?idxno=4412291">&#46160;&#45208;&#47924;&#45716; &#51088;&#52404; &#48660;&#47197;&#52404;&#51064; &#8216;&#44592;&#50752;(GIWA)&#8217;</a>&#47484; &#44592;&#48152;&#51004;&#47196; &#45348;&#51060;&#48260;&#54028;&#51060;&#45240;&#49500;&#44284; &#50896;&#54868; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49324;&#50629;&#51012; &#52628;&#51652; &#51473;&#51060;&#45796;. &#48727;&#50040;&#51008; &#50896;&#54868; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51228;&#46020;&#54868;&#44032; &#51648;&#50672;&#46104;&#45716; &#49345;&#54889;&#50640;&#49436; &#49436;&#53364;&#183;WLFI &#46321;&#44284; &#49552;&#51105;&#44256; &#45804;&#47084; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#50976;&#53685;&#47581;&#51012; &#47676;&#51200; &#54869;&#48372;&#54616;&#45716; &#48169;&#54693;&#51012; &#53469;&#54664;&#44256;, &#53664;&#49828;&#50752;&#51032; &#50896;&#54868; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44277;&#46041;&#49324;&#50629;&#46020; &#45436;&#51032; &#51473;&#51060;&#45208; &#50500;&#51649; &#51652;&#51204;&#51008; &#45908;&#46360; &#49345;&#53468;&#45796;.</p><p><strong>&#44033; &#51652;&#50689;&#51060; &#48516;&#51452;&#54616;&#44172; &#50880;&#51649;&#51060;&#44256; &#51080;&#51648;&#47564;, &#54788;&#49884;&#51216;&#50640;&#49440; &#44508;&#51228;&#46972;&#45716; &#46041;&#51068;&#54620; &#48317;&#50640; &#44032;&#47196;&#47561;&#54784; &#51080;&#45796;. &#54620;&#44397;&#51008;&#54665;&#51008; &#51008;&#54665; &#51648;&#48516;&#51060; &#44284;&#48152;&#51012; &#45336;&#45716; &#52968;&#49548;&#49884;&#50628;&#47564; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#48156;&#54665;&#54624; &#49688; &#51080;&#50612;&#50556; &#54620;&#45796;&#45716; 51%&#47344;&#51012; &#51452;&#51109;&#54616;&#45716; &#48152;&#47732;, &#54592;&#53580;&#53356; &#44592;&#50629;&#50640;&#46020; &#51652;&#51077; &#44592;&#54924;&#47484; &#51480;&#50556; &#54620;&#45796;&#45716; &#51060;&#44204;&#51060; &#47582;&#49436;&#47732;&#49436; &#45817;&#51221; &#54801;&#51032;&#44032; &#51648;&#50672;&#46104;&#44256; &#51080;&#45796;.</strong></p><p><strong>&#48156;&#54665; &#51452;&#52404;&#50640; &#45824;&#54620; &#44032;&#51060;&#46300;&#46972;&#51064;&#51060; &#45208;&#50724;&#45716; &#49692;&#44036;, &#44208;&#44397; &#44032;&#51109; &#52504;&#52504;&#54620; &#45824;&#51473;&#51201; &#51217;&#51216;&#51012; &#54869;&#48372;&#54644; &#46164; &#51652;&#50689;&#51060; &#49884;&#51109; &#51452;&#46020;&#44428;&#51012; &#44032;&#51256;&#44040; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;.</strong></p><h3><strong>3.3. &#49688;&#53441;: &#45908; &#47566;&#51008; &#44592;&#44288; &#51088;&#44552;&#51060; &#54596;&#50836;&#54616;&#45796;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!HxP2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!HxP2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png 424w, https://substackcdn.com/image/fetch/$s_!HxP2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png 848w, https://substackcdn.com/image/fetch/$s_!HxP2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!HxP2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!HxP2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png" width="1456" height="1857" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1857,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!HxP2!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png 424w, https://substackcdn.com/image/fetch/$s_!HxP2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png 848w, https://substackcdn.com/image/fetch/$s_!HxP2!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!HxP2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F061a3ce3-25af-48c6-9d91-14ac529b08d6_1606x2048.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#49688;&#53441; &#49884;&#51109;&#51032; &#51648;&#54805;&#46020;&#45716; &#45796;&#47480; &#50689;&#50669;&#50640; &#48708;&#54644; &#44396;&#51312;&#44032; &#45800;&#49692;&#54620; &#54200;&#51060;&#45796;. &#45348; &#44275;&#51032; &#51452;&#50836; &#49688;&#53441;&#49324;&#44032; &#51200;&#47560;&#45796; &#44397;&#45236;&#50808; &#44552;&#50997;&#44592;&#44288; &#48143; &#44592;&#49696; &#54028;&#53944;&#45320;&#47484; &#54869;&#48372;&#54616;&#47728; &#49884;&#51109;&#50640; &#51088;&#47532;&#47484; &#51105;&#50520;&#45796;.</strong></p><p><strong><a href="https://www.kodax.com/">KODA</a>&#45716; <a href="https://www.datanet.co.kr/news/articleView.html?idxno=153356">KB&#44397;&#48124;&#51008;&#54665;&#44284; &#54644;&#49884;&#46300;, &#44536;&#47532;&#44256; &#54644;&#52824;&#47017;&#49828;</a>&#44032; &#44277;&#46041; &#49444;&#47549;&#51088;&#47196; &#45208;&#49440; &#44396;&#51312;&#45796;. </strong>&#51204;&#53685; &#44552;&#50997; &#51088;&#48376;&#44284; &#50516;&#54840;&#54868;&#54224; &#51204;&#47928; VC&#44032; &#44208;&#54633;&#54664;&#45796;&#45716; &#51216;&#51060; &#45796;&#47480; &#49688;&#53441;&#49324;&#46308;&#44284;&#51032; &#52264;&#48324;&#51216;&#51060;&#45796;. &#51060;&#54980; <a href="https://www.hankyung.com/article/202511266596O">&#54620;&#54868;&#53804;&#51088;&#51613;&#44428;, IBK&#52880;&#54588;&#53448;, &#44368;&#48372;&#51613;&#44428;&#51060; &#53804;&#51088;&#51088;&#47196; &#52280;&#50668;</a>&#54664;&#51004;&#47728; <a href="https://www.etnews.com/20250723000155">&#49340;&#49457;&#54868;&#51116;&#50752; &#49688;&#53441; &#51204;&#50857; 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&#51452;&#51452;&#47196; &#52280;&#50668;&#54616;&#45716; &#44396;&#51312;&#44032; &#46096;&#45796;.</p><p><strong><a href="https://bdacs.co.kr/ko">BDACS</a>&#45716; &#44592;&#49696;&#44284; &#54028;&#53944;&#45320;&#49901; &#54869;&#48372;&#50640;&#49436; &#46021;&#51088;&#51201;&#51064; &#45432;&#49440;&#51012; &#53469;&#54664;&#45796;. </strong><a href="https://biz.chosun.com/stock/finance/2025/09/18/POBHQ6WH4BGZ7LYIGRGOLMDW3Q/">&#50864;&#47532;&#51008;&#54665;&#44284;&#51032; &#54801;&#47141;</a>, <a href="https://newsroom.bdacs.co.kr/presscenter/pr/bdacs-press-release-20251104/">Galaxy</a>&#183;<a href="https://newsroom.bdacs.co.kr/presscenter/pr/bdacs-press-release-20250910/">GK8</a> &#46321; &#54644;&#50808; &#46356;&#51648;&#53560;&#51088;&#49328; &#51064;&#54532;&#46972; &#44592;&#50629;&#44284;&#51032; &#54028;&#53944;&#45320;&#49901;&#51012; &#53685;&#54644; &#49688;&#53441;&#183;&#44208;&#51228; &#51064;&#54532;&#46972;&#47484; &#54869;&#51109;&#54616;&#44256; &#51080;&#45796;.<a href="https://newsroom.bdacs.co.kr/presscenter/pr/bdacs-press-release-20251119/"> </a>Circle&#44284;&#45716; &#50896;&#54868; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; KRW1&#51012; Circle&#51032; Arc &#48660;&#47197;&#52404;&#51064;&#50640; &#48156;&#54665;&#54616;&#44592; &#50948;&#54620; <a href="https://newsroom.bdacs.co.kr/presscenter/pr/bdacs-press-release-20251119/">MOU&#47484; &#52404;&#44208;</a>&#54664;&#44256;, KRX &#51452;&#46020; <a href="https://www.businesskorea.co.kr/news/articleView.html?idxno=263507">KDX &#52968;&#49548;&#49884;&#50628;</a>&#50640;&#49436;&#45716; &#50976;&#51068;&#54620; VASP &#44592;&#50629;&#51060;&#51088; &#51452;&#50836; &#49688;&#53441; &#54028;&#53944;&#45320;&#47196; &#52280;&#50668;&#54616;&#44256; &#51080;&#45796;. <strong>&#54788;&#51116; &#50896;&#54868; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; KRW1&#51032; PoC&#47484; &#51652;&#54665;&#54616;&#47728;, &#49688;&#53441;&#44284; &#44208;&#51228; &#51064;&#54532;&#46972;&#47484; &#46041;&#49884;&#50640; &#44200;&#45285;&#54616;&#45716; &#49688;&#53441;&#49324;&#47196; &#54252;&#51648;&#49492;&#45789;&#54616;&#44256; &#51080;&#45796;</strong>.</p><p><strong><a href="https://www.bitgo.com/">&#48708;&#53944;&#44256;&#53076;&#47532;&#50500;(BitGo Korea)</a>&#45716; &#44544;&#47196;&#48268; &#49688;&#53441; &#44592;&#50629; &#48708;&#53944;&#44256;&#51032; &#44592;&#49696;&#47141;&#51012; &#44592;&#48152;&#51004;&#47196; &#44397;&#45236; &#49884;&#51109;&#50640; &#51652;&#51077;&#54664;&#45796;. </strong>&#48376;&#49324;&#51064; &#48708;&#53944;&#44256;&#45716; 700&#50613; &#45804;&#47084; &#51060;&#49345;&#51032; &#51088;&#49328;&#51012; &#49688;&#53441;&#54616;&#44256;, &#51204; &#49464;&#44228; &#48708;&#53944;&#53076;&#51064; &#50728;&#52404;&#51064; &#44144;&#47000;&#51032; &#50557; 20%&#47484; &#52376;&#47532;&#54616;&#45716; &#45824;&#54805; &#44592;&#44288;&#51060;&#45796;. &#44397;&#45236;&#50640;&#49436;&#45716; <a href="https://zdnet.co.kr/view/?no=20240903171049">&#54616;&#45208;&#44552;&#50997;&#51648;&#51452;&#50752; SK&#53588;&#47112;&#53092;&#51060; &#44033;&#44033; &#51648;&#48516;&#51012; &#48372;&#50976;</a>&#54616;&#44256; &#51080;&#50612;, &#44552;&#50997; &#51088;&#48376;&#44284; &#53685;&#49888;&#49324; &#51088;&#48376;&#51060; &#54632;&#44760; &#44208;&#54633;&#46108; &#49688;&#53441;&#49324;&#46972;&#45716; &#51216;&#51060; &#53945;&#51669;&#51060;&#45796;.</p><p>&#45796;&#50577;&#54620; &#44592;&#44288;&#46308;&#51060; &#51060;&#48120; &#44033;&#51088;&#51032; &#49688;&#53441;&#49324;&#47484; &#50526;&#49464;&#50892; &#49884;&#51109;&#50640; &#51652;&#51077;&#54616;&#44256; &#51080;&#45796;. &#45796;&#47564; &#49688;&#53441;&#49324;&#51032; &#44221;&#50864; &#51648;&#45212;&#54644; &#51204;&#49324; &#51201;&#51088;&#51064; &#44163;&#51004;&#47196; &#50508;&#47140;&#51276;&#45796;. &#44592;&#44288; &#51088;&#44552;&#51060; &#46308;&#50612;&#50724;&#44592; &#51204;&#50640; &#44600;&#47785;&#47564; &#47560;&#47144;&#54644; &#46164; &#49480;&#51060;&#45796;.</p><p><strong>&#50526;&#49436; &#45796;&#47340; &#49464; &#50689;&#50669;(STO&#183;&#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#183;&#49688;&#53441;)&#51032; &#51064;&#54532;&#46972; &#44396;&#52629; &#54788;&#54889;&#51012; &#51333;&#54633;&#54644; &#48372;&#47732; &#54620; &#44032;&#51648; &#46748;&#47159;&#54620; &#54620;&#44228;&#44032; &#46300;&#47084;&#45212;&#45796;. &#44397;&#45236; &#44592;&#44288;&#46308;&#51060; &#49324;&#50629; &#44396;&#51312;&#45716; &#51676;&#45459;&#50520;&#51648;&#47564; &#51221;&#51089; &#54645;&#49900;&#51201;&#51064; &#44592;&#49696; &#51064;&#54532;&#46972;&#45716; &#45824;&#48512;&#48516; &#54644;&#50808; &#49556;&#47336;&#49496;&#50640; &#51032;&#51316;&#54616;&#44256; &#51080;&#45796;.</strong></p><h2><strong>4. &#51064;&#54532;&#46972;&#47484; &#47564;&#46300;&#45716; &#51060;&#46308;</strong></h2><p>&#54644;&#50808; &#49556;&#47336;&#49496;&#50640; &#51032;&#51316;&#54616;&#45716; &#44396;&#51312;&#45716; &#54693;&#54980; &#49884;&#51109;&#51060; &#52964;&#51656;&#49688;&#47197; &#44592;&#49696; &#51060;&#50857;&#47308; &#47749;&#47785;&#51004;&#47196; &#49688;&#51061;&#51032; &#49345;&#45817; &#48512;&#48516;&#51012; &#54644;&#50808;&#47196; &#50976;&#52636;&#54624; &#49688;&#48150;&#50640; &#50630;&#45796;. &#46608;&#54620; &#54644;&#50808; &#54028;&#53944;&#45320;&#49324;&#51032; &#51221;&#52293; &#48320;&#54868;&#45208; &#48708;&#50857; &#51064;&#49345;&#50640; &#44397;&#45236; &#51064;&#54532;&#46972; &#51204;&#52404;&#44032; &#55124;&#46308;&#47540; &#50948;&#54744;&#46020; &#49345;&#51316;&#54620;&#45796;.</p><p>&#45908; &#44540;&#48376;&#51201;&#51064; &#47928;&#51228;&#45716; &#50896;&#54868; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#48156;&#54665;, STO &#50976;&#53685; &#44508;&#52825;, &#44397;&#45236; &#48277;&#51064; &#44228;&#51340; &#50672;&#46041;&#52376;&#47100; &#54620;&#44397; &#44256;&#50976;&#51032; &#44508;&#51228; &#54872;&#44221;&#50640; &#47582;&#52656;&#50556; &#54616;&#45716; &#50689;&#50669;&#51008; &#44544;&#47196;&#48268; &#49556;&#47336;&#49496;&#51012; &#44536;&#45824;&#47196; &#45824;&#51077;&#54616;&#44592; &#50612;&#47157;&#45796;&#45716; &#51216;&#51060;&#45796;. <strong>&#54693;&#54980; &#44288;&#47144; &#48277;&#50504;&#51060; &#51221;&#48708;&#46104;&#44256; &#48376;&#44201;&#51201;&#51064; &#51088;&#44552;&#51060; &#50880;&#51649;&#51060;&#45716; &#49884;&#51216;&#50640; &#51060; &#54616;&#48512; &#47112;&#51068;&#51012; &#44397;&#45236; &#51228;&#46020;&#50640; &#47582;&#44172; &#51649;&#51217; &#49444;&#44228;&#54616;&#44256; &#53685;&#51228;&#54624; &#49688; &#51080;&#45716; &#44397;&#45236; &#44592;&#49696; &#44592;&#50629;&#51060; &#48152;&#46300;&#49884; &#54596;&#50836;&#54620; &#51060;&#50976;&#45796;.</strong></p><p><strong>&#54788;&#51116; &#44397;&#45236;&#50640;&#45716; &#51060; &#44592;&#49696;&#51201; &#44277;&#48177;&#51012; &#54028;&#50501;&#54616;&#44256; &#54620;&#44397; &#49884;&#51109;&#50640; &#47582;&#52632; &#44552;&#50997; &#51064;&#54532;&#46972;&#47484; &#51228;&#44277;&#54616;&#47140;&#45716; &#44592;&#50629;&#46308;&#51060; &#50880;&#51649;&#51060;&#44256; &#51080;&#45796;. &#45824;&#54364;&#51201;&#51064; &#44592;&#49696; &#44277;&#44553; &#50629;&#52404;&#45716; &#45796;&#51020;&#44284; &#44057;&#45796;.</strong></p><h3><strong>4.1. LG CNS</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!j54H!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!j54H!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png 424w, https://substackcdn.com/image/fetch/$s_!j54H!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png 848w, https://substackcdn.com/image/fetch/$s_!j54H!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!j54H!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!j54H!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png" width="1456" height="1636" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1636,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!j54H!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png 424w, https://substackcdn.com/image/fetch/$s_!j54H!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png 848w, https://substackcdn.com/image/fetch/$s_!j54H!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!j54H!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3c97e801-f249-4ea1-92e1-eb346d1fb270_1823x2048.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#51204;&#53685; IT &#49436;&#48708;&#49828; &#44592;&#50629; &#51473;&#50640;&#49436;&#45716; LG CNS&#51032; &#54665;&#48372;&#44032; &#46748;&#47159;&#54616;&#45796;. 2018&#45380; &#51088;&#52404; &#48660;&#47197;&#52404;&#51064; &#54540;&#47019;&#54268; <a href="https://solution.lgcns.com/kr/solution/monachain">&#8216;&#47784;&#45208;&#52404;&#51064;&#8217;</a>&#51012; &#52636;&#49884;&#54620; &#51060;&#54980;, <a href="https://www.lg.co.kr/media/release/9576">&#54620;&#44397;&#51312;&#54224;&#44277;&#49324;&#51032; &#51648;&#50669;&#54868;&#54224; &#54540;&#47019;&#54268;&#51012; &#53685;&#54644; 220&#50668; &#44060; &#51648;&#51088;&#52404;&#50640; &#49436;&#48708;&#49828;&#47484; &#44277;&#44553;</a>&#54616;&#47728; &#50868;&#50689; &#45432;&#54616;&#50864;&#47484; &#49939;&#50520;&#45796;.</strong></p><p>&#51060;&#47084;&#54620; &#54728;&#44032;&#54805; &#48660;&#47197;&#52404;&#51064; &#44221;&#54744;&#51008; CBDC&#50752; STO &#49324;&#50629; &#49688;&#51452;&#47196; &#51060;&#50612;&#51276;&#45796;. <a href="https://www.lgcns.com/kr/newsroom/press/detail.cbdc-2604-2">&#54620;&#44397;&#51008;&#54665; CBDC &#54532;&#47196;&#51229;&#53944; &#8216;&#54620;&#44053;&#8217;&#51032; &#51452;&#49324;&#50629;&#51088;</a>&#47196;&#49436; &#50696;&#44552; &#53664;&#53360;&#51012; &#54876;&#50857;&#54620; &#44397;&#44256;&#48372;&#51312;&#44552; &#51665;&#54665; &#49884;&#49828;&#53596;&#51012; &#52628;&#51652; &#51473;&#51060;&#45796;. &#51060; &#44284;&#51221;&#50640;&#49436; &#44592;&#44288;&#50857; CBDC&#50752; &#48124;&#44036; &#46356;&#51648;&#53560; &#53685;&#54868;&#47484; &#54616;&#45208;&#51032; &#45348;&#53944;&#50892;&#53356;&#50640;&#49436; &#44396;&#46041;&#54616;&#45716; &#49884;&#49828;&#53596;&#51012; &#49444;&#44228;&#54616;&#47728; &#51204;&#53685; &#44552;&#50997;&#51032; &#48372;&#50504;&#44284; &#51208;&#52264;&#47484; &#48660;&#47197;&#52404;&#51064;&#50640; &#51060;&#49885;&#54616;&#45716; &#50669;&#47049;&#51012; &#54869;&#48372;&#54664;&#45796;.</p><p>&#53076;&#49828;&#53092;&#51032; STO &#44277;&#46041; &#48156;&#54665; &#54540;&#47019;&#54268;&#44284; &#48120;&#47000;&#50640;&#49483;&#51613;&#44428;&#51032; STO &#54540;&#47019;&#54268;&#51012; &#44060;&#48156;&#54620; &#44163;&#46020; &#44057;&#51008; &#47589;&#46973;&#51060;&#45796;. LG CNS&#45716; &#51088;&#49328;&#51012; &#51649;&#51217; &#48156;&#54665;&#54616;&#44592;&#48372;&#45796; &#51008;&#54665;&#51032; &#48156;&#54665;&#183;&#50976;&#53685; &#54540;&#47019;&#54268; &#44396;&#52629;, &#44208;&#51228; &#49324;&#50629;&#51088;(&#52852;&#46300;&#183;PG&#183;&#44036;&#54200;&#44208;&#51228;) &#45824;&#49345; SaaS &#51228;&#44277;, &#51613;&#44428;&#49324; &#46356;&#51648;&#53560;&#51088;&#49328; &#44208;&#51228; &#54540;&#47019;&#54268; &#44396;&#52629;&#51060;&#46972;&#45716; &#49464; &#52629;&#51012; &#44277;&#47029;&#54616;&#44256; &#51080;&#45796;. &#51228;&#46020;&#54868;&#44032; &#50756;&#47308;&#46104;&#45716; &#49884;&#51216;&#50640; &#51064;&#54532;&#46972; &#49688;&#51452; &#49884;&#51109;&#51012; &#49440;&#51216;&#54624; &#44032;&#51109; &#50976;&#47141;&#54620; &#54980;&#48372;&#47196; &#48372;&#51064;&#45796;.</p><h3><strong>4.2. DSRV</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!hybb!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!hybb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png 424w, https://substackcdn.com/image/fetch/$s_!hybb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png 848w, https://substackcdn.com/image/fetch/$s_!hybb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png 1272w, https://substackcdn.com/image/fetch/$s_!hybb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!hybb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png" width="1456" height="970" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:970,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!hybb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png 424w, https://substackcdn.com/image/fetch/$s_!hybb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png 848w, https://substackcdn.com/image/fetch/$s_!hybb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png 1272w, https://substackcdn.com/image/fetch/$s_!hybb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec292b64-18bc-4260-99ef-87e2e523c635_2048x1365.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#48660;&#47197;&#52404;&#51064; &#51064;&#54532;&#46972; &#44592;&#50629; &#51473;&#50640;&#49436;&#45716; <a href="https://www.dsrv.com/">DSRV</a>&#44032; &#44552;&#50997;&#44592;&#44288;&#51032; &#50728;&#52404;&#51064; &#51652;&#51077;&#51012; &#51649;&#51217; &#51648;&#50896;&#54616;&#47728; &#46160;&#44033;&#51012; &#45208;&#53440;&#45236;&#44256; &#51080;&#45796;. DSRV&#45716; 70&#44060; &#51060;&#49345;&#51032; &#48660;&#47197;&#52404;&#51064; &#45348;&#53944;&#50892;&#53356;&#47484; &#50868;&#50689;&#54644;&#50728; &#48184;&#47532;&#45936;&#51060;&#53552; &#48143; &#51064;&#54532;&#46972; &#44592;&#50629;&#51004;&#47196;, <a href="https://www.hankyung.com/article/202501157103i">4&#51312; &#50896; &#51060;&#49345;&#51032; &#51088;&#49328;&#51012; &#44288;&#47532;&#54616;&#44256; &#51080;&#51004;&#47728; &#51060;&#45908;&#47532;&#50880; &#49828;&#53580;&#51060;&#53433; &#44508;&#47784;&#45716; &#44397;&#45236; 1&#50948;, &#44544;&#47196;&#48268; 9&#50948;&#44428;&#51060;&#45796;.</a></strong></p><p>&#54645;&#49900;&#51008; &#45800;&#49692; &#45432;&#46300; &#50868;&#50689;&#51012; &#45336;&#50612; &#44592;&#44288;&#50857; &#50728;&#52404;&#51064; &#51064;&#54532;&#46972; &#51204;&#48152;&#51004;&#47196; &#54869;&#51109;&#54616;&#44256; &#51080;&#45796;&#45716; &#51216;&#51060;&#45796;. DSRV&#45716; <a href="https://www.blockmedia.co.kr/archives/1085106">DSRV Portal</a>&#51012; &#53685;&#54644; &#44552;&#50997;&#44592;&#44288;&#51060; &#51648;&#44049;, &#44208;&#51228;, &#53664;&#53360;&#54868;, &#49688;&#53441;, &#49828;&#53580;&#51060;&#53433; &#44592;&#45733;&#51012; API&#50752; &#45824;&#49884;&#48372;&#46300; &#54805;&#53468;&#47196; &#49324;&#50857;&#54624; &#49688; &#51080;&#46020;&#47197; &#51228;&#44277;&#54620;&#45796;. &#44552;&#50997;&#49324;&#45716; &#51649;&#51217; &#45432;&#46300;&#50752; &#48372;&#50504; &#52404;&#44228;&#47484; &#44396;&#52629;&#54616;&#51648; &#50506;&#50500;&#46020;, &#49324;&#50857;&#51088; &#50900;&#47131;&#183;&#44592;&#44288;&#50857; &#50900;&#47131;, &#51221;&#44592; &#44208;&#51228;, &#53664;&#53360; &#48156;&#54665;&#183;&#49548;&#44033;&#183;&#51060;&#52404;&#183;&#46973;&#50629;, &#52964;&#49828;&#53552;&#46356;, &#49828;&#53580;&#51060;&#53433; &#44592;&#45733;&#51012; &#48537;&#51068; &#49688; &#51080;&#45796;.</p><p>&#49888;&#47280; &#51109;&#52824;&#46020; &#44054;&#52628;&#44256; &#51080;&#45796;. DSRV&#45716; VASP, ISMS, SOC 1 Type 1&#51012; &#44592;&#48152;&#51004;&#47196; &#44552;&#50997;&#44592;&#44288;&#51060; &#50836;&#44396;&#54616;&#45716; &#44508;&#51228;&#183;&#48372;&#50504;&#183;&#50868;&#50689; &#53685;&#51228; &#50836;&#44148;&#51012; &#51204;&#47732;&#50640; &#45236;&#49464;&#50868;&#45796;. &#51060;&#45716; &#44552;&#50997;&#49324;&#44032; &#50728;&#52404;&#51064; &#49436;&#48708;&#49828;&#47484; &#46020;&#51077;&#54624; &#46412; &#44032;&#51109; &#48512;&#45812;&#49828;&#47084;&#50892;&#54616;&#45716; &#51648;&#44049; &#48372;&#50504;, &#45236;&#48512;&#53685;&#51228;, &#50868;&#50689; &#47532;&#49828;&#53356;&#47484; &#50808;&#48512; &#51064;&#54532;&#46972; &#49324;&#50629;&#51088;&#44032; &#45824;&#49888; &#47585;&#45716; &#44396;&#51312;&#45796;.</p><p>&#54028;&#53944;&#45320;&#49901;&#46020; &#44208;&#51228; &#47112;&#51068; &#44396;&#52629;&#50640; &#47582;&#52656;&#51256; &#51080;&#45796;.<a href="https://www.etoday.co.kr/news/view/2558741"> SBI &#47532;&#54540;&#50500;&#49884;&#50500;</a>&#50752;&#45716; &#54620;&#183;&#51068; &#44508;&#51228; &#47582;&#52644;&#54805; &#49569;&#44552; &#51064;&#54532;&#46972;&#47484; &#44277;&#46041; &#50672;&#44396;&#54616;&#44256; &#51080;&#51004;&#47728;, <a href="https://edaily.co.kr/News/Read?mediaCodeNo=257&amp;newsId=03217686645416776">&#49436;&#53364;(Circle)</a>&#44284;&#45716; &#44144;&#47000;&#49548;&#47484; &#44144;&#52824;&#51648; &#50506;&#45716; &#44592;&#44288;&#50857; USDC &#48156;&#54665;&#183;&#49345;&#54872; &#48143; &#51221;&#49328; &#52404;&#44228;&#47484; &#44396;&#52404;&#54868;&#54616;&#44256; &#51080;&#45796;. <a href="https://www.ajunews.com/view/20251030092302260">BC&#52852;&#46300;</a>&#50752;&#45716; &#51204;&#53685; &#52852;&#46300; &#44208;&#51228;&#47581;&#44284; &#48660;&#47197;&#52404;&#51064;&#51012; &#50672;&#44208;&#54616;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44208;&#51228; &#51064;&#54532;&#46972; &#54801;&#50557;&#51012; &#52404;&#44208;&#54664;&#45796;.</p><p>&#52572;&#44540; <a href="https://www.etoday.co.kr/news/view/2515373">300&#50613; &#50896; &#44508;&#47784;&#51032; &#49884;&#47532;&#51592;B &#53804;&#51088;</a>&#47484; &#50976;&#52824;&#54616;&#47728; &#44592;&#49696; &#44256;&#46020;&#54868;&#50640; &#49549;&#46020;&#47484; &#45236;&#44256; &#51080;&#45796;.</p><h3><strong>4.3. Altus(&#44396; B-Harvest)</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!8ePS!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!8ePS!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png 424w, https://substackcdn.com/image/fetch/$s_!8ePS!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png 848w, https://substackcdn.com/image/fetch/$s_!8ePS!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png 1272w, https://substackcdn.com/image/fetch/$s_!8ePS!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!8ePS!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png" width="1456" height="695" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:695,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!8ePS!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png 424w, https://substackcdn.com/image/fetch/$s_!8ePS!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png 848w, https://substackcdn.com/image/fetch/$s_!8ePS!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png 1272w, https://substackcdn.com/image/fetch/$s_!8ePS!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fdb0c62-3c9c-4911-8e3d-e65c31392b26_2048x977.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong><a href="https://altuslabs.io/">&#50508;&#53804;&#49828;(Altus, &#44396; B-Harvest)</a>&#45716; &#44552;&#50997;&#44592;&#44288;&#51032; &#44592;&#51316; &#49884;&#49828;&#53596;&#44284; &#48660;&#47197;&#52404;&#51064; &#54872;&#44221;&#51012; &#50672;&#44208;&#54616;&#45716; &#54616;&#48512; &#47112;&#51060;&#50612;&#47484; &#45796;&#47340;&#45796;. 2018&#45380; &#49444;&#47549; &#51060;&#54980; Cosmos SDK &#44592;&#48152; EVM &#52404;&#51064; &#44060;&#48156;&#50640; &#52280;&#50668;&#54644;&#50772;&#44256;, Canto&#183;Stable&#183;Ault &#46321; &#50668;&#47084; &#49345;&#50857; &#45348;&#53944;&#50892;&#53356;&#47484; &#51649;&#51217; &#44396;&#52629;&#54644;&#50728; 40&#47749; &#51060;&#49345;&#51032; &#50644;&#51648;&#45768;&#50612;&#183;&#50672;&#44396;&#51088; &#51312;&#51649;&#51060;&#45796;.</strong></p><p>&#50508;&#53804;&#49828;&#45716; <a href="https://aultblockchain.com/">Ault Blockchain</a>&#50640;&#49436; RWA&#183;&#44144;&#47000;&#183;&#44208;&#51228; &#51473;&#49900; &#44592;&#44288;&#50857; L1&#51032; &#54532;&#47196;&#53664;&#53084; &#50644;&#51648;&#45768;&#50612;&#47553;&#44284; &#53076;&#50612; &#50500;&#53412;&#53581;&#52376;&#47484; &#45812;&#45817;&#54664;&#44256;, 2025&#45380;&#50640;&#45716; <a href="https://blog.cosmos.network/babylon-x-cosmos-unlocking-evm-on-bitcoin-2e6db67bfc71">&#48708;&#53944;&#53076;&#51064; &#49828;&#53580;&#51060;&#53433; L1 Babylon&#51032; EVM &#53685;&#54633;&#183;&#49457;&#45733; &#44060;&#49440;&#183;&#48372;&#50504; &#44048;&#49324;&#50640; &#52280;&#50668;</a>&#54644; &#54532;&#47196;&#45909;&#49496; &#51456;&#48708;&#47484; &#51648;&#50896;&#54664;&#45796;.</p><p>&#44552;&#50997;&#44592;&#44288; &#45824;&#49345; &#49556;&#47336;&#49496;&#46020; &#44057;&#51008; &#47112;&#51060;&#50612;&#50640;&#49436; &#52636;&#48156;&#54620;&#45796;. &#47112;&#44144;&#49884; &#49884;&#49828;&#53596;&#44284; &#48660;&#47197;&#52404;&#51064; &#49892;&#54665; &#54872;&#44221;&#51012; &#51079;&#45716; &#50728;&#183;&#50724;&#54532;&#52404;&#51064; &#50724;&#52992;&#49828;&#53944;&#47112;&#51060;&#49496; &#47112;&#51060;&#50612; &#49444;&#44228;, RWA &#53664;&#53360;&#54868;, &#54728;&#44032;&#54805; &#44144;&#47000;&#49548;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44208;&#51228;&#183;&#51221;&#49328;, &#44592;&#44288;&#50857; &#51648;&#44049;&#183;&#49688;&#53441; &#51064;&#54532;&#46972;&#47484; &#44552;&#50997;&#44428; &#50836;&#44148;&#50640; &#47582;&#44172; &#52376;&#51020;&#48512;&#53552; &#44396;&#52629;&#54620;&#45796;.</p><p>&#54788;&#51116;&#45716; &#44592;&#44288; &#44036; &#49440;&#53469;&#51201; &#45936;&#51060;&#53552; &#44277;&#44060;&#47484; &#51648;&#50896;&#54616;&#45716; <a href="https://www.canton.network/">Canton Network</a> &#50500;&#53412;&#53581;&#52376;&#50752; 1M TPS&#47484; &#47785;&#54364;&#47196; &#54616;&#45716; &#47784;&#46280;&#54805; &#48660;&#47197;&#52404;&#51064; &#54532;&#47112;&#51076;&#50892;&#53356; Commonware Stack&#46020; &#45236;&#48512; R&amp;D&#47196; &#48337;&#54665;&#54616;&#44256; &#51080;&#45796;.</p><p><strong>&#49464; &#44592;&#50629;&#51032; &#52636;&#48156;&#51216;&#44284; &#44053;&#51216;&#51008; &#51228;&#44033;&#44033;&#51060;&#45796;. LG CNS&#45716; &#44552;&#50997; IT&#51032; &#49888;&#47280;&#49457;&#51012;, DSRV&#45716; &#48660;&#47197;&#52404;&#51064; &#48184;&#47532;&#45936;&#51060;&#53552; &#51064;&#54532;&#46972; &#50669;&#47049;&#51012;, B-Harvest&#45716; &#54532;&#47196;&#53664;&#53084; &#47112;&#48296;&#51032; &#52964;&#49828;&#53568; &#49444;&#44228; &#45733;&#47141;&#51012; &#45236;&#49464;&#50868;&#45796;. </strong>&#44536;&#47084;&#45208; &#51228;&#46020;&#44428; &#51088;&#44552;&#51060; &#48376;&#44201;&#51201;&#51004;&#47196; &#50976;&#51077;&#46112; &#46412; &#54645;&#49900; &#44396;&#46041; &#49884;&#49828;&#53596;&#51012; &#49440;&#51216;&#54616;&#44192;&#45796;&#45716; &#47785;&#51201;&#51648;&#45716; &#44057;&#45796;. &#44288;&#44148;&#51008; &#49884;&#51109;&#51060; &#48376;&#44201;&#51201;&#51004;&#47196; &#44060;&#48169;&#46104;&#44592; &#51204;&#44620;&#51648; &#49888;&#47280;&#54624; &#47564;&#54620; &#44396;&#52629; &#44221;&#54744;&#51012; &#50620;&#47560;&#45208; &#54869;&#48372;&#54616;&#45712;&#45264;&#45796;.</p><h2><strong>5. &#50756;&#51204;&#55176; &#46244;&#48148;&#45072; &#49884;&#51109; &#48516;&#50948;&#44592;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!FJun!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!FJun!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png 424w, https://substackcdn.com/image/fetch/$s_!FJun!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png 848w, https://substackcdn.com/image/fetch/$s_!FJun!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png 1272w, https://substackcdn.com/image/fetch/$s_!FJun!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!FJun!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png" width="1456" height="1348" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1348,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!FJun!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png 424w, https://substackcdn.com/image/fetch/$s_!FJun!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png 848w, https://substackcdn.com/image/fetch/$s_!FJun!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png 1272w, https://substackcdn.com/image/fetch/$s_!FJun!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52f21255-2387-456a-b76a-90978e061a2f_2048x1896.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#52572;&#44540; &#50143;&#50500;&#51648;&#45716; &#54028;&#53944;&#45320;&#49901;&#51012; &#45800;&#49692;&#54620; &#49324;&#50629; &#48156;&#54364;&#47196;&#47564; &#54644;&#49437;&#54644;&#49436;&#45716; &#50504; &#46108;&#45796;. &#51228;&#46020;&#44032; &#51221;&#48708;&#46104;&#44592; &#51204;&#50640; &#51088;&#49888;&#46308;&#50640;&#44172; &#50976;&#47532;&#54620; &#44396;&#46020;&#47484; &#49440;&#51216;&#54616;&#44256;, &#44536; &#44396;&#46020;&#44032; &#54693;&#54980; &#44508;&#51228;&#51032; &#44592;&#51456;&#51060; &#46104;&#46020;&#47197; &#50689;&#54693;&#47141;&#51012; &#54665;&#49324;&#54616;&#47140;&#45716; &#54252;&#51648;&#49492;&#45789;&#51060;&#45796;. &#51648;&#44552;&#51032; &#54028;&#53944;&#45320;&#49901; &#44221;&#51137;&#51008; &#49884;&#51109; &#49440;&#51216;&#51012; &#45336;&#50612;&#49440; &#8216;&#44508;&#51228; &#49444;&#44228;&#51204;&#8217;&#50640; &#44032;&#44637;&#45796;.</strong></p><p>&#54620;&#44397; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51008; &#48520;&#44284; &#48152;&#45380; &#47564;&#50640; &#51648;&#45212;&#54644;&#50752; &#45796;&#47480; &#44396;&#51312;&#47196; &#48148;&#45068;&#50632;&#45796;. &#49688;&#53441;&#49324; &#51652;&#50689;&#51060; &#44054;&#52656;&#51648;&#44256; STO &#52968;&#49548;&#49884;&#50628;&#51060; &#51676;&#51064; &#45936; &#51060;&#50612;, &#45824;&#54805; &#44552;&#50997;&#51648;&#51452;&#46308;&#51008; &#44144;&#47000;&#49548; &#51648;&#48516; &#54869;&#48372;&#50640; &#45208;&#49456;&#45796;. &#48152;&#47732; &#44060;&#51064; &#53804;&#51088;&#51088; &#44144;&#47000;&#47049;&#51008; &#44553;&#44201;&#55176; &#51460;&#50632;&#45796;. &#44397;&#45236; 5&#45824; &#44144;&#47000;&#49548; &#54633;&#49328; &#44144;&#47000;&#45824;&#44552;&#51008; &#51204;&#45380; &#46041;&#44592; &#45824;&#48708; &#50557; 48% &#44048;&#49548;&#54664;&#45796;. &#49884;&#51109;&#51032; &#51473;&#49900;&#52629;&#51060; &#47532;&#53580;&#51068;&#50640;&#49436; &#44592;&#44288;&#51004;&#47196; &#44553;&#44201;&#55176; &#51060;&#46041;&#54616;&#44256; &#51080;&#45716; &#44163;&#51060;&#45796;.</p><p>&#51060;&#47084;&#54620; &#55120;&#47492;&#51008; &#54644;&#50808; &#50516;&#54840;&#54868;&#54224; &#51116;&#45800;&#46308;&#51032; &#54620;&#44397; &#51652;&#52636; &#51204;&#47029;&#46020; &#48148;&#44984;&#50612; &#45459;&#50520;&#45796;. &#49556;&#46972;&#45208;&#44032; &#49888;&#54620;&#52852;&#46300;&#51032;, &#50500;&#48156;&#46976;&#52404;&#44032; &#48120;&#47000;&#50640;&#49483;&#51032; &#54028;&#53944;&#45320;&#47196; &#52292;&#53469;&#46108; &#44163;&#52376;&#47100;, &#51060;&#51228; &#44397;&#45236; &#49884;&#51109; &#51652;&#51077;&#50640; &#47785;&#51201;&#51012; &#46160;&#45716; &#51116;&#45800;&#51008; &#51452;&#50836; &#47785;&#54364;&#44032; &#44397;&#45236; &#44144;&#47000;&#49548; &#44144;&#47000;&#47049; &#54869;&#48372;&#50640;&#49436; &#44552;&#50997;&#44592;&#44288; &#48143; &#45824;&#44592;&#50629;&#44284;&#51032; &#54801;&#47141;&#51060; &#46104;&#50632;&#45796;. &#44284;&#44144;&#52376;&#47100; &#52964;&#48036;&#45768;&#54000; &#48139;&#50629;&#51012; &#53685;&#54644; &#44060;&#51064; &#50976;&#46041;&#49457;&#51012; &#47784;&#51004;&#45912; &#48169;&#49885;&#51008; &#45908; &#51060;&#49345; &#51452;&#54952;&#54616;&#51648; &#50506;&#45796;.</p><p><strong>&#51060;&#47084;&#54620; &#49884;&#51109; &#44060;&#54200;&#51032; &#44208;&#44284;&#45716; &#50724;&#45716; 9&#50900; &#49436;&#50872;&#50640;&#49436; &#50676;&#47532;&#45716; <a href="https://koreablockchainweek.com/ko/">KBW 2026</a>&#50640;&#49436; &#44032;&#49884;&#54868;&#46112; &#51204;&#47581;&#51060;&#45796;. &#49884;&#51109; &#48516;&#50948;&#44592;&#47484; &#44256;&#49828;&#46976;&#55176; &#48152;&#50689;&#54616;&#45716; &#54665;&#49324;&#51060;&#44592; &#46412;&#47928;&#51060;&#45796;. &#50732;&#54644; KBW&#45716; <a href="https://koreablockchainweek.com/ko/speakers">&#44277;&#44060;&#46108; &#50672;&#49324;&#51652;</a>&#47564; &#54869;&#51064;&#54644;&#48400;&#46020; &#51204;&#53685; &#44552;&#50997;&#44428; &#51064;&#49324;&#46308;&#51060; &#51452;&#47484; &#51060;&#47340;&#45796;. &#51648;&#45212;&#54644;&#50640;&#45716; &#47566;&#51008; &#54644;&#50808; &#51116;&#45800;&#46308;&#51060; &#53664;&#53360; &#48372;&#49345;&#51012; &#45236;&#44152;&#44256; &#52964;&#48036;&#45768;&#54000; &#54665;&#49324;(&#49324;&#51060;&#46300; &#51060;&#48292;&#53944;)&#50640; &#51665;&#51473;&#54664;&#45796;&#47732;, &#50732;&#54644;&#45716; &#49892;&#51656;&#51201;&#51064; &#48708;&#51592;&#45768;&#49828;&#47484; &#45436;&#54616;&#45716; &#51088;&#47532;&#47196; &#47924;&#44172;&#51473;&#49900;&#51060; &#51060;&#46041;&#54624; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;.</strong></p><div><hr></div><p><em>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; KBW 2026&#51032; &#47532;&#49436;&#52824; &#54028;&#53944;&#45320;&#49324;&#51077;&#45768;&#45796;.</em></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/blackrock-buidl-263b-on-chain-reserve-kor">&#48660;&#47001;&#47197;(BlackRock)&#51032; BUIDL, $2.63B&#51032; &#50728;&#52404;&#51064; &#44592;&#52488; &#51088;&#49328;&#51060; &#46104;&#45796;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-kor">&#46020;&#54028;&#48124;&#51060; &#49324;&#46972;&#51652; DeFi, RWA&#47196; &#46104;&#49332;&#50500;&#45208;&#45796;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-kor">&#50728;&#52404;&#51064;&#50640;&#49436; RWA&#47196;: &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#51116;&#49444;&#44228;&#54616;&#45716; DeFi&#51032; &#49352;&#47196;&#50868; &#53664;&#45824;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/onchain-risk-curators-147t-vs-7b-kor">$147T vs $7B, &#50728;&#52404;&#51064; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#49884;&#51109; &#48516;&#49437;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944; &#51060;&#50857; &#50504;&#45236;</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; <a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">&#47196;&#44256;</a>&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
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</item>
<item>
<title>
<![CDATA[ ์„œํด ์ข…๋ชฉ ๋ถ„์„: 2026๋…„, ์ „๋ฉด์ ์ธ ์ˆ˜์ง ๊ณ„์—ดํ™”์˜ ์‹œ์ž‘ ]]>
</title>
<description>
<![CDATA[ &#49436;&#53364;&#51060; 2026&#45380; 1&#48516;&#44592; &#49457;&#44284; &#48372;&#44256;&#49436;&#47484; &#44277;&#44060;&#54664;&#49845;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/2026-the-start-of-circles-full-vertical-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/2026-the-start-of-circles-full-vertical-kor</guid>
<dc:creator>
<![CDATA[ Ekko an ]]>
</dc:creator>
<pubDate>Tue, 26 May 2026 13:03:30 GMT</pubDate>
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<![CDATA[ <p><em>&#49436;&#53364;&#51060; 2026&#45380; 1&#48516;&#44592; &#49457;&#44284; &#48372;&#44256;&#49436;&#47484; &#44277;&#44060;&#54664;&#49845;&#45768;&#45796;. &#50668;&#51204;&#55176; USDC&#51032; &#51456;&#48708;&#44552; &#51060;&#51088; &#49688;&#51061;&#51060; 90% &#51060;&#49345;&#51012; &#52264;&#51648;&#54616;&#45716; &#49436;&#53364;. &#44536; &#45796;&#51020; &#45800;&#44228;&#47484; &#50948;&#54644; &#50500;&#53356; &#45348;&#53944;&#50892;&#53356; &#46321;&#51012; &#51456;&#48708;&#54616;&#44256; &#51080;&#49845;&#45768;&#45796;. &#49436;&#53364;&#51032; &#45796;&#51020;&#51008; &#50612;&#46504;&#44620;&#50836;?</em></p><div><hr></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://public.relate.so/p/docs/ztnz3ok83e1464h6&quot;,&quot;text&quot;:&quot;&#128229; &#47532;&#54252;&#53944; &#45796;&#50868;&#47196;&#46300;&#54616;&#44592;&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://public.relate.so/p/docs/ztnz3ok83e1464h6"><span>&#128229; &#47532;&#54252;&#53944; &#45796;&#50868;&#47196;&#46300;&#54616;&#44592;</span></a></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!d9-A!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!d9-A!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png 424w, https://substackcdn.com/image/fetch/$s_!d9-A!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png 848w, https://substackcdn.com/image/fetch/$s_!d9-A!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png 1272w, https://substackcdn.com/image/fetch/$s_!d9-A!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!d9-A!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png" width="1456" height="594" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/db19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:594,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2277259,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/199288924?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!d9-A!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png 424w, https://substackcdn.com/image/fetch/$s_!d9-A!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png 848w, https://substackcdn.com/image/fetch/$s_!d9-A!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png 1272w, https://substackcdn.com/image/fetch/$s_!d9-A!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb19b01d-bf1f-4b37-a951-75ecaa27425a_4454x1818.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h2><strong>Summary</strong></h2><p>&#49436;&#53364;&#51008; 2026&#45380; 1&#48516;&#44592; &#49892;&#51201;&#51012; &#44592;&#51216;&#51004;&#47196; &#45800;&#49692;&#54620; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#48156;&#54665;&#49324;&#50640;&#49436; &#46356;&#51648;&#53560; &#51088;&#49328; &#50629;&#44228;&#51032; &#53685;&#54633; &#51064;&#54532;&#46972; &#49324;&#50629;&#51088;&#47196;&#51032; &#54056;&#47084;&#45796;&#51076; &#51204;&#54872;&#51012; &#48376;&#44201;&#54868;&#54616;&#44256; &#51080;&#45796;. &#49436;&#53364;&#51032; &#54693;&#54980; &#48708;&#51592;&#45768;&#49828; &#54645;&#49900; &#52629;&#51008; &#53356;&#44172; &#49464; &#44040;&#47000;&#47196; &#50836;&#50557;&#46108;&#45796;.</p><ol><li><p>USDC &#47560;&#51652; &#48143; &#50976;&#53685;&#47049; &#44537;&#45824;&#54868;: USDC&#45716; &#50808;&#48512; &#54540;&#47019;&#54268;&#44284; &#51088;&#52404; &#54540;&#47019;&#54268;&#50640;&#49436; &#51456;&#48708;&#44552; &#51060;&#51088; &#49688;&#51061;&#51060; &#48156;&#49373;&#54620;&#45796;. &#51060;&#48264; &#48516;&#44592; &#51088;&#52404; &#52292;&#45328;(CPN)&#51032; USDC &#54876;&#50857;&#46020;&#44032; &#51613;&#51652;&#46104;&#47732;&#49436; &#49892;&#51656; &#47560;&#51652;(41.4%)&#51060; &#52572;&#44256;&#52824;&#47484; &#44592;&#47197;&#54664;&#51004;&#47728;, &#48156;&#54665;&#47049; &#51613;&#51652;&#51012; &#50948;&#54644; &#53448;&#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51064; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#50752; &#54801;&#47141;</p></li><li><p>&#51088;&#52404; &#48660;&#47197;&#52404;&#51064; &#45348;&#53944;&#50892;&#53356;(L1) &#8216;&#50500;&#53356;&#8217; &#52636;&#49884;&#47196; &#44032;&#49828;&#48708; &#48143; &#49688;&#49688;&#47308; &#47588;&#52636; &#45796;&#44033;&#54868;: &#50024;&#53364;&#51008; &#47588;&#52636;&#51032; 94%&#44032; USDC &#51456;&#48708;&#44552; &#51060;&#51088;&#50640;&#49436; &#48156;&#49373;&#54620;&#45796;. &#50500;&#53356; &#45348;&#53944;&#50892;&#53356;&#47484; &#53685;&#54644; &#51088;&#49324; &#54540;&#47019;&#54268;&#51012; &#54869;&#51109;&#54616;&#44256; &#54540;&#47019;&#54268; &#49688;&#49688;&#47308; &#48708;&#51592;&#45768;&#49828; &#49688;&#51061;&#44032; &#48156;&#49373;&#54620;&#45796;&#47732; &#44284;&#46020;&#54620; &#51456;&#48708;&#44552; &#51060;&#51088; &#48708;&#51592;&#45768;&#49828; &#44396;&#51312; &#54644;&#44208; &#44032;&#45733;</p></li><li><p>&#50640;&#51060;&#51204;&#53944; &#49828;&#53469;&#51012; &#53685;&#54620; AI &#44208;&#51228; &#49440;&#51216;: AI &#44036; &#52488;&#49548;&#50529; &#51088;&#50984; &#44208;&#51228; &#54364;&#51456;&#51012; &#49440;&#51216; &#51473;&#51060;&#47728;, &#51064;&#54532;&#46972; &#50504;&#52265;&#44284; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44508;&#51228;&#48277;(GENIUS Act) &#49892;&#54952;&#50640; &#48156;&#47582;&#52656; 2028&#45380; &#48376;&#44201; &#49345;&#50857;&#54868;</p></li></ol><p>&#51333;&#54633;&#54616;&#47732; &#49436;&#53364;&#51008; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300; &#46321; &#51452;&#50836; &#54540;&#47019;&#54268; &#49440;&#51216;&#51012; &#53685;&#54620; USDC &#48156;&#54665;&#47049;&#51032; &#54253;&#48156;&#51201; &#54869;&#51109;&#51012; &#51204;&#47732;&#50640; &#45236;&#49464;&#50864;&#45716; &#46041;&#49884;&#50640; &#51088;&#52404; &#48660;&#47197;&#52404;&#51064;(Arc), &#44208;&#51228; &#45348;&#53944;&#50892;&#53356;(CPN), AI &#45208;&#45432; &#44208;&#51228;(Agent Stack)&#44620;&#51648; &#44552;&#50997; &#49828;&#53469;&#51012; &#44204;&#44256;&#54616;&#44172; &#49688;&#51649; &#44228;&#50676;&#54868;&#54616;&#44256; &#51080;&#45796;. &#54645;&#49900;&#51008; USDC &#50976;&#53685;&#47049; &#54869;&#45824;&#50752; &#45796;&#44033;&#54868;&#46108; &#51064;&#54532;&#46972; &#44396;&#52629;&#51060; &#49436;&#47196;&#47484; &#44204;&#51064;&#54616;&#45716; &#44396;&#51312;&#47484; &#47564;&#46308;&#50632;&#45796;&#45716; &#51216;&#51060;&#45796;.</p><p>&#51060;&#47484; &#53685;&#54644; &#49436;&#53364;&#51008; &#44592;&#51316;&#51032; &#45800;&#49692; &#51060;&#51088; &#49688;&#51061; &#51473;&#49900; &#48708;&#51592;&#45768;&#49828;&#50640;&#49436; &#53944;&#47000;&#54589; &#48143; &#44144;&#47000; &#49688;&#49688;&#47308; &#51473;&#49900;&#51032; &#54540;&#47019;&#54268; &#48708;&#51592;&#45768;&#49828;&#47196; &#54869;&#51109;&#51012; &#44928;&#54616;&#44256; &#51080;&#45796;.</p><h2>2026&#45380; 1&#48516;&#44592; &#49892;&#51201; &#46028;&#50500;&#48372;&#44592;, &#44060;&#49440;&#46104;&#45716; &#47560;&#51652;</h2><h3>1. &#50808;&#54805; &#49457;&#51109; &#48143; &#47560;&#51652; &#44060;&#49440;: &#51088;&#52404; &#54540;&#47019;&#54268; &#51473;&#49900;&#51032; &#51060;&#51061; &#52404;&#51656; &#44060;&#49440;</h3><p>2026&#45380; 1&#48516;&#44592; &#47588;&#52636; $694M(YoY +20%), &#51312;&#51221; EBITDA $151M(YoY +24%), &#51312;&#51221; EBITDA &#47560;&#51652; 53%&#47196; &#49688;&#51061;&#49457;&#51060; &#44060;&#49440;&#46096;&#45796;. &#54788;&#51116; &#49436;&#53364;&#51008; &#51204;&#52404; &#47588;&#52636;&#51032; 94%&#47484; &#51456;&#48708;&#44552; &#51060;&#51088; &#49688;&#51061;&#50640; &#51032;&#51316;&#54616;&#45716; &#44396;&#51312;&#47484; &#44054;&#44256; &#51080;&#45796;.</p><p>&#46384;&#46972;&#49436; &#51456;&#48708;&#44552; &#49688;&#51061;&#47456;&#51060; &#51204;&#48516;&#44592; &#45824;&#48708; 31bp &#54616;&#46973;(3.81%&#50640;&#49436; 3.50%&#47196; &#54616;&#46973;)&#54620; &#44163;&#51008; &#47588;&#52636;&#50640; &#52824;&#47749;&#51201;&#51064; &#50501;&#51116;&#50688;&#51004;&#45208;, &#49892;&#51656; &#47588;&#52636;(RLDC) &#47560;&#51652;&#51008; 3&#44060; &#48516;&#44592; &#50672;&#49549; &#49345;&#49849;&#54644; &#49324;&#49345; &#52572;&#44256;&#52824;&#51064; 41.4%&#47484; &#44592;&#47197;&#54664;&#45796;. &#47588;&#52636;&#51032; &#51208;&#45824;&#45796;&#49688;&#47484; &#52264;&#51648;&#54616;&#45716; &#44552;&#47532; &#51032;&#51316;&#54805; &#49688;&#51061;&#51060; &#44048;&#49548;&#54616;&#45716; &#51649;&#44201;&#53444; &#49549;&#50640;&#49436;&#46020; &#51088;&#52404;&#51201;&#51064; &#51060;&#51061; &#52404;&#51656; &#44060;&#49440;&#50640; &#49457;&#44277;&#54620; &#44163;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3fl2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3fl2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png 424w, https://substackcdn.com/image/fetch/$s_!3fl2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png 848w, https://substackcdn.com/image/fetch/$s_!3fl2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png 1272w, https://substackcdn.com/image/fetch/$s_!3fl2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3fl2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png" width="1162" height="546" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:546,&quot;width&quot;:1162,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:123641,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/199288924?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!3fl2!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png 424w, https://substackcdn.com/image/fetch/$s_!3fl2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png 848w, https://substackcdn.com/image/fetch/$s_!3fl2!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png 1272w, https://substackcdn.com/image/fetch/$s_!3fl2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa23cb5b3-425f-4ea3-8e89-ae490b3cc8db_1162x546.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#47560;&#51652; &#44060;&#49440;&#51032; &#54645;&#49900; &#50836;&#51064;&#51008; &#51088;&#52404; &#54540;&#47019;&#54268;(on-platform) &#45236; USDC &#49324;&#50857;&#47049; &#51613;&#44032;&#51060;&#45796;. &#51060;&#48264; 1&#48516;&#44592; &#51088;&#52404; &#54540;&#47019;&#54268; &#48708;&#51473;&#51008; 6%&#50640;&#49436; 17.2%&#47196; &#44553;&#51613;&#54620; &#48152;&#47732;(YoY +1,149bps), &#50808;&#48512; &#54540;&#47019;&#54268;(off-platform) &#48708;&#51473;&#51008; 55%&#47196; &#52629;&#49548;&#46096;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!gEKv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!gEKv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png 424w, https://substackcdn.com/image/fetch/$s_!gEKv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png 848w, https://substackcdn.com/image/fetch/$s_!gEKv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png 1272w, https://substackcdn.com/image/fetch/$s_!gEKv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!gEKv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png" width="1456" height="671" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:671,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:153439,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/199288924?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!gEKv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png 424w, https://substackcdn.com/image/fetch/$s_!gEKv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png 848w, https://substackcdn.com/image/fetch/$s_!gEKv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png 1272w, https://substackcdn.com/image/fetch/$s_!gEKv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F46754abb-7fc9-4791-8e3f-ff9dc5bb9f38_1654x762.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51060;&#45716; &#51088;&#52404; &#44208;&#51228; &#45348;&#53944;&#50892;&#53356;&#51064; CPN(Circle Payments Network)&#51032; &#49457;&#44277;&#51201;&#51064; &#44592;&#44288; &#50728;&#48372;&#46377; &#45909;&#48516;&#51060;&#45796;. &#44032;&#51077; &#44552;&#50997;&#44592;&#44288; &#49688;&#45716; &#54620; &#48516;&#44592; &#47564;&#50640; 136&#44060;&#47196; &#45720;&#50632;&#44256;(+36% QoQ), &#50672;&#54872;&#49328; &#44144;&#47000; &#52376;&#47532; &#45824;&#44552;(TPV)&#46020; &#50557; 83&#50613; &#45804;&#47084;(QoQ +17%)&#47196; &#54869;&#45824;&#46096;&#45796;.</p><p>&#51060;&#47088; &#55120;&#47492;&#51032; &#48176;&#44221;&#50640;&#45716; CPN &#44208;&#51228; &#49345;&#54408; &#46972;&#51064;&#50629;&#51032; &#45800;&#44228;&#51201; &#54869;&#45824;&#44032; &#51080;&#45796;</p><ol><li><p>Fiat Payments (2025&#45380; 2&#48516;&#44592; &#52636;&#49884;): 50&#44060;&#44397; &#51060;&#49345;&#51032; &#47196;&#52972; &#54868;&#54224;&#47196; &#54168;&#51060;&#50500;&#50883;&#44284; &#54168;&#51060;&#51064;&#51012; &#52376;&#47532;&#54616;&#45716; &#53356;&#47196;&#49828;&#48372;&#45908; &#44208;&#51228; &#49345;&#54408;</p></li><li><p>Stablecoin Payments (2025&#45380; 3&#48516;&#44592; &#52636;&#49884;): USDC, EURC &#46321; &#44508;&#51228;&#46108; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; 180&#44060;&#44397; &#51060;&#49345;&#50640;&#49436; &#51649;&#51217; &#44208;&#51228;&#183;&#51221;&#49328;&#51060; &#44032;&#45733;&#54620; &#49345;&#54408;</p></li><li><p>Managed Payments (2026&#45380; 2&#48516;&#44592;, 4&#50900; &#52636;&#49884;): &#46972;&#51060;&#49440;&#49828;, &#52964;&#49828;&#53552;&#46356;, &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;, USDC &#50976;&#46041;&#49457;&#44620;&#51648; &#49436;&#53364;&#51060; &#45800;&#51068; API&#47196; &#53685;&#54633; &#51228;&#44277;&#54620;&#45796;. &#54028;&#53944;&#45320;&#45716; &#48277;&#51221;&#54868;&#54224;&#47564; &#45796;&#47336;&#47732; &#46104;&#44256;, &#46356;&#51648;&#53560; &#51088;&#49328; &#48372;&#44288;&#183;&#50868;&#50689;&#51060;&#45208; &#44508;&#51228; &#45824;&#51025;&#51012; &#51649;&#51217; &#46496;&#50504;&#51012; &#54596;&#50836;&#44032; &#50630;&#45716; &#49345;&#54408;</p></li></ol><p>&#51060; &#49457;&#44284;&#44032; &#51473;&#51109;&#44592; &#51060;&#51061; &#52404;&#51656; &#44060;&#49440;&#50640; &#51473;&#50836;&#54620; &#51060;&#50976;&#45716; &#50696;&#52824;&#52376;&#50640; &#46384;&#46972; &#49688;&#51061; &#44480;&#49549; &#44396;&#51312;&#44032; &#50756;&#51204;&#55176; &#45804;&#46972;&#51648;&#44592; &#46412;&#47928;&#51060;&#45796;. &#53076;&#51064;&#48288;&#51060;&#49828; &#44057;&#51008; &#50808;&#48512; &#54540;&#47019;&#54268; &#50696;&#52824;&#48516;&#51008; &#51456;&#48708;&#44552; &#51060;&#51088;&#47484; &#45208;&#45572;&#50612;&#50556; &#54616;&#51648;&#47564;, Circle Mint&#45208; CPN &#44057;&#51008; &#51088;&#52404; &#54540;&#47019;&#54268; &#50696;&#52824;&#48516;&#51008; &#51204;&#50529; &#49436;&#53364;&#50640; &#44480;&#49549;&#46108;&#45796;.</p><p>&#51593;, &#51088;&#52404; &#54540;&#47019;&#54268; &#48708;&#51473;&#51060; &#49345;&#49849;&#54624;&#49688;&#47197; &#54028;&#53944;&#45320;&#49324; &#51204;&#52636; &#48708;&#50857;&#51060; &#51460;&#50612;&#46308;&#50612; RLDC &#47560;&#51652;&#51060; &#45458;&#50500;&#51652;&#45796;. &#44208;&#44284;&#51201;&#51004;&#47196; &#46041;&#51068;&#54620; &#47588;&#52636;&#51012; &#44592;&#47197;&#54616;&#45908;&#46972;&#46020; &#49436;&#53364;&#51060; &#49552;&#50640; &#51536;&#45716; &#49892;&#51656;&#51201;&#51064; &#51060;&#51061; &#52404;&#47141;&#51060; &#44053;&#54868;&#46104;&#45716; &#44396;&#51312;&#51060;&#45796;.</p><p>&#45796;&#47564; CPN &#51088;&#52404;&#51032; &#49324;&#50857; &#49688;&#49688;&#47308; &#47588;&#52636;&#51008; &#50500;&#51649; &#48376;&#44201;&#54868;&#46104;&#51648; &#50506;&#50520;&#45796;. &#50526;&#49436; &#50612;&#45789;&#53084;&#50640;&#49436; CFO &#51228;&#47112;&#48120; &#54253;&#49828; &#44596;&#51060; &#50616;&#44553;&#54664;&#46319; &#51648;&#44552;&#51008; &#49688;&#51061;&#54868;&#48372;&#45796; &#45348;&#53944;&#50892;&#53356; &#49457;&#51109;&#50640; &#51665;&#51473;&#54616;&#45716; &#45800;&#44228;&#51060;&#45796;. &#54788;&#51116;&#51032; CPN&#51008; &#51649;&#51217;&#51201;&#51064; &#49688;&#49688;&#47308;&#47484; &#49688;&#52712;&#54616;&#44592;&#48372;&#45796; &#51088;&#52404; &#54540;&#47019;&#54268;&#51004;&#47196; &#51088;&#44552;&#51012; &#55137;&#49688;&#54616;&#45716; &#53685;&#47196; &#50669;&#54624;&#51012; &#54620;&#45796;. &#50808;&#48512; &#48516;&#48176; &#48708;&#50857;&#51012; &#48169;&#50612;&#54616;&#45716; &#51669;&#44160;&#45796;&#47532;&#47196;&#49436; &#51060;&#48264; 1&#48516;&#44592; &#49892;&#51201;&#51008; &#51060; &#51204;&#47029;&#51060; &#50976;&#54952;&#54616;&#44172; &#51089;&#46041;&#54616;&#44256; &#51080;&#51020;&#51012; &#51613;&#47749;&#54620;&#45796;.</p><h3>2. &#49457;&#51109; &#46244;&#50640; &#49704;&#51008; &#49892;&#51656; &#45817;&#44592;&#49692;&#51060;&#51061; &#44048;&#49548;</h3><p>&#44536;&#47084;&#45208; &#50808;&#54805; &#49457;&#51109; &#48143; &#47560;&#51652; &#44060;&#49440; &#51648;&#54364;&#50752; &#45804;&#47532;, &#52572;&#51333; &#49692;&#51060;&#51061;&#45800;&#50640;&#49436;&#45716; &#46748;&#47159;&#54620; &#44340;&#47532;&#44032; &#44288;&#52769;&#46104;&#48064;&#47196; &#51452;&#51032;&#44032; &#54596;&#50836;&#54616;&#45796;. &#51060;&#48264; &#48516;&#44592; &#49436;&#53364;&#51032; &#45817;&#44592;&#49692;&#51060;&#51061;&#51008; &#50557; 5,500&#47564; &#45804;&#47084;&#47196; &#51204;&#45380; &#46041;&#44592; &#45824;&#48708; &#50724;&#55176;&#47140; 15% &#44048;&#49548;(YoY -15%)&#54664;&#45796;.</p><p>&#51060;&#45716; &#49345;&#51109;(IPO) &#51060;&#54980; &#51076;&#51649;&#50896; &#45824;&#49345; &#51452;&#49885;&#44592;&#48152;&#48372;&#49345;&#48708;&#50857;(Stock-based compensation)&#51060; &#48376;&#44201; &#48152;&#50689;&#46104;&#44592; &#49884;&#51089;&#54664;&#44256;, &#50500;&#53356;(Arc) &#47700;&#51064;&#45367; &#47088;&#52845;&#51012; &#50526;&#46164; &#51064;&#54532;&#46972; &#44396;&#52629; &#48143; R&amp;D &#53804;&#51088;&#44032; &#44553;&#51613;&#54664;&#44592; &#46412;&#47928;&#51060;&#45796;. &#51068;&#54924;&#49457;&#183;&#48708;&#54788;&#44552;&#49457; &#48708;&#50857;&#51012; &#51228;&#44144;&#54620; &#51312;&#51221; &#51648;&#54364;&#45716; &#50864;&#49688;&#54616;&#51648;&#47564;, &#49692;&#51060;&#51061; &#44048;&#49548; &#52628;&#49464;&#45716; &#53804;&#51088; &#49884; &#48152;&#46300;&#49884; &#50684;&#46160;&#50640; &#46160;&#50612;&#50556; &#54624; &#45824;&#47785;&#51060;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#51204;&#47732;&#51201;&#51064; &#49688;&#51649;&#44228;&#50676;&#54868;&#50640; &#46020;&#51077;&#54620; &#49436;&#53364;</strong></h2><h3><strong>1. USDC: &#44592;&#48376;&#51012; &#53444;&#53444;&#54616;&#44172;, &#48156;&#54665;&#47049; &#51613;&#45824; &#51204;&#47029;</strong></h3><p>&#49436;&#53364;&#51032; 2026&#45380; 1&#48516;&#44592; &#47588;&#52636; &#51473; &#51456;&#48708;&#44552; &#49688;&#51061;&#51008; 6&#50613; 5,300&#47564; &#45804;&#47084;&#47196; &#51204;&#52404; &#49688;&#51061;&#51032; 94%&#47484; &#52264;&#51648;&#54620;&#45796;. &#54788;&#51116; &#49436;&#53364;&#51032; &#54645;&#49900; &#48708;&#51592;&#45768;&#49828;&#44032; &#51456;&#48708;&#44552; &#49688;&#51061;&#50640; &#54200;&#51473;&#46104;&#50612; &#51080;&#45716; &#47564;&#53372;, &#50808;&#54805; &#49457;&#51109;&#51012; &#50948;&#54644;&#49436;&#45716; USDC &#48156;&#54665;&#47049; &#54869;&#45824;&#44032; &#54596;&#49688;&#51201;&#51060;&#45796;.</p><p>&#54788;&#51116; USDC&#51032; &#50976;&#53685;&#47049;&#51008; &#50557; 770&#50613; &#45804;&#47084; &#49688;&#51456;&#51060;&#45796;. &#49436;&#53364;&#51060; &#48376;&#51656;&#51201;&#51004;&#47196; &#49457;&#51109;&#54616;&#44592; &#50948;&#54644;&#49436;&#45716; &#51060; &#50976;&#53685;&#47049;&#51032; &#54620;&#44228;&#47484; &#50612;&#46356;&#44620;&#51648; &#54869;&#51109;&#54624; &#49688; &#51080;&#45716;&#51648;&#44032; &#54645;&#49900; &#44284;&#51228;&#45796;. &#44284;&#44144; &#44221;&#51137;&#49324;&#51064; USDT&#44032; &#44553;&#44201;&#55176; &#49457;&#51109;&#54620; &#48176;&#44221;&#50640;&#45716; &#48148;&#51060;&#45240;&#49828;&#51032; &#44144;&#47000; &#54168;&#50612; &#49440;&#51216;&#51060; &#51080;&#50632;&#45796;.</p><p>&#49436;&#53364;&#51008; &#51060; &#49440;&#51216; &#51204;&#47029;&#51012; &#53448;&#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#51064; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#47196; &#54869;&#51109;&#54616;&#47140;&#45716; &#44228;&#54925;&#51060;&#45796;. &#52572;&#44540; &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#51032; &#51088;&#52404; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51064; USDH&#47484; &#51064;&#49688;&#54620; &#49324;&#47168;&#44032; &#45824;&#54364;&#51201;&#51060;&#45796;. &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#45716; &#54540;&#47019;&#54268; &#45236; &#45348;&#51060;&#54000;&#48652; &#54168;&#50612;&#47196; &#54876;&#50857;&#54616;&#47140;&#45912; USDH&#47484; &#47588;&#44033;&#54616;&#45716; &#45824;&#49888;, USDC&#47484; &#44277;&#49885; &#54168;&#50612;&#47196; &#46321;&#47197;&#54664;&#45796;.</p><p>&#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#51032; &#50696;&#52824; &#51088;&#49328; &#49457;&#51109;&#51008; USDC &#48156;&#54665;&#47049; &#54869;&#45824;&#47196; &#51649;&#44208;&#46108;&#45796;. &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#51032; &#52509; &#50696;&#52824; &#51088;&#49328;(TVL)&#51008; 2025&#45380; 1&#48516;&#44592; 20&#50613; &#45804;&#47084;&#50640;&#49436; 2026&#45380; 1&#48516;&#44592; 40&#50613; &#45804;&#47084;&#47196; 2&#48176; &#49457;&#51109;&#54664;&#51004;&#47728;, &#44256;&#51216; &#44592;&#51456; 60&#50613; &#45804;&#47084;&#47484; &#44592;&#47197;&#54616;&#44592;&#46020; &#54664;&#45796;. &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#45716; USDC&#47484; &#44592;&#48376; &#50696;&#52824;&#44552;&#51004;&#47196; &#49324;&#50857;&#54616;&#48064;&#47196; &#54540;&#47019;&#54268;&#51032; &#49457;&#51109;&#51060; &#44263; USDC&#51032; &#49888;&#44508; &#48156;&#54665;&#51004;&#47196; &#51060;&#50612;&#51648;&#45716; &#44396;&#51312;&#45796;. &#51060;&#47484; &#48148;&#53461;&#51004;&#47196; &#54620; &#54693;&#54980; &#50976;&#53685;&#47049; &#49884;&#45208;&#47532;&#50724;&#45716; &#45796;&#51020;&#44284; &#44057;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!YA9N!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!YA9N!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png 424w, https://substackcdn.com/image/fetch/$s_!YA9N!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png 848w, https://substackcdn.com/image/fetch/$s_!YA9N!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png 1272w, https://substackcdn.com/image/fetch/$s_!YA9N!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!YA9N!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png" width="1456" height="621" 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srcset="https://substackcdn.com/image/fetch/$s_!YA9N!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png 424w, https://substackcdn.com/image/fetch/$s_!YA9N!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png 848w, https://substackcdn.com/image/fetch/$s_!YA9N!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png 1272w, https://substackcdn.com/image/fetch/$s_!YA9N!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4ccccbd1-cd60-4b1e-b667-e35e0d77560b_1656x706.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#49884;&#45208;&#47532;&#50724;&#50640; &#46384;&#47476;&#47732; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300; &#54620; &#44275;&#51032; &#49457;&#51109;&#47564;&#51004;&#47196; 3&#45380; &#46244; USDC &#51204;&#52404; &#50976;&#53685;&#47049;&#51008; &#54788;&#51116; 770&#50613; &#45804;&#47084;&#50640;&#49436; 840&#50613; &#45804;&#47084;&#44620;&#51648; &#45720;&#50612;&#45216; &#49688; &#51080;&#45796;. &#45800;&#51068; &#54540;&#47019;&#54268;&#51060; &#51204;&#52404; &#50976;&#53685;&#47049;&#51032; 10% &#51060;&#49345;&#51012; &#52264;&#51648;&#54616;&#45716; &#44144;&#45824;&#54620; &#48156;&#54665; &#52292;&#45328;&#51060; &#46104;&#45716; &#49480;&#51060;&#45796;.</p><p>&#47932;&#47200; &#51456;&#48708;&#44552; &#51060;&#51088; &#49688;&#51061;&#51032; 90%&#47484; &#54540;&#47019;&#54268;&#50640; &#50577;&#48372;&#54616;&#45716; &#51312;&#44148;&#51008; &#49436;&#53364;&#50640;&#44172; &#45800;&#44592;&#51201;&#51064; &#49688;&#51061;&#49457; &#51200;&#54616;&#46972;&#45716; &#54620;&#44228;&#51216;&#51012; &#45224;&#44596;&#45796;. &#54616;&#51648;&#47564; &#51068;&#54217;&#44512; &#44144;&#47000; &#45824;&#44552; &#50557; 15&#51312; &#50896;, DEX &#54028;&#49373;&#49345;&#54408; &#49884;&#51109; &#51216;&#50976;&#50984; 17%&#46972;&#45716; &#45824;&#52404; &#48520;&#44032;&#45733;&#54620; &#48380;&#47464;&#51012; &#54869;&#48372;&#54616;&#44592; &#50948;&#54620; &#45824;&#44032;&#46972;&#47732; &#51060;&#45716; &#54252;&#44592;&#54624; &#49688; &#51080;&#45716; &#48708;&#50857;&#50640; &#44032;&#44637;&#45796;.</p><p>&#46608;&#54620; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#50640; &#44592;&#48152;&#54620; &#54028;&#49373;&#49345;&#54408;&#44620;&#51648; &#51060;&#50612;&#51652;&#45796;&#47732; &#45908;&#50865; &#44557;&#51221;&#51201;&#51064; &#49440;&#49692;&#54872; &#44396;&#51312;&#47484; &#50696;&#49345;&#54624; &#49688; &#51080;&#45796;. &#44208;&#44397; &#45817;&#51109;&#51032; &#47560;&#51652;&#48372;&#45796; &#50976;&#53685;&#47049; &#54869;&#45824;&#47484; &#52572;&#50864;&#49440; &#44284;&#51228;&#47196; &#49340;&#51008; &#49436;&#53364;&#50640;&#44172; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;&#45716; &#47560;&#51652;&#51012; &#51900;&#44060;&#49436;&#46972;&#46020; &#49440;&#51216;&#54624; &#44032;&#52824;&#44032; &#51080;&#45716; &#54645;&#49900; &#50836;&#52649;&#51648;&#45796;.</p><h2><strong>2. &#50500;&#53356;(Arc), &#49436;&#53364;&#51060; &#44552;&#47532; &#51032;&#51316;&#46020;&#50640;&#49436; &#48279;&#50612;&#45208;&#45716; &#48169;&#48277;</strong></h2><p>&#50526;&#49436; &#49332;&#54196;&#48376; &#48148;&#50752; &#44057;&#51060; &#49436;&#53364;&#51008; &#47588;&#52636;&#51032; &#51208;&#45824;&#45796;&#49688;&#44032; &#51456;&#48708;&#44552; &#51060;&#51088; &#49688;&#51061;&#50640; &#54200;&#51473;&#46104;&#50612; &#51080;&#50612; &#44552;&#47532; &#51064;&#54616; &#44592;&#51312;&#50640; &#52712;&#50557;&#54620; &#44396;&#51312;&#51201; &#54620;&#44228;&#47484; &#51648;&#45768;&#44256; &#51080;&#45796;. &#50500;&#51649;&#51008; &#53580;&#49828;&#53944;&#45367; &#45800;&#44228;&#51060;&#44592;&#50640; &#45817;&#51109; &#44032;&#49884;&#51201;&#51064; &#47588;&#52636;&#51060; &#48156;&#49373;&#54616;&#44256; &#51080;&#51648; &#50506;&#51648;&#47564;, &#52572;&#44540; &#44592;&#44288;&#51004;&#47196;&#48512;&#53552; &#50557; 2&#50613; 2,200&#47564; &#45804;&#47084;&#51032; &#53804;&#51088;&#47484; &#50976;&#52824;&#54616;&#47728; &#48512;&#49345;&#54620; &#50500;&#53356;&#44032; &#48148;&#47196; &#51060; &#44552;&#47532; &#51032;&#51316;&#46020;&#47484; &#44540;&#48376;&#51201;&#51004;&#47196; &#45130;&#50612;&#45236;&#44592; &#50948;&#54620; &#54645;&#49900; &#51064;&#54532;&#46972;&#51060;&#45796;.</p><p>&#50500;&#53356;&#44032; &#51068;&#52264;&#51201;&#51004;&#47196; &#44200;&#45285;&#54616;&#45716; &#49884;&#51109;&#51008; &#44544;&#47196;&#48268; &#53356;&#47196;&#49828;&#48372;&#45908; &#44208;&#51228; &#49884;&#51109;&#51060;&#45796;. &#49464;&#44228;&#51008;&#54665; &#48372;&#44256;&#49436;(RPW Issue 54)&#50640; &#46384;&#47476;&#47732; &#44544;&#47196;&#48268; &#54217;&#44512; &#49569;&#44552; &#48708;&#50857;&#51008; 6.36%, &#51008;&#54665; &#49569;&#44552; &#48708;&#50857;&#51008; 14.99%&#50640; &#45804;&#54620;&#45796;. SWIFT&#51032; &#45796;&#45800; &#51473;&#44060; &#44396;&#51312;, &#48520;&#53804;&#47749;&#54620; &#50808;&#54872; &#49828;&#54532;&#47112;&#46300;, &#51452;&#47568; &#51221;&#49328; &#51648;&#50672; &#46321;&#51060; &#51060;&#47084;&#54620; &#44256;&#48708;&#50857; &#44396;&#51312;&#47484; &#50556;&#44592;&#54616;&#45716; &#50896;&#51064;&#51060;&#45796;.</p><p>&#49436;&#53364;&#51008; &#51060;&#47084;&#54620; &#51204;&#53685; &#44552;&#50997;&#47581;&#51032; &#48708;&#54952;&#50984;&#49457;&#51012; &#54644;&#44208;&#54616;&#45716; &#44284;&#51221;&#50640;&#49436; &#50500;&#53356;&#47484; &#44592;&#48152;&#51004;&#47196; &#54620; &#54540;&#47019;&#54268; &#48708;&#51592;&#45768;&#49828; &#49688;&#51061;&#51012; &#52285;&#52636;&#54616;&#44256;&#51088; &#54620;&#45796;. &#51060; &#44552;&#47532; &#51032;&#51316;&#46020;&#47484; &#45230;&#52636; &#51064;&#54532;&#46972; &#49688;&#49688;&#47308; &#47588;&#52636;&#51032; &#54645;&#49900;&#51008; &#53356;&#44172; &#46160; &#44032;&#51648; &#52629;&#51004;&#47196; &#44396;&#49457;&#46108;&#45796;.</p><ol><li><p><strong>&#49436;&#53364; &#44208;&#51228;&#47581;(CPN):</strong> &#44544;&#47196;&#48268; &#44592;&#44288; &#48143; &#44592;&#50629;&#46308;&#51012; &#50500;&#53356; &#45348;&#53944;&#50892;&#53356;&#50640; &#50728;&#48372;&#46377;&#49884;&#53020; &#53356;&#47196;&#49828;&#48372;&#45908; &#44208;&#51228;&#50752; &#51221;&#49328;&#51012; &#52376;&#47532;&#54616;&#44256;, &#53944;&#47000;&#54589;&#50640; &#46384;&#47480; &#44208;&#51228; &#52376;&#47532; &#49688;&#49688;&#47308;&#47484; &#54869;&#48372;&#54616;&#45716; &#52629;&#51060;&#45796;. &#50526;&#49436; 1&#48516;&#44592; &#49892;&#51201;&#50640;&#49436; &#51613;&#47749;&#46108; &#44592;&#44288; &#50976;&#51077; &#55120;&#47492;&#51060; &#50500;&#53356; &#47700;&#51064;&#45367; &#50948;&#50640;&#49436; &#48376;&#44201;&#51201;&#51064; &#53944;&#47004;&#51117;&#49496; &#47588;&#52636;&#47196; &#51204;&#54872;&#46104;&#45716; &#44592;&#48152;&#51060; &#46108;&#45796;.</p></li><li><p><strong>&#50728;&#52404;&#51064; &#50808;&#54872; &#50644;&#51652;(StableFX):</strong> &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44036; &#50728;&#52404;&#51064; &#54872;&#51204;&#51012; &#51648;&#50896;&#54616;&#50668; &#51204;&#53685; &#50808;&#54872; &#49884;&#51109;&#51032; &#45458;&#51008; &#51473;&#44060; &#49828;&#54532;&#47112;&#46300;&#47484; &#45824;&#52404;&#54616;&#45716; &#52629;&#51060;&#45796;. &#44144;&#47000;&#44032; &#52404;&#44208;&#46104;&#45716; &#51593;&#49884; &#49828;&#47560;&#53944; &#52968;&#53944;&#47001;&#53944;&#44032; &#44144;&#47000; &#53685;&#54868;&#50640;&#49436; &#44033;&#44033; &#51221;&#54644;&#51652; &#49688;&#49688;&#47308;&#47484; &#49688;&#52712;&#54616;&#45716; &#48169;&#49885;&#51004;&#47196; &#51089;&#46041;&#54620;&#45796;.</p></li></ol><p>&#53945;&#55176; StableFX&#45716; SWIFT&#50752; &#45804;&#47532; &#44256;&#51221; &#48708;&#50857;&#51060; &#50500;&#45772; &#44204;&#51201; &#50836;&#52397;(RFQ) &#47784;&#45944;&#51012; &#44592;&#48152;&#51004;&#47196; &#51089;&#46041;&#54620;&#45796;. &#51060;&#50857;&#51088;&#44032; &#54872;&#51204;&#51012; &#50836;&#52397;&#54616;&#47732; &#50668;&#47084; &#47560;&#53011; &#47700;&#51060;&#52964;&#46308;&#51060; &#49892;&#49884;&#44036; &#44221;&#51137; &#51077;&#52272;&#51012; &#53685;&#54644; &#52572;&#51200; &#49688;&#51456;&#51032; &#46020;&#47588;&#44032; &#49828;&#54532;&#47112;&#46300;&#47484; &#51228;&#49884;&#54620;&#45796;. &#45909;&#48516;&#50640; SWIFT&#51032; &#48708;&#49916; &#44256;&#51221; &#49688;&#49688;&#47308; &#50630;&#51060; &#45824;&#44508;&#47784; &#51088;&#44552;&#46020; &#44032;&#44201; &#48128;&#47548;(&#49836;&#47532;&#54588;&#51648;) &#50630;&#51060; 24&#49884;&#44036; &#45236;&#45236; &#51593;&#49884; &#51221;&#49328;&#51060; &#44032;&#45733;&#54616;&#45796;.</p><p>&#44208;&#44284;&#51201;&#51004;&#47196; &#50500;&#53356; &#45348;&#53944;&#50892;&#53356; &#45236;&#50640;&#49436; &#44208;&#51228; &#53944;&#47000;&#54589;(CPN)&#44284; &#54872;&#51204; &#44508;&#47784;(StableFX)&#44032; &#45720;&#50612;&#45216;&#49688;&#47197; &#49436;&#53364;&#51060; &#51649;&#51217; &#44032;&#51256;&#44032;&#45716; &#51064;&#54532;&#46972; &#50868;&#50689; &#48143; &#49688;&#49688;&#47308; &#47588;&#52636;&#51060; &#54869;&#45824;&#46104;&#45716; &#48708;&#44552;&#47532; &#44396;&#51312;&#44032; &#50756;&#49457;&#46108;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Mi2d!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19b05140-0905-4c3f-896e-f5853526d3dc_1660x778.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Mi2d!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19b05140-0905-4c3f-896e-f5853526d3dc_1660x778.png 424w, https://substackcdn.com/image/fetch/$s_!Mi2d!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19b05140-0905-4c3f-896e-f5853526d3dc_1660x778.png 848w, https://substackcdn.com/image/fetch/$s_!Mi2d!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19b05140-0905-4c3f-896e-f5853526d3dc_1660x778.png 1272w, https://substackcdn.com/image/fetch/$s_!Mi2d!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19b05140-0905-4c3f-896e-f5853526d3dc_1660x778.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Mi2d!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19b05140-0905-4c3f-896e-f5853526d3dc_1660x778.png" width="1456" height="682" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51060;&#47084;&#54620; &#48320;&#54868;&#45716; &#51060;&#48120; &#53580;&#49828;&#53944;&#45367;&#44284; &#52280;&#50668; &#44592;&#50629;&#46308;&#51012; &#53685;&#54644; &#51613;&#47749;&#46104;&#44256; &#51080;&#45796;. &#50500;&#53356;&#49828;&#52884;(Arcscan) &#44592;&#51456; &#54140;&#48660;&#47533; &#53580;&#49828;&#53944;&#45367; &#50724;&#54536; &#54980; &#45572;&#51201; &#53944;&#47004;&#51117;&#49496;&#51008; &#50557; 4&#50613; 3&#52380;&#47564; &#44148;, 24&#49884;&#44036; &#44144;&#47000; &#52376;&#47532;&#47049;&#51008; 326&#47564; &#44148;&#51012; &#44592;&#47197;&#54664;&#45796;. &#46608;&#54620; &#48660;&#47001;&#47197;, HSBC, &#48708;&#51088;, AWS &#46321; 100&#44060; &#51060;&#49345;&#51032; &#44544;&#47196;&#48268; &#44592;&#44288;&#51060; &#52280;&#50668;&#54616;&#44256; &#51080;&#45796;. &#51204;&#53685; &#44552;&#50997;&#49324;&#49104; &#50500;&#45768;&#46972; &#48660;&#47197;&#52404;&#51064;&#51012; &#54876;&#50857;&#54620; &#50696;&#52769; &#49884;&#51109; &#47560;&#53011;&#51064; &#54260;&#47532;&#47560;&#53011;&#46020; &#49373;&#53468;&#44228;&#50640; &#54633;&#47448;&#54664;&#45796;.</p><p>&#51060;&#45716; &#45800;&#49692;&#55176; &#44592;&#45733;&#44284; &#54540;&#47019;&#54268;&#51012; &#49884;&#48276; &#50868;&#50689;&#54616;&#45716; &#44163;&#51012; &#45336;&#50612; &#49892;&#51228; &#44592;&#50629;&#46308;&#51012; &#45132;&#50612;&#46308;&#51060;&#47732;&#49436; &#49892;&#51656;&#51201;&#51064; &#44144;&#47000; &#53944;&#47000;&#54589;&#51012; &#51060;&#45132;&#50612;&#45236;&#44256; &#51080;&#51020;&#51012; &#48372;&#50668;&#51456;&#45796;. &#50500;&#53356;&#44032; &#51228;&#45824;&#47196; &#50868;&#50689;&#46108;&#45796;&#47732; &#49436;&#53364;&#51008; USDC &#51456;&#48708;&#44552; &#51060;&#51088; &#49688;&#51061; &#44396;&#51312;&#50640;&#49436; &#51064;&#54532;&#46972; &#50868;&#50689; &#49688;&#51061;&#51004;&#47196;&#51032; &#54869;&#51109;&#51060; &#44032;&#45733;&#54616;&#45796;. &#50500;&#53356;&#45716; &#44552;&#47532;&#50640; &#47926;&#50688;&#45912; &#49688;&#51061; &#44396;&#51312;&#47484; &#54400; &#49688; &#51080;&#45716; &#52395; &#45800;&#52628;&#51060;&#45796;.</p><p>&#47196;&#46300;&#47605;&#50640; &#46384;&#47476;&#47732; &#50500;&#53356;&#45716; &#50732;&#54644; &#50668;&#47492; &#47700;&#51064;&#45367; &#47088;&#52845;&#51012; &#50526;&#46160;&#44256; &#51080;&#45796;. &#50500;&#53356;&#51032; &#49892;&#51656;&#51201;&#51064; &#47588;&#52636;&#51008; &#47700;&#51064;&#45367; &#47088;&#52845; &#51060;&#54980; &#48156;&#49373;&#54624; &#50696;&#51221;&#51060;&#45796;.</p><h2><strong>3. &#49436;&#53364; &#50640;&#51060;&#51204;&#53944; &#49828;&#53469;, AI &#51088;&#50984; &#44208;&#51228; &#49884;&#45824;&#51032; &#48145;&#44536;&#47548;</strong></h2><p>&#49324;&#46988;&#51060; &#50500;&#45768;&#46972; AI &#50640;&#51060;&#51204;&#53944;&#44032; &#49324;&#50857;&#51088; &#45824;&#49888; &#54032;&#45800;&#54644; &#44208;&#51228;&#54616;&#45716; &#8216;&#50640;&#51060;&#51204;&#54001; &#44221;&#51228;(Agentic Economy)&#8217;&#44032; &#45796;&#44032;&#50724;&#44256; &#51080;&#45796;. &#44396;&#44544;, &#50724;&#54536;AI &#46321; &#44544;&#47196;&#48268; &#48709;&#53580;&#53356; &#44592;&#50629;&#46308;&#51008; &#51060;&#48120; &#51060;&#47084;&#54620; &#51088;&#50984;&#54805; &#49884;&#49828;&#53596;&#51012; &#54876;&#48156;&#55176; &#49440;&#48372;&#51060;&#44592; &#49884;&#51089;&#54664;&#45796;.</p><p>&#47928;&#51228;&#45716; &#44208;&#51228; &#51064;&#54532;&#46972;&#45796;. AI&#45180;&#47532; API&#47484; &#54840;&#52636;&#54624; &#46412; &#48156;&#49373;&#54616;&#45716; &#48708;&#50857;&#51008; &#44592;&#51316; &#44208;&#51228; &#49884;&#49828;&#53596;&#51060; &#52376;&#47532;&#54624; &#49688; &#50630;&#45716; &#52488;&#49548;&#50529;(&#47560;&#51060;&#53356;&#47196; &#45800;&#50948;)&#51004;&#47196; &#52293;&#51221;&#46108;&#45796;. &#51060;&#47084;&#54620; &#52488;&#49548;&#50529; &#44208;&#51228;&#45716; &#49888;&#50857;&#52852;&#46300;&#47581;&#51012; &#44144;&#52832; &#44221;&#50864; &#48176;&#48372;&#45796; &#48176;&#44861;&#51060; &#45908; &#53360; &#49688;&#49688;&#47308; &#44396;&#51312;&#47484; &#44032;&#51648;&#48064;&#47196; &#44208;&#51228;&#54624;&#49688;&#47197; &#49552;&#54644;&#44032; &#52964;&#51652;&#45796;. &#51593;, &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#45716; &#44592;&#51316; &#52852;&#46300; &#47112;&#51068;&#44284; &#44396;&#51312;&#51201;&#51004;&#47196; &#47582;&#47932;&#47540; &#49688; &#50630;&#45796;.</p><p>&#49436;&#53364;&#51008; &#51060; &#53960;&#49352;&#47484; &#44277;&#47029;&#54644; &#51088;&#49324;&#51032; USDC&#47484; &#44208;&#51228; &#49688;&#45800;&#51004;&#47196; &#54876;&#50857;&#54616;&#44256;, &#44288;&#47144; &#54872;&#44221;&#51012; &#44060;&#48156;&#54624; &#49688; &#51080;&#46020;&#47197; &#51648;&#50896;&#54616;&#45716; &#8216;&#49436;&#53364; &#50640;&#51060;&#51204;&#53944; &#49828;&#53469;(Circle Agent Stack)&#8217;&#51012; &#49440;&#48372;&#50688;&#45796;.</p><ol><li><p><strong>&#50640;&#51060;&#51204;&#53944; &#51648;&#44049; (Agent Wallets)</strong>: &#51648;&#52636; &#54620;&#46020; &#46321; &#49324;&#46988;&#51060; &#51221;&#54644; &#51456; &#44508;&#52825; &#50504;&#50640;&#49436; AI&#44032; USDC&#47484; &#49828;&#49828;&#47196; &#48372;&#44288;&#54616;&#44256; &#49569;&#44552;&#54616;&#45716; &#51204;&#50857; &#51648;&#44049;.</p></li><li><p><strong>&#50640;&#51060;&#51204;&#53944; &#47560;&#53011;&#54540;&#47112;&#51060;&#49828; (Agent Marketplace)</strong>: AI&#46308;&#45180;&#47532; &#54596;&#50836;&#54620; API &#49436;&#48708;&#49828;&#47484; &#51649;&#51217; &#52286;&#50500;&#49436; &#44148;&#45817; &#48708;&#50857;&#51004;&#47196; &#51593;&#49884; &#51221;&#49328;&#54616;&#45716; &#49345;&#51216;.</p></li><li><p><strong>&#45208;&#45432; &#44208;&#51228; (Agent Nanopayments)</strong>: &#45800; $0.000001 &#49688;&#51456;&#51032; &#50500;&#51452; &#52488;&#49548;&#50529;&#44620;&#51648; &#44032;&#49828;&#48708; &#50630;&#51060; USDC&#47196; &#51593;&#49884; &#52376;&#47532;&#54616;&#45716; &#44208;&#51228; &#44592;&#49696;.</p></li><li><p><strong>&#49436;&#53364; CLI (Circle CLI)</strong>: &#47749;&#47161;&#51460; &#51064;&#53552;&#54168;&#51060;&#49828;&#47484; &#53685;&#54644; &#51648;&#44049; &#49373;&#49457;&#44284; &#50640;&#51060;&#51204;&#53944; &#50672;&#44208;&#51012; &#49789;&#44172; &#51228;&#50612;&#54616;&#45716; &#44288;&#47532; &#46020;&#44396;.</p></li><li><p><strong>&#49436;&#53364; &#49828;&#53420; (Circle Skills)</strong>: AI &#50640;&#51060;&#51204;&#53944;&#44032; &#49436;&#53364;&#51032; &#44552;&#50997; &#51228;&#54408;&#44400;&#51012; &#51060;&#54644;&#54616;&#44256; &#51649;&#51217; &#51312;&#51089;&#54624; &#49688; &#51080;&#46020;&#47197; &#51452;&#51077;&#54616;&#45716; &#44592;&#45733; &#47784;&#46280;.</p></li></ol><p>&#45796;&#47564; &#51060; &#50689;&#50669; &#50669;&#49884; &#47588;&#52636;&#51060; &#45817;&#51109; &#44032;&#49884;&#54868;&#46104;&#45716; &#45800;&#44228;&#45716; &#50500;&#45768;&#45796;. &#49884;&#51109; &#50504;&#52265;&#44284; &#49892;&#51201; &#48152;&#50689;&#44620;&#51648;&#45716; &#45796;&#51020;&#44284; &#44057;&#51008; &#45800;&#44228;&#48324; &#47196;&#46300;&#47605;&#51012; &#44144;&#52832; &#51204;&#47581;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!niZk!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!niZk!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png 424w, https://substackcdn.com/image/fetch/$s_!niZk!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png 848w, https://substackcdn.com/image/fetch/$s_!niZk!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png 1272w, https://substackcdn.com/image/fetch/$s_!niZk!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!niZk!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png" width="1456" height="625" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:625,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:117887,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/199288924?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!niZk!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png 424w, https://substackcdn.com/image/fetch/$s_!niZk!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png 848w, https://substackcdn.com/image/fetch/$s_!niZk!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png 1272w, https://substackcdn.com/image/fetch/$s_!niZk!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8893cc1f-d7fb-4105-a1dc-3455d5b5ac7c_1654x710.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><ol><li><p><strong>2026&#45380; (&#51064;&#54532;&#46972; &#44396;&#52629;&#44592;)</strong>: &#45824;&#44508;&#47784; &#52488;&#49548;&#50529; &#45208;&#45432; &#44208;&#51228;&#47484; &#50504;&#51221;&#51201;&#51004;&#47196; &#52376;&#47532;&#54616;&#44592; &#50948;&#54620; &#44592;&#49696;&#51201; &#53664;&#45824;&#47484; &#45798;&#45716; &#49884;&#44592;&#45796;. &#50732;&#54644; &#50668;&#47492; &#8216;&#50500;&#53356;(Arc) &#47700;&#51064;&#45367;&#8217; &#44032;&#46041;&#51012; &#44592;&#51216;&#51004;&#47196;, &#44544;&#47196;&#48268; &#54028;&#53944;&#45320;&#49324;&#46308;&#51060; &#49436;&#53364; CLI&#50752; &#44552;&#50997; &#47784;&#46280;&#51012; &#51088;&#49324; &#49884;&#49828;&#53596;&#50640; &#50672;&#46041;&#54616;&#45716; &#44592;&#49696; &#53685;&#54633; &#51089;&#50629;&#51060; &#51665;&#51473;&#46108;&#45796;.</p></li><li><p><strong>2027&#45380; (&#51228;&#46020;&#51201; &#50504;&#52265;&#44592;)</strong>: &#48120;&#44397;&#51032; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44508;&#51228;&#48277;(GENIUS Act)&#51060; &#49892;&#54952;&#46104;&#47732;&#49436; &#44592;&#50629;&#46308;&#51060; &#50504;&#49900;&#54616;&#44256; &#51652;&#51077;&#54624; &#49688; &#51080;&#45716; &#51228;&#46020;&#51201; &#50504;&#51204;&#47581;&#51060; &#50756;&#49457;&#46104;&#45716; &#54644;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51032; &#51613;&#44428; &#44508;&#51228; &#51228;&#50808;, 100% &#50504;&#51204;&#51088;&#49328; &#45812;&#48372; &#51032;&#47924;&#54868; &#46321;&#51060; &#48277;&#51201;&#51004;&#47196; &#48372;&#51109;&#46120;&#50640; &#46384;&#46972; &#48372;&#49688;&#51201;&#51064; &#45824;&#44592;&#50629; &#48277;&#47924;&#54016;&#46020; &#47532;&#49828;&#53356; &#50630;&#51060; USDC &#44208;&#51228; &#49884;&#49828;&#53596;&#51012; &#45236;&#48512;&#51201;&#51004;&#47196; &#46020;&#51077;&#54616;&#44256; &#53580;&#49828;&#53944;&#54624; &#49688; &#51080;&#44172; &#46108;&#45796;.</p></li><li><p><strong>2028&#45380; (&#49345;&#50857;&#54868; &#48143; &#47588;&#52636;&#54868;)</strong>: &#44592;&#49696;&#51201; &#53664;&#45824;&#50752; &#51228;&#46020;&#51201; &#54633;&#48277;&#49457;&#51060; &#50756;&#48317;&#55176; &#51221;&#47148;&#46104;&#47728; &#50640;&#51060;&#51204;&#54001; &#44221;&#51228;&#44032; &#51204;&#47732; &#49345;&#50857;&#54868;&#46104;&#45716; &#49884;&#51216;&#51060;&#45796;. &#51064;&#54532;&#46972;&#50752; &#48277;&#51201; &#47532;&#49828;&#53356;&#44032; &#54644;&#49548;&#46108; &#44592;&#50629;&#46308;&#51060; AI &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#49892;&#51228; &#51088;&#44552; &#51648;&#52636; &#44428;&#54620;&#51012; &#48512;&#50668;&#54632;&#50640; &#46384;&#46972; &#45824;&#44508;&#47784; &#53944;&#47004;&#51117;&#49496;&#51060; &#48156;&#49373;&#54616;&#44256;, &#49436;&#53364;&#51032; &#50640;&#51060;&#51204;&#53944; &#49828;&#53469; &#49892;&#51201;&#51060; &#49892;&#51228; &#47588;&#52636;&#47196; &#52237;&#55176;&#44592; &#49884;&#51089;&#54620;&#45796;.</p></li></ol><p>&#44208;&#44284;&#51201;&#51004;&#47196; &#48376;&#44201;&#51201;&#51064; &#53944;&#47000;&#54589; &#47588;&#52636;&#51060; &#48156;&#49373;&#54616;&#45716; 2028&#45380; &#51204;&#44620;&#51648; &#50640;&#51060;&#51204;&#53944; &#49828;&#53469;&#51008; &#48120;&#47000; &#49884;&#51109; &#49440;&#51216; &#44032;&#52824;&#47196;&#49436; &#51452;&#44032; &#54532;&#47532;&#48120;&#50628;&#50640; &#47676;&#51200; &#48152;&#50689;&#46104;&#45716; &#8216;&#44592;&#45824;&#44048;&#51032; &#50689;&#50669;&#8217;&#51004;&#47196; &#51089;&#46041;&#54624; &#44032;&#45733;&#49457;&#51060; &#45458;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!cUN_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffccdd26c-42eb-4a06-8ba7-c2d15efa9569_1132x1574.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!cUN_!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffccdd26c-42eb-4a06-8ba7-c2d15efa9569_1132x1574.png 424w, https://substackcdn.com/image/fetch/$s_!cUN_!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffccdd26c-42eb-4a06-8ba7-c2d15efa9569_1132x1574.png 848w, 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#48376; &#51088;&#47308;&#45716; &#50808;&#48512;&#51032; &#48512;&#45817;&#54620; &#50517;&#47141;&#51060;&#45208; &#44036;&#49453; &#50630;&#51060; &#51089;&#49457;&#51088;&#51032; &#51032;&#44204;&#51060; &#51221;&#54869;&#54616;&#44172; &#48152;&#50689;&#46104;&#50632;&#51004;&#47728;, &#44277;&#54364;&#51068; &#54788;&#51116; &#44592;&#44288;&#53804;&#51088;&#51088; &#46608;&#45716; &#51228;3&#51088;&#50640;&#44172; &#49324;&#51204;&#50640; &#51228;&#44277;&#46108; &#49324;&#49892;&#51060; &#50630;&#49845;&#45768;&#45796;. &#46608;&#54620;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#48143; &#48376; &#51088;&#47308;&#51032; &#51089;&#49457;&#51088;&#45716; &#44277;&#54364;&#51068; &#54788;&#51116; &#50948; &#51088;&#47308;&#50640;&#49436; &#45796;&#47340; &#51333;&#47785;(CRCL)&#51032; &#51648;&#48516;&#51012; &#48372;&#50976;&#54616;&#44256; &#51080;&#51648; &#50506;&#51004;&#47728;, &#44536; &#50808; &#44256;&#51648;&#54644;&#50556; &#54624; &#51116;&#49328;&#51201; &#51060;&#54644;&#44288;&#44228;&#44032; &#50630;&#49845;&#45768;&#45796;. &#48376; &#51088;&#47308;&#45716; &#44061;&#44288;&#51201; &#49324;&#49892;&#50640; &#44540;&#44144;&#54616;&#50668; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#52636;&#52376;&#51032; &#51221;&#48372;&#47196;&#48512;&#53552; &#51089;&#49457;&#46104;&#50632;&#51004;&#45208;, &#44536; &#51221;&#54869;&#49457;&#44284; &#50756;&#51204;&#49457;&#51012; &#48372;&#51109;&#54624; &#49688; &#50630;&#51004;&#47728; &#49688;&#47197;&#46108; &#51032;&#44204;&#51008; &#53685;&#51648; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;.</p><p>&#48376; &#51088;&#47308;&#45716; &#49328;&#50629; &#48143; &#44592;&#50629; &#48516;&#49437;&#51012; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46108; &#52280;&#44256; &#51088;&#47308;&#51068; &#49104;, &#53945;&#51221; &#51333;&#47785;&#51032; &#47588;&#49688;&#183;&#47588;&#46020; &#46321; &#53804;&#51088; &#51032;&#44204;&#51012; &#51228;&#49884;&#54616;&#44592; &#50948;&#54620; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#46384;&#46972;&#49436; &#51333;&#47785;&#51032; &#47588;&#47588;&#50752; &#44288;&#47144;&#46108; &#47784;&#46304; &#51032;&#49324;&#44208;&#51221;&#51008; &#51204;&#51201;&#51004;&#47196; &#53804;&#51088;&#51088; &#51088;&#49888;&#51032; &#54032;&#45800;&#44284; &#52293;&#51076;&#54616;&#50640; &#51060;&#47336;&#50612;&#51256;&#50556; &#54616;&#47728;, &#48376; &#51088;&#47308;&#51032; &#45236;&#50857;&#50640; &#44540;&#44144;&#54620; &#51068;&#52404;&#51032; &#53804;&#51088; &#54665;&#50948; &#44208;&#44284;&#50640; &#45824;&#54644; &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#50612;&#46496;&#54620; &#48277;&#51201; &#52293;&#51076;&#46020; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#50500;&#50872;&#47084; &#48376; &#51088;&#47308;&#45716; &#48277;&#51201; &#48516;&#51137;&#50640;&#49436; &#51613;&#44144; &#51088;&#47308;&#47196; &#49324;&#50857;&#46112; &#49688; &#50630;&#51004;&#47728;, &#48376; &#51088;&#47308;&#51032; &#51200;&#51089;&#44428;&#51008; &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#50640; &#51080;&#51004;&#48064;&#47196; &#49324;&#51204; &#46041;&#51032; &#50630;&#51060; &#47924;&#45800;&#51004;&#47196; &#51064;&#50857;, &#48373;&#51228;, &#51204;&#49884;, &#48176;&#54252;, &#51204;&#49569;, &#54200;&#51665;, &#48264;&#50669;, &#52636;&#54032;&#54616;&#45716; &#46321; &#51200;&#51089;&#44428;&#51012; &#52840;&#54644;&#54616;&#45716; &#44221;&#50864; &#44288;&#47144; &#48277;&#50640; &#51032;&#54616;&#50668; &#48124;&#183;&#54805;&#49324;&#49345;&#51032; &#52293;&#51076;&#51012; &#51648;&#44172; &#46121;&#45768;&#45796;.</p> ]]>
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<item>
<title>
<![CDATA[ ์ฃผ์‹ ํ† ํฐํ™”, ๊ธฐ์กด ์ „ํ†ต ๊ธˆ์œต ๊ฑฐ๋ž˜์†Œ์—์„œ๋Š” ๋ฌด์—‡์„ ์žƒ๋Š”๊ฐ€? ]]>
</title>
<description>
<![CDATA[ &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#44032; &#48516;&#49437;&#54620; &#48120; SEC &#51452;&#49885; &#53664;&#53360;&#54868; &#54785;&#49888; &#47732;&#51228; &#44032;&#51060;&#46300;&#46972;&#51064;. &#50976;&#46041;&#49457;&#44284; &#49688;&#51061; &#54028;&#54200;&#54868;&#44032; &#51204;&#53685; &#44552;&#50997;&#44592;&#44288; &#48143; RWA &#49884;&#51109;&#50640; &#48120;&#52832; &#54028;&#44553;&#47141;&#51012; &#54869;&#51064;&#54616;&#49464;&#50836;. ]]>
</description>
<link>https://reports.tiger-research.com/p/tokenized-stocks-what-traditional-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/tokenized-stocks-what-traditional-kor</guid>
<dc:creator>
<![CDATA[ Ryan Yoon ]]>
</dc:creator>
<pubDate>Fri, 22 May 2026 02:30:17 GMT</pubDate>
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<content:encoded>
<![CDATA[ <div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>&#48120;&#44397; SEC&#44032; &#44592;&#50629; &#49849;&#51064; &#50630;&#51060;&#46020; &#51228;3&#51088;&#44032; &#49345;&#51109; &#51452;&#49885;&#51012; &#53664;&#53360;&#54868;&#54624; &#49688; &#51080;&#45716; &#8216;&#54785;&#49888; &#47732;&#51228;&#8217; &#54532;&#47112;&#51076;&#50892;&#53356; &#48156;&#54364;&#47484; &#50526;&#46160;&#44256; &#51080;&#45796;.</p></li><li><p>&#51452;&#49885; &#53664;&#53360;&#54868;&#47196; &#51064;&#54644; &#44144;&#45824;&#54620; &#51473;&#50521; &#51665;&#51473;&#54805; &#44144;&#47000;&#49548;&#51032; &#51088;&#44552;&#51060; &#50668;&#47084; &#48660;&#47197;&#52404;&#51064; &#54540;&#47019;&#54268;&#51004;&#47196; &#51900;&#44060;&#51648;&#45716; &#8216;&#50976;&#46041;&#49457;&#51032; &#54028;&#54200;&#54868;&#8217;&#50752;, &#51060;&#47196; &#51064;&#54644; &#46021;&#51216;&#54616;&#45912; &#49688;&#49688;&#47308; &#48143; &#44552;&#50997; &#51473;&#44060; &#49688;&#51061;&#51060; &#44397;&#50808;&#45208; &#53440; &#54540;&#47019;&#54268;&#51004;&#47196; &#49352;&#50612;&#45208;&#44032;&#45716; &#8216;&#49688;&#51061;&#51032; &#54028;&#54200;&#54868;&#8217;&#44032; &#48156;&#49373;&#54616;&#50668; &#44397;&#44032; &#44552;&#50997; &#44221;&#51137;&#47141;&#51060; &#50948;&#54801;&#48155;&#51012; &#49688; &#51080;&#45796;.</p></li><li><p>&#54616;&#51060;&#54140;&#47532;&#53300;&#46300; &#46321; &#53448;&#51473;&#50521;&#54868; &#54540;&#47019;&#54268;(Perp DEX)&#51032; RWA &#44144;&#47000;&#47049;&#51060; &#49324;&#49345; &#52572;&#44256;&#52824;&#47484; &#44221;&#49888;&#54616;&#45716; &#46321; &#51088;&#48376;&#51032; &#54028;&#54200;&#54868;&#44032; &#54788;&#49892;&#54868;&#46108; &#49345;&#54889;&#50640;&#49436;, &#54785;&#49888;&#51012; &#48736;&#47476;&#44172; &#55137;&#49688;&#54616;&#51648; &#47803;&#54616;&#45716; &#44592;&#51316; &#44552;&#50997;&#44592;&#44288;&#44284; &#44397;&#44032;&#45716; &#45817;&#50672;&#54616;&#45796;&#44256; &#50668;&#44596; &#51648;&#50669;&#51032; &#44552;&#50997; &#49328;&#50629;&#51032; &#51452;&#46020;&#44428;&#51012; &#51075;&#44172; &#46112; &#44163;&#51060;&#45796;.</p></li></ul><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!cpGj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!cpGj!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png 424w, https://substackcdn.com/image/fetch/$s_!cpGj!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png 848w, https://substackcdn.com/image/fetch/$s_!cpGj!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png 1272w, https://substackcdn.com/image/fetch/$s_!cpGj!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!cpGj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png" width="1456" height="421" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:421,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!cpGj!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png 424w, https://substackcdn.com/image/fetch/$s_!cpGj!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png 848w, https://substackcdn.com/image/fetch/$s_!cpGj!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png 1272w, https://substackcdn.com/image/fetch/$s_!cpGj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b83cdc9-3059-414f-a046-8c170fdf262d_1688x488.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>2026&#45380; 5&#50900; 18&#51068;, &#48120;&#44397; &#51613;&#44428;&#44144;&#47000;&#50948;&#50896;&#54924;(SEC)&#44032; &#51060;&#47476;&#47732; &#51060;&#48264; &#51452; &#50504;&#50640; &#51452;&#49885; &#53664;&#53360;&#54868; &#44144;&#47000;&#47484; &#54728;&#50857;&#54616;&#45716; &#8216;&#54785;&#49888; &#47732;&#51228;&#8217; &#54532;&#47112;&#51076;&#50892;&#53356;&#47484; &#44277;&#49885; &#48156;&#54364;&#54624; &#50696;&#51221;&#51060;&#46972;&#45716; &#48660;&#47352;&#48260;&#44536; &#48372;&#46020;&#44032; &#45208;&#50772;&#45796;. <strong>&#44592;&#50629; &#49849;&#51064; &#50630;&#51060;&#46020; &#51228;3&#51088;&#44032; &#50528;&#54540;&#51060;&#45208; &#53580;&#49836;&#46972; &#44057;&#51008; &#49345;&#51109; &#51452;&#49885;&#51012; &#53664;&#53360;&#54868;&#54624; &#49688; &#51080;&#45796;&#45716; &#45236;&#50857;&#51060;&#50632;&#45796;.</strong></p><p>&#51060;&#45716; &#51648;&#45212; 2&#50900;, SEC&#51032; &#52828;&#50516;&#54840;&#54868;&#54224; &#49457;&#54693; &#50948;&#50896;&#46308;(&#54260; &#50547;&#53416;&#49828;, &#54756;&#49828;&#53552; &#54588;&#50612;&#49828;)&#51060; &#54140;&#48660;&#47533; &#48660;&#47197;&#52404;&#51064;&#51012; &#54876;&#50857;&#54620; &#44508;&#51228; &#50756;&#54868; &#44396;&#49345;&#51012; &#48157;&#55180; &#45936; &#51060;&#51008; &#44396;&#52404;&#51201; &#45436;&#51032;&#45796;. &#53945;&#55176; &#53076;&#51064;&#48288;&#51060;&#49828;&#50752; &#48660;&#47197;&#52404;&#51064; &#54801;&#54924; &#46321; &#53356;&#47549;&#53664; &#50629;&#44228;&#44032; &#8220;&#54785;&#49888;&#51012; &#50948;&#54644; &#44592;&#50629; &#44144;&#48512;&#44428;&#51060; &#50630;&#45716; &#51228;3&#51088; &#53664;&#53360;&#54868;&#47484; &#54728;&#50857;&#54644;&#50556; &#54620;&#45796;&#8221;&#47728; &#44277;&#49885; &#51648;&#51648; &#49436;&#54620;&#51012; &#48372;&#45236;&#45716; &#46321; &#51648;&#49549;&#51201;&#51004;&#47196; &#50836;&#44396;&#54644; &#50728; &#44208;&#44284;&#45796;.</p><p>&#45796;&#47564; &#49884;&#51109;&#51032; &#51204;&#47732;&#51201;&#51064; &#44508;&#51228; &#50756;&#54868; &#44592;&#45824;&#44048;&#44284;&#45716; &#45804;&#47532;, 5&#50900; 22&#51068; &#54788;&#51116; SEC&#51032; &#54756;&#49828;&#53552; &#54588;&#50612;&#49828; &#50948;&#50896;&#51060; &#44277;&#44060;&#54620; &#44032;&#51060;&#46300;&#46972;&#51064;&#51032; &#49688;&#50948;&#45716; &#45796;&#49548; &#51228;&#54620;&#51201;&#51060;&#45796;. &#54588;&#50612;&#49828; &#50948;&#50896;&#51008; &#51060;&#48264; &#54785;&#49888; &#47732;&#51228;&#44032; &#51032;&#44208;&#44428;&#51060;&#45208; &#48176;&#45817;&#44428;&#51060; &#50630;&#45716; &#45800;&#49692; &#8216;&#54633;&#49457; &#51452;&#49885; &#53664;&#53360;&#8217;&#50640;&#45716; &#51208;&#45824; &#51201;&#50857;&#46104;&#51648; &#50506;&#51004;&#47728;, &#50724;&#51649; &#49892;&#51228; &#51452;&#51452; &#44428;&#47532;&#47484; &#50756;&#48317;&#55176; &#48372;&#51109;&#54616;&#45716; &#49892;&#51228; &#50728;&#52404;&#51064; &#51452;&#49885; &#49345;&#54408;&#50640;&#47564; &#51329;&#44172; &#51201;&#50857;&#46112; &#44163;&#51060;&#46972;&#44256; &#48157;&#54804;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#50780; &#51648;&#44552;&#51064;&#44032;</strong></h2><p>&#51452;&#49885; &#53664;&#53360;&#54868;&#45716; &#8216;&#54028;&#54200;&#54868;&#8217;&#51032; &#47928;&#51228;&#50752; &#51649;&#44208;&#46108;&#45796;. &#50668;&#44592;&#50640;&#45716; 1) &#50976;&#46041;&#49457;&#51032; &#54028;&#54200;&#54868;&#50752; 2) &#49688;&#51061;&#51032; &#54028;&#54200;&#54868; &#51060;&#49800;&#44032; &#46384;&#46972;&#50728;&#45796;.</p><h3><strong>1) &#50976;&#46041;&#49457;&#51032; &#54028;&#54200;&#54868;</strong></h3><p>&#47676;&#51200; &#8216;&#50976;&#46041;&#49457;&#51032; &#54028;&#54200;&#54868;&#8217;&#45796;. &#53356;&#47549;&#53664; &#49373;&#53468;&#44228;&#50640;&#49436;&#45716; &#55145;&#50612;&#51652; &#51088;&#44552;&#51012; &#54616;&#45208;&#47196; &#47926;&#45716; &#8216;&#50976;&#46041;&#49457; &#44208;&#54633;&#8217;&#51012; &#45436;&#51032;&#54616;&#45716; &#48152;&#47732;, &#51204;&#53685; &#44552;&#50997;&#44428;&#50640;&#49436;&#45716; &#44592;&#51316;&#51032; &#44277;&#44256;&#54664;&#45912; &#51473;&#50521; &#51665;&#51473;&#54805; &#50976;&#46041;&#49457;&#51060; &#51900;&#44060;&#51648;&#45716; &#54788;&#49345;&#51012; &#49900;&#44033;&#54620; &#47928;&#51228;&#47196; &#48148;&#46972;&#48376;&#45796;.</p><p>&#51228;3&#51088;&#44032; &#46041;&#51068;&#54620; &#49345;&#51109; &#51452;&#49885;&#51012; &#49436;&#47196; &#45796;&#47480; &#48660;&#47197;&#52404;&#51064; &#45348;&#53944;&#50892;&#53356;&#45208; &#44060;&#48324; &#53448;&#51473;&#50521;&#54868; &#54540;&#47019;&#54268;&#50640;&#49436; &#51228;&#44033;&#44033; &#53664;&#53360;&#54868;&#54616;&#50668; &#48156;&#54665;&#54624; &#44221;&#50864;, &#45684;&#50837;&#51613;&#44428;&#44144;&#47000;&#49548;(NYSE)&#45208; &#45208;&#49828;&#45797; &#44057;&#51008; &#54616;&#45208;&#51032; &#51473;&#50521; &#44144;&#47000;&#49548;&#50640; &#51665;&#51473;&#46104;&#50612;&#50556; &#54624; &#44144;&#47000;&#45824;&#44552;&#44284; &#51452;&#47928;&#51060; &#50668;&#47084; &#44275;&#51004;&#47196; &#48516;&#49328;&#46108;&#45796;.</p><p>&#51060;&#45716; &#54540;&#47019;&#54268; &#44036;&#51032; &#51088;&#49328; &#44032;&#44201; &#44340;&#47532;&#47484; &#50976;&#48156;&#54616;&#44256;, &#45824;&#44508;&#47784; &#44144;&#47000; &#49884; &#50896;&#54616;&#45716; &#44032;&#44201;&#50640; &#52404;&#44208;&#46104;&#51648; &#50506;&#45716; &#49836;&#47532;&#54588;&#51648;(&#52404;&#44208; &#50724;&#52264;)&#47484; &#53412;&#50892; &#49884;&#51109; &#51204;&#52404;&#51032; &#54952;&#50984;&#49457;&#51012; &#46504;&#50612;&#46888;&#47532;&#45716; &#50896;&#51064;&#51060; &#46108;&#45796;</p><h3><strong>2) &#49688;&#51061;&#51032; &#54028;&#54200;&#54868;</strong></h3><p>&#44536;&#47532;&#44256; &#51060;&#50612;&#49436; &#8216;&#49688;&#51061;&#51032; &#54028;&#54200;&#54868;&#8217;&#45796;. &#49884;&#51109;&#51060; &#54028;&#54200;&#54868;&#46104;&#47732; &#51088;&#49328;&#51060; &#50668;&#47084; &#54805;&#53468;&#47196; &#51900;&#44060;&#51256; &#44033; &#54540;&#47019;&#54268;&#50640;&#49436; &#44144;&#47000;&#46104;&#45716;&#45936;, &#51060; &#44284;&#51221;&#50640;&#49436; &#45817;&#52488; &#51648;&#50669; &#45236; &#44144;&#47000;&#49548;&#50640;&#49436; &#48156;&#49373;&#54644;&#50556;&#54664;&#45912; &#44552;&#50997; &#49688;&#51061;&#51060; &#44397;&#50808;&#47196; &#44256;&#49828;&#46976;&#55176; &#50976;&#52636;&#46104;&#45716; &#47928;&#51228;&#44032; &#48156;&#49373;&#54620;&#45796;. &#51060;&#45716; &#44263; &#44397;&#44032; &#44552;&#50997; &#44221;&#51137;&#47141;&#44284; &#50672;&#44208;&#46108;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/5e15d864-b33b-4d68-9598-139b2495ec48_1030x668.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:668,&quot;width&quot;:1030,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aRl5!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e15d864-b33b-4d68-9598-139b2495ec48_1030x668.png 424w, 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stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#50696;&#47484; &#46308;&#50612; &#54861;&#53097; &#51088;&#49328;&#50868;&#50857;&#49324; CSOP&#51032; &#8216;SK&#54616;&#51060;&#45769;&#49828; 2&#48176; &#47112;&#48260;&#47532;&#51648; ETF&#8217;&#44032; &#49692;&#51088;&#49328; &#50557; 11&#51312; &#50896;&#51012; &#46028;&#54028;&#54616;&#47728; &#49464;&#44228; &#52572;&#45824; &#45800;&#51068; &#51333;&#47785; &#47112;&#48260;&#47532;&#51648; ETF&#47196; &#49457;&#51109;&#54664;&#45796;. &#47564;&#50557; &#54620;&#44397;&#51060; &#44508;&#51228; &#49356;&#46300;&#48149;&#49828; &#46321;&#51012; &#53685;&#54644; &#51060; &#49345;&#54408;&#51012; &#44397;&#45236;&#50640;&#49436; &#47676;&#51200; &#55137;&#49688;&#54644; &#47564;&#46308;&#50632;&#45796;&#47732;, &#44536; &#47561;&#45824;&#54620; &#50868;&#50857; &#49688;&#49688;&#47308;&#50752; &#44552;&#50997; &#49688;&#51061;&#51008; &#44256;&#49828;&#46976;&#55176; &#44397;&#45236; &#44552;&#50997;&#44592;&#44288;&#51032; &#47787;&#51060;&#50632;&#51012; &#44163;&#51060;&#45796;.</p><p>&#51060;&#52376;&#47100; &#54028;&#54200;&#54868;&#46108; &#50976;&#46041;&#49457;&#51008; &#54028;&#54200;&#54868;&#46108; &#49688;&#51061;&#51004;&#47196; &#51060;&#50612;&#51648;&#44256;, &#44537;&#45800;&#51201;&#51004;&#47196;&#45716; &#44397;&#44032; &#51088;&#48376; &#49884;&#51109;&#51032; &#44552;&#50997; &#51452;&#46020;&#44428;&#51032; &#48320;&#54868;&#47484; &#47582;&#44172; &#46112; &#44163;&#51060;&#45796;. &#51088;&#48376;&#51032; &#44397;&#44221;&#51060; &#55148;&#48120;&#54644;&#51648;&#45716; &#46356;&#51648;&#53560; &#51088;&#49328; &#49884;&#45824;&#50640; &#48120;&#44397; SEC&#44032; &#8216;&#54785;&#49888; &#47732;&#51228;&#8217; &#44032;&#51060;&#46300;&#46972;&#51064; &#51221;&#47549;&#50640; &#49549;&#46020;&#47484; &#45236;&#45716; &#51060;&#50976; &#50669;&#49884; &#51060;&#47084;&#54620; &#54028;&#54200;&#54868;&#47484; &#47561;&#44256; &#44544;&#47196;&#48268; &#44552;&#50997; &#49688;&#51061;&#51012; &#51088;&#44397; &#51228;&#46020;&#44428; &#50504;&#51004;&#47196; &#45132;&#50612;&#46308;&#51060;&#44592; &#50948;&#54632;&#51060;&#45796;.</p><h2><strong>&#49789;&#44172; &#51060;&#54644;&#54616;&#44592;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!dWKa!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!dWKa!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png 424w, https://substackcdn.com/image/fetch/$s_!dWKa!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png 848w, https://substackcdn.com/image/fetch/$s_!dWKa!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png 1272w, https://substackcdn.com/image/fetch/$s_!dWKa!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!dWKa!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png" width="1456" height="793" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:793,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!dWKa!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png 424w, https://substackcdn.com/image/fetch/$s_!dWKa!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png 848w, https://substackcdn.com/image/fetch/$s_!dWKa!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png 1272w, https://substackcdn.com/image/fetch/$s_!dWKa!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F16591476-51b4-4c8a-a49c-e9c212704c6b_2048x1116.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#44592;&#51316; &#51452;&#49885; &#49884;&#51109;&#51008; &#47784;&#46304; &#47932;&#44148;&#44284; &#49324;&#46988;&#51060; &#54620;&#44275;&#50640; &#47784;&#51060;&#45716; &#8216;&#45800; &#54616;&#45208;&#51032; &#44144;&#45824;&#54620; &#45824;&#54805; &#47560;&#53944;&#8217;&#45796;. &#47560;&#53944;&#44032; &#44144;&#47000;&#47484; &#46021;&#51216;&#54616;&#45716; &#45824;&#49888; &#50504;&#51221;&#46108; &#54872;&#44221;&#51012; &#51228;&#44277;&#54664;&#44256;, &#50668;&#44592;&#49436; &#48156;&#49373;&#54616;&#45716; &#47561;&#45824;&#54620; &#49688;&#49688;&#47308; &#49688;&#51061;&#51012; &#46021;&#52264;&#51648;&#54664;&#45796;. &#47560;&#53944;&#47484; &#44144;&#52824;&#51648; &#50506;&#44256;&#45716; &#47932;&#44148;&#51012; &#49332; &#48169;&#48277;&#51060; &#50630;&#45716; &#44396;&#51312;&#50688;&#45796;.</p><p>&#48152;&#47732; &#53664;&#53360;&#54868;&#45716; &#47560;&#53944; &#54728;&#46973; &#50630;&#51060;&#46020; &#45572;&#44396;&#45208; &#44600;&#44144;&#47532;&#50640; &#8216;&#49688;&#52380; &#44060;&#51032; &#44032;&#54032;&#45824;&#8217;&#47484; &#52264;&#47140; &#47932;&#44148;&#51012; &#51649;&#51217; &#54036; &#49688; &#51080;&#44172; &#47564;&#46300;&#45716; &#54785;&#49888;&#51060;&#45796;. &#51060;&#47196; &#51064;&#54644; &#51088;&#48376; &#49884;&#51109;&#50640;&#45716; &#44144;&#45824;&#54620; &#8216;&#54028;&#54200;&#54868;&#8217;&#44032; &#48156;&#49373;&#54620;&#45796;.</p><ul><li><p><strong>&#50976;&#46041;&#49457;&#51032; &#54028;&#54200;&#54868; (&#49552;&#45784;&#51032; &#48516;&#49328;):</strong> &#47560;&#53944;&#50640; &#47784;&#50668;&#50556; &#54624; &#49552;&#45784;&#44284; &#51452;&#47928;&#51060; &#49688;&#47566;&#51008; &#44032;&#54032;&#45824;&#47196; &#51900;&#44060;&#51256; &#55145;&#50612;&#51652;&#45796;. &#51088;&#44552;&#51060; &#49324;&#48169;&#51004;&#47196; &#48516;&#49328;&#46104;&#45796; &#48372;&#45768;, &#51221;&#51089; &#47932;&#44148;&#51012; &#50773;&#52285; &#49324;&#44256; &#49910;&#50612;&#46020; &#44033; &#44032;&#54032;&#45824;&#51032; &#51116;&#44256;&#44032; &#48512;&#51313;&#54644; &#44144;&#47000;&#44032; &#55192;&#46308;&#50612;&#51648;&#44256; &#46041;&#45348;&#47560;&#45796; &#44032;&#44201;&#51060; &#51228;&#44033;&#44033;&#51060; &#46104;&#45716; &#54844;&#46976;&#51060; &#49373;&#44596;&#45796;.</p></li><li><p><strong>&#49688;&#51061;&#51032; &#54028;&#54200;&#54868; (&#46024;&#48268;&#51060;&#51032; &#48516;&#49328;):</strong> &#49552;&#45784;&#51060; &#44040;&#46972;&#51648;&#47732;&#49436; &#47560;&#53944;&#44032; &#46021;&#51216;&#54616;&#45912; &#49688;&#49688;&#47308; &#49688;&#51061;&#46020; &#51204; &#49464;&#44228; &#44032;&#54032;&#45824;&#47196; &#51900;&#44060;&#51256; &#55128;&#47084;&#45208;&#44036;&#45796;. &#47564;&#50557; &#50864;&#47532; &#46041;&#45348; &#47560;&#53944;&#44032; &#44508;&#51228; &#46412;&#47928;&#50640; &#44032;&#54032;&#45824; &#50868;&#50689;&#51012; &#47672;&#47943;&#44144;&#47532;&#47732;, &#50694; &#46041;&#45348; &#44032;&#54032;&#45824;&#44032; &#47588;&#47141;&#51201;&#51064; &#49345;&#54408;&#51012; &#47676;&#51200; &#52264;&#47140; &#44544;&#47196;&#48268; &#51088;&#44552;&#44284; &#51473;&#44060; &#49688;&#51061;&#51012; &#53685;&#51704;&#47196; &#48764;&#50519;&#50500; &#44032;&#44172; &#46108;&#45796;.</p></li></ul><h2><strong>&#44552;&#50997;&#44592;&#44288;&#46308;&#51032; &#47784;&#49845; &#50880;&#51649;&#51060;&#51648; &#50506;&#51004;&#47732; &#51075;&#45716; &#44163;&#46308;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!r7Zs!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!r7Zs!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png 424w, https://substackcdn.com/image/fetch/$s_!r7Zs!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png 848w, https://substackcdn.com/image/fetch/$s_!r7Zs!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png 1272w, https://substackcdn.com/image/fetch/$s_!r7Zs!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!r7Zs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png" width="586" height="509" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:509,&quot;width&quot;:586,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!r7Zs!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png 424w, https://substackcdn.com/image/fetch/$s_!r7Zs!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png 848w, https://substackcdn.com/image/fetch/$s_!r7Zs!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png 1272w, https://substackcdn.com/image/fetch/$s_!r7Zs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4cd27512-1be5-4d61-a2d4-44f1c23d4330_586x509.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51060;&#48120; &#51088;&#48376;&#51032; &#54028;&#54200;&#54868;&#45716; &#54788;&#49892;&#51060;&#45796;. &#48120; SEC&#44032; &#8216;&#54785;&#49888; &#47732;&#51228;&#8217; &#54532;&#47112;&#51076;&#50892;&#53356; &#48156;&#54364;&#47484; &#50696;&#44256;&#54620; &#51648;&#45212; 5&#50900; 18&#51068;, &#53448;&#51473;&#50521;&#54868; &#47924;&#44592;&#54620; &#49440;&#47932; &#44144;&#47000;&#49548;(Perp DEX)&#51064; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;(Hyperliquid)&#51032; RWA &#48120;&#44208;&#51228;&#50557;&#51221;&#51008; 26&#50613; &#45804;&#47084;&#47484; &#46028;&#54028;&#54616;&#47728; &#49324;&#49345; &#52572;&#44256;&#52824;&#47484; &#44221;&#49888;&#54664;&#45796;. &#48660;&#47197;&#52404;&#51064;&#51012; &#53685;&#54644; &#51204;&#53685; &#51088;&#49328;&#51012; 24&#49884;&#44036; &#44144;&#47000;&#54616;&#47140;&#45716; &#49688;&#50836;&#44032; &#47792;&#47532;&#47732;&#49436;, Perp DEX &#45236; RWA &#49345;&#54408;&#51032; &#44144;&#47000;&#47049;&#51008; &#50526;&#51004;&#47196;&#46020; &#54253;&#48156;&#51201;&#51004;&#47196; &#51613;&#44032;&#54624; &#51204;&#47581;&#51060;&#45796;.</p><p><strong>&#51060; &#44144;&#45824;&#54620; &#55120;&#47492; &#50526;&#50640;&#49436; &#44032;&#51109; &#44256;&#48124;&#51060; &#44618;&#50612;&#51648;&#45716; &#44275;&#51008; &#45796;&#47492; &#50500;&#45772; &#44592;&#51316; &#44552;&#50997;&#44592;&#44288;&#44284; &#44508;&#51228;&#44592;&#44288;&#51060;&#45796;.</strong></p><p>&#44592;&#51316; &#44552;&#50997;&#44592;&#44288;&#51008; &#45684;&#50837;&#51613;&#44428;&#44144;&#47000;&#49548;(NYSE)&#52376;&#47100; &#51201;&#44537;&#51201;&#51064; &#54028;&#53944;&#45320;&#49901;&#51012; &#53685;&#54644; &#53664;&#53360;&#54868;&#47484; &#51649;&#51217; &#49444;&#44228;&#54616;&#44144;&#45208;, &#44592;&#46301;&#44428;&#51012; &#51648;&#53412;&#44592; &#50948;&#54644; &#45817;&#44397;&#50640; &#47196;&#48708;&#54616;&#50668; &#51060;&#47484; &#52264;&#45800;&#54616;&#45716; &#46160; &#44032;&#51648; &#49440;&#53469;&#51648; &#50526;&#50640; &#49436; &#51080;&#45796;.</p><p>&#44508;&#51228;&#45817;&#44397; &#50669;&#49884; &#51088;&#44397; &#44144;&#47000;&#49548;&#51032; &#49688;&#51061; &#44592;&#48152;&#51060; &#49892;&#49884;&#44036;&#51004;&#47196; &#52840;&#49885;&#45817;&#54616;&#45716; &#49345;&#54889;&#50640;&#49436; &#51204;&#47732;&#51201;&#51064; &#49688;&#50857;&#48372;&#45796;&#45716; &#51228;&#46020;&#51201; &#51228;&#46041;&#51012; &#47676;&#51200; &#44256;&#48124;&#54616;&#44172; &#46108;&#45796;. &#54785;&#49888;&#51008; &#54728;&#50857;&#54616;&#46104;, &#44592;&#51316; &#51064;&#54532;&#46972; &#48148;&#44645;&#51004;&#47196; &#44144;&#47000;&#44032; &#48736;&#51256;&#45208;&#44032;&#45716; &#49549;&#46020;&#47484; &#51312;&#51060;&#47140;&#45716; &#50976;&#51064;&#51060;&#45796;.</p><p><strong>&#54532;&#47112;&#51076;&#50892;&#53356;&#44032; &#44277;&#49885; &#48156;&#54364;&#46104;&#45908;&#46972;&#46020; &#44040;&#46321;&#51008; &#51060;&#51228; &#49884;&#51089;&#51060;&#45796;. &#50526;&#51004;&#47196; &#49884;&#51109;&#51060; &#51649;&#47732;&#54624; &#54645;&#49900; &#51137;&#51216;&#51008; &#45796;&#51020;&#51032; &#46160; &#44032;&#51648;&#45796;.</strong></p><ul><li><p><strong>&#52395;&#51704;, &#51452;&#51452; &#44428;&#47532;&#47484; &#46168;&#47084;&#49916; &#8216;&#51228;2&#51032; &#53364;&#47000;&#47532;&#54000;(CLARITY) &#45824;&#47549;&#8217;&#51060;&#45796;.</strong> &#44284;&#44144; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51032; &#51060;&#51088; &#51648;&#44553; &#50668;&#48512;&#47484; &#46160;&#44256; &#51204;&#53685; &#44552;&#50997;&#44284; &#50516;&#54840;&#54868;&#54224; &#50629;&#44228;&#44032; &#45436;&#51137;&#51012; &#48268;&#50688;&#46319;, &#53664;&#53360;&#54868; &#51452;&#49885; &#49884;&#51109;&#50640;&#49436;&#46020; &#54805;&#53468;&#50752; &#49549;&#46020;&#47484; &#46160;&#44256; &#52392;&#50696;&#54620; &#48277;&#51201; &#45796;&#53820;&#51060; &#51116;&#54788;&#46112; &#44032;&#45733;&#49457;&#51060; &#45458;&#45796;.</p></li><li><p><strong>&#46168;&#51704;, &#51020;&#51648;&#50640;&#49436; &#49457;&#51109;&#54620; &#54540;&#47019;&#54268;&#46308;&#51032; &#8216;&#48708;&#51064;&#44032; &#44144;&#47000;&#49548;&#8217; &#47532;&#49828;&#53356;&#45796;.</strong> &#51228;&#46020;&#44428;&#51032; &#53685;&#51228;&#47484; &#50864;&#54924;&#54616;&#47728; RWA &#44144;&#47000;&#47049;&#51012; &#55137;&#49688;&#54644; &#50728; &#54616;&#51060;&#54140;&#47532;&#53300;&#46300; &#44057;&#51008; &#44256;&#49457;&#51109; &#54540;&#47019;&#54268;&#46308;&#51060; &#44284;&#50672; &#51228;&#46020;&#44428; &#50504;&#51004;&#47196; &#49692;&#49692;&#55176; &#54200;&#51077;&#46112; &#49688; &#51080;&#45712;&#45264;&#51032; &#47928;&#51228;&#45796;. &#44508;&#51228;&#45817;&#44397;&#51060; &#51060;&#46308;&#51012; &#8216;&#48708;&#51064;&#44032; &#44144;&#47000;&#49548;&#8217;&#47196; &#44508;&#51221;&#54644; &#51228;&#46041;&#51012; &#44144;&#45716; &#49692;&#44036;, &#49884;&#51109;&#51032; &#50976;&#46041;&#49457;&#44284; &#48520;&#54869;&#49892;&#49457;&#51008; &#45796;&#49884; &#54620;&#48264; &#53356;&#44172; &#52636;&#47105;&#51068; &#44163;&#51060;&#45796;.</p></li></ul><p><strong>&#44208;&#47200;&#51201;&#51004;&#47196; &#46356;&#51648;&#53560; &#51088;&#49328; &#49884;&#45824;&#50640; &#48736;&#47476;&#44172; &#50880;&#51649;&#50668; &#54785;&#49888;&#51012; &#55137;&#49688;&#54616;&#51648; &#47803;&#54616;&#45716; &#44552;&#50997;&#44592;&#44288;&#44284; &#44397;&#44032;&#45716;, &#51088;&#48376;&#51060; &#49324;&#48169;&#51004;&#47196; &#51900;&#44060;&#51256; &#55120;&#47476;&#45716; &#51060; &#8216;&#54028;&#54200;&#54868;&#8217; &#55120;&#47492; &#49549;&#50640;&#49436; &#51088;&#49888;&#46308;&#51060; &#45572;&#47532;&#45912; &#47561;&#45824;&#54620; &#49688;&#49688;&#47308; &#46021;&#51216;&#44428;&#44284; &#44552;&#50997; &#51452;&#46020;&#44428;&#51012; &#50689;&#50689; &#51075;&#44172; &#46112; &#44163;&#51060;&#45796;.</strong></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>Terms of Usage</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(<a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ $147T vs $7B, ์˜จ์ฒด์ธ ๋ฆฌ์Šคํฌ ํ๋ ˆ์ดํ„ฐ ์‹œ์žฅ ๋ถ„์„ ]]>
</title>
<description>
<![CDATA[ $147&#51312; &#51204;&#53685; &#51088;&#49328;&#50868;&#50857; &#49884;&#51109; &#45824;&#48708; $7B&#50640; &#48520;&#44284;&#54620; &#50728;&#52404;&#51064; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#49884;&#51109;&#51032; &#44396;&#51312;&#50752; &#49457;&#51109; &#44032;&#45733;&#49457;&#51012; &#48516;&#49437;&#54633;&#45768;&#45796;. Steakhouse, Sentora, Gauntlet &#46321; &#49345;&#50948; &#54540;&#47112;&#51060;&#50612;&#51032; &#51204;&#47029;&#44284; &#54632;&#44760;, &#51204;&#53685; &#44552;&#50997;&#49324;&#44032; DeFi&#50640; &#51652;&#51077;&#54616;&#45716; &#49464; &#44032;&#51648; &#44221;&#47196;(&#50976;&#53685;&#54805;&#183;&#44277;&#44553;&#54805;&#183;&#50868;&#50857;&#54805;)&#47484; &#49900;&#52789; &#54644;&#48512;&#54633;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/onchain-risk-curators-147t-vs-7b-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/onchain-risk-curators-147t-vs-7b-kor</guid>
<dc:creator>
<![CDATA[ Henry Kim ]]>
</dc:creator>
<pubDate>Tue, 19 May 2026 13:01:10 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/198386052/a3fe4bd3ffdaf26d42be21b1c4b9fb19.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p>DeFi &#45824;&#52636; &#49884;&#51109;&#51032; &#44428;&#47141;&#51008; &#54532;&#47196;&#53664;&#53084;&#50640;&#49436; &#8216;&#54032;&#45800;&#44428;&#8217;&#51012; &#44032;&#51652; &#53328;&#47112;&#51060;&#53552;&#47196; &#51060;&#46041;&#54616;&#44256; &#51080;&#49845;&#45768;&#45796;. &#49884;&#51109; &#51652;&#51077; &#51204;&#47029;&#51008; &#44208;&#44397; &#51060; &#54032;&#45800;&#44428;&#51012; &#48716;&#47540; &#44163;&#51064;&#44032;, &#44277;&#44553;&#54624; &#44163;&#51064;&#44032;, &#51649;&#51217; &#44032;&#51656; &#44163;&#51064;&#44032;&#51032; &#49440;&#53469;&#51077;&#45768;&#45796;.</p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ol><li><p>DeFi &#49884;&#51109;&#50640;&#46020; &#51204;&#53685; &#51088;&#49328;&#50868;&#50857;&#49324;&#51032; &#50669;&#54624;&#51060; &#48512;&#49345;&#54616;&#47728;, &#54532;&#47196;&#53664;&#53084;&#44284; &#44144;&#48260;&#45324;&#49828;&#44032; &#47784;&#46304; &#44163;&#51012; &#44208;&#51221;&#54616;&#45912; &#49884;&#45824;&#45716; &#45149;&#45228;&#45796;.</p></li><li><p>&#49884;&#51109;&#51008; &#52488;&#44592; &#45800;&#44228;&#51648;&#47564;, &#51088;&#48376;&#44284; &#50976;&#53685; &#44221;&#47196;&#45716; &#51060;&#48120; &#49345;&#50948; &#53328;&#47112;&#51060;&#53552;&#46308;&#50640;&#44172; &#51665;&#51473;&#46104;&#47728; &#51060;&#46308;&#51032; &#50868;&#50857; &#44592;&#47197;&#51060; &#44592;&#44288;&#51032; &#52280;&#44256; &#44592;&#51456;&#51060; &#46104;&#44256; &#51080;&#45796;.</p></li><li><p>&#49884;&#51109; &#51652;&#51077; &#44221;&#47196;&#45716; &#53328;&#47112;&#51060;&#53552;&#47484; &#48177;&#50644;&#46300;&#47196; &#50416;&#45716; &#8216;&#50976;&#53685;&#54805;&#8217;, &#50728;&#52404;&#51064;&#50640; &#51088;&#49328;&#51012; &#53468;&#50864;&#45716; &#8216;&#44277;&#44553;&#54805;&#8217;, &#51649;&#51217; &#53328;&#47112;&#51060;&#53552;&#44032; &#46104;&#45716; &#8216;&#50868;&#50857;&#54805;&#8217; &#49464; &#44032;&#51648;&#45796;.</p></li><li><p>&#49440;&#53469;&#54620; &#44221;&#47196;&#50640; &#46384;&#46972; &#51536;&#44172; &#46104;&#45716; &#53685;&#51228;&#44428;, &#54596;&#50836;&#54620; &#50669;&#47049;, &#44536;&#47532;&#44256; &#46496;&#50504;&#50500;&#50556; &#54624; &#47532;&#49828;&#53356;&#44032; &#54869;&#50672;&#55176; &#45804;&#46972;&#51652;&#45796;.</p></li><li><p>&#54645;&#49900;&#51008; DeFi &#51652;&#51077; &#50668;&#48512;&#44032; &#50500;&#45768;&#46972;, &#8220;&#50612;&#46500; &#54032;&#45800;&#44428;&#51012; &#45224;&#50640;&#44172; &#47585;&#44592;&#44256;, &#50612;&#46500; &#54032;&#45800;&#44428;&#51012; &#51649;&#51217; &#52313;&#44600; &#44163;&#51064;&#44032;&#8221;&#51060;&#45796;.</p></li></ol><div><hr></div><h2><strong>1. &#50728;&#52404;&#51064; &#51088;&#49328;&#50868;&#50857; &#51204;&#47928;&#44032;, &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 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https://substackcdn.com/image/fetch/$s_!5NIj!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09f348ac-6d05-40e0-a194-cc29e0ee0d2f_3376x1952.png 1272w, https://substackcdn.com/image/fetch/$s_!5NIj!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09f348ac-6d05-40e0-a194-cc29e0ee0d2f_3376x1952.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!5NIj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09f348ac-6d05-40e0-a194-cc29e0ee0d2f_3376x1952.png" width="1456" height="842" 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srcset="https://substackcdn.com/image/fetch/$s_!5NIj!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09f348ac-6d05-40e0-a194-cc29e0ee0d2f_3376x1952.png 424w, https://substackcdn.com/image/fetch/$s_!5NIj!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09f348ac-6d05-40e0-a194-cc29e0ee0d2f_3376x1952.png 848w, https://substackcdn.com/image/fetch/$s_!5NIj!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09f348ac-6d05-40e0-a194-cc29e0ee0d2f_3376x1952.png 1272w, https://substackcdn.com/image/fetch/$s_!5NIj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09f348ac-6d05-40e0-a194-cc29e0ee0d2f_3376x1952.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51204;&#53685; &#44552;&#50997;&#51060; &#50724;&#47000;&#51204;&#48512;&#53552; &#54032;&#45800;&#44428;&#44284; &#50669;&#54624;&#51012; &#48516;&#47532;&#54644; &#50728; &#44163;&#52376;&#47100;, &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#50669;&#49884; &#49328;&#50629;&#51060; &#44256;&#46020;&#54868;&#46104;&#47728; &#44033; &#44592;&#45733;&#51012; &#51204;&#45812;&#54616;&#45716; &#51204;&#47928; &#54540;&#47112;&#51060;&#50612;&#46308;&#51060; &#51088;&#47532; &#51105;&#50520;&#45796;. &#51204;&#53685; &#44552;&#50997;&#51032; &#48516;&#50629; &#44396;&#51312;&#47484; &#49332;&#54196;&#48372;&#47732; &#45796;&#51020;&#44284; &#44057;&#45796;.</p><ul><li><p><strong>&#51088;&#49328;&#50868;&#50857;&#54924;&#49324;:</strong> &#54144;&#46300;&#51032; &#8216;&#46160;&#45516;&#8217;&#47196;&#49436; &#51204;&#47029;&#51012; &#51676;&#44256; &#49688;&#53441;&#54924;&#49324;&#50640; &#44396;&#52404;&#51201;&#51064; &#51648;&#49884;&#47484; &#45236;&#47536;&#45796;.</p></li><li><p><strong>&#49688;&#53441;&#54924;&#49324;:</strong> &#51088;&#49328;&#51012; &#48372;&#44288;&#54616;&#44256; &#50868;&#50857;&#49324;&#51032; &#51648;&#49884;&#45824;&#47196; &#53804;&#51088;&#47484; &#51665;&#54665;&#54616;&#47728; &#44048;&#49884; &#50669;&#54624;&#46020; &#44216;&#54620;&#45796;.</p></li><li><p><strong>&#54032;&#47588;&#54924;&#49324;:</strong> &#54144;&#46300; &#49345;&#54408;&#51012; &#53804;&#51088;&#51088;&#50640;&#44172; &#50976;&#53685;&#54644; &#51088;&#44552;&#51012; &#45132;&#50612;&#47784;&#51008;&#45796;.</p></li></ul><p>&#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#50640;&#46020; &#51060;&#52376;&#47100; &#44033; &#50669;&#54624;&#51012; &#49688;&#54665;&#54616;&#45716; &#51452;&#52404;&#46308;&#51060; &#51316;&#51116;&#54620;&#45796;. &#48376;&#47000; DeFi&#45716; &#44396;&#51312;&#49345; &#49828;&#47560;&#53944; &#52968;&#53944;&#47001;&#53944; &#53076;&#46300;&#50640; &#51204;&#51201;&#51004;&#47196; &#44592;&#45824;&#45716; &#54872;&#44221;&#51060;&#50632;&#51004;&#45208;, &#49884;&#44036;&#51060; &#51648;&#45208;&#47728; &#53076;&#46300;&#47564;&#51004;&#47196; &#50728;&#52404;&#51064; &#50948;&#54744;&#51012; &#50756;&#48317;&#55176; &#45824;&#48708;&#54616;&#44592; &#50612;&#47140;&#50892;&#51276;&#45796;.</p><p>&#46384;&#46972;&#49436; &#50728;&#52404;&#51064; &#45824;&#52636;&#51012; &#50504;&#51204;&#54616;&#44172; &#44404;&#47532;&#44592; &#50948;&#54644; &#48373;&#51105;&#54620; &#50948;&#54744;&#51012; &#54217;&#44032;&#54616;&#44256; &#51312;&#50984;&#54644; &#51460; &#8216;&#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#8217;&#46972;&#45716; &#51204;&#47928;&#44032; &#51665;&#45800;&#51060; &#49352;&#47213;&#44172; &#46321;&#51109;&#54664;&#51004;&#47728;, &#51060;&#46308;&#51060; &#44263; &#50728;&#52404;&#51064; &#49373;&#53468;&#44228;&#50640;&#49436; &#8216;&#51088;&#49328;&#50868;&#50857;&#54924;&#49324;&#8217;&#51032; &#50669;&#54624;&#51012; &#49688;&#54665;&#54616;&#44172; &#46104;&#50632;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. &#51204;&#47928;&#44032;&#44032; &#50630;&#45912; &#52488;&#44592; DeFi &#49884;&#51109;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!WK7y!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!WK7y!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png 424w, https://substackcdn.com/image/fetch/$s_!WK7y!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png 848w, https://substackcdn.com/image/fetch/$s_!WK7y!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png 1272w, https://substackcdn.com/image/fetch/$s_!WK7y!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!WK7y!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png" width="1456" height="903" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:903,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!WK7y!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png 424w, https://substackcdn.com/image/fetch/$s_!WK7y!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png 848w, https://substackcdn.com/image/fetch/$s_!WK7y!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png 1272w, https://substackcdn.com/image/fetch/$s_!WK7y!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14ea130e-a1c2-4436-9f63-07eafafaa442_2048x1270.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#52488;&#44592; DeFi(<a href="https://aave.com/">Aave</a>, <a href="https://compound.finance/">Compound</a> &#46321;)&#45716; &#54616;&#45208;&#51032; &#54532;&#47196;&#53664;&#53084;&#51060; &#45824;&#52636; &#51064;&#54532;&#46972;&#50752; &#47532;&#49828;&#53356; &#44592;&#51456; &#49444;&#51221;&#51012; &#53685;&#51704;&#47196; &#44288;&#47532;&#54616;&#45716; &#44396;&#51312;&#50688;&#45796;. &#45817;&#49884;&#50640;&#46020; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#45716; &#51316;&#51116;&#54664;&#51648;&#47564;, &#47784;&#46304; &#51088;&#49328;&#51060; &#54616;&#45208;&#51032; &#44144;&#45824;&#54620; &#54400;&#50640; &#47926;&#50668; &#51080;&#50632;&#44592;&#50640; &#51060;&#46308;&#51032; &#50669;&#54624;&#51008; &#54532;&#47196;&#53664;&#53084; &#51204;&#52404;&#51032; &#47532;&#49828;&#53356; &#54028;&#46972;&#48120;&#53552;&#47484; &#51312;&#50984;&#54616;&#45716; &#51204;&#48152;&#51201;&#51064; &#8216;&#50948;&#54744; &#44288;&#47532;&#51088;&#8217; &#49688;&#51456;&#50640; &#47672;&#47932;&#47104;&#45796;. &#48320;&#46041;&#49457; &#45458;&#51008; &#45796;&#50577;&#54620; &#51088;&#49328;&#51060; &#45812;&#48372;&#47196; &#52292;&#53469;&#46104;&#47732;&#49436;, &#45800;&#51068; &#44396;&#51312; &#53945;&#49457;&#49345; &#54616;&#45208;&#51032; &#48520;&#47049; &#51088;&#49328;&#51060; &#51204;&#52404; &#49884;&#49828;&#53596; &#49552;&#49892;&#47196; &#48264;&#51656; &#51204;&#50684; &#50948;&#54744;&#51060; &#52964;&#51276;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!R-ha!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!R-ha!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png 424w, https://substackcdn.com/image/fetch/$s_!R-ha!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png 848w, https://substackcdn.com/image/fetch/$s_!R-ha!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png 1272w, https://substackcdn.com/image/fetch/$s_!R-ha!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!R-ha!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png" width="1456" height="903" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:903,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!R-ha!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png 424w, https://substackcdn.com/image/fetch/$s_!R-ha!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png 848w, https://substackcdn.com/image/fetch/$s_!R-ha!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png 1272w, https://substackcdn.com/image/fetch/$s_!R-ha!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe403f8c4-a6b3-4261-bc90-359ccac57d07_2048x1270.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#45812;&#48372; &#51088;&#49328;&#44284; &#45824;&#52636; &#51312;&#44148;&#51012; &#47560;&#53011; &#45800;&#50948;&#47196; &#48516;&#47532;&#54620; <a href="https://morpho.org/">Morpho</a>&#44032; &#46321;&#51109;&#54616;&#47728; &#49345;&#54889;&#51060; &#45804;&#46972;&#51276;&#45796;. &#54616;&#45208;&#51032; &#44144;&#45824;&#54620; &#54400;&#51060; &#50500;&#45772; &#51060;&#47484; &#51900;&#44060;&#45459;&#51008; &#45796;&#51473; &#48380;&#53944;(Vault) &#44396;&#51312;&#47484; &#53685;&#54644; &#51088;&#49328;&#50868;&#50857; &#51204;&#47029;&#51060; &#47784;&#46280;&#54868;&#46104;&#47732;&#49436;, &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#51032; &#50669;&#54624; &#50669;&#49884; &#50756;&#51204;&#55176; &#46244;&#48148;&#45072; &#44163;&#51060;&#45796;. &#45800;&#51068; &#54532;&#47196;&#53664;&#53084;&#51032; &#51221;&#54644;&#51652; &#53952; &#50504;&#50640;&#49436; &#48169;&#50612;&#51201;&#51004;&#47196; &#44288;&#47532;&#47564; &#54616;&#45716; &#44163;&#51012; &#45336;&#50612;, &#51060;&#51228;&#45716; &#50808;&#48512; &#51204;&#47928;&#44032;&#44032; &#44033;&#51088;&#51032; &#44256;&#50976;&#54620; &#44592;&#51456;&#50640; &#47582;&#52656; &#46021;&#47549;&#51201;&#51064; &#45824;&#52636; &#48380;&#53944;&#47484; &#51649;&#51217; &#49444;&#44228;&#54616;&#44256; &#50868;&#50857;&#54624; &#49688; &#51080;&#45716; &#54872;&#44221;&#51060; &#50676;&#47160;&#45796;.</p><p><strong>&#44208;&#44284;&#51201;&#51004;&#47196; &#51064;&#54532;&#46972;&#50752; &#47532;&#49828;&#53356; &#54032;&#45800;&#44428;&#51060; &#50756;&#48317;&#55176; &#48516;&#47532;&#46104;&#47732;&#49436;, &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#45716; &#45800;&#49692;&#54620; &#49884;&#49828;&#53596; &#50948;&#54744; &#44288;&#47532;&#51088;&#47484; &#45336;&#50612; &#45796;&#49688;&#51032; &#48380;&#53944;&#47484; &#51452;&#46020;&#51201;&#51004;&#47196; &#44404;&#47532;&#45716; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51032; &#8216;&#51088;&#49328;&#50868;&#50857;&#49324;&#8217;&#47196; &#51652;&#54868;&#54616;&#44172; &#46104;&#50632;&#45796;.</strong></p><h2><strong>3. &#49884;&#51109;&#51012; &#51060;&#45124;&#45716; &#54540;&#47112;&#51060;&#50612;&#46308;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wbSE!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wbSE!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png 424w, https://substackcdn.com/image/fetch/$s_!wbSE!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png 848w, https://substackcdn.com/image/fetch/$s_!wbSE!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png 1272w, https://substackcdn.com/image/fetch/$s_!wbSE!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!wbSE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png" width="1456" height="1293" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1293,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:467313,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/198386052?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!wbSE!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png 424w, https://substackcdn.com/image/fetch/$s_!wbSE!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png 848w, https://substackcdn.com/image/fetch/$s_!wbSE!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png 1272w, https://substackcdn.com/image/fetch/$s_!wbSE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09c98d71-d3a5-4c9c-a82f-afc6997313d0_3376x2998.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>2026&#45380; 5&#50900; &#44592;&#51456; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#49884;&#51109;&#51032; &#50868;&#50857;&#51088;&#49328; &#44508;&#47784;&#45716; &#50557; $7B&#51060;&#45796;. &#51060; $7B&#51032; 70%&#45716; &#49345;&#50948; 3&#44060; &#54016;&#51060; &#51216;&#50976;&#54616;&#44256; &#51080;&#45796;. &#49884;&#51109;&#51060; 2025&#45380;&#48512;&#53552; &#48376;&#44201;&#54868;&#46104;&#50632;&#51020;&#50640;&#46020; &#51088;&#48376;&#51032; &#51665;&#51473;&#54868;&#44032; &#45208;&#53440;&#45212; &#44148;, &#51088;&#48376;&#51060; &#53945;&#51221; &#54016;&#46308;&#51032; &#44160;&#51613;&#46108; &#50868;&#50857; &#44592;&#47197;(&#53944;&#47001; &#47112;&#53076;&#46300;)&#51012; &#51923;&#44256; &#51080;&#45796;&#45716; &#46907;&#51004;&#47196; &#54644;&#49437;&#54624; &#49688; &#51080;&#45796;. &#51060; &#49464; &#54016;&#51032; &#49457;&#44277; &#44221;&#47196;&#45716; &#44033;&#44592; &#45796;&#47476;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!5E5C!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!5E5C!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png 424w, https://substackcdn.com/image/fetch/$s_!5E5C!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png 848w, https://substackcdn.com/image/fetch/$s_!5E5C!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png 1272w, https://substackcdn.com/image/fetch/$s_!5E5C!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!5E5C!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png" width="1456" height="1123" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/43feb738-aae9-4d6d-837e-943575284092_2048x1580.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1123,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!5E5C!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png 424w, https://substackcdn.com/image/fetch/$s_!5E5C!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png 848w, https://substackcdn.com/image/fetch/$s_!5E5C!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png 1272w, https://substackcdn.com/image/fetch/$s_!5E5C!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43feb738-aae9-4d6d-837e-943575284092_2048x1580.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><ol><li><p><a href="https://www.steakhouse.financial/">Steakhouse</a>: &#48120;&#44397; &#44397;&#52292; &#46321; &#50864;&#47049; &#49892;&#47932;&#51088;&#49328;(RWA) &#46020;&#51077;&#51012; &#51452;&#46020;&#54644; &#50728; &#48372;&#49688;&#51201; &#53328;&#47112;&#51060;&#53552;&#45796;. Coinbase &#45824;&#52636; &#49436;&#48708;&#49828;&#51032; &#48177;&#50644;&#46300; &#50669;&#54624;&#51012; &#54616;&#47728; &#50976;&#53685;&#47581;&#51012; &#46763;&#50632;&#44256;, &#50868;&#50857;&#51088;&#49328; $1.53B&#47196; &#49884;&#51109; 1&#50948;&#45796; (2026&#45380; 2&#50900; &#44592;&#51456;). &#51060;&#46308;&#51008; &#45800;&#49692; &#51088;&#49328; &#44508;&#47784;&#47484; &#45336;&#50612; &#8220;&#50612;&#46500; &#49892;&#47932;&#51088;&#49328;&#51060; DeFi&#50640;&#49436; &#54633;&#45817;&#54620; &#45812;&#48372;&#51064;&#51648;&#8221; &#44536; &#44592;&#51456;&#51012; &#47564;&#46300;&#45716; &#54016;&#51060;&#45796;.</p></li><li><p><a href="https://vaults.sentora.com/">Sentora</a>: AI &#47532;&#49828;&#53356; &#47784;&#45944;&#44284; &#44592;&#44288; &#45936;&#51060;&#53552; &#51064;&#54532;&#46972;&#47484; &#53444;&#53444;&#54616;&#44172; &#44054;&#52632; &#54016;&#51060;&#45796;. &#45824;&#54805; &#44144;&#47000;&#49548; Kraken&#51032; &#48177;&#50644;&#46300;&#47196; &#50672;&#44208;&#46104;&#50612; &#44592;&#44288; &#51088;&#48376;&#51060; &#50976;&#51077;&#46104;&#45716; &#53685;&#47196;&#47484; &#54869;&#48372;&#54664;&#45796;. $1.34B &#44508;&#47784;&#47196; 2&#50948;&#51060;&#47728; , &#44144;&#47000;&#49548;&#50752; &#44592;&#44288; &#44256;&#44061;&#51012; &#51079;&#45716; &#8216;&#50976;&#53685; &#44221;&#47196;&#8217; &#54869;&#48372;&#50640; &#49457;&#44277;&#54664;&#45796;.</p></li><li><p><a href="https://www.gauntlet.xyz/">Gauntlet</a>: &#50896;&#47000; &#47532;&#49828;&#53356; &#54028;&#46972;&#48120;&#53552;&#47484; &#49884;&#48044;&#47112;&#51060;&#49496;&#54616;&#45912; &#50728;&#52404;&#51064; &#51221;&#47049; &#48516;&#49437; &#54924;&#49324;&#50688;&#45796;. 2025&#45380; 10&#50900; $775M&#51060;&#46972;&#45716; &#47561;&#45824;&#54620; &#51088;&#44552;&#51060; &#54400;&#50640; &#47792;&#47160;&#51012; &#46412;, 10&#51068; &#47564;&#50640; &#44553;&#46973;&#54664;&#45912; &#49688;&#51061;&#47456;(APY)&#51012; &#51221;&#49345;&#54868;&#49884;&#53412;&#47728; &#49892;&#47141;&#51012; &#51077;&#51613;&#54664;&#45796;. $1.29B &#44508;&#47784;&#47196; 3&#50948;&#51060;&#47728; , &#45824;&#44508;&#47784; &#51088;&#44552; &#50976;&#51077; &#49884;&#51032; &#47532;&#49828;&#53356; &#48169;&#50612;&#50752; &#50948;&#44592; &#45824;&#51025;&#47141;&#51012; &#44054;&#52632; &#54016;&#51060;&#46972;&#45716; &#51064;&#49885;&#51012; &#54869;&#48372;&#54664;&#45796;.</p></li></ol><p>&#44208;&#44397; &#54788;&#51116; &#45800;&#44228;&#50640;&#49436; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#49884;&#51109;&#51008; &#45800;&#49692;&#54620; TVL(&#50868;&#50857;&#51088;&#49328;&#44508;&#47784;) &#44221;&#51137;&#51060; &#50500;&#45768;&#45796;. &#45812;&#48372; &#44592;&#51456;, &#50976;&#53685; &#52292;&#45328;, &#47532;&#49828;&#53356; &#45824;&#51025;&#47141; &#46321;&#51032; &#44592;&#51456;&#51012; &#49440;&#51216;&#54616;&#45716; &#49912;&#50880;&#51060;&#45796;.</p><h2><strong>4. &#51204;&#53685; &#51088;&#49328;&#50868;&#50857;&#50629; vs DeFi &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;</strong></h2><p>Morpho&#47196; &#51064;&#54644; &#48376;&#44201;&#51201;&#51004;&#47196; &#47560;&#53011;&#51060; &#51900;&#44060;&#51648;&#47732;&#49436; &#44033; &#45812;&#48372;&#50640; &#45824;&#54620; &#54032;&#45800;&#51012; &#45236;&#47140;&#51460; &#51204;&#47928;&#44032;&#44032; &#54596;&#50836;&#54644;&#51276;&#45796;. &#51060;&#50640; <a href="https://www.steakhouse.financial/">Steakhouse</a> &#44057;&#51008; &#51204;&#47928; &#47532;&#49828;&#53356; &#44288;&#47532;&#54016;&#51060; DeFi &#49373;&#53468;&#44228;&#50640;&#49436; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#47484; &#47585;&#44592; &#49884;&#51089;&#54664;&#45796;. &#51060; &#44284;&#51221;&#51012; &#53685;&#54644; DeFi&#45716; &#51204;&#53685; &#51088;&#49328; &#50868;&#50857; &#54532;&#47196;&#49464;&#49828;&#50752; &#45806;&#50500;&#44032;&#44256; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!jhy6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!jhy6!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png 424w, https://substackcdn.com/image/fetch/$s_!jhy6!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png 848w, https://substackcdn.com/image/fetch/$s_!jhy6!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png 1272w, https://substackcdn.com/image/fetch/$s_!jhy6!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!jhy6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png" width="1456" height="957" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:957,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:566090,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/198386052?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!jhy6!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png 424w, https://substackcdn.com/image/fetch/$s_!jhy6!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png 848w, https://substackcdn.com/image/fetch/$s_!jhy6!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png 1272w, https://substackcdn.com/image/fetch/$s_!jhy6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9794bb6f-4f54-4fa4-9ff0-4d9970dafef9_5064x3327.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#50948; &#44396;&#51312;&#46020;&#47484; &#49345;&#45800;&#50640;&#49436; &#54616;&#45800;&#51004;&#47196; &#51060;&#50612;&#51648;&#45716; &#54532;&#47196;&#49464;&#49828; &#55120;&#47492;&#50640; &#46384;&#46972; &#49332;&#54196;&#48372;&#47732;, &#54788;&#51116;&#51032; DeFi &#51064;&#54532;&#46972;&#44032; &#51204;&#53685; &#44552;&#50997;&#51032; &#48516;&#50629; &#52404;&#44228;&#47484; &#50612;&#46523;&#44172; &#50728;&#52404;&#51064;&#50640; &#44396;&#54788;&#54616;&#44256; &#51080;&#45716;&#51648; &#47749;&#54869;&#55176; &#54869;&#51064;&#54624; &#49688; &#51080;&#45796;.</p><ul><li><p><strong>&#51088;&#44552;&#51032; &#51312;&#45804;&#44284; &#50976;&#53685; (&#49345;&#45800;):</strong> &#44032;&#51109; &#49345;&#45800;&#50640;&#45716; &#51088;&#44552;&#51032; &#44277;&#44553;&#52376;&#51064; &#44592;&#44288; &#53804;&#51088;&#51088;&#44032; &#50948;&#52824;&#54620;&#45796;. &#51060;&#46308;&#51032; &#45824;&#44508;&#47784; &#51088;&#48376;&#51008; &#51204;&#53685; &#44552;&#50997;&#51032; &#54032;&#47588;&#49324;(&#51613;&#44428;&#49324;) &#50669;&#54624;&#51012; &#45824;&#49888;&#54616;&#45716; &#45824;&#54805; CeFi &#44144;&#47000;&#49548;&#45208; &#54540;&#47019;&#54268;&#51012; &#53685;&#54644; &#50728;&#52404;&#51064; &#49373;&#53468;&#44228;&#47196; &#50976;&#51077;&#46104;&#44256; &#50976;&#53685;&#46108;&#45796;.</p></li><li><p><strong>&#51204;&#47029; &#49444;&#44228;&#50752; &#47532;&#49828;&#53356; &#53685;&#51228; (&#51473;&#45800;):</strong> &#44536; &#50500;&#47000; &#45800;&#44228;&#50640;&#49436;&#45716; &#50976;&#51077;&#46108; &#51088;&#49328;&#51032; &#50868;&#50857; &#48169;&#54693;&#51012; &#44208;&#51221;&#54616;&#45716; &#8216;DeFi &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#8217;&#44032; &#51088;&#47532;&#54620;&#45796;. &#51060;&#46308;&#51008; &#51204;&#53685; &#51088;&#49328;&#50868;&#50857;&#49324;&#51032; &#54144;&#46300;&#47588;&#45768;&#51200;(PM) &#48143; &#47532;&#49828;&#53356; &#50948;&#50896;&#54924;&#50752; &#46041;&#51068;&#54616;&#44172;, &#54200;&#51077;&#54624; &#51088;&#49328;&#51032; &#44592;&#51456;&#44284; &#54620;&#46020;&#47484; &#49444;&#51221;&#54616;&#44256; &#51204;&#48152;&#51201;&#51064; &#53804;&#51088; &#51204;&#47029;&#51012; &#44592;&#54925;&#54616;&#45716; &#50669;&#54624;&#51012; &#49688;&#54665;&#54620;&#45796;.</p></li><li><p><strong>&#49345;&#54408; &#51312;&#47549;&#44284; &#51088;&#49328; &#49688;&#53441; (&#54616;&#45800;):</strong> &#53328;&#47112;&#51060;&#53552;&#44032; &#44592;&#54925;&#54620; &#51204;&#47029;&#51008; &#54616;&#45800;&#51032; &#8216;&#48380;&#53944;(Vault) &#51064;&#54532;&#46972;&#8217;&#47484; &#53685;&#54644; &#49892;&#51228; &#53804;&#51088; &#44032;&#45733;&#54620; &#50728;&#52404;&#51064; &#49345;&#54408;&#51004;&#47196; &#44396;&#54788;&#46108;&#45796;. &#47560;&#51648;&#47561;&#51004;&#47196; &#44032;&#51109; &#48145;&#45800;&#50640; &#50948;&#52824;&#54620; &#8216;&#45824;&#52636; &#54532;&#47196;&#53664;&#53084; &#54532;&#47532;&#48120;&#54000;&#48652;&#8217;&#44032; &#51204;&#53685; &#44552;&#50997;&#51032; &#49688;&#53441; &#48143; &#44144;&#47000; &#51064;&#54532;&#46972;&#52376;&#47100; &#51088;&#49328;&#51012; &#48372;&#44288;&#54616;&#44256; &#49892;&#51656;&#51201;&#51064; &#44144;&#47000; &#51221;&#49328;&#51012; &#53076;&#46300;&#47196; &#51665;&#54665;&#54620;&#45796;.</p></li></ul><p><strong>&#51060;&#52376;&#47100; &#51088;&#44552; &#51312;&#45804;&#48512;&#53552; &#50868;&#50857;, &#49688;&#53441;&#50640; &#51060;&#47476;&#45716; &#51204; &#44284;&#51221;&#51060; &#51204;&#53685; &#44552;&#50997;&#44284; &#50976;&#49324;&#54620; &#48516;&#50629; &#52404;&#44228;&#47484; &#44054;&#52628;&#44172; &#46104;&#50632;&#45796;. &#51060;&#45716; &#44592;&#51316; &#51204;&#53685; &#44552;&#50997;&#44428; &#44592;&#44288;&#46308;&#50640;&#44172; &#50728;&#52404;&#51064; &#45824;&#52636; &#49884;&#51109;&#51060; &#45908; &#51060;&#49345; &#48120;&#51648;&#51032; &#50689;&#50669;&#51060; &#50500;&#45772;, &#51061;&#49689;&#54616;&#44256; &#44396;&#51312;&#54868;&#46108; &#49884;&#51109;&#51004;&#47196; &#45796;&#44032;&#50724;&#44172; &#46104;&#50632;&#51020;&#51012; &#51032;&#48120;&#54616;&#47728; &#51088;&#50672;&#49828;&#47084;&#50868; &#49884;&#51109; &#51652;&#51077;&#51032; &#44592;&#54924;&#47196; &#51060;&#50612;&#51648;&#44256; &#51080;&#45796;.</strong></p><h2><strong>5. &#51204;&#53685; &#44552;&#50997;&#44284; &#45806;&#51008; &#49328;&#50629;, &#45572;&#44396;&#50640;&#44172; &#44592;&#54924;&#44032; &#51080;&#45716;&#44032;?</strong></h2><p>&#50728;&#52404;&#51064; &#45824;&#52636; &#51064;&#54532;&#46972;&#44032; &#51204;&#53685; &#51088;&#49328;&#50868;&#50857; &#49373;&#53468;&#44228;&#50752; &#50976;&#49324;&#54620; &#48516;&#50629; &#52404;&#44228;&#47484; &#44054;&#52628;&#47732;&#49436; &#44592;&#44288;&#51032; &#51652;&#51077;&#47196;&#44032; &#50676;&#47160;&#51648;&#47564;, &#47784;&#46304; &#50689;&#50669;&#51032; &#51652;&#51077; &#51109;&#48317;&#51060; &#46041;&#51068;&#54620; &#44163;&#51008; &#50500;&#45768;&#45796;.</p><ul><li><p><strong>&#50976;&#53685; &#50689;&#50669;:</strong> &#44256;&#44061;&#44284; &#47582;&#45823;&#51008; &#49884;&#51109;&#51004;&#47196;, &#51060;&#48120; &#45824;&#54805; &#50516;&#54840;&#54868;&#54224; &#44592;&#50629;&#46308;&#51060; &#49440;&#51216;&#54644; &#54252;&#54868; &#49345;&#53468;&#45796;. &#51204;&#53685; &#44552;&#50997;&#49324;&#44032; &#45817;&#51109; &#51060;&#46308;&#44284; &#51217;&#51216; &#44221;&#51137;&#51012; &#48268;&#51060;&#44592;&#50640;&#45716; &#54952;&#50984;&#49457;&#51060; &#46504;&#50612;&#51652;&#45796;.</p></li><li><p><strong>&#50868;&#50857; &#50689;&#50669;: </strong>&#52384;&#51200;&#55176; &#44552;&#50997; &#45432;&#54616;&#50864;&#50752; &#47592;&#54028;&#50892;&#44032; &#51473;&#49900;&#51060; &#46104;&#45716; &#48516;&#50556;&#45796;. &#51088;&#49328;&#51032; &#50948;&#54744;&#51012; &#54217;&#44032;&#54616;&#44256; &#53685;&#51228;&#54616;&#50668; &#49345;&#54408;&#54868;&#54616;&#45716; &#50629;&#47924;&#45716; &#51204;&#53685; &#51088;&#49328;&#50868;&#50857;&#49324;&#51032; &#48376;&#50629;&#44284; &#51068;&#52824;&#54620;&#45796;. &#48373;&#51105;&#54620; &#49884;&#49828;&#53596; &#44060;&#48156; &#50630;&#51060;, &#44592;&#51316;&#51032; &#47532;&#49828;&#53356; &#44288;&#47532; &#50669;&#47049;&#51012; &#51060;&#48120; &#44396;&#52629;&#46108; &#47784;&#46280;&#54805; &#51064;&#54532;&#46972; &#50948;&#50640; &#51201;&#50857;&#54616;&#50668; &#44263;&#48148;&#47196; &#49324;&#50629; &#47784;&#45944;&#51012; &#54869;&#48372;&#54624; &#49688; &#51080;&#45796;.</p></li><li><p><strong>&#49688;&#53441;&#183;&#51064;&#54532;&#46972; &#50689;&#50669;:</strong> &#51088;&#49328; &#48372;&#44288;&#44284; &#44144;&#47000; &#52376;&#47532;&#47484; &#45812;&#45817;&#54616;&#47728;, &#44256;&#46020;&#51032; &#48660;&#47197;&#52404;&#51064; &#50644;&#51648;&#45768;&#50612;&#47553; &#50669;&#47049;&#51060; &#50836;&#44396;&#46104;&#45716; &#44592;&#49696; &#51665;&#50557;&#51201; &#49324;&#50629;&#51060;&#45796;. &#51204;&#53685; &#44552;&#50997;&#49324;&#44032; &#51649;&#51217; &#49884;&#49828;&#53596;&#51012; &#44396;&#52629;&#54616;&#44256; &#44221;&#51137;&#54616;&#44592;&#50640;&#45716; &#54788;&#49892;&#51201;&#51064; &#54620;&#44228;&#44032; &#53356;&#45796;.</p></li></ul><p><strong>&#51060;&#52376;&#47100; &#44592;&#49696;&#51060;&#45208; &#54540;&#47019;&#54268; &#49440;&#51216;&#51060; &#54596;&#50836;&#54620; &#45796;&#47480; &#50689;&#50669;&#44284; &#45804;&#47532;, &#50868;&#50857; &#50689;&#50669;&#51008; &#51204;&#53685; &#44552;&#50997;&#49324;&#44032; &#44032;&#51652; &#48376;&#51656;&#51201;&#51064; &#47532;&#49828;&#53356; &#44288;&#47532; &#50669;&#47049;&#47564;&#51004;&#47196;&#46020; &#49884;&#51109;&#51032; &#51452;&#46020;&#44428;&#51012; &#51544; &#49688; &#51080;&#45716; &#44032;&#51109; &#54869;&#49892;&#54620; &#44592;&#54924;&#51032; &#52285;&#51060;&#45796;.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!d21n!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!d21n!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png 424w, https://substackcdn.com/image/fetch/$s_!d21n!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png 848w, https://substackcdn.com/image/fetch/$s_!d21n!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png 1272w, https://substackcdn.com/image/fetch/$s_!d21n!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!d21n!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png" width="1456" height="1123" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1123,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!d21n!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png 424w, https://substackcdn.com/image/fetch/$s_!d21n!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png 848w, https://substackcdn.com/image/fetch/$s_!d21n!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png 1272w, https://substackcdn.com/image/fetch/$s_!d21n!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F517d1c63-26dc-4736-8b1c-dcd5d44a6bfe_2048x1580.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#54788;&#51116; &#44592;&#44288;&#46308;&#51060; DeFi &#49884;&#51109;&#50640; &#52280;&#50668;&#54616;&#45716; &#48169;&#49885;&#51008; &#53356;&#44172; &#50976;&#53685;&#54805;, &#44277;&#44553;&#54805;, &#50868;&#50857;&#54805; &#49464; &#44032;&#51648;&#47196; &#45208;&#45660;&#45796;. &#50612;&#46500; &#44221;&#47196;&#47484; &#53469;&#54616;&#46304; &#49884;&#51109;&#51012; &#44396;&#46041;&#54616;&#45716; &#54645;&#49900; &#50644;&#51652;&#51008; &#51088;&#49328;&#50868;&#50857;&#49324;&#51032; &#8216;&#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#49496;&#8217; &#50669;&#47049;&#51060;&#45796;.</p><h3><strong>5.1. &#50976;&#53685;&#54805;: &#53328;&#47112;&#51060;&#53552;&#47484; &#48177;&#50644;&#46300;&#47196; &#50416;&#45716; &#48169;&#49885;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_cc6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_cc6!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png 424w, https://substackcdn.com/image/fetch/$s_!_cc6!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png 848w, https://substackcdn.com/image/fetch/$s_!_cc6!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png 1272w, https://substackcdn.com/image/fetch/$s_!_cc6!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_cc6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png" width="1456" height="1206" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1206,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_cc6!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png 424w, https://substackcdn.com/image/fetch/$s_!_cc6!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png 848w, https://substackcdn.com/image/fetch/$s_!_cc6!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png 1272w, https://substackcdn.com/image/fetch/$s_!_cc6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5138cc98-c77e-40a5-a1a2-026008d9468e_2048x1696.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#44160;&#51613;&#46108; &#50808;&#48512; &#53328;&#47112;&#51060;&#53552;&#47484; &#48177;&#50644;&#46300;&#50640; &#50672;&#44208;&#54644; &#48736;&#47476;&#44172; &#51652;&#51077;&#54616;&#45716; &#48169;&#49885;&#51060;&#45796;. &#44592;&#51316; &#44256;&#44061; &#52292;&#45328;&#51008; &#51080;&#51648;&#47564; &#51649;&#51217; &#50868;&#50857; &#50669;&#47049;&#51060; &#48512;&#51313;&#54620; &#44144;&#47000;&#49548;&#45208; &#54592;&#53580;&#53356;&#50640; &#47582;&#45796;. &#51204;&#47029;&#51008; &#50808;&#48512;&#50640; &#47585;&#44592;&#51648;&#47564;, &#53328;&#47112;&#51060;&#53552; &#49440;&#53469;&#50640; &#46384;&#47480; &#54217;&#54032; &#47532;&#49828;&#53356;&#50752; &#49444;&#47749; &#52293;&#51076;&#51008; &#51649;&#51217; &#51256;&#50556; &#54620;&#45796;.</p><p>&#44256;&#44061; &#51217;&#51216;&#51008; &#44053;&#47141;&#54616;&#51648;&#47564; &#50728;&#52404;&#51064; &#45824;&#52636;&#51032; &#48373;&#51105;&#54620; &#50948;&#54744;&#51012; &#51649;&#51217; &#44288;&#47532;&#54616;&#44592; &#48512;&#45812;&#49828;&#47084;&#50868; &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;&#46308;&#51060; &#49440;&#53469;&#54620; &#48169;&#49885;&#51060;&#45796;. &#51060;&#46308;&#51008; &#44160;&#51613;&#46108; &#50808;&#48512; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#47484; &#48177;&#50644;&#46300;&#47196; &#50672;&#44208;&#54616;&#50668; &#45824;&#52636; &#49436;&#48708;&#49828;&#47484; &#52636;&#49884;&#54664;&#45796;. &#44144;&#47000;&#49548;&#45716; &#51088;&#49324; &#54540;&#47019;&#54268;&#51012; &#53685;&#54644; &#45824;&#44508;&#47784; &#51088;&#44552;&#51012; &#50976;&#53685;&#54616;&#44256;, &#49892;&#51656;&#51201;&#51064; &#45812;&#48372; &#54217;&#44032;&#50752; &#50948;&#54744; &#44288;&#47532;&#45716; &#54028;&#53944;&#45320;&#49901;&#51012; &#47610;&#51008; &#50808;&#48512; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#50640;&#44172; &#51068;&#51076;&#54616;&#45716; &#44396;&#51312;&#45796;.</p><h3><strong>5.2. &#44277;&#44553;&#54805;: &#51088;&#49328;&#51012; &#50728;&#52404;&#51064; &#47112;&#51068;&#50640; &#53468;&#50864;&#45716; &#48169;&#49885;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!NWV9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!NWV9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png 424w, https://substackcdn.com/image/fetch/$s_!NWV9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png 848w, https://substackcdn.com/image/fetch/$s_!NWV9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png 1272w, https://substackcdn.com/image/fetch/$s_!NWV9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!NWV9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png" width="1456" height="1050" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1050,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!NWV9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png 424w, https://substackcdn.com/image/fetch/$s_!NWV9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png 848w, https://substackcdn.com/image/fetch/$s_!NWV9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png 1272w, https://substackcdn.com/image/fetch/$s_!NWV9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fed9bed41-2082-4dff-9f0c-2901f5f8092a_2048x1477.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>RWA&#45208; &#49888;&#50857; &#51088;&#49328; &#46321;&#51012; &#48372;&#50976;&#54620; &#50868;&#50857;&#49324;&#44032; &#51088;&#44592; &#51088;&#49328;&#51012; &#49884;&#51109;&#50640; &#51649;&#51217; &#44277;&#44553;&#54616;&#45716; &#48169;&#49885;&#51060;&#45796;. Apollo&#52376;&#47100; &#51088;&#49328;&#51012; &#44277;&#44553;&#54632;&#44284; &#46041;&#49884;&#50640; Morpho &#44144;&#48260;&#45324;&#49828; &#53664;&#53360;&#51012; &#52712;&#46301;&#54644;, &#51088;&#49888;&#51032; &#51088;&#49328;&#51060; &#50976;&#53685;&#46112; &#51064;&#54532;&#46972;&#51032; &#54364;&#51456;(&#45812;&#48372; &#44592;&#51456; &#46321;)&#44620;&#51648; &#51452;&#46020;&#54624; &#49688; &#51080;&#45796;. &#45796;&#47564; &#51088;&#49328; &#54364;&#51456;&#54868;&#50752; &#44508;&#51228; &#44288;&#47144; &#51064;&#54532;&#46972; &#44396;&#52629;&#51060; &#44620;&#45796;&#47213;&#45796;.</p><p>&#45824;&#54805; &#49324;&#47784;&#54144;&#46300;&#45208; &#49892;&#47932; &#51088;&#49328;(RWA)&#51012; &#48372;&#50976;&#54620; &#44592;&#44288;&#51060; &#51088;&#49324; &#51088;&#48376;&#51012; &#50728;&#52404;&#51064; &#47112;&#51068;&#50640; &#51649;&#51217; &#53468;&#50864;&#45716; &#48169;&#49885;&#51060;&#45796;. &#45824;&#54364;&#51201;&#51004;&#47196; Apollo&#45716; &#51088;&#49328;&#51012; &#45800;&#49692;&#55176; &#44277;&#44553;&#54616;&#45716; &#44163;&#51012; &#45336;&#50612;, &#51452;&#50836; &#45824;&#52636; &#54532;&#47196;&#53664;&#53084;&#51032; &#44144;&#48260;&#45324;&#49828; &#53664;&#53360;&#51012; &#52712;&#46301;&#54616;&#45716; &#54665;&#48372;&#47484; &#48372;&#50688;&#45796;. &#51088;&#49888;&#46308;&#51060; &#44032;&#51652; &#49892;&#47932; &#51088;&#49328;&#51060; &#50728;&#52404;&#51064; &#49884;&#51109;&#50640;&#49436; &#45908; &#50976;&#47532;&#54616;&#44256; &#50504;&#51204;&#54620; &#8216;&#44277;&#49885; &#45812;&#48372;&#8217;&#47196; &#51064;&#51221;&#48155;&#46020;&#47197; &#44508;&#52825;&#44284; &#54364;&#51456;&#51012; &#51452;&#46020;&#54616;&#44592; &#50948;&#54632;&#51060;&#45796;.</p><p>&#45796;&#47564;, &#51088;&#49328; &#44277;&#44553;&#51088;&#44032; &#50896;&#54620;&#45796;&#44256; &#54644;&#49436; &#50500;&#47924; &#51088;&#49328;&#51060;&#45208; &#45812;&#48372;&#47196; &#46321;&#47197;&#46112; &#49688;&#45716; &#50630;&#45796;. &#54644;&#45817; &#51088;&#49328;&#51060; &#49892;&#51228;&#47196; &#50504;&#51204;&#54620;&#51648;, &#50728;&#52404;&#51064;&#50640;&#49436; &#52397;&#49328;&#51060; &#53552;&#51276;&#51012; &#46412; &#51593;&#44033; &#54788;&#44552;&#54868;&#44032; &#44032;&#45733;&#54620;&#51648; &#45257;&#51221;&#54616;&#44172; &#46384;&#51256;&#51460; &#51452;&#52404;&#44032; &#54596;&#50836;&#54616;&#44592; &#46412;&#47928;&#51060;&#45796;<strong>. </strong>&#51060; &#44284;&#51221;&#50640;&#49436; &#51088;&#49328;&#51032; &#51201;&#54633;&#49457;&#51012; &#44624;&#44624;&#54616;&#44172; &#44160;&#51613;&#54616;&#44256; &#48372;&#51613;&#54644; &#51452;&#45716; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#51032; &#54217;&#44032; &#50669;&#47049;&#51060; &#54596;&#49688;&#51201;&#51004;&#47196; &#44208;&#54633;&#46108;&#45796;. &#44208;&#44397; &#51088;&#49328; &#44277;&#44553;&#54805; &#44221;&#47196; &#50669;&#49884;, &#50868;&#50857;&#49324;&#51032; &#47532;&#49828;&#53356; &#44160;&#51613; &#45733;&#47141;&#51060; &#46263;&#48155;&#52840;&#46104;&#50612;&#50556;&#47564; &#49457;&#47549;&#54624; &#49688; &#51080;&#45796;.</p><h3><strong>5.3. &#50868;&#50857;&#54805;: &#51649;&#51217; &#53328;&#47112;&#51060;&#53552;&#44032; &#46104;&#45716; &#48169;&#49885; (Bitwise)</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!xTGz!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe25ba1dc-0605-4325-a951-3b45fb396498_3376x2374.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!xTGz!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe25ba1dc-0605-4325-a951-3b45fb396498_3376x2374.png 424w, https://substackcdn.com/image/fetch/$s_!xTGz!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe25ba1dc-0605-4325-a951-3b45fb396498_3376x2374.png 848w, https://substackcdn.com/image/fetch/$s_!xTGz!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe25ba1dc-0605-4325-a951-3b45fb396498_3376x2374.png 1272w, https://substackcdn.com/image/fetch/$s_!xTGz!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe25ba1dc-0605-4325-a951-3b45fb396498_3376x2374.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!xTGz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe25ba1dc-0605-4325-a951-3b45fb396498_3376x2374.png" width="1456" height="1024" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51088;&#49328; &#50868;&#50857;&#49324;&#44032; &#51649;&#51217; &#51204;&#47029;&#51012; &#51676;&#44256; &#48380;&#53944;&#47484; &#50868;&#50857;&#54616;&#45716; &#48169;&#49885;&#51060;&#45796;. Bitwise&#45716; &#50728;&#52404;&#51064; &#48380;&#53944;&#47484;<a href="https://forklog.com/en/bitwise-introduces-on-chain-vaults-with-6-yield/"> &#8220;ETF 2.0&#8221;</a>&#51060;&#46972; &#44508;&#51221;&#54616;&#47728; &#51649;&#51217; &#46832;&#50612;&#46308;&#50632;&#45796;. &#49688;&#49688;&#47308;&#50752; &#45812;&#48372; &#44592;&#51456; &#46321; &#44032;&#51109; &#47561;&#44053;&#54620; &#53685;&#51228;&#44428;&#51012; &#51536;&#51648;&#47564;, &#50868;&#50857; &#49892;&#54056;&#50640; &#45824;&#54620; &#52293;&#51076;&#46020; &#51204;&#51201;&#51004;&#47196; &#51658;&#50612;&#51256;&#50556; &#54616;&#48064;&#47196; <strong>&#51088;&#52404; &#47532;&#49828;&#53356;&#54016;&#51012; &#46164; &#51088;&#49328;&#50868;&#50857;&#49324;</strong>&#50640; &#51201;&#54633;&#54616;&#45796;.</p><p>&#51204;&#53685; &#51088;&#49328;&#50868;&#50857;&#49324;&#44032; &#50808;&#48512; &#54540;&#47019;&#54268;&#50640; &#51032;&#51316;&#54616;&#51648; &#50506;&#44256; &#51649;&#51217; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#47196; &#51204;&#47732;&#50640; &#45208;&#49440; &#48169;&#49885;&#51060;&#45796;. Bitwise&#45716; &#50728;&#52404;&#51064; &#45824;&#52636; &#48380;&#53944;(Vault) &#44396;&#51312;&#47484; &#8216;ETF 2.0&#8217;&#51004;&#47196; &#51221;&#51032;&#54616;&#47728; &#49884;&#51109;&#50640; &#51649;&#51217; &#51652;&#51077;&#54664;&#45796;. &#51088;&#49888;&#46308;&#47564;&#51032; &#44256;&#50976;&#54620; &#54252;&#53944;&#54260;&#47532;&#50724; &#44396;&#49457; &#45733;&#47141;&#44284; &#50948;&#54744; &#51228;&#50612; &#49884;&#49828;&#53596;&#51012; &#48148;&#53461;&#51004;&#47196; &#48380;&#53944;&#47484; &#51649;&#51217; &#49444;&#44228;&#54616;&#44256; &#53685;&#51228;&#54616;&#47728;, &#51088;&#49328; &#50868;&#50857;&#50640; &#46384;&#47480; &#49688;&#49688;&#47308; &#47784;&#45944;&#51012; &#50728;&#52404;&#51064;&#50640;&#49436; &#51649;&#51217; &#54869;&#48372;&#54616;&#44256; &#51080;&#45796;.</p><h2><strong>6. &#44144;&#45824; &#51088;&#48376;&#51060; &#47792;&#47140;&#50724;&#44592; &#51204;&#50640;</strong></h2><p>&#51648;&#44552;&#44620;&#51648;&#51032; &#55120;&#47492;&#51012; &#48372;&#47732;, &#50728;&#52404;&#51064; &#45824;&#52636; &#49884;&#51109;&#51060; &#44256;&#46020;&#54868;&#46112;&#49688;&#47197; &#44032;&#51109; &#50976;&#47532;&#54620; &#50948;&#52824;&#50640; &#49436;&#45716; &#51901;&#51008; &#51204;&#53685; &#51088;&#49328;&#50868;&#50857;&#49324;&#51068; &#44032;&#45733;&#49457;&#51060; &#45458;&#45796;. DeFi &#49373;&#53468;&#44228;&#44032; &#47784;&#46280;&#54868;&#46104;&#44256; &#48516;&#50629;&#54868;&#46104;&#47732;&#49436;, &#51060; &#49884;&#51109;&#50640;&#49436; &#51652;&#51676; &#54596;&#50836;&#54620; &#50669;&#47049;&#51060; &#48148;&#45068;&#50632;&#45796;. &#53076;&#46300;&#47484; &#51676;&#45716; &#45733;&#47141;&#51060; &#50500;&#45768;&#46972; &#45812;&#48372;&#47484; &#49900;&#49324;&#54616;&#44256; &#47532;&#49828;&#53356; &#54620;&#46020;&#47484; &#49444;&#51221;&#54616;&#45716; &#51204;&#53685; &#44552;&#50997;&#51032; &#51204;&#47928;&#49457;&#51060;&#45796;. &#49688;&#49901; &#45380;&#44036; &#51060; &#51068;&#51012; &#54644;&#50728; &#44592;&#44288;&#46308;&#51032; &#44221;&#51137; &#50864;&#50948;&#44032; &#50728;&#52404;&#51064;&#50640;&#49436;&#46020; &#53685;&#54620;&#45796;&#45716; &#51032;&#48120;&#51060;&#45796;.</p><p>&#54616;&#51648;&#47564; &#51648;&#44552;&#51032; DeFi &#49884;&#51109; &#44508;&#47784;&#45716; &#44544;&#47196;&#48268; &#45824;&#54805; &#51088;&#49328;&#50868;&#50857;&#49324;&#46308;&#51060; &#51649;&#51217; &#52280;&#50668;&#54616;&#44592;&#50644; &#47581;&#49444;&#50668;&#51648;&#45716; &#44508;&#47784;&#51060;&#45796;. &#44544;&#47196;&#48268; &#51204;&#53685; &#51088;&#49328;&#50868;&#50857; &#49884;&#51109;&#51008; &#50557; $147T&#45796;. BlackRock &#54620; &#44275;&#51032; &#50868;&#50857;&#51088;&#49328;&#47564; &#54644;&#46020; $14T&#50640; &#45804;&#54620;&#45796;. &#48152;&#47732; DeFi &#49884;&#51109; &#51204;&#52404;&#45716; &#50557; $80B&#51060;&#44256;, &#44536; &#51473;&#50640;&#49436;&#46020; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#46308;&#51060; &#45796;&#47336;&#45716; &#49884;&#51109;&#51008; $7B&#50640; &#48520;&#44284;&#54616;&#45796;. BlackRock &#50868;&#50857;&#51088;&#49328;&#51032; 2,000&#48516;&#51032; 1 &#49688;&#51456;&#51060;&#45796;.</p><p>&#44536;&#47088;&#45936; &#51060; &#50517;&#46020;&#51201;&#51064; &#44508;&#47784; &#52264;&#51060;&#44032; &#50724;&#55176;&#47140; &#49457;&#51109; &#50668;&#47141;&#51012; &#48372;&#50668;&#51456;&#45796;. &#44592;&#44288; &#51088;&#48376;&#51008; &#47532;&#49828;&#53356;&#44032; &#53685;&#51228;&#46104;&#51648; &#50506;&#45716; &#44275;&#50644; &#46308;&#50612;&#50724;&#51648; &#50506;&#45716;&#45796;. &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552;&#46308;&#51060; &#50728;&#52404;&#51064;&#50640; &#50504;&#51204;&#54616;&#44172; &#51088;&#44552;&#51012; &#50868;&#50857;&#54624; &#49688; &#51080;&#45716; &#47112;&#51068;&#51012; &#44628;&#44256;, &#44508;&#51228; &#50980;&#44285;&#51060; &#51105;&#55176;&#45716; &#49692;&#44036; &#51060;&#50556;&#44592;&#45716; &#45804;&#46972;&#51652;&#45796;. $147T &#44508;&#47784;&#50640;&#49436; &#44537;&#55176; &#51068;&#48512;&#47564; &#55128;&#47084;&#50752;&#46020; $80B&#51676;&#47532; &#49884;&#51109;&#51008; &#48736;&#47476;&#44172; &#54077;&#52285;&#54620;&#45796;.</p><p>&#49884;&#51109;&#51060; &#51089;&#51012; &#46412;&#47564; &#50619;&#51012; &#49688; &#51080;&#45716; &#44592;&#54924;&#44032; &#51080;&#45796;. &#51648;&#44552; &#47532;&#49828;&#53356; &#53328;&#47112;&#51060;&#53552; &#49884;&#51109;&#51032; &#47700;&#51064; &#54540;&#47112;&#51060;&#50612;&#45716; &#49552;&#50640; &#44861;&#55180;&#45796;. &#44592;&#44288;&#51060; &#50728;&#52404;&#51064;&#51004;&#47196; &#46308;&#50612;&#50724;&#44592; &#50948;&#54620; &#47112;&#51068;&#51008; &#48152;&#46300;&#49884; &#54596;&#50836;&#54616;&#44256;, &#44536; &#47112;&#51068;&#51012; &#47676;&#51200; &#44628;&#50500;&#46164; &#54016;&#51060; &#44592;&#51456;&#51012; &#51221;&#54620;&#45796;.</p><p>&#45734;&#44172; &#52280;&#50668;&#54620; &#44592;&#44288;&#46308;&#51008; &#45908; &#50504;&#51204;&#54616;&#44256; &#47749;&#54869;&#54620; &#49884;&#51109;&#51012; &#50619;&#44192;&#51648;&#47564;, &#51648;&#44552; &#51221;&#54644;&#51652; &#44592;&#51456;&#50640; &#52280;&#50668;&#54616;&#45716; &#50668;&#47084; &#44592;&#44288; &#51473; &#54616;&#45208;&#44032; &#46112; &#44163;&#51060;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/blackrock-buidl-263b-on-chain-reserve-kor">&#48660;&#47001;&#47197;(BlackRock)&#51032; BUIDL, $2.63B&#51032; &#50728;&#52404;&#51064; &#44592;&#52488; &#51088;&#49328;&#51060; &#46104;&#45796;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-kor">&#46020;&#54028;&#48124;&#51060; &#49324;&#46972;&#51652; DeFi, RWA&#47196; &#46104;&#49332;&#50500;&#45208;&#45796;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-kor">&#50728;&#52404;&#51064;&#50640;&#49436; RWA&#47196;: &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#51116;&#49444;&#44228;&#54616;&#45716; DeFi&#51032; &#49352;&#47196;&#50868; &#53664;&#45824;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944; &#51060;&#50857; &#50504;&#45236;</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; <a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">&#47196;&#44256;</a>&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
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</item>
<item>
<title>
<![CDATA[ ํด๋ž˜๋ฆฌํ‹ฐ ๋ฒ•์•ˆ ํ†ต๊ณผ, ๋‹น์‹ ์ด ํ•ด์•ผ ํ•  6๊ฐ€์ง€ ๋น„์ฆˆ๋‹ˆ์Šค ]]>
</title>
<description>
<![CDATA[ &#48120;&#44397; &#49345;&#50896; &#51008;&#54665;&#50948;&#44032; &#53685;&#44284;&#49884;&#53416; &#53364;&#47000;&#47532;&#54000; &#48277;&#50504;(CLARITY Act)&#51032; &#54645;&#49900; &#48320;&#44221; &#45236;&#50857;&#51012; &#48516;&#49437;&#54633;&#45768;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44036;&#51217; &#51060;&#51088; &#44552;&#51648;, &#54633;&#48277;&#51201; &#53664;&#53360; &#48156;&#54665; &#44221;&#47196;, DeFi &#44508;&#51228; &#47732;&#51228; &#51312;&#54637;&#51060; &#47564;&#46308;&#50612;&#45244; &#49352;&#47196;&#50868; &#48708;&#51592;&#45768;&#49828; &#44592;&#54924;&#47484; &#51674;&#50612;&#48389;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/what-businesses-should-you-build-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/what-businesses-should-you-build-kor</guid>
<dc:creator>
<![CDATA[ Ekko an ]]>
</dc:creator>
<pubDate>Mon, 18 May 2026 13:03:41 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/198250994/78b70b46d2a0ebdda73d1ef5073fbb61.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>&#49345;&#50896; &#51008;&#54665;&#50948;&#44032; 5&#50900; 14&#51068; CLARITY Act&#47484; &#53685;&#44284;&#49884;&#53040;&#49845;&#45768;&#45796;. &#44032;&#51109; &#54868;&#46160;&#44032; &#46096;&#45912; &#44036;&#51217; &#51060;&#51088;&#45716; &#44552;&#51648;&#46096;&#51648;&#47564; &#8220;&#54876;&#46041;&#8221; &#47532;&#50892;&#46300;&#45716; &#54728;&#50857;&#46096;&#49845;&#45768;&#45796;. &#44536;&#47532;&#44256; &#51060;&#50808; &#51452;&#50836; &#48320;&#44221;&#51216;&#46308;&#51060; &#51316;&#51116;&#54633;&#45768;&#45796;. &#48320;&#44221;&#46108; &#51452;&#50836; &#45236;&#50857;&#46308;&#51012; &#53685;&#54644; &#50612;&#46500; &#48708;&#51592;&#45768;&#49828;&#47484; &#54624; &#49688; &#51080;&#51012;&#44620;&#50836;?</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>&#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51060;&#51088; &#51648;&#44553;&#51012; &#46168;&#47084;&#49916; &#51008;&#54665;&#44428;&#44284; &#53356;&#47549;&#53664; &#50629;&#44228;&#51032; &#45824;&#47549;&#51004;&#47196; &#48277;&#50504; &#52376;&#47532;&#44032; &#51648;&#50672;&#46104;&#50632;&#51004;&#45208;, &#45800;&#49692; &#48372;&#50976; &#51060;&#51088; &#44552;&#51648; &#48143; &#49892;&#51228; &#54876;&#46041; &#50672;&#46041; &#47532;&#50892;&#46300; &#54728;&#50857;&#51060;&#46972;&#45716; &#50577;&#45817;&#51032; &#53440;&#54801;&#50504; &#46020;&#52636;&#47196; &#51077;&#48277;&#51032; &#44032;&#51109; &#53360; &#44152;&#47548;&#46028;&#51060; &#54644;&#44208;&#46120;.</p></li><li><p>&#49345;&#50896; &#51008;&#54665;&#50948;&#51032; &#49688;&#51221;&#50504; &#53685;&#44284; &#51060;&#54980;, 8&#50900; &#50668;&#47492; &#55092;&#54924; &#51204;&#51060;&#46972;&#45716; &#51032;&#54924;&#51032; &#51228;&#54620;&#46108; &#51068;&#51221;&#44284; 7&#50900; &#52488; &#49436;&#47749;&#51012; &#50517;&#48149;&#54616;&#45716; &#53944;&#47100;&#54532; &#54665;&#51221;&#48512;&#51032; &#50880;&#51649;&#51076;&#51060; &#47582;&#47932;&#47140; &#45734;&#50612;&#46020; 7&#50900; &#45236; &#48277;&#50504;&#51060; &#52572;&#51333; &#53685;&#44284;&#46112; &#44163;&#51004;&#47196; &#50696;&#49345;&#46120;.</p></li><li><p>&#48277;&#50504; &#49884;&#54665;&#50640; &#46384;&#46972; &#45800;&#49692; &#48372;&#44288;&#50640; &#45824;&#54620; &#44036;&#51217; &#51060;&#51088;&#45716; &#44552;&#51648;&#46104;&#44256; &#44208;&#51228;&#183;&#44144;&#47000; &#46321; &#44396;&#52404;&#51201; &#54876;&#46041; &#44592;&#48152; &#47532;&#50892;&#46300;&#47564; &#54728;&#50857;&#46104;&#47728;, &#54620;&#46020; &#45236; &#48708;&#46321;&#47197; &#53664;&#53360; &#54032;&#47588; &#48143; &#51613;&#44428; &#48516;&#47448; &#48169;&#51648; &#50504;&#51204;&#47581;&#51060; &#44396;&#52629;&#46104;&#45716; &#46041;&#49884;&#50640; &#48516;&#49328;&#49457;&#51012; &#44054;&#52632; DeFi &#54532;&#47196;&#53664;&#53084;&#51008; &#44508;&#51228; &#45824;&#49345;&#50640;&#49436; &#47732;&#51228;&#46120;.</p></li><li><p>&#51060;&#47084;&#54620; &#44508;&#51228; &#48320;&#54868;&#45716; &#49884;&#51109;&#51032; &#49324;&#50629; &#44396;&#51312;&#47484; &#48148;&#44984;&#50612; &#51088;&#48376; &#51060;&#53448;&#51012; &#47561;&#45716; &#8216;&#54876;&#46041; &#44592;&#48152; &#46973;&#51064; &#47532;&#50892;&#46300; &#47784;&#45944;&#8217;&#51012; &#54876;&#49457;&#54868;&#54616;&#44256;, &#53664;&#53360; &#48156;&#54665;&#183;&#51088;&#47928;&#183;&#47588;&#52845;&#51012; &#45824;&#54665;&#54616;&#45716; &#8216;&#53664;&#53360; &#51204;&#45812; &#53804;&#51088;&#51008;&#54665;(IB)&#8217; &#48143; &#48156;&#54665; &#51064;&#54532;&#46972;(SaaS) &#49373;&#53468;&#44228;&#47484; &#49352;&#47213;&#44172; &#48512;&#49345;&#49884;&#53428;.</p></li><li><p>&#44208;&#44284;&#51201;&#51004;&#47196; 2026&#45380;&#51008; &#44544;&#47196;&#48268; &#44397;&#44032;&#46308;&#51032; &#48292;&#52824;&#47560;&#53433; &#49549;&#50640; &#51228;&#46020;&#44428; &#51656;&#49436;&#44032; &#51060;&#49885;&#46104;&#45716; &#54644;&#47196;, &#44592;&#44288; &#51088;&#44552; &#50976;&#51077;&#51012; &#53685;&#54620; &#45824;&#51473;&#54868;&#46972;&#45716; &#51109;&#51216;&#44284; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#48708;&#50857; &#49345;&#49849;&#50640; &#46384;&#47480; &#54785;&#49888; &#49549;&#46020; &#46164;&#54868;&#46972;&#45716; &#45800;&#51216;&#51060; &#44277;&#51316;&#54616;&#45716; &#44208;&#51221;&#51201; &#44592;&#51216;&#51060; &#46120;.</p></li></ul><div><hr></div><h2><strong>1. &#53364;&#47000;&#47532;&#54000; &#48277;&#50504;(CLARITY Act), &#47924;&#50631;&#51060; &#47928;&#51228;&#50688;&#45716;&#44032;?</strong></h2><p>&#53364;&#47000;&#47532;&#54000; &#48277;&#50504;(CLARITY Act)&#51008; &#48120;&#44397; SEC&#50752; CFTC&#51032; &#44288;&#54624; &#44221;&#44228;&#47484; &#48277;&#51004;&#47196; &#54869;&#51221;&#54616;&#45716; &#44172; &#53360; &#44264;&#44201;&#51060;&#45796;. <strong>&#45796;&#47564; &#48277;&#50504; &#52376;&#47532;&#44032; 4&#44060;&#50900; &#51648;&#50672;&#46108; &#51652;&#51676; &#50896;&#51064;&#51008; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51060;&#51088; &#44552;&#51648; &#51312;&#54637;&#51060;&#50632;&#45796;.</strong></p><p>&#54645;&#49900; &#51137;&#51216;&#51008; &#8220;&#53356;&#47549;&#53664; &#54540;&#47019;&#54268;&#46308;&#51060; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#48372;&#50976;&#51088;&#50640;&#44172; &#50672; 4~5%&#45824;&#51032; yield&#47484; &#51648;&#44553;&#54644; &#50728; &#44288;&#54665;&#51012; &#50612;&#46523;&#44172; &#52376;&#47532;&#54624; &#44163;&#51064;&#44032;?&#8221; &#51060;&#45796;. &#51008;&#54665;&#44428;&#51008; &#50696;&#44552; &#51060;&#53448;&#51012; &#51060;&#50976;&#47196; &#51204;&#47732; &#44552;&#51648;&#47484; &#50836;&#44396;&#54664;&#44256;, &#53356;&#47549;&#53664; &#50629;&#44228;&#45716; &#48708;&#51592;&#45768;&#49828; &#47784;&#45944; &#54028;&#44340;&#46972;&#47728; &#48152;&#48156;&#54664;&#45796;. &#50668;&#44592;&#50640; &#45908;&#54644;, &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#51204;&#47732; &#44552;&#51648;&#50504;&#51012; &#48152;&#45824;&#54616;&#47732;&#49436; &#54801;&#49345;&#51008; 5&#50900;&#44620;&#51648; &#51648;&#50672;&#46096;&#45796;.</p><p>&#54616;&#51648;&#47564; 5&#50900; 1&#51068;, &#44277;&#54868;&#45817; Thom Tillis&#50752; &#48124;&#51452;&#45817; Angela Alsobrooks &#46160; &#49345;&#50896;&#51032;&#50896;&#51060; &#50577;&#45817; &#53440;&#54801;&#50504;&#51012; &#45236;&#45480;&#45796;. &#45800;&#49692; &#48372;&#50976;&#50640; &#45824;&#54620; &#51060;&#51088;&#45716; &#44552;&#51648;&#54616;&#46104;, &#44208;&#51228;&#183;&#44144;&#47000;&#183;&#49828;&#53580;&#51060;&#53433; &#44057;&#51008; &#49892;&#51228; &#54876;&#46041;(bona fide activity)&#50640; &#50672;&#46041;&#46108; &#47532;&#50892;&#46300;&#45716; &#54728;&#50857;&#54620;&#45796;&#45716; &#45236;&#50857;&#51060;&#50632;&#45796;. 1&#50900; &#47560;&#53356;&#50629;&#51012; &#47924;&#49328;&#49884;&#53040;&#45912; &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#44057;&#51008; &#45216; &#51648;&#51648;&#47196; &#46028;&#50500;&#49456;&#45796;.</p><p>&#50668;&#44592;&#50640; &#48177;&#50501;&#44288;&#183;SEC&#183;Treasury&#44620;&#51648; &#54620; &#47785;&#49548;&#47532;&#47484; &#45236;&#47732;&#49436; 5&#50900; 14&#51068; &#49345;&#50896; &#51008;&#54665;&#50948;&#44032; 15-9&#47196; &#49688;&#51221;&#50504;&#51012; &#53685;&#44284;&#49884;&#53040;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. &#53364;&#47000;&#47532;&#54000; &#48277;&#50504;&#51008; &#44536;&#47000;&#49436; &#50616;&#51228; &#45149;&#45208;&#45716;&#44032;: &#50557; 2&#44060;&#50900;</strong></h2><p>5&#50900; 14&#51068; &#49345;&#50896; &#51008;&#54665;&#50948; &#53685;&#44284;&#45716; &#51077;&#48277; &#51208;&#52264;&#51032; &#54620; &#45800;&#44228;, &#47560;&#53356;&#50629;(&#48277;&#50504; &#49900;&#49324; &#48143; &#49688;&#51221;)&#51060; &#45149;&#45228;&#45796;. &#48376;&#54924;&#51032; &#54364;&#44208;&#44284; &#45824;&#53685;&#47161; &#49436;&#47749;&#44620;&#51648;&#45716; &#50500;&#51649; &#45348; &#45800;&#44228;&#44032; &#45224;&#50500; &#51080;&#45796;.</p><ol><li><p>&#49464; &#48277;&#50504; &#45800;&#51068;&#50504; &#53685;&#54633;</p></li><li><p>&#49345;&#50896; &#48376;&#54924;&#51032; &#54364;&#44208;</p></li><li><p>&#54616;&#50896; &#48376;&#54924;&#51032; &#51116;&#46041;&#51032;</p></li><li><p>&#45824;&#53685;&#47161; &#49436;&#47749; &#54980;, &#48156;&#54952;</p></li></ol><p>&#50948; &#45800;&#44228;&#47484; &#48420;&#51012; &#46412;, &#53364;&#47000;&#47532;&#54000; &#48277;&#50504;&#51008; 4&#45800;&#44228;&#44032; &#45224;&#50500; &#51080;&#45796;. &#54644;&#45817; &#48277;&#50504;&#51008; 2&#44060;&#50900; &#50504;&#50640; &#53685;&#44284;&#46112; &#44032;&#45733;&#49457;&#51060; &#45458;&#45796;. &#44536; &#51060;&#50976;&#45716; &#46160; &#44032;&#51648;&#45796;.</p><p>&#52395; &#48264;&#51704;, 8&#50900; &#52488; &#50668;&#47492; &#55092;&#54924;&#44032; &#49324;&#49892;&#49345;&#51032; &#47560;&#44048;&#51060;&#45796;. &#51648;&#44552;&#48512;&#53552; &#55092;&#54924;&#44620;&#51648; &#50557; 11&#51452;&#44032; &#45224;&#50520;&#45796;. &#51060; &#52285;&#51012; &#45336;&#44592;&#47732; &#51473;&#44036;&#49440;&#44144; &#52896;&#54168;&#51064;&#44284; &#50696;&#49328; &#49884;&#51596;&#51060; &#44217;&#52432; 119&#45824; &#51032;&#54924; &#45236; &#52376;&#47532;&#44032; &#48520;&#53804;&#47749;&#54644;&#51652;&#45796;. &#51593;, &#51032;&#54924;&#44032; &#50424; &#49688; &#51080;&#45716; &#49884;&#44036;&#51008; 11&#51452;&#48150;&#50640; &#45224;&#51648; &#50506;&#50520;&#45796;.</p><p>&#46160; &#48264;&#51704;, &#53944;&#47100;&#54532; &#54665;&#51221;&#48512;&#44032; &#51201;&#44537;&#51201;&#51060;&#45796;. &#53944;&#47100;&#54532; &#45824;&#53685;&#47161;&#51060; &#44277;&#44060;&#54620; &#47785;&#54364;&#45716; 7&#50900; 4&#51068; &#49436;&#47749;&#51004;&#47196; &#50557; 7&#51452;&#45796;. &#51032;&#54924;&#44032; &#51068;&#51221;&#51012; &#46384;&#46972;&#51105;&#51648; &#47803;&#54616;&#47732; &#54665;&#51221;&#48512;&#51032; &#50517;&#48149;&#51012; &#48155;&#45716;&#45796;. &#51060;&#48120; &#51060;&#51204;&#50640; &#53944;&#47100;&#54532; &#54665;&#51221;&#48512;&#45716; &#50517;&#48149;&#51012; &#54664;&#45796;. &#44172;&#45796;&#44032; 4&#44060;&#50900;&#44036; &#46160; &#52264;&#47168; &#47560;&#53356;&#50629;&#51012; &#47561;&#50520;&#45912; &#54645;&#49900; &#51137;&#51216;&#51064; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51060;&#51088; &#51648;&#44553; &#51312;&#54637;&#51060; &#54633;&#51032;&#46096;&#45796;. &#44032;&#51109; &#50724;&#47000; &#44152;&#47536; &#54801;&#49345; &#44396;&#44036;&#51060; &#51060;&#48120; &#45149;&#45228;&#45796;.</p><p><strong>&#50948;&#50752; &#44057;&#51008; &#51060;&#50976;&#47196; &#53364;&#47000;&#47532;&#54000; &#48277;&#50504;&#51008; &#45734;&#50612;&#46020; 7&#50900; &#45236; &#53685;&#44284;&#46112; &#44163;&#51060;&#45796;.</strong></p><h2><strong>3. &#53364;&#47000;&#47532;&#54000; &#48277;&#50504; &#49688;&#51221;&#50504;&#51032; &#54645;&#49900; &#45236;&#50857;</strong></h2><p>&#48277;&#50504;&#51060; &#50616;&#51228; &#53685;&#44284;&#46104;&#46304;, 5&#50900; 14&#51068; &#47560;&#53356;&#50629; &#51088;&#52404;&#44032; &#51060;&#48120; &#48120;&#44397; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#50640; &#53360; &#48320;&#54868;&#47484; &#44032;&#51256;&#45796; &#51456;&#45796;. &#50612;&#46500; &#51312;&#54637;&#51060; &#54645;&#49900;&#51201;&#51064;&#51648; &#50500;&#47000;&#50640;&#49436; &#50508;&#50500;&#48380; &#44163;&#51060;&#45796;.</p><h3><strong>3.1. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44036;&#51217; &#51060;&#51088; &#44552;&#51648; (Sec. 404)</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ejCL!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ejCL!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png 424w, https://substackcdn.com/image/fetch/$s_!ejCL!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png 848w, https://substackcdn.com/image/fetch/$s_!ejCL!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png 1272w, https://substackcdn.com/image/fetch/$s_!ejCL!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ejCL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png" width="1456" height="1048" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1048,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ejCL!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png 424w, https://substackcdn.com/image/fetch/$s_!ejCL!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png 848w, https://substackcdn.com/image/fetch/$s_!ejCL!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png 1272w, https://substackcdn.com/image/fetch/$s_!ejCL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa57997b9-9bfe-4ea7-b53e-e4f1c2ec17f5_2048x1474.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51060;&#51088; &#51648;&#44553;&#51008; &#51008;&#54665;&#44428;&#44284; &#53356;&#47549;&#53664; &#50629;&#44228;&#44032; &#49436;&#47196; &#45824;&#47549;&#54620; &#51312;&#54637;&#51060;&#45796;. &#51008;&#54665;&#44428;&#51008; &#51060;&#51088; &#51648;&#44553;&#51012; &#51204;&#47732; &#44552;&#51648;&#54644;&#50556; &#54620;&#45796;&#44256; &#54664;&#51004;&#47728;, &#53356;&#47549;&#53664; &#50629;&#44228;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51060;&#51088;&#47484; &#51648;&#44553;&#54644;&#50556; &#54620;&#45796;&#44256; &#51452;&#51109;&#54664;&#45796;.</p><p>&#44208;&#47200;&#51201;&#51004;&#47196; Sec. 404&#45716; &#44144;&#47000;&#49548;&#44032; &#49324;&#50857;&#51088;&#50640;&#44172; &#44036;&#51217;&#51201;&#51004;&#47196; &#51060;&#51088;&#47484; &#51648;&#44553;&#54616;&#45716; &#44163;&#51012; &#44552;&#51648;&#54664;&#45796;. &#51060;&#51204;&#50640;&#45716; &#49324;&#50857;&#51088;&#44032; &#53076;&#51064;&#48288;&#51060;&#49828;&#47484; &#53685;&#54644; USDC&#47484; &#48372;&#44288;&#54616;&#47732; &#51060;&#51088;&#47484; &#48155;&#51012; &#49688; &#51080;&#45716; &#44396;&#51312;&#50688;&#45796;. &#51060;&#45716; &#51648;&#45768;&#50612;&#49828;&#51032; &#51649;&#51217;&#51060;&#51088; &#44552;&#51648; &#51312;&#54637;&#51012; &#50864;&#54924;&#54616;&#45716; &#44036;&#51217;&#51201;&#51004;&#47196; &#51060;&#51088;&#47484; &#51648;&#44553;&#54616;&#45716; &#44396;&#51312;&#50688;&#45796;.</p><p>&#50948; &#44396;&#51312;&#47484; &#46356;&#53580;&#51068;&#54616;&#44172; &#49332;&#54196;&#48372;&#47732; &#49324;&#50857;&#51088;&#44032; USDC&#47484; &#48372;&#44288;&#54616;&#47732; &#44536; &#46024;&#51060; &#48156;&#54665;&#49324;(Circle)&#47484; &#44144;&#52432; &#48120;&#44397; &#44397;&#52292;&#50640; &#46308;&#50612;&#44032;&#44256;, &#44144;&#44592;&#49436; &#47564;&#46308;&#50612;&#51652; &#51060;&#51088;&#44032; &#49324;&#50857;&#51088;&#50640;&#44172; &#46028;&#50500;&#50724;&#45716; &#55120;&#47492;&#51060;&#50632;&#45796;. &#49324;&#50857;&#51088; &#51077;&#51109;&#50640;&#49436;&#45716; &#51008;&#54665;&#50640; &#50696;&#44552;&#51012; &#47585;&#44592;&#44256; &#51060;&#51088;&#47484; &#48155;&#45716; &#44163;&#44284; &#45796;&#47484; &#44172; &#50630;&#50632;&#45796;. &#51008;&#54665; &#51077;&#51109;&#50640;&#49436;&#45716; &#50696;&#44552;&#51060; USDC&#47196; &#48736;&#51256;&#45208;&#44040; &#49688; &#51080;&#45716; &#49480;&#51060;&#50632;&#45796;. &#44536;&#47111;&#44592;&#50640; &#51060;&#48264; &#51008;&#54665;&#44428;&#51060; &#44053;&#54616;&#44172; &#48152;&#48156;&#54620; &#51060;&#50976;&#45796;.</p><p>&#48277;&#50504;&#51008; &#45800;&#49692; &#48372;&#44288;&#50640; &#45824;&#54620; &#51060;&#51088;&#47484; &#47561;&#44256; &#8220;&#54876;&#46041;(bona fide activity)&#8221;&#51012; &#44592;&#48152;&#51004;&#47196; &#54620; &#47532;&#50892;&#46300;&#47564; &#54728;&#50857;&#54664;&#45796;. &#54616;&#51648;&#47564; &#51060; &#8220;&#54876;&#46041;&#8221;&#51032; &#51221;&#51032;&#45716; &#47784;&#54840;&#54616;&#45796;. &#44208;&#51228;&#44032; &#54876;&#46041;&#51064;&#51648;, &#44144;&#48260;&#45324;&#49828; &#53804;&#54364;&#44032; &#54876;&#46041;&#51064;&#51648;, &#50545; &#47196;&#44536;&#51064;&#51060; &#54876;&#46041;&#51064;&#51648;&#51032; &#44592;&#51456;&#51060; &#47784;&#46160; Treasury&#50752; CFTC&#51032; &#54616;&#50948; &#44508;&#51221; &#51228;&#51221;&#50640; &#50948;&#51076;&#46096;&#45796;.</p><h3><strong>3.2. &#54633;&#48277; &#53664;&#53360; &#48156;&#54665; &#44221;&#47196; (Sec. 103 + 105)</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!arxh!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!arxh!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png 424w, https://substackcdn.com/image/fetch/$s_!arxh!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png 848w, https://substackcdn.com/image/fetch/$s_!arxh!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png 1272w, https://substackcdn.com/image/fetch/$s_!arxh!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!arxh!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png" width="1456" height="970" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:970,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!arxh!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png 424w, https://substackcdn.com/image/fetch/$s_!arxh!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png 848w, https://substackcdn.com/image/fetch/$s_!arxh!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png 1272w, https://substackcdn.com/image/fetch/$s_!arxh!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F90b9f7d1-967d-43a0-b919-2a670ba2447f_2048x1365.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#46160; &#51312;&#54637;&#51012; &#53664;&#45824;&#47196; &#48120;&#44397;&#50640;&#49436; &#53664;&#53360;&#51012; &#54633;&#48277;&#51201;&#51004;&#47196; &#54032;&#47588;&#54624; &#49688; &#51080;&#45716; &#54872;&#44221;&#51060; &#47564;&#46308;&#50612;&#51276;&#45796;.</p><ul><li><p><strong>Sec. 103 (Reg Crypto &#47732;&#51228;)</strong>: SEC &#46321;&#47197; &#50630;&#51060; &#48120;&#44397; &#49324;&#50857;&#51088;&#50640;&#44172; &#53664;&#53360;&#51012; &#54032;&#47588;&#54624; &#49688; &#51080;&#45716; &#47732;&#51228; &#54620;&#46020; &#49888;&#49444; (&#50672; 5&#52380;&#47564; &#45804;&#47084; &#46608;&#45716; &#50976;&#53685;&#47049;&#51032; 10% &#51473; &#53360; &#44552;&#50529;, &#45572;&#51201; 2&#50613; &#45804;&#47084;).</p></li><li><p><strong>Sec. 105 (&#53664;&#53360; &#49444;&#44228; &#50504;&#51204;&#47581;)</strong>: &#44144;&#48260;&#45324;&#49828; &#44428;&#54620;&#51060;&#45208; &#49828;&#53580;&#51060;&#53433; &#49688;&#51061;&#51060; &#51080;&#45796;&#45716; &#51060;&#50976;&#47564;&#51004;&#47196; &#51613;&#44428;&#51004;&#47196; &#48516;&#47448;&#54624; &#49688; &#50630;&#46020;&#47197; &#47749;&#49884;. &#48277;&#50896;&#51060; &#51060;&#48120; &#48708;&#51613;&#44428;&#51004;&#47196; &#54032;&#44208;&#54620; &#53664;&#53360;&#51008; SEC&#44032; &#46244;&#51665;&#51012; &#49688; &#50630;&#45796;.</p></li></ul><p>&#46160; &#51312;&#54637;&#51032; &#50669;&#54624;&#51008; &#47749;&#54869;&#54616;&#44172; &#44040;&#47536;&#45796;. Sec. 103&#51060; &#8220;&#53664;&#53360;&#51012; &#54036; &#49688; &#51080;&#45716; &#44600;&#8221;&#51012; &#50676;&#50632;&#45796;&#47732;, Sec. 105&#45716; &#8220;&#44536; &#53664;&#53360;&#51060; &#51613;&#44428;&#51004;&#47196; &#48516;&#47448;&#46076; &#48156;&#51060; &#47926;&#51060;&#51648; &#50506;&#46020;&#47197;&#8221; &#48372;&#54840;&#54620;&#45796;. &#46168; &#51473; &#54616;&#45208;&#47564; &#51080;&#51004;&#47732; &#51032;&#48120;&#44032; &#50630;&#45796;. Sec. 103&#47564; &#51080;&#44256; Sec. 105&#44032; &#50630;&#45796;&#47732; &#48156;&#54665;&#51088;&#45716; &#51068;&#45800; &#54036; &#49688;&#45716; &#51080;&#51648;&#47564; &#49324;&#54980;&#50640; SEC&#44032; &#8220;&#49324;&#49892;&#51008; &#51613;&#44428;&#51060;&#50632;&#45796;&#8221;&#44256; &#46244;&#51665;&#51012; &#50948;&#54744;&#51012; &#50504;&#45716;&#45796;. Sec. 105&#47564; &#51080;&#44256; Sec. 103&#51060; &#50630;&#45796;&#47732; &#48516;&#47448;&#45716; &#50504;&#51204;&#54620;&#45936; &#52376;&#51020;&#48512;&#53552; &#54036; &#44600;&#51060; &#50630;&#45796;.</p><p>&#44536;&#46041;&#50504; &#48120;&#44397; &#49324;&#50857;&#51088; &#52264;&#45800;&#51012; &#46356;&#54260;&#53944;&#47196; &#44628;&#45912; &#48156;&#54665; &#44396;&#51312;&#50640; &#52376;&#51020;&#51004;&#47196; &#45796;&#47480; &#49440;&#53469;&#51648;&#44032; &#49373;&#44220;&#45796;. &#48156;&#54665;&#51088;&#44032; &#48120;&#44397; &#49884;&#51109;&#51012; &#50741;&#49496;&#51004;&#47196; &#46160;&#44256; &#48156;&#54665;&#51012; &#49444;&#44228;&#54624; &#49688; &#51080;&#45796;.</p><h3><strong>3.3. DeFi &#44508;&#51228; &#47732;&#51228; (Sec. 301)</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!uw4j!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!uw4j!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png 424w, https://substackcdn.com/image/fetch/$s_!uw4j!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png 848w, https://substackcdn.com/image/fetch/$s_!uw4j!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png 1272w, https://substackcdn.com/image/fetch/$s_!uw4j!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!uw4j!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png" width="1456" height="1048" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1048,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!uw4j!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png 424w, https://substackcdn.com/image/fetch/$s_!uw4j!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png 848w, https://substackcdn.com/image/fetch/$s_!uw4j!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png 1272w, https://substackcdn.com/image/fetch/$s_!uw4j!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2723f9ed-4d9c-4c33-b767-cc42bbedcf39_2048x1474.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>DeFi &#54532;&#47196;&#53664;&#53084;&#51060; &#48120;&#44397; &#44508;&#51228;&#51032; &#51201;&#50857;&#50640;&#49436; &#48736;&#51656; &#49688; &#51080;&#45716; &#44600;&#51060; &#52376;&#51020; &#50676;&#47160;&#45796;. SEC&#44032; DeFi &#54532;&#47196;&#53664;&#53084;&#51012; &#48372;&#44256; &#8220;&#45817;&#49888;&#46020; &#51613;&#44428;&#51060;&#45768;&#45768;&#44620; &#46321;&#47197;&#54616;&#49464;&#50836;&#8221;&#46972;&#44256; &#47568;&#54624; &#49688; &#50630;&#44172; &#46096;&#45796;&#45716; &#46907;&#51060;&#45796;.</p><p>&#54616;&#51648;&#47564; &#51312;&#44148;&#51060; &#51080;&#45796;. &#54532;&#47196;&#53664;&#53084;&#51060; &#52649;&#48516;&#55176; &#48516;&#49328;&#46076; &#51080;&#50612;&#50556; &#54620;&#45796;. &#50612;&#46500; &#54620; &#49324;&#46988;&#51060; &#47560;&#51020;&#45824;&#47196; &#50868;&#50689;&#51012; &#48148;&#44992; &#49688; &#50630;&#45716; &#44396;&#51312;&#50668;&#50556; &#54620;&#45796;. &#50612;&#46300;&#48124; &#53412;, &#50629;&#44536;&#47112;&#51060;&#46300; &#44428;&#54620;, &#49884;&#53328;&#47532;&#54000; &#52852;&#50868;&#49836; &#44057;&#51008; &#53685;&#51228; &#51648;&#51216;&#51060; &#54620; &#47749;&#50640;&#44172; &#47792;&#47140; &#51080;&#51004;&#47732; &#47732;&#51228; &#45824;&#49345;&#50640;&#49436; &#48736;&#51652;&#45796;. &#45796;&#47564; &#48372;&#50504; &#49324;&#44256; &#45824;&#51025; &#44057;&#51008; &#44596;&#44553; &#44060;&#51077;&#51008; &#45800;&#51068; &#53685;&#51228;&#47196; &#44036;&#51452;&#46104;&#51648; &#50506;&#45716;&#45796;. &#48516;&#49328;&#49457;&#51012; &#50976;&#51648;&#54616;&#47732;&#49436;&#46020; &#49324;&#44256;&#50640;&#45716; &#45824;&#51025;&#54624; &#49688; &#51080;&#45796;.</p><p>&#51060;&#51228; &#54532;&#47196;&#53664;&#53084;&#51032; &#45348;&#53944;&#50892;&#53356; &#48516;&#49328;&#54868;&#45716; &#45800;&#49692;&#54620; &#51060;&#45392;&#51060; &#50500;&#45768;&#46972; &#48120;&#44397; &#49884;&#51109;&#50640; &#51652;&#51077;&#54624; &#49688; &#51080;&#45716; &#51312;&#44148;&#51060; &#46108; &#44163;&#51060;&#45796;.</p><h2><strong>4. &#53364;&#47000;&#47532;&#54000; &#48277;&#50504; &#51060;&#54980; &#50526;&#51004;&#47196;&#51032; &#51204;&#47029;</strong></h2><h3><strong>4.1. &#54876;&#46041; &#44592;&#48152; &#47532;&#50892;&#46300; &#49324;&#50629;</strong></h3><p>&#44536;&#47111;&#45796;&#47732; &#54876;&#46041; &#44592;&#48152;&#51032; &#51221;&#51032;&#45716; &#47924;&#50631;&#51068;&#44620;? &#48277;&#50504; &#48376;&#47928;(c)(3)(A)&#50640;&#49436;&#45716; &#44208;&#51228;&#183;&#44144;&#48260;&#45324;&#49828; &#53804;&#54364;&#183;&#49828;&#53580;&#51060;&#53433;&#183;USDC &#44144;&#47000;&#47484; &#54876;&#46041; &#50696;&#49884;&#47196; &#51649;&#51217; &#47749;&#49884;&#54664;&#45796;. <strong>&#51060;&#47484; &#48708;&#52628;&#50612; &#48420;&#51012; &#46412; &#54876;&#46041; &#44592;&#48152; &#51221;&#51032;&#45716; &#8216;&#45800;&#49692;&#54620; &#51088;&#49328;&#51032; &#50696;&#52824;&#45208; &#48372;&#50976;(Passive Holding)&#47484; &#45336;&#50612;, &#48660;&#47197;&#52404;&#51064; &#45348;&#53944;&#50892;&#53356; &#48143; &#54540;&#47019;&#54268; &#54876;&#49457;&#54868;&#50640; &#44592;&#50668;&#54616;&#45716; &#49324;&#50857;&#51088;&#51032; &#44396;&#52404;&#51201;&#51064; &#50976;&#54008;&#47532;&#54000; &#49548;&#48708; &#54665;&#50948;&#8217;&#47196; &#44508;&#51221;&#54624; &#49688; &#51080;&#45796;.</strong></p><p>&#51593;, &#51060; &#47784;&#45944;&#51008; &#49888;&#50857;&#52852;&#46300; &#52880;&#49884;&#48177;&#44284; &#51089;&#46041; &#48169;&#49885;&#51060; &#44057;&#45796;. &#45800;&#49692; &#48372;&#44288;&#50640; &#51060;&#51088;&#47484; &#51452;&#45912; &#44592;&#51316; &#50696;&#44552;&#49885; &#47784;&#45944;&#44284; &#45804;&#47532;, &#49324;&#50857;&#51088;&#44032; &#44208;&#51228;&#45208; &#49828;&#53580;&#51060;&#53433; &#44057;&#51008; &#8216;&#54665;&#50948;&#8217;&#47484; &#54624; &#46412;&#47564; &#51060;&#47484; &#53944;&#47532;&#44144; &#49340;&#50500; &#51092;&#44256;&#50640; &#48708;&#47168;&#54620; &#47532;&#50892;&#46300;&#44032; &#49939;&#51064;&#45796;.<strong> &#44536;&#47111;&#45796;&#47732; &#50612;&#46500; &#51452;&#52404;&#46308;&#51060; &#49688;&#54812;&#47484; &#51077;&#44256; &#51060;&#46308;&#51008; &#50612;&#46500; &#49324;&#50629;&#46308;&#51060; &#44032;&#45733;&#54624;&#44620;?</strong></p><ul><li><p><strong>&#44144;&#47000;&#49548; &#48143; &#53356;&#47549;&#53664; &#50545;: </strong>&#49688;&#49688;&#47308; &#51064;&#54616; &#44172;&#51076;&#50640;&#49436; &#48279;&#50612;&#45208;, &#49892;&#51228; &#44144;&#47000; &#54841;&#51008; &#50545; &#45236; &#52280;&#50668;&#50640; &#47532;&#50892;&#46300;&#47484; &#48512;&#50668;&#54644; &#52628;&#44032; &#49688;&#51061;&#51012; &#50619;&#44592; &#50948;&#54644; &#51088;&#49328;&#51012; &#48764;&#51648; &#50506;&#44256; &#54540;&#47019;&#54268;&#50640; &#44144;&#52824;&#54616;&#47728; &#49345;&#54840;&#51089;&#50857;&#54616;&#44172; &#54620;&#45796;. &#50696;&#52824;&#44552;&#51012; &#51648;&#49549;&#51201;&#51004;&#47196; &#8216;&#54876;&#49457; &#51088;&#48376;&#8217;&#51004;&#47196; &#51204;&#54872;&#54616;&#50668; &#51060;&#53448;&#54616;&#45716; &#51088;&#48376;&#51012; &#54540;&#47019;&#54268; &#45236;&#50640; &#47926;&#50612;&#46160;&#45716;(Lock-in) &#51201;&#50857;&#51060; &#44032;&#45733;&#54624; &#44163;&#51060;&#45796;.</p></li><li><p><strong>&#45824;&#44508;&#47784; &#53944;&#47000;&#54589; &#54540;&#47019;&#54268;/&#51204;&#53685; &#52852;&#46300;&#49324;: </strong>&#51060;&#45716; &#44144;&#47000;&#49548; &#49324;&#47168;&#50752; &#50976;&#49324;&#54616;&#44172; &#50976;&#51200;&#46308;&#50640;&#44172; &#51648;&#50896;&#54616;&#45912; &#47560;&#52992;&#54021;&#49457; &#47532;&#50892;&#46300; &#51116;&#50896;&#51012; &#54540;&#47019;&#54268;&#51060; &#50500;&#45772; &#49828;&#53580;&#51060;&#48660; &#53076;&#51064;&#50640;&#49436; &#45208;&#50724;&#45716; &#48120;&#44397; &#44397;&#52292; &#51060;&#51088; &#49688;&#51061;&#50640;&#49436; &#45208;&#50728;&#45796;. &#54540;&#47019;&#54268; &#51077;&#51109;&#50640;&#49436;&#45716; &#45236; &#47560;&#52992;&#54021; &#50696;&#49328;&#51012; &#51208;&#44048;&#54616;&#44256; &#44256;&#44061;&#50640;&#44172; &#54788;&#44552;&#49457; &#54812;&#53469;&#51012; &#51228;&#44277;&#54616;&#45716; &#51116;&#47924; &#44396;&#51312;(&#48708;&#50857;&#51032; &#50808;&#51452;&#54868;)&#47484; &#47564;&#46308; &#49688; &#51080;&#45796;. &#46608;&#54620; &#51068;&#48512;&#45716; &#49688;&#51061;&#51004;&#47196; &#49688;&#52712;&#54624; &#49688; &#51080;&#45796;.</p></li><li><p><strong>&#46356;&#54028;&#51060;(DeFi): </strong>&#50504;&#51221;&#51201;&#51064; &#49828;&#53580;&#51060;&#53433; &#51064;&#54532;&#46972;&#47484; &#44032;&#51648;&#44256; &#51080;&#45716; &#54540;&#47019;&#54268;&#46308;&#51060; &#44032;&#51109; &#53360; &#49688;&#54812;&#47484; &#51077;&#51012; &#44163;&#51012; &#48372;&#51064;&#45796;. &#50668;&#47084; &#44592;&#48152; &#54540;&#47019;&#54268; &#51473; &#44288;&#47144; &#49436;&#48708;&#49828;&#47484; &#51649;&#51217; &#47560;&#47144;&#54616;&#44592; &#50612;&#47140;&#50868; &#45796;&#50577;&#54620; &#54540;&#47019;&#54268;&#46308;&#51060; &#51060; &#47784;&#45944;&#51012; &#51201;&#44537;&#51201;&#51004;&#47196; &#54876;&#50857;&#54616;&#50668; &#50976;&#51200;&#50640;&#44172; &#47532;&#50892;&#46300;&#47484; &#48512;&#50668;&#54616;&#44172; &#54624; &#44163;&#51004;&#47196; &#48372;&#50668;, &#44592;&#44288;&#46308;&#51032; &#51064;&#51221;&#54620; &#50504;&#51221;&#49457; &#45458;&#51008; &#54540;&#47019;&#54268;&#51032; &#49849;&#51088;&#46021;&#49885; &#44396;&#51312;&#44032; &#50696;&#49345;&#46108;&#45796;.</p></li></ul><p><strong>&#51593;, &#51221;&#47532;&#54616;&#47732; &#51060;&#53448; &#51088;&#48376;&#51012; &#47561;&#45716; &#44053;&#47141;&#54620; &#46973;&#51064;(Lock-in) &#47532;&#50892;&#46300;, &#47560;&#52992;&#54021; &#50696;&#49328; &#48169;&#50612;&#46972;&#45716; &#48708;&#50857; &#51208;&#44048;&#51032; &#54952;&#44284;, &#44536;&#47532;&#44256; &#49352;&#47196;&#50868; &#49688;&#51061; &#52285;&#52636; &#47784;&#45944;(B2B &#49556;&#47336;&#49496; &#48143; &#47560;&#51652; &#49688;&#52712;)&#51032; &#54869;&#47549;&#51004;&#47196; &#50836;&#50557;&#54624; &#49688; &#51080;&#45796;.</strong></p><h3><strong>4.2. &#54633;&#48277;&#51201; &#53664;&#53360; &#48156;&#54665; &#49324;&#50629;</strong></h3><p>&#44536;&#47111;&#45796;&#47732; &#54633;&#48277;&#51201; &#53664;&#53360; &#48156;&#54665; &#51228;&#46020;&#51032; &#48376;&#51656;&#51008; &#47924;&#50631;&#51068;&#44620;? &#48277;&#50504; &#48376;&#47928; Sec. 103&#50640;&#49436;&#45716; &#50672; 5&#52380;&#47564; &#45804;&#47084;(&#45572;&#51201; 2&#50613; &#45804;&#47084;)&#51032; &#51312;&#45804; &#54620;&#46020;&#47484; &#47749;&#49884;&#54664;&#44256;, Sec. 105&#50640;&#49436;&#45716; &#51201;&#48277;&#54616;&#44172; &#48156;&#54665;&#46108; &#53664;&#53360;&#51060; &#49324;&#54980;&#50640; &#51613;&#44428;&#51004;&#47196; &#51116;&#48516;&#47448;&#46104;&#51648; &#50506;&#46020;&#47197; &#48372;&#54840;&#54616;&#45716; &#44508;&#51221;&#51012; &#51649;&#51217; &#47749;&#49884;&#54664;&#45796;. &#51060;&#47484; &#48708;&#52628;&#50612; &#48420;&#51012; &#46412; &#54633;&#48277;&#51201; &#53664;&#53360; &#48156;&#54665;&#51032; &#48376;&#51656;&#51008; &#8216;&#48120;&#44397; &#53804;&#51088;&#51088; &#45824;&#49345;&#51032; &#54140;&#48660;&#47533; &#49464;&#51068;(ICO&#183;IDO) &#50577;&#49457;&#54868;&#51060;&#51088;, &#51088;&#44552; &#51312;&#45804;&#51012; &#46168;&#47084;&#49916; &#54633;&#48277;&#51201; &#51064;&#54532;&#46972; &#49688;&#50836;&#51032; &#54253;&#48156;&#51201;&#51064; &#51613;&#44032;&#8217;&#47196; &#44508;&#51221;&#54624; &#49688; &#51080;&#45796;.</p><p><strong>&#51593;, &#51060; &#49373;&#53468;&#44228;&#45716; &#51204;&#53685; &#51452;&#49885; &#49884;&#51109;&#51032; IPO(&#44592;&#50629;&#44277;&#44060;) &#51064;&#54532;&#46972;&#50752; &#51089;&#46041; &#48169;&#49885;&#51060; &#44057;&#50500; &#44592;&#51316; IPO &#44288;&#47144; &#49324;&#50629;&#46308;&#44284; &#50976;&#49324;&#54616;&#44172; &#55128;&#47084;&#44040; &#44163;&#51060;&#45796;.</strong></p><ul><li><p><strong>&#48156;&#54665; &#51064;&#54532;&#46972; &#54540;&#47019;&#54268;: </strong>&#48156;&#54665;&#51088;&#44032; KYC&#183;&#51201;&#44201; &#53804;&#51088;&#51088; &#44160;&#51613;, &#44277;&#49884; &#51088;&#46041;&#54868;, &#53664;&#53360; &#46973;&#50629; &#48143; &#51116;&#47924; &#44288;&#47532; &#46321;&#51032; &#48373;&#51105;&#54620; &#51208;&#52264;&#47484; &#51649;&#51217; &#44396;&#52629;&#54644;&#50556; &#54616;&#45716; &#48708;&#54952;&#50984;&#49457;&#50640;&#49436; &#48279;&#50612;&#45208;, &#47784;&#46280;&#54868;&#46108; &#48156;&#54665; &#49884;&#49828;&#53596;&#51012; SaaS &#54805;&#53468;&#47196; &#51060;&#50857;&#54616;&#44172; &#54620;&#45796;. &#54620; &#48264; &#51064;&#54532;&#46972;&#47484; &#44396;&#52629;&#54644; &#46160;&#47732; &#54532;&#47196;&#51229;&#53944;&#46308;&#51060; &#51060;&#47484; &#54876;&#50857;&#54624; &#46412;&#47560;&#45796; &#48152;&#48373;&#51201;&#51064; &#47588;&#52636;&#51060; &#48156;&#49373;&#54616;&#45716; B2B &#44396;&#51312; &#54869;&#47549;&#51060; &#44032;&#45733;&#54624; &#44163;&#51060;&#45796;. (&#45824;&#54364; &#49324;&#47168;: &#53076;&#51064;&#48288;&#51060;&#49828;&#51032; Echo)</p></li><li><p><strong>&#48156;&#54665; &#51088;&#47928; &#54156; &#48143; &#45824;&#54805; VC: </strong>&#44544;&#47196;&#48268; &#54532;&#47196;&#51229;&#53944; &#54016;&#51060; &#48373;&#51105;&#54620; &#48120;&#44397; &#51613;&#44428;&#48277;&#51012; &#45800;&#46021;&#51004;&#47196; &#51060;&#54644;&#54616;&#44256; &#45824;&#52376;&#54616;&#44592; &#50612;&#47140;&#50868; &#54788;&#49892;&#51201; &#54620;&#44228;&#50640;&#49436; &#48279;&#50612;&#45208;, &#53664;&#53360; &#44396;&#51312; &#49444;&#44228;&#48512;&#53552; &#49324;&#54980; &#48516;&#51137; &#45824;&#51025;&#44620;&#51648; &#54620; &#54056;&#53412;&#51648;&#47196; &#47926;&#50612; &#51228;&#44277;&#48155;&#44172; &#54620;&#45796;. &#51204;&#53685; IPO &#49884;&#51109;&#50640;&#49436; &#44264;&#46300;&#47564;&#49325;&#49828;&#45208; &#47784;&#44148;&#49828;&#53472;&#47532;&#44032; &#54664;&#45912; &#44163;&#44284; &#44057;&#51008; &#54596;&#49688;&#51201;&#51064; &#8216;&#53664;&#53360; &#51204;&#45812; &#53804;&#51088;&#51008;&#54665;(IB)&#8217; &#49373;&#53468;&#44228; &#51201;&#50857;&#51060; &#44032;&#45733;&#54624; &#44163;&#51060;&#45796;. a16z, Paradigm &#44057;&#51008; &#45824;&#54805; VC&#46308;&#51060; &#51088;&#47928; &#44592;&#45733;&#51012; &#45236;&#51116;&#54868;&#54616;&#45716; &#48169;&#54693;&#46020; &#50696;&#49345;&#46108;&#45796;.</p></li><li><p><strong>&#51201;&#44201; &#53804;&#51088;&#51088; &#47588;&#52845; &#48708;&#51592;&#45768;&#49828;: </strong>&#44544;&#47196;&#48268; &#54532;&#47196;&#51229;&#53944;&#44032; &#48120;&#44397; &#45236; &#51201;&#44201; &#53804;&#51088;&#51088; &#54400;(DB)&#50640; &#46021;&#51088;&#51201;&#51004;&#47196; &#51217;&#44540;&#54644;&#50556; &#54616;&#45716; &#48520;&#44032;&#45733;&#50640; &#44032;&#44620;&#50868; &#44284;&#51228;&#50640;&#49436; &#48279;&#50612;&#45208;, &#51204;&#53685; &#51088;&#49328; &#50868;&#50857;&#49324;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328; &#51204;&#47928; IR &#54156; &#46321;&#51060; &#48156;&#54665;&#51088;&#50752; &#53804;&#51088;&#51088;&#47484; &#51649;&#51217; &#50672;&#44208;&#54616;&#44172; &#54620;&#45796;. &#51312;&#45804; &#54620;&#46020; &#45236;&#50640;&#49436; &#48736;&#47476;&#44256; &#50504;&#51204;&#54616;&#44172; &#51088;&#48376;&#51012; &#50672;&#44208;&#54616;&#45716; &#44053;&#47141;&#54620; &#48652;&#47196;&#52964;&#47532;&#51648; &#48708;&#51592;&#45768;&#49828;&#44032; &#44032;&#45733;&#54624; &#44163;&#51060;&#45796;.</p></li></ul><p>&#51060;&#47084;&#54620; &#49464; &#44032;&#51648; &#48708;&#51592;&#45768;&#49828;&#45716; &#53076;&#51064;&#48288;&#51060;&#49828;&#51032; Echo &#51064;&#49688;&#45208; CoinList, Republic, Legion&#52376;&#47100; &#54620; &#44275;&#50640;&#49436; &#47784;&#46304; &#51208;&#52264;(KYC, &#51088;&#47928;, &#47588;&#52845;)&#47484; &#45149;&#45236;&#45716; &#8216;&#53685;&#54633; &#54400; &#49436;&#48708;&#49828; &#47784;&#45944;&#8217;&#44284;, &#53945;&#51221; &#44592;&#45733;(&#51116;&#47924; SaaS, &#51204;&#47928; &#47196;&#54156;, IR &#46321;)&#47564; &#44264;&#46972;&#49436; &#51204;&#47928;&#51201;&#51004;&#47196; &#50808;&#51452;&#54868;&#54616;&#45716; &#8216;&#45800;&#46021; &#47784;&#46280; &#47784;&#45944;&#8217;&#47196; &#50577;&#48516;&#46104;&#50612; &#49884;&#51109;&#50640; &#51088;&#47532; &#51105;&#51012; &#44163;&#51060;&#45796;.</p><p><strong>&#51593;, &#51221;&#47532;&#54616;&#47732; &#44508;&#51228; &#47532;&#49828;&#53356;&#47484; &#54644;&#49548;&#54616;&#45716; &#54633;&#48277;&#51201; &#51088;&#48376; &#51312;&#45804; &#52285;&#44396;&#51032; &#44060;&#48169;&#44284; &#49352;&#47196;&#50868; &#53664;&#53360; &#51088;&#48376; &#49884;&#51109;(Token IB) &#49373;&#53468;&#44228;&#51032; &#46020;&#47000;&#47196; &#50836;&#50557;&#54624; &#49688; &#51080;&#45796;.</strong></p><p>&#45796;&#47564;, &#51109;&#44592;&#51201;&#51060;&#44256; &#51201;&#48277;&#54620; &#49324;&#50629;&#51012; &#50689;&#50948;&#54616;&#47140;&#45716; &#50864;&#47049; &#54532;&#47196;&#51229;&#53944;&#46308;&#51008; &#51060; &#51064;&#54532;&#46972;&#47484; &#51201;&#44537; &#54876;&#50857;&#54616;&#44192;&#51648;&#47564;, &#50668;&#51204;&#55176; &#49884;&#51109;&#51032; &#45796;&#49688;&#47484; &#52264;&#51648;&#54616;&#45716; &#44076;&#48660;&#47553; &#49457;&#44201;&#51032; &#54532;&#47196;&#51229;&#53944;&#46308;&#51060; &#44592;&#51316;&#51032; &#54200;&#54616;&#44256; &#51228;&#50557; &#50630;&#45716; &#50669;&#50808;(Offshore) &#48156;&#54665; &#44396;&#51312;&#47484; &#54252;&#44592;&#54616;&#44256; &#44403;&#51060; &#50628;&#44201;&#54616;&#44256; &#48373;&#51105;&#54620; &#48120;&#44397; &#49884;&#51109;&#51012; &#49440;&#53469;&#54624;&#51648;&#45716; &#51032;&#47928;&#51004;&#47196; &#45224;&#45716;&#45796;.</p><h2><strong>5. 2026&#45380;, &#49884;&#51109;&#51032; &#47344;&#51060; &#48148;&#45068;&#45716; &#44208;&#51221;&#51201; &#44592;&#51216;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!gLq1!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!gLq1!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png 424w, https://substackcdn.com/image/fetch/$s_!gLq1!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png 848w, https://substackcdn.com/image/fetch/$s_!gLq1!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png 1272w, https://substackcdn.com/image/fetch/$s_!gLq1!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!gLq1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png" width="1456" height="819" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:819,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!gLq1!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png 424w, https://substackcdn.com/image/fetch/$s_!gLq1!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png 848w, https://substackcdn.com/image/fetch/$s_!gLq1!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png 1272w, https://substackcdn.com/image/fetch/$s_!gLq1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36a518fc-fb1f-4d84-a580-ff4cea69a297_1672x941.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>2026&#45380;&#51008; &#51204; &#49464;&#44228; &#50516;&#54840;&#54868;&#54224; &#49884;&#51109;&#51032; &#54056;&#47084;&#45796;&#51076;&#51060; &#46244;&#51665;&#55176;&#45716; &#44208;&#51221;&#51201; &#44592;&#51216;&#51060;&#45796;. &#47564;&#50557; 7&#50900; &#48120;&#44397;&#51032; &#53364;&#47000;&#47532;&#54000; &#48277;&#50504;(Clarity Act)&#51060; &#53685;&#44284;&#46104;&#50612; &#51593;&#44033; &#49884;&#54665;&#46108;&#45796;&#47732;, &#51060;&#45716; &#45800;&#49692;&#54620; &#48120;&#44397; &#45236; &#51060;&#49800;&#47196; &#45149;&#45208;&#51648; &#50506;&#45716;&#45796;. &#48120;&#44397;&#48156; &#44508;&#51228; &#48520;&#54869;&#49892;&#49457;&#51060; &#54644;&#49548;&#46104;&#45716; &#49692;&#44036;, &#51228;&#46020;&#44428;&#51032; &#51088;&#48376;&#51060; &#54633;&#48277;&#51201;&#51064; &#53580;&#46160;&#47532; &#50504;&#50640;&#49436; &#49884;&#51109;&#50640; &#46308;&#50612;&#50724;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><p>&#45908; &#51473;&#50836;&#54620; &#44163;&#51008; &#48120;&#44397; &#48150; &#44033;&#44397; &#49884;&#51109;&#51032; &#48152;&#51025;&#51060;&#45796;. &#44544;&#47196;&#48268; &#44397;&#44032;&#46308;&#51008; &#48120;&#44397; &#51088;&#48376;&#51060; &#51204; &#49464;&#44228; &#50516;&#54840;&#54868;&#54224; &#49373;&#53468;&#44228;&#47484; &#46021;&#51216;&#54616;&#46020;&#47197; &#51648;&#53020;&#48372;&#51648;&#47564;&#51008; &#50506;&#51012; &#44163;&#51060;&#45796;. &#51060;&#46308;&#51008; &#48277;&#50504; &#49884;&#54665; &#51060;&#54980; &#48120;&#44397;&#50640;&#49436; &#50612;&#46500; &#48708;&#51592;&#45768;&#49828;&#44032; &#49457;&#51109;&#54616;&#45716;&#51648; &#49892;&#49884;&#44036;&#51004;&#47196; &#54869;&#51064;&#54624; &#44163;&#51060;&#45796;. &#44536;&#47532;&#44256; &#44536; &#44208;&#44284;&#47484; &#48292;&#52824;&#47560;&#53433;&#54616;&#50668; &#51088;&#44397; &#51088;&#48376;&#51032; &#50976;&#52636;&#51012; &#47561;&#44256; &#49884;&#51109; &#51452;&#46020;&#44428;&#51012; &#51648;&#53412;&#44592; &#50948;&#54644;, &#51088;&#44397; &#49892;&#51221;&#50640; &#47582;&#45716; &#47582;&#52644;&#54805; &#44508;&#51228;&#47484; &#48156; &#48736;&#47476;&#44172; &#49444;&#44228;&#54616;&#47728; &#52628;&#44201;&#54624; &#44163;&#51060;&#45796;.</p><p>&#54616;&#51648;&#47564; &#44508;&#51228;&#51032; &#48376;&#44201;&#51201;&#51064; &#46020;&#51077;&#51008; &#49884;&#51109;&#50640; &#47749;&#54869;&#54620; &#51109;&#51216;&#44284; &#45800;&#51216;&#51012; &#46041;&#49884;&#50640; &#48512;&#50668;&#54620;&#45796;.</p><ul><li><p><strong>&#51109;&#51216; (&#49828;&#52992;&#51068;&#50629;&#44284; &#45824;&#51473;&#54868;):</strong> &#48520;&#54869;&#49892;&#49457; &#54644;&#49548;&#47196; &#51064;&#54644; &#51204;&#53685; &#44552;&#50997;&#44428;&#44284; &#48709;&#53580;&#53356;&#51032; &#44144;&#45824; &#44592;&#44288; &#51088;&#44552;&#51060; &#51652;&#51077;&#54624; &#49688; &#51080;&#45716; &#8216;&#44256;&#49549;&#46020;&#47196;&#8217;&#44032; &#46763;&#47536;&#45796;. &#50526;&#49436; &#50616;&#44553;&#54620; &#47532;&#50892;&#46300; &#44208;&#54633; &#47784;&#45944;&#52376;&#47100; &#45824;&#51473;&#50640;&#44172; &#52828;&#49689;&#54616;&#44256; &#54633;&#48277;&#51201;&#51064; &#48708;&#51592;&#45768;&#49828;&#44032; &#50577;&#49457;&#54868;&#46104;&#47732;&#49436;, &#53356;&#47549;&#53664; &#49884;&#51109;&#51060; &#44593;(Geek)&#46308;&#51032; &#51204;&#50976;&#47932;&#51012; &#45336;&#50612; &#51652;&#51221;&#54620; &#47588;&#49828; &#50612;&#46037;&#49496;(Mass Adoption)&#51012; &#51060;&#47364;&#45244; &#49688; &#51080;&#45796;.</p></li><li><p><strong>&#45800;&#51216; (&#48708;&#50857; &#51613;&#44032;&#50752; &#54785;&#49888; &#46164;&#54868;):</strong> &#48152;&#47732;, &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;(&#48277;&#44508; &#51456;&#49688;) &#48708;&#50857;&#51012; &#44048;&#45817;&#54616;&#51648; &#47803;&#54616;&#45716; &#50689;&#49464; &#54532;&#47196;&#51229;&#53944;&#45208; &#44508;&#51228; &#49324;&#44033;&#51648;&#45824;&#50640;&#49436; &#44592;&#54805;&#51201;&#51004;&#47196; &#49457;&#51109;&#54664;&#45912; &#48708;&#51592;&#45768;&#49828;&#46308;&#51008; &#46020;&#53468;&#46108;&#45796;. &#51228;&#46020;&#44428;&#51032; &#53952;&#50640; &#44039;&#55176;&#47732;&#49436;, &#52488;&#44592; &#53356;&#47549;&#53664; &#49373;&#53468;&#44228; &#53945;&#50976;&#51032; &#45216;&#44163; &#44057;&#51008; &#54785;&#49888; &#49549;&#46020;&#50752; &#51088;&#50976;&#46020;&#45716; &#51060;&#51204;&#48372;&#45796; &#46164;&#54868;&#46112; &#49688;&#48150;&#50640; &#50630;&#45796;.</p></li></ul><p>&#44208;&#44284;&#51201;&#51004;&#47196; 2026&#45380;&#51008; &#47924;&#48277; &#51648;&#45824;&#51032; &#47344;&#51060; &#51200;&#47932;&#44256;, &#51228;&#46020;&#44428;&#51032; &#51656;&#49436;&#44032; &#51060;&#49885;&#46104;&#45716; &#54644;&#45796;. &#44033;&#44397; &#44508;&#51228; &#45817;&#44397;&#51032; &#50880;&#51649;&#51076;&#50640; &#44592;&#48124;&#54616;&#44172; &#45824;&#51025;&#54616;&#47728; &#8216;&#54633;&#48277;&#51201;&#51064; &#48708;&#51592;&#45768;&#49828; &#51064;&#54532;&#46972;&#8217;&#47484; &#49440;&#51216;&#54616;&#45716; &#51088;&#47564;&#51060; &#45796;&#51020; &#49464;&#45824;&#51032; &#44144;&#45824;&#54620; &#48512;&#47484; &#46021;&#49885;&#54616;&#44172; &#46104;&#45716;, &#50516;&#54840;&#54868;&#54224; &#49884;&#51109; &#50669;&#49324;&#49345; &#44032;&#51109; &#44144;&#45824;&#54620; &#44592;&#51216;&#51060; &#46112; &#44163;&#51060;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/us-sec-policy-shift-kor?utm_source=publication-search">&#48120;&#44397; SEC&#51032; &#44592;&#51312; &#48320;&#54868;: &#44053;&#44221; &#44508;&#51228;&#50640;&#49436; &#54801;&#47141;&#51201; &#51217;&#44540;&#51004;&#47196;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/change-in-the-us-kor?utm_source=publication-search">&#53944;&#47100;&#54532; &#51221;&#48512; 1&#45380;, &#48120;&#44397; &#50516;&#54840;&#54868;&#54224; &#49328;&#50629;&#51032; &#48320;&#54868;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>Terms of Usage</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(<a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ ์˜จ์ฒด์ธ์—์„œ RWA๋กœ: ์ˆ˜์ตํ˜• ์Šคํ…Œ์ด๋ธ”์ฝ”์ธ์ด ์žฌ์„ค๊ณ„ํ•˜๋Š” DeFi์˜ ์ƒˆ๋กœ์šด ํ† ๋Œ€ ]]>
</title>
<description>
<![CDATA[ Listen now | &#50640;&#53580;&#45208;&#51032; sUSDe &#51216;&#50976; &#54616;&#46973;&#51008; &#50640;&#53580;&#45208;&#51032; &#49892;&#54056;&#44032; &#50500;&#45768;&#46972; &#49884;&#51109;&#51032; &#48320;&#54868;&#47484; &#48372;&#50668;&#51469;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/rwa-on-chain-to-rwa-the-new-defi-base-kor</guid>
<dc:creator>
<![CDATA[ Henry Kim ]]>
</dc:creator>
<pubDate>Tue, 12 May 2026 13:01:59 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/197326985/27cfcc38317aa30c3e158cb872ecdc82.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>&#50640;&#53580;&#45208;&#51032; sUSDe &#51216;&#50976; &#54616;&#46973;&#51008; &#50640;&#53580;&#45208;&#51032; &#49892;&#54056;&#44032; &#50500;&#45768;&#46972; &#49884;&#51109;&#51032; &#48320;&#54868;&#47484; &#48372;&#50668;&#51469;&#45768;&#45796;. DeFi &#49884;&#51109;&#51060; &#50612;&#46523;&#44172; &#48320;&#54868;&#54616;&#44256; &#51080;&#45716;&#51648; &#49332;&#54196;&#48372;&#44192;&#49845;&#45768;&#45796;.</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ol><li><p>sUSDe &#44277;&#44553;&#47049;&#51060; &#44553;&#44048;&#54616;&#45716; &#46041;&#50504; &#49688;&#51061;&#47456;&#51060; &#45908; &#45230;&#51008; USYC&#50752; sUSDS&#50640; &#51088;&#44552;&#51060; &#50976;&#51077;&#46096;&#45796;. &#51088;&#48376;&#51032; &#51060;&#53448;&#51060;&#46972;&#44592; &#48372;&#45800;, &#44057;&#51008; &#49884;&#51109; &#50504;&#50640;&#49436; &#49440;&#53469; &#44592;&#51456;&#51060; &#48148;&#45068;&#50632;&#45796;.</p></li><li><p>&#51088;&#49328;&#51012; &#44032;&#47476;&#45716; &#44592;&#51456;&#51008; &#45908; &#51060;&#49345; APY&#44032; &#50500;&#45768;&#45796;. &#45812;&#48372;, &#51200;&#52629; &#49345;&#54408;, &#47532;&#51200;&#48652;&#47196; &#52292;&#53469;&#46112; &#49688; &#51080;&#45716;&#51648;&#44032; &#45908; &#51473;&#50836;&#54644;&#51648;&#44256; &#51080;&#45796;.</p></li><li><p>S&amp;P&#45716; Sky&#50640; DeFi &#54532;&#47196;&#53664;&#53084; &#52572;&#52488;&#47196; &#49888;&#50857;&#46321;&#44553;&#51012; &#48512;&#50668;&#54664;&#45796;.</p></li><li><p>Ethena&#45716; 2026&#45380; 4&#50900; &#45812;&#48372; &#44396;&#51312;&#47484; &#51204;&#47732; &#44060;&#54200;&#54616;&#47728; &#54633;&#49457;&#54805;&#50640;&#49436; &#54844;&#54633;&#54805;&#51004;&#47196; &#51204;&#54872; &#51473;&#50640; &#51080;&#45796;. &#45800;&#51068; &#49688;&#51061;&#50896;&#51004;&#47196;&#45716; YBS &#49884;&#51109;&#50640;&#49436; &#49332;&#50500;&#45224;&#44592; &#50612;&#47140;&#50892;&#51276;&#45796;.</p></li><li><p>DeFi&#45716; &#51060;&#51088;&#47484; &#47564;&#46300;&#45716; &#49884;&#51109;&#50640;&#49436; &#51204;&#53685;&#44552;&#50997;&#51032; &#51060;&#51088;&#47484; &#49688;&#51077;&#183;&#50976;&#53685;&#54616;&#45716; &#49884;&#51109;&#51004;&#47196; &#48148;&#45068;&#44256; &#51080;&#45796;. &#44592;&#52488;&#44032; &#44204;&#44256;&#54644;&#51656;&#49688;&#47197; &#44536; &#50948;&#50640; &#49939;&#51060;&#45716; &#44396;&#51312;&#46020; &#44053;&#54644;&#51652;&#45796;.</p></li></ol><div><hr></div><h2><strong>1. &#50640;&#53580;&#45208;(Ethena)&#51032; sUSDe&#45716; &#48533;&#44340; &#51473;&#51064;&#44032;?</strong></h2><p>&#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;(Yield Bearing Stablecoin, YBS)&#51008; &#45804;&#47084; &#44032;&#52824;&#50640; &#50672;&#46041;&#46108; &#52292; &#48372;&#50976;&#47564;&#51004;&#47196; &#51060;&#51088;&#44032; &#49939;&#51060;&#45716; &#53664;&#53360;&#51060;&#45796;. &#44592;&#51316; USDC&#183;USDT&#50752; &#44057;&#51008; &#51068;&#48152;&#51201;&#51064; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; 1&#45804;&#47084;&#50752; &#50672;&#46041;&#46108; &#54788;&#44552;&#44284; &#44057;&#45796;&#47732;, &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51008; &#50696;&#44552;&#44284; &#44057;&#51060; &#51060;&#50984;&#50640; &#46384;&#46972; &#44032;&#52824;&#44032; &#50732;&#46972;&#44032;&#45716; &#44396;&#51312;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!IG7s!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!IG7s!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png 424w, https://substackcdn.com/image/fetch/$s_!IG7s!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png 848w, https://substackcdn.com/image/fetch/$s_!IG7s!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png 1272w, https://substackcdn.com/image/fetch/$s_!IG7s!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!IG7s!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png" width="1456" height="1012" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1012,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!IG7s!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png 424w, https://substackcdn.com/image/fetch/$s_!IG7s!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png 848w, https://substackcdn.com/image/fetch/$s_!IG7s!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png 1272w, https://substackcdn.com/image/fetch/$s_!IG7s!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7c309c56-1108-4a1a-880b-8095b70294c2_2048x1424.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51060;&#47084;&#54620; &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49884;&#51109;&#50640;&#49436; &#51060;&#47168;&#51201;&#51064; &#50880;&#51649;&#51076;&#51060; &#54252;&#52265;&#46096;&#45796;. &#54620;&#46412; &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49884;&#51109; &#51216;&#50976;&#50984; 30% &#51060;&#49345;&#51012; &#52264;&#51648;&#54664;&#45912; &#50640;&#53580;&#45208;(Ethena)&#51032; &#45824;&#54364; &#49345;&#54408; <a href="https://www.stablewatch.io/analytics/assets/sUSDe-Ethena">sUSDe</a> &#44277;&#44553;&#47049;&#51060; &#51648;&#45212; 90&#51068;&#44036; &#44256;&#51216; &#45824;&#48708; &#50557; 49%&#47196; &#51208;&#48152; &#49688;&#51456;&#51064; $1.8B&#44032; &#51460;&#50612;&#46304; &#44163;&#51060;&#45796;. &#54644;&#53433;&#51060; &#51080;&#50632;&#45912; &#44163;&#46020; &#50500;&#45768;&#44256;, &#54532;&#47196;&#53664;&#53084; &#44208;&#54632;&#51060; &#48156;&#44204;&#46108; &#44163;&#46020; &#50500;&#45768;&#50632;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!YnDO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!YnDO!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png 424w, https://substackcdn.com/image/fetch/$s_!YnDO!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png 848w, https://substackcdn.com/image/fetch/$s_!YnDO!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png 1272w, https://substackcdn.com/image/fetch/$s_!YnDO!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!YnDO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png" width="1456" height="1164" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1164,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!YnDO!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png 424w, https://substackcdn.com/image/fetch/$s_!YnDO!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png 848w, https://substackcdn.com/image/fetch/$s_!YnDO!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png 1272w, https://substackcdn.com/image/fetch/$s_!YnDO!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe3b8b60f-c38e-4969-8ac1-103a85bba95a_2048x1637.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#49884;&#51109; &#44508;&#47784;&#44032; &#51460;&#50612;&#46304; &#44163;&#46020; &#50500;&#45768;&#50632;&#45796;. &#44057;&#51008; &#44592;&#44036; &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49884;&#51109;&#51032; <a href="https://www.stablewatch.io/analytics?categoryMode=OR&amp;chainMode=OR&amp;sort=%5B%7B%22id%22%3A%22tvl%22%2C%22desc%22%3Atrue%7D%5D&amp;columns=%7B%22protocol%22%3Atrue%2C%22chains%22%3Afalse%2C%22price%22%3Afalse%2C%22apy30dchange%22%3Afalse%2C%22tvl30d%22%3Afalse%2C%22apy90d%22%3Afalse%2C%227dYpo%22%3Atrue%2C%2230dYpo%22%3Afalse%2C%2290dYpo%22%3Afalse%2C%22link%22%3Afalse%7D">&#51204;&#52404; TVL</a>&#51008; &#50724;&#55176;&#47140; &#51613;&#44032;&#54664;&#45796;. 90&#51068; &#46041;&#50504; <a href="https://www.stablewatch.io/analytics/assets/USYC-Circle">USYC(&#50024;&#53364;&#51032; &#48120;&#44397; &#44397;&#52292;&#44592;&#48152; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;)</a>&#50640;&#45716; $1.4B, <a href="https://www.stablewatch.io/analytics/assets/sUSDS-Sky">sUSDS(Sky&#51032; &#54844;&#54633;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;)</a>&#50640;&#45716; $1.2B&#44032; &#50976;&#51077;&#46096;&#45796;. &#50724;&#55176;&#47140; &#46160; &#51088;&#49328;&#50640; &#50976;&#51077;&#46108; &#51088;&#48376; &#44508;&#47784;&#44032; sUSDe &#44048;&#49548;&#48516;&#48372;&#45796; &#52984;&#45796;.</p><p>&#50976;&#51077;&#46108; &#49707;&#51088;&#47564; &#48372;&#47732; &#51088;&#48376;&#51008; &#51060;&#53448;&#54620; &#44163;&#51060; &#50500;&#45768;&#46972; &#44057;&#51008; &#49884;&#51109; &#50504;&#50640;&#49436; &#46028;&#44256; &#51080;&#45716; &#44163;&#52376;&#47100; &#48372;&#51064;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. APY&#48372;&#45796; &#51473;&#50836;&#54620; &#44163;, &#44592;&#44288;&#44284; &#44592;&#48152;&#51088;&#49328;</strong></h2><p>&#49324;&#49892; APY&#47564; &#48372;&#47732; &#51088;&#48376;&#51060; &#51060;&#46041;&#54624; &#51060;&#50976;&#44032; &#50630;&#45796;. 30&#51068; &#44592;&#51456; USYC APY&#45716; &#50557; 3%, sUSDS&#45716; &#50557; 3.6%&#45796;. sUSDe&#44032; &#50557; 4%&#47196; &#50724;&#55176;&#47140; &#45458;&#45796;. &#49688;&#51061;&#47456;&#51060; &#51060;&#50976;&#50688;&#45796;&#47732; sUSDe&#47196; &#47792;&#47160;&#50612;&#50556;&#54620;&#45796;. &#51088;&#48376;&#51060; &#50880;&#51649;&#51064; &#51060;&#50976;&#45716; &#49688;&#51061;&#47456; &#48372;&#45800;, 1) &#45824;&#49345;&#44284; 2) &#44592;&#48152;&#51088;&#49328;&#51032; &#52264;&#51060; &#46412;&#47928;&#51004;&#47196; &#48372;&#51064;&#45796;.</p><h3><strong>2.1. &#47532;&#53580;&#51068;&#44284; &#44592;&#44288;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!b8ue!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddd8b779-f222-4403-8bf3-6fe63ba45d01_2048x1461.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!b8ue!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddd8b779-f222-4403-8bf3-6fe63ba45d01_2048x1461.png 424w, https://substackcdn.com/image/fetch/$s_!b8ue!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddd8b779-f222-4403-8bf3-6fe63ba45d01_2048x1461.png 848w, https://substackcdn.com/image/fetch/$s_!b8ue!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddd8b779-f222-4403-8bf3-6fe63ba45d01_2048x1461.png 1272w, https://substackcdn.com/image/fetch/$s_!b8ue!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddd8b779-f222-4403-8bf3-6fe63ba45d01_2048x1461.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!b8ue!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddd8b779-f222-4403-8bf3-6fe63ba45d01_2048x1461.png" width="1456" height="1039" 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https://substackcdn.com/image/fetch/$s_!b8ue!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddd8b779-f222-4403-8bf3-6fe63ba45d01_2048x1461.png 848w, https://substackcdn.com/image/fetch/$s_!b8ue!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddd8b779-f222-4403-8bf3-6fe63ba45d01_2048x1461.png 1272w, https://substackcdn.com/image/fetch/$s_!b8ue!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fddd8b779-f222-4403-8bf3-6fe63ba45d01_2048x1461.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51648;&#44049;&#45817; &#54217;&#44512; &#48372;&#50976;&#50529;&#51012; &#48372;&#47732; USDe &#54848;&#45908;&#45716; USYC &#48372;&#50976;&#51088;&#51032; &#50557; 800&#48516;&#51032; 1 &#44508;&#47784;&#45796;. &#45824;&#44508;&#47784; &#47588;&#51077; &#44148;&#51012; &#44151;&#50612;&#45236;&#47732; &#44201;&#52264;&#45716; &#45908; &#48268;&#50612;&#51652;&#45796;. USYC&#45716; &#52376;&#51020;&#48512;&#53552; &#45824;&#54805; &#51088;&#48376;&#47564; &#46308;&#50612;&#50724;&#45716; &#44396;&#51312;&#50688;&#44256;, USDe&#45716; &#47532;&#53580;&#51068; &#51088;&#44552; &#48708;&#51473;&#51060; &#52984;&#45796;.</p><p><strong>USDe&#50752; USYC&#51032; &#52264;&#51060;&#45716; &#45824;&#49345;&#50640;&#49436; &#44040;&#47536;&#45796;.</strong></p><p>USDe&#45716; &#47532;&#53580;&#51068;&#44284; &#44592;&#44288;&#51032; &#53804;&#51088; &#44540;&#44144;&#44032; &#49688;&#51061;&#49457;&#50640; &#51665;&#51473;&#46104;&#50612; &#51080;&#45796;. APY&#47484; &#48372;&#44256; &#51652;&#51077;&#54616;&#44256;, &#49688;&#51061;&#51060; &#44734;&#51060;&#47732; &#45208;&#44036;&#45796;. USYC&#45716; &#44540;&#44144;&#44032; &#45796;&#47476;&#45796;. &#47532;&#53580;&#51068;&#51012; &#48176;&#51228;&#54616;&#44256; &#44592;&#44288;&#51032; &#54876;&#50857;&#49457;&#50640; &#51665;&#51473;&#54664;&#45796;.</p><p>USYC&#45716; &#45817;&#52488; &#51201;&#44201;&#53804;&#51088;&#51088;&#50640;&#44172;&#47564; &#50676;&#47140; &#51080;&#44256; &#52572;&#49548; &#47588;&#49688; &#44552;&#50529;&#51060; 10&#47564; &#45804;&#47084;&#45796;. &#51060;&#50640; &#45908;&#54644; 2025&#45380; 7&#50900; &#48148;&#51060;&#45240;&#49828;&#44032; &#44592;&#44288;&#50857; &#54028;&#49373;&#49345;&#54408; &#45812;&#48372;&#47196; &#52292;&#53469;&#54616;&#47732;&#49436; &#54876;&#50857;&#46020;&#44032; &#45908;&#54644;&#51276;&#45796;. &#52572;&#45824; &#44508;&#47784;&#51032; &#44144;&#47000;&#49548;&#50640;&#49436; &#51060;&#51088;&#47484; &#48156;&#49373;&#49884;&#53412;&#45716; &#45812;&#48372;&#47196; &#49324;&#50857;&#54624; &#49688; &#51080;&#44592; &#46412;&#47928;&#50640; &#52292;&#53469; &#51060;&#54980; BNB Chain&#50640;&#49436;&#47564; $2.54B&#44032; &#48156;&#54665;&#46096;&#45796;.</p><h3><strong>2.2. &#45944;&#53440; &#45684;&#53944;&#47092;&#44284; RWA</strong></h3><p><strong>USDe&#50752; USDS&#51032; &#52264;&#51060;&#45716; &#47532;&#51200;&#48652; &#51088;&#49328;&#50640;&#49436; &#44040;&#47536;&#45796;. &#44592;&#44288;&#51060; &#50896;&#54620; &#44148; &#49688;&#51061; &#44396;&#51312;&#50752; &#49688;&#51061;&#47456; &#48320;&#46041;&#50640; &#45824;&#54620; &#50696;&#52769; &#44032;&#45733;&#49457;&#51060;&#45796;.</strong></p><p>USDe&#45716; &#53356;&#47549;&#53664;&#47484; &#45812;&#48372;&#47196; &#51105;&#44256; &#47924;&#44592;&#54620; &#49440;&#47932; &#49679;&#51004;&#47196; &#44032;&#44201; &#48320;&#46041;&#51012; &#49345;&#49604;&#54616;&#45716; &#45944;&#53440; &#45684;&#53944;&#47092; &#44396;&#51312;&#45796;. &#49688;&#51061;&#51008; &#49440;&#47932;&#49884;&#51109; &#54144;&#46377;&#47456;&#50640; &#50672;&#46041;&#46108;&#45796;. 2024&#45380; &#44053;&#49464;&#51109;&#50640;&#49436; sUSDe APY&#45716; 47%&#47484; &#45336;&#44220;&#45796;. &#54945;&#48372;&#51109;&#50640; &#51217;&#50612;&#46308;&#51088; 3%&#45824;&#44620;&#51648; &#45236;&#47140;&#50505;&#50520;&#45796;. &#49688;&#44060;&#50900; &#47564;&#50640; &#50676; &#48176; &#51060;&#49345; &#48268;&#50612;&#51276;&#45796;. &#49688;&#51061;&#51060; &#49884;&#51109; &#48516;&#50948;&#44592;&#47484; &#44536;&#45824;&#47196; &#53444;&#45796;.</p><p>USDS&#45716; &#48120;&#44397; &#45800;&#44592;&#52292;&#50752; &#47672;&#45768;&#47560;&#53011;&#54144;&#46300;&#44032; &#44592;&#48152; &#51088;&#49328;&#51060;&#45796;. &#49688;&#51061;&#51060; &#49892;&#47932; &#44552;&#47532;&#50640; &#50672;&#46041;&#46108;&#45796;. 2024&#45380; &#47568; 9%&#45824;&#50688;&#45912; APY&#44032; &#54788;&#51116; 3%&#45824;&#44620;&#51648; &#45236;&#47140;&#50724;&#45716; &#45936; 1&#45380; &#45336;&#44172; &#44152;&#47160;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!w1hg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F56a5b8a7-fa4b-4726-8aad-5c48aea88fe8_1940x2048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!w1hg!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F56a5b8a7-fa4b-4726-8aad-5c48aea88fe8_1940x2048.png 424w, https://substackcdn.com/image/fetch/$s_!w1hg!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F56a5b8a7-fa4b-4726-8aad-5c48aea88fe8_1940x2048.png 848w, 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/56a5b8a7-fa4b-4726-8aad-5c48aea88fe8_1940x2048.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1537,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!w1hg!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F56a5b8a7-fa4b-4726-8aad-5c48aea88fe8_1940x2048.png 424w, 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stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#51060; &#52264;&#51060;&#45716; S&amp;P&#51032; &#54217;&#44032;&#50640;&#49436;&#46020; &#44536;&#45824;&#47196; &#46300;&#47084;&#45212;&#45796;. 2025&#45380; 8&#50900; S&amp;P Global&#51008; <a href="https://www.theblock.co/post/366106/sp-global-sky-protocol">DeFi &#54532;&#47196;&#53664;&#53084; &#52572;&#52488;&#47196; Sky Protocol&#50640; B- &#49888;&#50857;&#46321;&#44553;&#51012; &#48512;&#50668;</a>&#54664;&#45796;. &#45458;&#51008; &#46321;&#44553;&#51012; &#48155;&#51008; &#44148; &#50500;&#45768;&#51648;&#47564; DeFi &#54532;&#47196;&#53664;&#53084; &#52572;&#52488;&#47196; &#49888;&#50857;&#46321;&#44553;&#51012; &#48512;&#50668;&#48155;&#51008; &#51216;&#51060; &#51032;&#48120;&#44618;&#45796;.</p><p>&#44592;&#44288; &#51077;&#51109;&#50640;&#49436; &#49688;&#51061;&#47456;&#47564;&#53372; &#51473;&#50836;&#54620; &#44148; &#50696;&#52769; &#44032;&#45733;&#49457;&#51060;&#45796;. sUSDe&#45716; &#49884;&#51109; &#48516;&#50948;&#44592;&#50640; &#46384;&#46972; &#45908; &#45458;&#51008; &#49688;&#51061;&#47456;&#51012; &#51228;&#44277;&#54624; &#49688; &#51080;&#51648;&#47564; &#44592;&#44288; &#51077;&#51109;&#50640;&#49436;&#45716; &#45796;&#47336;&#44592; &#55192;&#46304; &#51088;&#49328;&#51068; &#49688; &#51080;&#45796;.</p><h2><strong>3. &#49688;&#51061;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49884;&#51109;&#51032; &#54788;&#51116; &#48169;&#54693;&#49457;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ykJJ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F284e7a7a-c31d-4e26-bb8e-c5c6b6637d82_2048x1326.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>YBS&#47484; &#44396;&#48516;&#54616;&#45716; &#44592;&#51456;&#51008; &#46160; &#52629;&#51060;&#45796;. &#8220;&#49688;&#51061;&#51060; &#50620;&#47560;&#45208; &#50504;&#51221;&#51201;&#51064;&#44032;&#8221;, &#44536;&#47532;&#44256; &#8220;&#44536; &#49688;&#51061;&#50896;&#51012; &#44160;&#51613;&#54624; &#49688; &#51080;&#45716;&#44032;&#8221;&#51060;&#45796;. &#44057;&#51008; 4% APY&#46972;&#46020; &#45572;&#44032; &#51060;&#51088;&#47484; &#45236;&#45716;&#51648;&#50640; &#46384;&#46972; &#50948;&#54744;&#51032; &#49457;&#44201;&#51060; &#45804;&#46972;&#51652;&#45796;. &#44536;&#47532;&#44256; &#45824;&#48512;&#48516;&#51060; &#50696;&#49345; &#44032;&#45733;&#54620; &#51088;&#49328;&#51004;&#47196; &#51060;&#46041;&#54616;&#44256; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!UFDW!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!UFDW!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png 424w, https://substackcdn.com/image/fetch/$s_!UFDW!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png 848w, https://substackcdn.com/image/fetch/$s_!UFDW!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png 1272w, https://substackcdn.com/image/fetch/$s_!UFDW!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!UFDW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png" width="1456" height="1033" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1033,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!UFDW!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png 424w, https://substackcdn.com/image/fetch/$s_!UFDW!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png 848w, https://substackcdn.com/image/fetch/$s_!UFDW!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png 1272w, https://substackcdn.com/image/fetch/$s_!UFDW!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce391cd6-2e89-490a-b7af-651811299fa1_2048x1453.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#44397;&#52292;&#54805;(<a href="https://app.rwa.xyz/assets/OUSG">OUSG</a>&#183;<a href="https://app.rwa.xyz/assets/FRXUSD">sfrxUSD</a>&#183;<a href="https://app.rwa.xyz/assets/USYC">USYC</a>)&#51008; &#44396;&#51312;&#47484; &#49444;&#47749;&#54616;&#44592;&#50640; &#44032;&#51109; &#50857;&#51060;&#54616;&#45796;.</strong></p><p>&#48120;&#44397; &#45800;&#44592;&#44397;&#52292; &#51060;&#51088;&#44032; &#48156;&#54665;&#49324;&#50752; &#50868;&#50857; &#44396;&#51312;&#47484; &#44144;&#52432; &#48372;&#50976;&#51088;&#50640;&#44172; &#51204;&#45804;&#46108;&#45796;. 2026&#45380; 5&#50900; &#44592;&#51456; &#54217;&#44512; APY&#45716; 3.1~3.5% &#49688;&#51456;&#51060;&#45796;. &#49688;&#51061;&#47456;&#51060; &#44397;&#52292; &#44552;&#47532;&#50640; &#47926;&#51064;&#45796;&#45716; &#44172; &#54620;&#44228;&#45796;.</p><p><strong>&#54633;&#49457;&#54805;<a href="https://app.rwa.xyz/assets/USDe">(sUSDe</a>)&#51008; &#49688;&#51061;&#50896;&#51012; &#53804;&#47749;&#54616;&#44172; &#48380; &#49688; &#51080;&#51648;&#47564; &#49884;&#51109; &#50728;&#46020;&#50640; &#48124;&#44048;&#54616;&#45796;.</strong></p><p>&#49440;&#47932;&#49884;&#51109; &#54144;&#46377;&#48708;&#44032; &#51452;&#50836; &#49688;&#51061;&#50896;&#51060;&#44592; &#46412;&#47928;&#51060;&#45796;. &#49688;&#51061;&#50896;&#51012; &#50728;&#52404;&#51064;&#50640;&#49436; &#51649;&#51217; &#54869;&#51064;&#54624; &#49688; &#51080;&#51648;&#47564; &#49884;&#51109; &#49345;&#54889;&#50640; &#46384;&#46972; &#53356;&#44172; &#55124;&#46308;&#47536;&#45796;. 2025&#45380; 9&#50900; 15%&#47484; &#45336;&#50632;&#45796;&#44032; 2026&#45380; 5&#50900; 12&#51068; APY&#45716; 7&#51068; &#44592;&#51456; &#50557; 4%&#45824;&#51060;&#45796;.</p><p><strong>&#49888;&#50857;&#54805;(<a href="https://app.rwa.xyz/assets/syrupUSDC">syrupUSDC</a>&#183;<a href="https://app.rwa.xyz/assets/syrupUSDT">syrupUSDT</a>)&#51008; &#49688;&#51061; &#50504;&#51221;&#49457;&#51008; &#45458;&#51648;&#47564; &#44160;&#51613; &#50857;&#51060;&#49457;&#51060; &#45230;&#45796;.</strong></p><p>Maple Finance&#47484; &#53685;&#54644; &#54756;&#51648;&#54144;&#46300;&#183;&#53944;&#47112;&#51060;&#46377; &#54924;&#49324;&#51032; &#45824;&#52636; &#51060;&#51088;&#44032; &#48372;&#50976;&#51088;&#50640;&#44172; &#46028;&#50500;&#50728;&#45796;. 4%&#45824;&#51032; &#44256;&#51221;&#44552;&#47532; &#44396;&#51312;&#46972; &#48320;&#46041;&#51060; &#51201;&#51648;&#47564;, &#52264;&#51077;&#51088; &#49888;&#50857;&#44284; &#45812;&#48372; &#44032;&#52824;&#47484; &#50808;&#48512;&#50640;&#49436; &#44396;&#52404;&#51201;&#51004;&#47196; &#54869;&#51064;&#54616;&#44592; &#50612;&#47157;&#45796;.</p><p><strong>&#54844;&#54633;&#54805;(<a href="https://app.rwa.xyz/assets/USDS">sUSDS</a>)&#51008; &#50612;&#45712; &#54620;&#51901;&#50640; &#44537;&#45800;&#51201;&#51060;&#51648; &#50506;&#45796;.</strong></p><p>Spark &#45824;&#52636; &#49688;&#49688;&#47308;, RWA &#49688;&#51061;, &#51456;&#48708;&#44552; &#50868;&#50857;, &#44144;&#48260;&#45324;&#49828; &#51200;&#52629;&#47456;(Saving rate)&#51060; &#49438;&#51064;&#45796;. 7&#51068; &#44592;&#51456; &#51060;&#50984;&#51008; 3.6%&#47196; sUSDe&#48372;&#45796; &#45230;&#51008; &#49688;&#51456;&#51060;&#45796;. &#47532;&#49828;&#53356; &#44288;&#47532; &#52769;&#47732;&#50640;&#49436; &#45800;&#51068; &#48320;&#49688;&#50640; &#47926;&#51060;&#51648; &#50506;&#45716;&#45796;&#45716; &#44172; &#44053;&#51216;&#51060;&#51648;&#47564; &#49688;&#51061; &#44396;&#51312;&#47484; &#50808;&#48512;&#50640;&#49436; &#48516;&#54644;&#54644; &#48372;&#44592; &#50612;&#47157;&#45796;.</p><p><strong>&#50948; &#48516;&#47448;&#47484; &#53685;&#54644; &#50508; &#49688; &#51080;&#46319;&#51060;, &#50640;&#53580;&#45208;&#51032; &#54633;&#49457;&#54805;&#51012; &#51228;&#50808;&#54620; &#45208;&#47672;&#51648; &#50976;&#54805;&#51008; &#51204;&#53685;&#44552;&#50997;&#51032; &#49688;&#51061;&#50896;&#51012; &#50728;&#52404;&#51064; &#51088;&#49328;&#51004;&#47196; &#44032;&#51256;&#50724;&#44256; &#51080;&#45796;.</strong></p><h2><strong>4. &#50640;&#53580;&#45208;&#46020; &#51060;&#48120; &#50508;&#44256; &#51080;&#45796;.</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!DoJD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!DoJD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png 424w, https://substackcdn.com/image/fetch/$s_!DoJD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png 848w, https://substackcdn.com/image/fetch/$s_!DoJD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png 1272w, https://substackcdn.com/image/fetch/$s_!DoJD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!DoJD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png" width="1456" height="943" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:943,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!DoJD!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png 424w, https://substackcdn.com/image/fetch/$s_!DoJD!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png 848w, https://substackcdn.com/image/fetch/$s_!DoJD!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png 1272w, https://substackcdn.com/image/fetch/$s_!DoJD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd5ea3125-d0f7-4c21-a9ac-5e7adb22290f_2048x1326.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#50640;&#53580;&#45208;&#44032; &#44396;&#51312;&#51201; &#54620;&#44228;&#47484; &#51064;&#49885;&#54664;&#45796;&#45716; &#49888;&#54840;&#45716; <a href="https://ethena.fi/blog/usdtb-launch">USDtb&#51032; &#52636;&#49884;</a>&#50688;&#45796;. USDtb&#45716; &#48120;&#44397; &#45800;&#44592;&#44397;&#52292;&#47484; &#47532;&#51200;&#48652;&#47196; &#50416;&#45716; &#44397;&#52292;&#54805; &#45804;&#47084;&#45796;. &#54144;&#46377;&#48708;&#44032; &#50669;&#51204;&#46104;&#45716; &#44396;&#44036;&#50640;&#49436; USDe&#51032; &#52649;&#44201;&#51012; &#55137;&#49688;&#54616;&#45716; &#53216;&#49496; &#50669;&#54624;&#51060;&#50632;&#45796;.</p><p>&#44536;&#47532;&#44256; 2026&#45380; 4&#50900;, &#50640;&#53580;&#45208;&#45716; &#54620; &#48156; &#45908; &#45208;&#50500;&#44052;&#45796;.<a href="https://unchainedcrypto.com/ethena-overhauls-usde-reserves-with-institutional-lending-and-real-world-assets/"> USDe&#51032; &#45812;&#48372; &#44396;&#51312; &#51088;&#52404;&#47484; &#51204;&#47732; &#44060;&#54200;</a>&#54664;&#45796;. Perp &#54252;&#51648;&#49496; &#48708;&#51473;&#51012; &#51204;&#52404; &#45812;&#48372;&#51032; 11%&#44620;&#51648; &#45230;&#52628;&#44256;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#47532;&#51200;&#48652;&#183;DeFi &#45824;&#52636;&#183;CLO&#183;&#53804;&#51088;&#46321;&#44553; &#54924;&#49324;&#52292; &#54144;&#46300;&#183;&#45800;&#44592; &#49888;&#50857; &#49345;&#54408;&#51012; &#49352;&#47196;&#50868; &#45812;&#48372; &#48276;&#51452;&#47196; &#52628;&#44032;&#54664;&#45796;.</p><p>&#52628;&#44032;&#47196; <a href="https://ethena.fi/blog/gold-perpetuals">&#44552; &#54140;&#54532; &#44592;&#48152; &#45944;&#53440; &#45684;&#53944;&#47092; &#51204;&#47029;&#51012; USDe &#45812;&#48372;&#50640; &#54200;&#51077;&#54616;&#45716; &#48169;&#50504;</a>&#46020; &#44160;&#53664; &#51473;&#51060;&#45796;. &#44592;&#51316; BTC&#183;ETH&#50752; &#46041;&#51068;&#54620; &#48169;&#49885;&#51012; &#44552;(PAXG&#183;XAUT)&#50640; &#51201;&#50857;&#54616;&#45716; &#44396;&#51312;&#47196;, Risk Committee&#51032; &#44277;&#49885; &#44160;&#53664;&#44032; &#50756;&#47308;&#46096;&#45796;.</p><p>&#52636;&#49884; &#51060;&#54980; &#44032;&#51109; &#53360; &#44396;&#51312; &#48320;&#44221;&#51060;&#50632;&#45796;. &#50640;&#53580;&#45208;&#44032; &#53356;&#47549;&#53664; &#51088;&#49328;&#47564;&#51012; &#54876;&#50857;&#54620; &#45944;&#53440; &#45684;&#53944;&#47092; &#51204;&#47029;&#51060; &#45908; &#51060;&#49345; &#53685;&#54616;&#51648; &#50506;&#45716;&#45796;&#44256; &#51064;&#51221;&#54620; &#49480;&#51060;&#45796;.</p><p><strong>&#44208;&#44397; USDe&#50752; sUSDe&#45716; &#54633;&#49457;&#54805;&#50640;&#49436; &#52636;&#48156;&#54664;&#51648;&#47564; &#54844;&#54633;&#54805;&#51004;&#47196; &#51652;&#54868;&#54616;&#44256; &#51080;&#45796;. &#45800;&#51068; &#49688;&#51061;&#50896;&#51004;&#47196;&#45716; YBS &#49884;&#51109;&#50640;&#49436; &#49332;&#50500;&#45224;&#44592; &#50612;&#47140;&#50892;&#51276;&#45796;&#45716; &#44163;&#51012; &#48152;&#51613;&#54620;&#45796;.</strong></p><h2><strong>5. &#44208;&#44397; &#44592;&#48152;&#51060; &#44204;&#44256;&#54644;&#51256;&#50556; &#54620;&#45796;.</strong></h2><p><strong>DeFi&#44032; &#51060;&#51088;&#47484; &#51649;&#51217; &#47564;&#46308;&#51648; &#50506;&#44256; &#51204;&#53685;&#44552;&#50997;&#51004;&#47196;&#48512;&#53552; &#49688;&#51077;&#54616;&#45716; &#44163;&#51060; &#53448;&#51473;&#50521; &#44552;&#50997;&#51032; &#52384;&#54617;&#50640; &#50948;&#48176;&#46104;&#45716; &#44163;&#52376;&#47100; &#45712;&#44788;&#51656; &#49688; &#51080;&#45796;. &#45796;&#47564; &#51060;&#44172; DeFi&#44032; &#45149;&#45228;&#51020;&#51012; &#51032;&#48120;&#54616;&#45716; &#44148; &#50500;&#45768;&#45796;.</strong></p><p>&#53448;&#51473;&#50521; &#51064;&#53552;&#45367;&#51012; &#45000;&#44984;&#45912; &#48660;&#47197;&#52404;&#51064;&#51008; &#51064;&#53552;&#45367; &#50948;&#50640; &#50732;&#46972;&#44052;&#45796;. &#51064;&#53552;&#45367;&#51060; &#50630;&#50632;&#45796;&#47732; &#48660;&#47197;&#52404;&#51064;&#46020; &#50630;&#50632;&#45796;. &#45804;&#47084;&#47484; &#45824;&#52404;&#54616;&#44592; &#50948;&#54620; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51008; &#45804;&#47084; &#50948;&#50640; &#50732;&#46972;&#44052;&#45796;. &#44536;&#47532;&#44256; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; DeFi&#51032; &#48512;&#55141;&#51012; &#48376;&#44201;&#51201;&#51004;&#47196; &#51060;&#45132;&#50632;&#45796;. &#44592;&#52488;&#44032; &#51204;&#53685;&#51201;&#51060;&#46972;&#45716; &#49324;&#49892;&#51060; &#44536; &#50948;&#50640; &#49939;&#51060;&#45716; &#44396;&#51312;&#51032; &#54785;&#49888;&#51012; &#47561;&#51648; &#50506;&#50520;&#45796;.</p><p>YBS&#46020; &#44057;&#51008; &#44221;&#47196;&#47484; &#48159;&#51012; &#49688; &#51080;&#45796;. BUIDL&#51008; &#51060;&#48120; USDtb&#51032; &#45812;&#48372;&#44032; &#46096;&#45796;. USDtb&#45716; MegaETH&#51032; &#45348;&#51060;&#54000;&#48652; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; <a href="https://www.megaeth.com/blog-news/megaeth-introduces-usdm">USDm</a>&#51032; &#47532;&#51200;&#48652;&#44032; &#46096;&#45796;. &#44397;&#52292;&#54805; YBS &#50948;&#50640; &#49352;&#47196;&#50868; &#47672;&#45768;&#47112;&#44256;&#44032; &#49939;&#51060;&#45716; &#44396;&#51312;&#45716; &#51060;&#48120; &#51652;&#54665; &#51473;&#51060;&#45796;.</p><p>&#44397;&#52292;&#54805; YBS&#44032; &#51064;&#54532;&#46972;&#47196; &#51088;&#47532;&#51105;&#51012;&#49688;&#47197; &#49688;&#51061;&#47456;&#51060; &#45230;&#50500;&#51648;&#44256; &#44592;&#51316;&#50640; &#52292;&#53469;&#46104;&#45912; &#50508;&#53944;&#53076;&#51064; &#44592;&#48152;&#51032; &#44592;&#52488; &#51088;&#49328;(Underlying Asset) &#54876;&#50857;&#46020;&#45716; &#45908; &#51329;&#50500;&#51656; &#44163;&#51060;&#45796;. &#53945;&#51221; &#45800;&#51068; &#51088;&#49328;&#51004;&#47196; &#51064;&#54620; &#50508;&#54028; &#46608;&#54620; &#51216;&#51216; &#51460;&#50612;&#46304;&#45796;. &#51064;&#53552;&#45367;&#51060; &#51064;&#54532;&#46972;&#44032; &#46104;&#47732;&#49436; &#51217;&#49549; &#48708;&#50857;&#51060; 0&#50640; &#49688;&#47156;&#54664;&#46319;&#51060;, YBS&#46020; &#49688;&#51061;&#47456;&#48372;&#45796; &#50504;&#51221;&#49457;&#44284; &#51312;&#54633;&#49457;&#51060; &#45908; &#51473;&#50836;&#54644;&#51648;&#45716; &#48169;&#54693;&#51004;&#47196; &#44040; &#44163;&#51060;&#45796;.</p><p>&#51064;&#54532;&#46972;&#44032; &#49457;&#49689;&#54624;&#49688;&#47197; &#44536; &#50948;&#51032; &#49892;&#54744;&#51008; &#45908; &#44053;&#54620; &#44592;&#52488;&#52404;&#47141;&#51012; &#44032;&#51648;&#44256; &#51652;&#54665;&#46112; &#49688; &#51080;&#45796;. &#52488;&#44592; &#54633;&#49457; &#45804;&#47084;&#44032; &#51648;&#49549; &#48520;&#44032;&#45733;&#54664;&#45912; &#51060;&#50976;&#45716; &#44592;&#52488; &#51088;&#49328;&#51060; &#48520;&#50504;&#51221;&#54664;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><p><strong>&#44284;&#44144; DeFi&#51032; &#49688;&#51061; &#44396;&#51312;&#45716; &#47784;&#47000; &#50948;&#50640; &#51648;&#51008; &#44148;&#47932;&#50640; &#44032;&#44620;&#50912;&#45796;. &#50508;&#53944;&#53076;&#51064; &#44032;&#44201;, &#53664;&#53360; &#51064;&#49468;&#54000;&#48652; &#44536;&#47532;&#44256; &#47112;&#48260;&#47532;&#51648; &#49688;&#50836;&#50640; &#51032;&#51316;&#54664;&#45796;. &#51060;&#51228; &#44160;&#51613;&#46108; &#49688;&#51061;&#50896;&#51060; &#44592;&#52488;&#44032; &#46104;&#44256; &#44536; &#50948;&#50640; &#50728;&#52404;&#51064; &#44552;&#50997; &#44396;&#51312;&#44032; &#49939;&#51060;&#44256; &#51080;&#45796;.</strong></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/blackrock-buidl-263b-on-chain-reserve-kor">&#48660;&#47001;&#47197;(BlackRock)&#51032; BUIDL, $2.63B&#51032; &#50728;&#52404;&#51064; &#44592;&#52488; &#51088;&#49328;&#51060; &#46104;&#45796;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-kor">&#46020;&#54028;&#48124;&#51060; &#49324;&#46972;&#51652; DeFi, RWA&#47196; &#46104;&#49332;&#50500;&#45208;&#45796;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944; &#51060;&#50857; &#50504;&#45236;</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; <a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">&#47196;&#44256;</a>&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p><p></p><p></p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ 2026 Know Your Agent: ์—์ด์ „ํŠธ ์‹ ์› ์ธํ”„๋ผ ]]>
</title>
<description>
<![CDATA[ AI &#50640;&#51060;&#51204;&#53944;&#44032; &#51088;&#50984;&#51201;&#51004;&#47196; &#44228;&#50557;&#44284; &#44208;&#51228;&#47484; &#49892;&#54665;&#54616;&#45716; &#49884;&#45824;, &#51221;&#51089; &#44536; &#50640;&#51060;&#51204;&#53944;&#44032; &#45572;&#44396;&#51064;&#51648; &#44160;&#51613;&#54624; &#44277;&#53685; &#44592;&#51456;&#51060; &#50630;&#45796;. &#51060;&#45908;&#47532;&#50880; ERC-8004, Visa TAP, Trulioo DPA, Sumsub&#51032; KYA &#54364;&#51456; &#44221;&#51137;&#51012; &#48516;&#49437;&#54616;&#44256;, 2019&#45380; FATF Travel Rule&#52376;&#47100; KYA &#51064;&#54532;&#46972; &#48372;&#50976; &#50668;&#48512;&#44032; &#45796;&#51020; &#46972;&#50868;&#46300; &#49884;&#51109; &#51652;&#51077;&#51012; &#44208;&#51221;&#54624; &#51060;&#50976;&#47484; &#51674;&#45716;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/2026-know-your-agent-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/2026-know-your-agent-kor</guid>
<dc:creator>
<![CDATA[ Ekko an ]]>
</dc:creator>
<pubDate>Thu, 07 May 2026 12:59:08 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/196771342/f6068b67fdfb435d0a3e396e2dfc4bd0.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>AI &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;&#44032; &#48376;&#44201;&#54868;&#46104;&#44256; &#51080;&#49845;&#45768;&#45796;. &#54620;&#54200;&#50640;&#49436;&#45716; &#50640;&#51060;&#51204;&#53944;&#51032; &#47924;&#48516;&#48324;&#54620; &#49373;&#49457;&#44284; &#54876;&#46041;&#51012; &#50864;&#47140;&#54616;&#45716; &#47785;&#49548;&#47532;&#46020; &#52964;&#51648;&#44256; &#51080;&#49845;&#45768;&#45796;. &#51060;&#50640; &#50640;&#51060;&#51204;&#53944;&#50640; &#49888;&#50896;&#51012; &#48512;&#50668;&#54616;&#44256; &#54665;&#50948;&#47484; &#53685;&#51228;&#54616;&#45716; KYA(Know Your Agent) &#49884;&#49828;&#53596;&#51060; &#51452;&#47785;&#48155;&#44256; &#51080;&#49845;&#45768;&#45796;. KYA &#49888;&#50896; &#51064;&#54532;&#46972;&#45716; &#50780; &#54596;&#50836;&#54624;&#44620;&#50836;? &#46608; &#50612;&#46500; &#44592;&#50629;&#46308;&#51060; &#51060;&#47484; &#44396;&#52629;&#54616;&#44256; &#51080;&#51012;&#44620;&#50836;?</em></p><div><hr></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://public.relate.so/p/docs/efgf673inqy70to3&quot;,&quot;text&quot;:&quot;&#47532;&#54252;&#53944; &#51204;&#52404; &#54869;&#51064;&#54616;&#44592; &#128269;&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://public.relate.so/p/docs/efgf673inqy70to3"><span>&#47532;&#54252;&#53944; &#51204;&#52404; &#54869;&#51064;&#54616;&#44592; &#128269;</span></a></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ufJ7!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ufJ7!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png 424w, https://substackcdn.com/image/fetch/$s_!ufJ7!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png 848w, https://substackcdn.com/image/fetch/$s_!ufJ7!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png 1272w, https://substackcdn.com/image/fetch/$s_!ufJ7!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ufJ7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png" width="1456" height="402" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:402,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1165227,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/196771342?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ufJ7!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png 424w, https://substackcdn.com/image/fetch/$s_!ufJ7!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png 848w, https://substackcdn.com/image/fetch/$s_!ufJ7!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png 1272w, https://substackcdn.com/image/fetch/$s_!ufJ7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F615a95e7-9065-407c-90b3-fae4e6d7585d_4512x1246.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h2><strong>Summary</strong></h2><ul><li><p>AI &#50640;&#51060;&#51204;&#53944;&#44032; &#51064;&#44036; &#44060;&#51077; &#50630;&#51060; &#51088;&#50984;&#51201;&#51004;&#47196; &#44228;&#50557;&#183;&#44208;&#51228;&#183;&#44144;&#47000;&#47484; &#49892;&#54665;&#54616;&#45716; &#49884;&#45824;&#44032; &#50676;&#47532;&#44256; &#51080;&#51648;&#47564;, &#51221;&#51089; &#44536; &#50640;&#51060;&#51204;&#53944;&#44032; &#45572;&#44396;&#51064;&#51648; &#44160;&#51613;&#54624; &#44277;&#53685; &#44592;&#51456;&#51060; &#50630;&#49845;&#45768;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44036; &#44144;&#47000;&#54616;&#45716; A2A (Agent To Agent) &#54872;&#44221;&#50640;&#49436;&#45716; KYC &#51064;&#51613; &#52404;&#44228;&#48372;&#45796; KYA &#51064;&#51613; &#52404;&#44228;&#44032; &#51452;&#47785; &#48155;&#44256; &#51080;&#49845;&#45768;&#45796;.</p></li><li><p>&#45796;&#47564; KYA&#44032; &#47784;&#46304; &#44275;&#50640;&#49436; &#54596;&#50836;&#54620; &#44148; &#50500;&#45785;&#45768;&#45796;. &#51473;&#50521; &#54540;&#47019;&#54268;(Google&#183;OpenAI&#183;Coinbase &#46321;) &#45236;&#48512; &#50640;&#51060;&#51204;&#53944;&#45716; &#44592;&#51316; KYC&#47196; &#52649;&#48516;&#54633;&#45768;&#45796;. &#51652;&#51676; KYA&#44032; &#54596;&#50836;&#54620; &#51088;&#47532;&#45716; &#44060;&#51064;&#51060; &#48176;&#54252;&#54620; &#51088;&#50984; &#50640;&#51060;&#51204;&#53944;&#44032; DEX&#183;A2A &#44208;&#51228;&#183;&#47672;&#52380;&#53944; &#44208;&#51228;&#47484; &#49884;&#51089;&#54616;&#45716; &#50689;&#50669;&#51077;&#45768;&#45796;.</p></li><li><p>KYA &#54364;&#51456; &#44221;&#51137;&#51008; &#51060;&#48120; &#49884;&#51089;&#46096;&#49845;&#45768;&#45796;.</p><ul><li><p><strong>ERC-8004</strong>: NFT &#50948;&#50640; &#50640;&#51060;&#51204;&#53944;ID &#48156;&#44553;. &#49888;&#48516;&#51613;&#183;&#54217;&#54032;&#183;&#44160;&#51613;&#49436;&#47484; &#47784;&#46160; &#50728;&#52404;&#51064;&#50640;&#49436; &#44396;&#52629;</p></li><li><p><strong>Visa TAP</strong>: &#48708;&#51088;&#45716; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#49888;&#50896; &#51613;&#47749;&#49436;&#47484; &#48156;&#44553;&#54616;&#44256; TAP&#50640; &#46384;&#46972; &#51221;&#45817;&#49457;&#183;&#50948;&#51076;&#51088;&#183;&#44208;&#51228; &#49688;&#45800; 3&#45824; &#49436;&#47749;&#51004;&#47196; &#44160;&#51613;</p></li><li><p><strong>Trulioo</strong>: SSL &#51064;&#51613;&#44592;&#44288; &#47784;&#45944; &#52264;&#50857;. DPA&#44032; DAP&#47484; &#48156;&#44553;&#54616;&#45716; &#44396;&#51312;</p></li><li><p><strong>Sumsub</strong>: &#51088;&#49324;&#51032; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#49884;&#49828;&#53596; &#50948;&#50640; KYA &#49884;&#49828;&#53596;&#51012; &#46020;&#51077;</p></li></ul></li><li><p>&#44508;&#51228;&#45716; &#51060;&#48120; &#44397;&#44032; &#45800;&#50948;&#50640;&#49436; &#50880;&#51649;&#51060;&#44256; &#51080;&#49845;&#45768;&#45796;. EU AI Act&#45716; &#44256;&#50948;&#54744; AI &#49884;&#49828;&#53596;&#51032; &#54665;&#46041; &#47196;&#44536;&#50640; &#50868;&#50689;&#51088; &#49888;&#50896; &#54252;&#54632;&#51012; &#51032;&#47924;&#54868;, &#48120;&#44397; NIST&#45716; &#50640;&#51060;&#51204;&#53944; &#49888;&#50896; &#44288;&#47532;&#47484; &#54364;&#51456;&#54868; &#50864;&#49440;&#50689;&#50669;&#50640; &#54252;&#54632;, &#49905;&#44032;&#54252;&#47476;&#45716; &#52395; &#44397;&#44032; &#52264;&#50896; &#50640;&#51060;&#51204;&#54001; AI &#44144;&#48260;&#45324;&#49828; &#54532;&#47112;&#51076;&#50892;&#53356;&#47484; &#48156;&#54364;&#54664;&#49845;&#45768;&#45796;. 2019&#45380; FATF Travel Rule&#51060; &#44032;&#49345;&#51088;&#49328; &#44144;&#47000;&#49548;&#51032; &#49324;&#50629; &#51648;&#49549;&#51012; &#44040;&#46992;&#46319;, KYA &#51064;&#54532;&#46972; &#48372;&#50976; &#50668;&#48512;&#44032; &#45796;&#51020; &#46972;&#50868;&#46300;&#51032; &#49884;&#51109; &#51652;&#51077;&#51012; &#44208;&#51221;&#54624; &#44163;&#51077;&#45768;&#45796;.</p></li></ul><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>KYC(Know Your Customer) &#44060;&#51064; &#49888;&#50896; &#51064;&#51613;&#51060; &#48148;&#44988; &#44552;&#50997; &#54872;&#44221;</strong></h2><ul><li><p>1989&#45380; &#51060;&#51204; &#44544;&#47196;&#48268; &#44552;&#50997;&#50640;&#45716; &#49888;&#50896; &#54869;&#51064; &#44277;&#53685; &#44592;&#51456;&#51060; &#50630;&#50632;&#44256;, &#44536; &#44277;&#48177;&#51060; &#47560;&#50557;, &#48520;&#48277; &#51088;&#44552;&#51032; &#52636;&#52376;&#47484; &#54869;&#51064;&#54616;&#44592; &#50612;&#47140;&#50912;&#51020;</p></li><li><p>1989&#45380; FATF(&#44544;&#47196;&#48268;&#51088;&#44552;&#49464;&#53441;&#48169;&#51648;&#54801;&#54924;)&#49444;&#47549; &#51060;&#54980;, &#44552;&#50997; KYC &#44060;&#51064; &#49888;&#50896; &#51064;&#51613;&#51060; &#51032;&#47924; &#51201;&#50857;&#46104;&#47728; &#48520;&#48277; &#51088;&#44552;&#51012; &#49324;&#51204; &#52264;&#45800;</p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!PC_d!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!PC_d!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png 424w, https://substackcdn.com/image/fetch/$s_!PC_d!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png 848w, https://substackcdn.com/image/fetch/$s_!PC_d!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png 1272w, https://substackcdn.com/image/fetch/$s_!PC_d!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!PC_d!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png" width="1456" height="602" 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srcset="https://substackcdn.com/image/fetch/$s_!PC_d!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png 424w, https://substackcdn.com/image/fetch/$s_!PC_d!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png 848w, https://substackcdn.com/image/fetch/$s_!PC_d!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png 1272w, https://substackcdn.com/image/fetch/$s_!PC_d!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5c7496b8-d0fc-4b03-926a-3f0ecfd3c102_2074x858.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h2><strong>&#50640;&#51060;&#51204;&#53944; &#49888;&#50896; &#54869;&#51064;&#51032; &#48512;&#51116;&#45716; &#49884;&#49828;&#53596; &#53748;&#48372;&#54616;&#45716; &#51648;&#47492;&#44600;</strong></h2><ul><li><p>AI &#50640;&#51060;&#51204;&#53944;&#45716; &#51064;&#44036;&#51032; &#44060;&#51077; &#50630;&#51060; &#51088;&#50984;&#51201;&#51004;&#47196; &#44228;&#50557;&#183;&#44208;&#51228;&#183;&#44144;&#47000;&#47484; &#49892;&#54665;&#54616;&#51648;&#47564;, &#45572;&#44396;&#51064;&#51648; &#54869;&#51064;&#54624; &#49688;&#45800;&#51060; &#48512;&#51116;</p></li><li><p>&#51060;&#45716; &#50640;&#51060;&#51204;&#53944;&#44036; &#44144;&#47000;&#51064; A2A(Agent to Agent) &#54872;&#44221;&#50640;&#49436; &#52293;&#51076; &#49548;&#51116;&#44032; &#48520;&#47749;&#54869;&#54616;&#50668; &#48516;&#51137; &#44032;&#45733;&#49457; &#50976;&#48156;&#54624; &#49688; &#51080;&#51004;&#47728; &#48520;&#48277;&#51088;&#44552;&#51032; &#51088;&#44552;&#49464;&#53441;&#50808; &#50668;&#47084; &#49324;&#44592; &#50976;&#54805;&#50640; &#45432;&#52636;</p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!VsmU!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F105c679c-3b78-460d-964d-014031fd1763_2126x758.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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src="https://substackcdn.com/image/fetch/$s_!VsmU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F105c679c-3b78-460d-964d-014031fd1763_2126x758.png" width="1456" height="519" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h2><strong>KYA(Know Your Agent)&#51032; &#50669;&#54624;&#44284; &#45824;&#51025;</strong></h2><ul><li><p><strong>KYA(Know Your Agent)&#45716; &#50640;&#51060;&#51204;&#53944;&#51032; &#52636;&#52376;&#183;&#44428;&#54620;&#183;&#52293;&#51076;&#51012; &#49324;&#51204;&#50640; &#44160;&#51613;&#54616;&#45716; &#49888;&#47280; &#51064;&#54532;&#46972;</strong></p></li><li><p>&#51064;&#51613;&#46104;&#51648; &#50506;&#51008; &#50640;&#51060;&#51204;&#53944;&#45716; &#47924;&#45800; &#44144;&#47000;&#183;&#49324;&#44592;&#183;&#52293;&#51076; &#44277;&#48177; &#49464; &#44032;&#51648; &#47532;&#49828;&#53356;&#47484; &#46041;&#49884;&#50640; &#48156;&#49373;&#49884;&#53428;</p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3OHo!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3OHo!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png 424w, https://substackcdn.com/image/fetch/$s_!3OHo!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png 848w, https://substackcdn.com/image/fetch/$s_!3OHo!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png 1272w, https://substackcdn.com/image/fetch/$s_!3OHo!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3OHo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png" width="1456" height="604" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:604,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:254037,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/196771342?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!3OHo!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png 424w, https://substackcdn.com/image/fetch/$s_!3OHo!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png 848w, https://substackcdn.com/image/fetch/$s_!3OHo!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png 1272w, https://substackcdn.com/image/fetch/$s_!3OHo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F012be6f8-529a-4dd6-8b2f-dc5b16ca5515_2126x882.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h2><strong>&#47784;&#46304; &#50689;&#50669;&#50640; KYA&#44032; &#54596;&#50836;</strong></h2><ul><li><p>&#51473;&#50521; &#54540;&#47019;&#54268; &#45236;&#50640;&#49436;&#45716; &#49324;&#50857;&#51088; KYC&#50752; &#54540;&#47019;&#54268;&#51032; &#52293;&#51076; &#48372;&#51613;&#51004;&#47196; &#52649;&#48516;&#54616;&#45208;, &#54540;&#47019;&#54268; &#50808;&#48512;&#51032; &#49345;&#54840;&#50868;&#50857; &#54872;&#44221;&#50640;&#49436;&#45716; &#50640;&#51060;&#51204;&#53944;&#51032; &#44396;&#52404;&#51201; &#54665;&#50948;&#50752; &#50504;&#51204;&#49457;&#51012; &#44160;&#51613;&#54616;&#45716; KYA&#44032; &#54596;&#49688;&#51201;</p></li><li><p><strong>&#44397;&#45236;(&#54540;&#47019;&#54268; &#45236;)&#45716; &#49888;&#48516;&#51613;(KYC)&#47564;&#51004;&#47196; &#51088;&#50976;&#47196;&#50868; &#53685;&#54665;&#51060; &#44032;&#45733;&#54616;&#51648;&#47564;, &#44397;&#44221;(&#54540;&#47019;&#54268; &#48150;)&#51012; &#45336;&#45716; &#49692;&#44036;&#48512;&#53552;&#45716; &#44592;&#51316; &#54872;&#44221;&#44284; &#45796;&#47476;&#44592;&#50640;, &#48169;&#47928; &#47785;&#51201;&#44284; &#49888;&#47280;&#46020;&#47484; &#49900;&#49324;&#54616;&#45716; &#51077;&#44397; &#49900;&#49324;(KYA)&#47484; &#44144;&#52432;&#50556; &#54632;</strong></p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!SXrS!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!SXrS!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png 424w, https://substackcdn.com/image/fetch/$s_!SXrS!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png 848w, https://substackcdn.com/image/fetch/$s_!SXrS!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png 1272w, https://substackcdn.com/image/fetch/$s_!SXrS!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!SXrS!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png" width="1456" height="401" 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srcset="https://substackcdn.com/image/fetch/$s_!SXrS!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png 424w, https://substackcdn.com/image/fetch/$s_!SXrS!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png 848w, https://substackcdn.com/image/fetch/$s_!SXrS!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png 1272w, https://substackcdn.com/image/fetch/$s_!SXrS!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffaaf065b-fe54-480c-a4fc-2cd950d36504_2114x582.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h2><strong>&#51060;&#45908;&#47532;&#50880;(ERC-8004): NFT &#50948;&#50640;&#49436; &#51089;&#46041;&#54616;&#45716; &#49888;&#50896; &#54364;&#51456;</strong></h2><ul><li><p>&#51060;&#45908;&#47532;&#50880; &#47700;&#51064;&#45367;&#50640;&#49436; ERC-721(NFT) &#54364;&#51456; &#50948;&#50640; &#49888;&#50896; &#47112;&#51060;&#50612;&#47484; &#52628;&#44032;&#54616;&#50668; &#50640;&#51060;&#51204;&#53944;&#47560;&#45796; NFT&#47484; &#48124;&#54021;&#54616;&#47732; &#44256;&#50976; ID&#47484; &#48156;&#44553;</p></li><li><p>ERC-8004&#45716; &#49888;&#50896;&#47564; &#48512;&#50668;&#54616;&#45716; &#44172; &#50500;&#45768;&#46972; &#49464; &#44060;&#51032; &#50728;&#52404;&#51064; &#47112;&#51648;&#49828;&#53944;&#47532;(Identity&#183;Reputation&#183;Validation)&#47484; &#48512;&#50668;. &#44033;&#44033;&#51008; &#49888;&#48516;&#51613;&#183;&#54217;&#54032;&#183;&#44160;&#51613;&#49436; &#50669;&#54624;&#51012; &#49688;&#54665;</p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!YBed!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19a26142-a633-42b0-b1f4-c89dd75bccaa_2178x758.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!YBed!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19a26142-a633-42b0-b1f4-c89dd75bccaa_2178x758.png 424w, 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&#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>Terms of Usage</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(<a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ ๋ธ”๋ž™๋ก(BlackRock)์˜ BUIDL, $2.63B์˜ ์˜จ์ฒด์ธ ๊ธฐ์ดˆ ์ž์‚ฐ์ด ๋˜๋‹ค ]]>
</title>
<description>
<![CDATA[ &#53440;&#51060;&#44144; &#47532;&#49436;&#52824;&#44032; &#48516;&#49437;&#54620; &#48660;&#47001;&#47197; BUIDL&#51032; 26&#50613; &#45804;&#47084; &#49457;&#51109; &#51204;&#47029;. &#50640;&#53580;&#45208;, &#50728;&#46020; &#46321; &#46356;&#54028;&#51060; &#54532;&#47196;&#53664;&#53084;&#51060; BUIDL&#51012; &#54645;&#49900; &#50728;&#52404;&#51064; &#50696;&#52824; &#51088;&#49328;&#51004;&#47196; &#49440;&#53469;&#54620; &#51060;&#50976;&#47484; &#54869;&#51064;&#54616;&#49464;&#50836;. ]]>
</description>
<link>https://reports.tiger-research.com/p/blackrock-buidl-263b-on-chain-reserve-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/blackrock-buidl-263b-on-chain-reserve-kor</guid>
<dc:creator>
<![CDATA[ Henry Kim ]]>
</dc:creator>
<pubDate>Wed, 06 May 2026 13:00:50 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/196650315/eb07fc2bd73d3169731171389c4f2ec9.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>&#48660;&#47001;&#47197;&#51032; BUIDL&#51008; &#50630;&#50612;&#49440; &#50504; &#46112; &#51088;&#49328;&#51060; &#46096;&#49845;&#45768;&#45796;. &#44536;&#47088;&#45936; BUIDL&#51012; &#44032;&#51109; &#47566;&#51060; &#49324;&#46308;&#51064; &#44256;&#44061;&#51060; &#45572;&#44396;&#51068;&#44620;&#50836;? &#44592;&#44288;&#51060; &#50500;&#45768;&#46972; DeFi&#51077;&#45768;&#45796;.</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>BUIDL&#51060; &#50728;&#52404;&#51064;&#50640;&#49436; &#47564;&#46304; &#48320;&#54868;&#45716; &#8220;&#48660;&#47001;&#47197;(BlackRock)&#51060; &#53664;&#53360;&#51012; &#48156;&#54665;&#54664;&#45796;&#8221;&#44032; &#50500;&#45768;&#45796;. Ethena&#183;Ondo&#183;Frax&#183;Spark&#44032; BUIDL&#51012; &#44032;&#51256;&#45796; &#44033;&#51088;&#51032; &#45804;&#47084; &#49345;&#54408;&#51012; &#51312;&#47549;&#54616;&#47732;&#49436;, &#44592;&#44288;&#50857; &#54144;&#46300;&#44032; DeFi &#44277;&#44553;&#47581;&#51032; &#44592;&#52488; &#51088;&#49328;&#51060; &#46096;&#45796;.</p></li><li><p>&#54532;&#47196;&#53664;&#53084;&#46308;&#51060; BUIDL&#51012; &#44592;&#52488; &#51088;&#49328;&#51004;&#47196; &#50416;&#45716; &#44148; &#49688;&#51061;&#47456; &#46412;&#47928;&#51060; &#50500;&#45768;&#45796;. &#48277;&#51201; &#52397;&#44396;&#44428;&#51060; &#47749;&#54869;&#54616;&#44256;, &#50728;&#52404;&#51064;&#50640;&#49436; &#51312;&#54633;&#51060; &#44032;&#45733;&#54616;&#44256;, &#44508;&#51228; &#50836;&#44148;&#51012; &#51060;&#48120; &#52649;&#51313;&#54664;&#45796;. &#49464; &#51312;&#44148;&#51012; &#46041;&#49884;&#50640; &#44054;&#52632; &#51088;&#49328;&#51060; &#47560;&#46405;&#55176; &#50630;&#50632;&#45796;.</p></li><li><p>&#44277;&#44553;&#47581;&#51008; &#54620; &#45800;&#44228;&#50640;&#49436; &#45149;&#45208;&#51648; &#50506;&#45716;&#45796;. BUIDL &#8594; USDtb &#8594; &#49373;&#53468;&#44228; &#51204;&#50857; &#45804;&#47084;&#47196; &#44032;&#44277;&#51060; &#48152;&#48373;&#46112;&#49688;&#47197;, &#49352; &#49373;&#53468;&#44228;&#44032; &#49373;&#44600; &#46412;&#47560;&#45796; &#44592;&#52488; &#51088;&#49328; &#49688;&#50836;&#44032; &#45716;&#45796;.</p></li><li><p>BUIDL&#51008; &#53664;&#53360;&#54868; &#51088;&#49328;&#51032; &#49352;&#47196;&#50868; &#51652;&#51077; &#44221;&#47196;&#47484; &#48372;&#50668;&#51500;&#45796;. &#44592;&#51316; &#50689;&#50629;&#183;&#54032;&#47588; &#52292;&#45328;&#51060; &#50500;&#45768;&#46972; DeFi &#54532;&#47196;&#53664;&#53084;&#51060;&#46972;&#45716;, &#51204;&#53685; &#44552;&#50997;&#50640;&#45716; &#50630;&#45912; &#44256;&#44061;&#52789;&#51012; &#48156;&#44204;&#54620; &#44163;&#51060;&#45796;. &#51060; &#44221;&#47196;&#47484; &#47803; &#48372;&#45716; &#54620; &#45796;&#51020; BUIDL&#51008; &#45208;&#50724;&#51648; &#50506;&#45716;&#45796;.</p></li></ul><div><hr></div><h2><strong>1. &#44592;&#44288;&#50857; &#49345;&#54408;&#50640;&#49436; &#54532;&#47196;&#53664;&#53084;&#51032; &#44592;&#52488; &#51088;&#49328;&#51004;&#47196;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!gCD-!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!gCD-!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png 424w, https://substackcdn.com/image/fetch/$s_!gCD-!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png 848w, https://substackcdn.com/image/fetch/$s_!gCD-!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png 1272w, https://substackcdn.com/image/fetch/$s_!gCD-!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!gCD-!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png" width="1456" height="1250" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/de5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1250,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:459516,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/196650315?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!gCD-!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png 424w, https://substackcdn.com/image/fetch/$s_!gCD-!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png 848w, https://substackcdn.com/image/fetch/$s_!gCD-!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png 1272w, https://substackcdn.com/image/fetch/$s_!gCD-!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde5d9950-52a0-40d0-94cf-6fc1e9ede9ce_3376x2898.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#48660;&#47001;&#47197;&#44284; &#49884;&#53328;&#47532;&#53440;&#51060;&#51592;(Securitize)&#44032; <a href="https://securitize.io/blackrock/buidl">BUIDL</a>&#51012; &#52636;&#49884;&#54664;&#51012; &#46412; &#44200;&#45285;&#54664;&#45912; &#44256;&#44061;&#51008; &#44592;&#44288;&#51060;&#50632;&#45796;. &#54788;&#44552;, &#48120;&#44397; &#44397;&#52292;&#50640; &#53804;&#51088;&#54616;&#47728; &#51201;&#44201; &#53804;&#51088;&#51088;&#47564; &#51217;&#44540;&#54624; &#49688; &#51080;&#45796;. 1&#52264; &#52397;&#50557; &#52572;&#49548; &#53804;&#51088;&#44552;&#51008; 500&#47564; &#45804;&#47084;&#51060;&#45796;.</p><p>&#54616;&#51648;&#47564; &#44032;&#51109; &#47676;&#51200; &#50880;&#51649;&#51064; &#44148; &#44592;&#44288; &#53804;&#51088;&#51088;&#44032; &#50500;&#45768;&#46972; DeFi &#54532;&#47196;&#53664;&#53084;&#51060;&#50632;&#45796;. &#54532;&#47196;&#53664;&#53084;&#46308;&#51060; BUIDL&#51012; &#49328; &#44148; &#49688;&#51061;&#47456; &#46412;&#47928;&#51060; &#50500;&#45768;&#50632;&#45796;. &#51060;&#50976;&#45716; &#49464; &#44032;&#51648;&#45796;.</p><ol><li><p>&#48277;&#51201; &#52397;&#44396;&#44428;&#51060; &#47749;&#54869;&#54616;&#45796;. <a href="https://securitize.io/blackrock/buidl">BUIDL&#51008; Rule 506(c) &#49324;&#47784; &#44508;&#51221; &#50500;&#47000; &#48156;&#54665;&#46108; &#54144;&#46300;</a>&#47196;, &#53804;&#51088;&#51088; &#44428;&#47532;&#44032; &#48120;&#44397; &#51613;&#44428;&#48277; &#50504;&#50640;&#49436; &#51221;&#51032;&#46104;&#50612; &#51080;&#45796;. &#54532;&#47196;&#53664;&#53084;&#51060; &#47532;&#51200;&#48652;&#47196; &#54200;&#51077;&#54664;&#51012; &#46412; &#8220;&#51060; &#51088;&#49328;&#51060; &#47924;&#50631;&#51060;&#44256; &#50612;&#46523;&#44172; &#46028;&#47140;&#48155;&#45716;&#44032;&#8221;&#47484; &#48277;&#51201;&#51004;&#47196; &#49444;&#47749;&#54624; &#49688; &#51080;&#45796;.</p></li><li><p>&#44508;&#51228; &#51201;&#51025; &#48708;&#50857;&#51012; &#45230;&#52632;&#45796;. <a href="https://www.congress.gov/bill/119th-congress/senate-bill/394">GENIUS Act &#51060;&#54980;</a> &#50836;&#44148;&#51012; &#52376;&#51020;&#48512;&#53552; &#51649;&#51217; &#49444;&#44228;&#54616;&#45716; &#44163;&#51008; &#48373;&#51105;&#54616;&#45796;. &#51060;&#48120; &#44592;&#44288; &#45812;&#48372; &#44592;&#51456;&#51012; &#53685;&#44284;&#54620; BUIDL&#51012; &#44592;&#52488; &#51088;&#49328;&#51004;&#47196; &#54876;&#50857;&#54616;&#47732; &#44536; &#48708;&#50857;&#51012; &#51460;&#51068; &#49688; &#51080;&#45796;. &#44508;&#51228;&#44032; &#44620;&#45796;&#47196;&#50892;&#51656;&#49688;&#47197; &#51060; &#51060;&#51216;&#51008; &#52964;&#51652;&#45796;.</p></li><li><p>&#50728;&#52404;&#51064;&#50640;&#49436; &#51312;&#54633;&#51060; &#44032;&#45733;&#54616;&#45796;. BUIDL&#51008; DeFi &#54532;&#47196;&#53664;&#53084;&#51060; &#47532;&#51200;&#48652;&#47196; &#54200;&#51077;&#54616;&#44256;, &#44144;&#47000;&#49548;&#44032; &#45812;&#48372;&#47196; &#50416;&#44256;, &#49373;&#53468;&#44228; &#51204;&#50857; &#45804;&#47084;&#51032; &#44592;&#52488; &#51088;&#49328;&#51004;&#47196; &#51116;&#44032;&#44277;&#54624; &#49688; &#51080;&#45796;.</p></li></ol><p>&#49464; &#51312;&#44148;&#51012; &#46041;&#49884;&#50640; &#44054;&#52632; &#51088;&#49328;&#51060; &#50630;&#50632;&#45796;. &#44536;&#47000;&#49436; BUIDL&#51008; &#46021;&#48372;&#51201;&#51064; &#44592;&#52488; &#51088;&#49328; &#44277;&#44553;&#52376;&#44032; &#46112; &#49688; &#51080;&#50632;&#45796;.</p><h2><strong>2. &#44033; DeFi &#54532;&#47196;&#53664;&#53084;&#46308;&#51008; &#50612;&#46523;&#44172; BUIDL&#51012; &#49324;&#50857;&#54616;&#45716;&#44032;?</strong></h2><p>BUIDL&#51012; &#47532;&#51200;&#48652;&#47196; &#54876;&#50857;&#54616;&#45716; &#51088;&#49328;&#50640;&#49436; &#51473;&#50836;&#54620; &#44148; BUIDL&#51060; &#44033; &#54532;&#47196;&#53664;&#53084; &#50504;&#50640;&#49436; &#50612;&#46500; &#50669;&#54624;&#51012; &#54616;&#45716;&#44032;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!XYzq!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!XYzq!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png 424w, https://substackcdn.com/image/fetch/$s_!XYzq!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png 848w, https://substackcdn.com/image/fetch/$s_!XYzq!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png 1272w, https://substackcdn.com/image/fetch/$s_!XYzq!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!XYzq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png" width="1456" height="992" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:992,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!XYzq!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png 424w, https://substackcdn.com/image/fetch/$s_!XYzq!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png 848w, https://substackcdn.com/image/fetch/$s_!XYzq!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png 1272w, https://substackcdn.com/image/fetch/$s_!XYzq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7d43bb96-f7db-4926-b990-a1174b3e0593_2048x1395.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h3><strong>2.1. Ethena(USDtb): &#54144;&#46377;&#48708; &#47532;&#49828;&#53356; &#50756;&#52649;</strong></h3><p><a href="https://app.ethena.fi/">Ethena</a>&#51032; &#45824;&#54364; &#49345;&#54408;&#51008; &#54633;&#49457; &#45804;&#47084; USDe&#50752;, USDe&#47484; &#49828;&#53580;&#51060;&#53433;&#54644; &#48155;&#45716; sUSDe&#45796;. USDe&#45716; &#46160; &#44032;&#51648; &#44221;&#47196;&#47196; &#49688;&#51061;&#51012; &#47564;&#46304;&#45796;.</p><ol><li><p>&#49828;&#53580;&#51060;&#53433; &#51088;&#49328;&#50640;&#49436; &#45208;&#50724;&#45716; &#49828;&#53580;&#51060;&#53433; &#48372;&#49345;</p></li><li><p>&#47924;&#44592;&#54620; &#49440;&#47932; &#49884;&#51109;&#51032; &#54144;&#46377;&#48708; (&#45944;&#53440; &#45684;&#53944;&#47092; &#51204;&#47029;)</p></li></ol><p>&#53945;&#55176; &#46160; &#48264;&#51704;, &#54144;&#46377;&#48708; &#49688;&#51061;&#51008; &#45944;&#53440; &#45684;&#53944;&#47092; &#51204;&#47029;&#50640;&#49436; &#45208;&#50728;&#45796;. USDe&#45716; &#45812;&#48372; &#51088;&#49328;&#51032; &#44032;&#44201; &#48320;&#46041; &#47532;&#49828;&#53356;&#47484; &#49345;&#49604;(&#51473;&#47549;)&#54616;&#44592; &#50948;&#54644; &#44057;&#51008; &#44508;&#47784;&#51032; &#49440;&#47932; &#49679; &#54252;&#51648;&#49496;&#51012; &#46041;&#49884;&#50640; &#50976;&#51648;&#54620;&#45796;. &#47217; &#49688;&#50836;&#44032; &#44053;&#54620; &#51109;&#49464;&#50640;&#49436;&#45716; &#47217; &#54252;&#51648;&#49496; &#48372;&#50976;&#51088;&#44032; &#49679; &#48372;&#50976;&#51088;&#50640;&#44172; &#54144;&#46377;&#48708;&#47484; &#51648;&#44553;&#54616;&#45716;&#45936;, Ethena&#44032; &#49679;&#51012; &#51536;&#44256; &#51080;&#51004;&#48064;&#47196; &#51060; &#49688;&#51061;&#51012; &#44536;&#45824;&#47196; &#49688;&#52712;&#54620;&#45796;.</p><p>&#47928;&#51228;&#45716; &#54144;&#46377;&#48708;&#44032; &#50669;&#51204;&#46104;&#45716; &#44396;&#44036;&#51060;&#45796;. &#54616;&#46973;&#51109;&#50640;&#49436; &#49679; &#49688;&#50836;&#44032; &#50864;&#49464;&#54644;&#51648;&#47732; &#49679; &#48372;&#50976;&#51088;&#44032; &#50724;&#55176;&#47140; &#54144;&#46377;&#48708;&#47484; &#45236;&#50556; &#54620;&#45796;. Ethena &#51077;&#51109;&#50640;&#49436;&#45716; &#49688;&#51061;&#51060; &#48708;&#50857;&#51004;&#47196; &#51204;&#54872;&#46104;&#45716; &#44396;&#44036;&#51060;&#45796;. &#51060; &#49345;&#53468;&#44032; &#44600;&#50612;&#51648;&#47732; &#48372;&#54744; &#54144;&#46300;&#44032; &#49548;&#51652;&#46104;&#44256;, USDe&#51032; &#45804;&#47084; &#54168;&#44536;&#44032; &#55124;&#46308;&#47540; &#49688; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!p9qX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!p9qX!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png 424w, https://substackcdn.com/image/fetch/$s_!p9qX!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png 848w, https://substackcdn.com/image/fetch/$s_!p9qX!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png 1272w, https://substackcdn.com/image/fetch/$s_!p9qX!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!p9qX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png" width="1456" height="992" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:992,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:451650,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/196650315?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!p9qX!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png 424w, https://substackcdn.com/image/fetch/$s_!p9qX!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png 848w, https://substackcdn.com/image/fetch/$s_!p9qX!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png 1272w, https://substackcdn.com/image/fetch/$s_!p9qX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F11644fa1-d98b-4440-bd3a-24b8c3c50a2e_3376x2300.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Ethena&#45716; &#51060; &#50948;&#54744;&#51012; &#48260;&#53608;&#45244; &#51088;&#49328;&#51060; &#54596;&#50836;&#54664;&#45796;. USDtb&#44032; &#44536; &#50669;&#54624;&#51012; &#47585;&#50520;&#45796;. &#52488;&#44592; &#44396;&#51312;&#50640;&#49436; BUIDL&#44284; USDC&#47484; &#54645;&#49900; &#47532;&#51200;&#48652;&#47196; &#50044;&#45796;. &#49688;&#51061;&#51012; &#45132;&#50612;&#50732;&#47532;&#44592; &#50948;&#54644;&#49436;&#44032; &#50500;&#45768;&#45796;. &#54144;&#46377;&#48708;&#44032; &#44734;&#51060;&#45716; &#44396;&#44036;&#50640; Ethena &#51204;&#52404; &#44396;&#51312;&#44032; &#48260;&#54008; &#49688; &#51080;&#46020;&#47197; &#48155;&#52432;&#51452;&#45716; &#48169;&#50612; &#51088;&#49328;&#51060;&#45796;.</p><h3><strong>2.2. Ondo(OUSG): &#44592;&#52488; &#51088;&#49328; (&#51473;&#44036;&#51116; &#50896;&#51116;&#47308;)</strong></h3><p><a href="https://ondo.finance/ousg">OUSG(Ondo U.S. Government Bond Fund)</a>&#45716; &#48120;&#44397; &#44397;&#52292; &#44592;&#48152; &#44592;&#44288;&#50857; &#51088;&#49328;&#51012; &#50728;&#52404;&#51064;&#51004;&#47196; &#51217;&#44540;&#54624; &#49688; &#51080;&#44172; &#47564;&#46304; &#53664;&#53360;&#54868; &#54144;&#46300;&#45796;. &#48660;&#47001;&#47197; BUIDL&#51060;&#45208; Franklin Templeton FOBXX &#44057;&#51008; &#44592;&#44288;&#50857; &#47672;&#45768;&#47560;&#53011; &#54144;&#46300;&#50640; &#51649;&#51217; &#51217;&#44540;&#54616;&#47140;&#47732; &#49688;&#48177;&#47564; &#45804;&#47084;&#51032; &#52572;&#49548; &#53804;&#51088;&#44552;&#44284; &#51201;&#44201; &#53804;&#51088;&#51088; &#50836;&#44148;&#51060; &#54596;&#50836;&#54616;&#45796;. OUSG&#45716; &#51060; &#51109;&#48317;&#51012; &#45230;&#52656; DeFi &#49324;&#50857;&#51088;&#44032; &#50728;&#52404;&#51064;&#50640;&#49436; &#51217;&#44540;&#54624; &#49688; &#51080;&#45716; &#51473;&#44036;&#51116; &#50669;&#54624;&#51012; &#54620;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!vcAq!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!vcAq!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png 424w, https://substackcdn.com/image/fetch/$s_!vcAq!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png 848w, https://substackcdn.com/image/fetch/$s_!vcAq!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png 1272w, https://substackcdn.com/image/fetch/$s_!vcAq!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!vcAq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png" width="1456" height="858" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:858,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:613410,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/196650315?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!vcAq!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png 424w, https://substackcdn.com/image/fetch/$s_!vcAq!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png 848w, https://substackcdn.com/image/fetch/$s_!vcAq!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png 1272w, https://substackcdn.com/image/fetch/$s_!vcAq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F635a85ec-f10c-4601-ba60-2dcaf276fdaa_3376x1990.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>OUSG &#47532;&#51200;&#48652; &#51088;&#49328; &#44396;&#49457;&#50644; BUIDL&#51060; &#54252;&#54632;&#46076; &#51080;&#45796;. Franklin Templeton&#51032; FOBXX, WisdomTree&#51032; WTGXX&#46020; &#54632;&#44760; &#45812;&#44220;&#45796;. &#47532;&#53580;&#51068;&#51060; &#51649;&#51217; &#51217;&#44540;&#54616;&#44592; &#50612;&#47140;&#50868; &#44592;&#44288;&#50857; &#51088;&#49328;&#51012; OUSG&#46972;&#45716; &#50728;&#52404;&#51064; &#51473;&#44036;&#51116;&#47196; &#51116;&#54252;&#51109;&#54620; &#44396;&#51312;&#45796;.</p><h3><strong>2.3. Frax(frxUSD): &#48124;&#54021;&#183;&#54872;&#47588; &#51456;&#48708;&#51088;&#49328;</strong></h3><p><a href="https://frax.com/frxUSD">frxUSD</a>&#45716; Frax Protocol&#51060; &#49352;&#47213;&#44172; &#49444;&#44228;&#54620; &#45804;&#47084; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060;&#45796;. USDC&#45208; USDT&#52376;&#47100; 1&#45804;&#47084; &#44032;&#52824;&#47484; &#50976;&#51648;&#54616;&#45716; &#44172; &#47785;&#54364;&#51064;&#45936;, &#44592;&#51316; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#44284; &#45796;&#47480; &#51216;&#51008; &#47532;&#51200;&#48652; &#44396;&#49457; &#48169;&#49885;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!kHzo!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!kHzo!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png 424w, https://substackcdn.com/image/fetch/$s_!kHzo!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png 848w, https://substackcdn.com/image/fetch/$s_!kHzo!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png 1272w, https://substackcdn.com/image/fetch/$s_!kHzo!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!kHzo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png" width="1456" height="992" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:992,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:370808,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/196650315?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!kHzo!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png 424w, https://substackcdn.com/image/fetch/$s_!kHzo!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png 848w, https://substackcdn.com/image/fetch/$s_!kHzo!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png 1272w, https://substackcdn.com/image/fetch/$s_!kHzo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8864e493-b7a1-4f1e-90a3-20ac644b286a_3376x2300.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>&#44592;&#51316; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51008; &#50724;&#54532;&#52404;&#51064; &#51008;&#54665; &#44228;&#51340;&#51032; &#54788;&#44552;&#51060;&#45208; &#44397;&#52292;&#47196; &#47532;&#51200;&#48652;&#47484; &#52292;&#50912;&#45796;. Frax&#45716; &#44536; &#51088;&#47532;&#50640; &#50728;&#52404;&#51064; &#53664;&#53360;&#54868; &#44397;&#52292;&#51064; BUIDL&#51012; &#45347;&#50632;&#45796;. BUIDL&#51012; &#48372;&#45236;&#47732; frxUSD&#44032; &#48124;&#54021;&#46104;&#44256;, frxUSD&#47484; &#48372;&#45236;&#47732; BUIDL&#47196; &#46028;&#47140;&#48155;&#45716; 1&#45824;1 &#44396;&#51312;&#45796;.</p><p>frxUSD &#49324;&#50857;&#51088;&#45716; &#51060; &#44396;&#51312;&#47484; &#51649;&#51217; &#48380; &#51068;&#51060; &#50630;&#45796;. &#44208;&#51228;&#45208; DeFi&#50640;&#49436; &#44536;&#45285; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#49324;&#50857;&#54616;&#47732; &#46108;&#45796;. &#44536; &#46263;&#45800;&#50640;&#49436; BUIDL&#51060; &#48124;&#54021;&#44284; &#54872;&#47588;&#47484; &#46263;&#48155;&#52840;&#54620;&#45796;.</p><h3><strong>2.4. Sky/Spark: &#50976;&#46041;&#49457; &#47112;&#51060;&#50612; &#54252;&#53944;&#54260;&#47532;&#50724;</strong></h3><p>Sky(&#44396; MakerDAO)&#45716; DAI &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#51096; &#50508;&#47140;&#51652; DeFi &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;. Spark&#45716; Sky &#49373;&#53468;&#44228;&#51032; &#51088;&#44552;&#51012; &#50868;&#50857;&#54616;&#45716; &#45824;&#52636;&#183;&#50976;&#46041;&#49457; &#47112;&#51060;&#50612;&#47196;, &#45812;&#48372; &#51088;&#49328; &#54252;&#53944;&#54260;&#47532;&#50724;&#47484; &#44288;&#47532;&#54620;&#45796;. <a href="https://x.com/SkyEcosystem/status/1811490188872597566">Tokenization Grand Prix(TGP)</a>&#45716; Spark&#44032; &#54788;&#49892; &#51088;&#49328;&#51012; &#50728;&#52404;&#51064; &#45812;&#48372;&#47196; &#54200;&#51077;&#54616;&#44592; &#50948;&#54644; &#49444;&#44228;&#54620; &#54532;&#47196;&#44536;&#47016;&#51060;&#45796;. &#52509; 10&#50613; &#45804;&#47084; &#44508;&#47784;&#51032; RWA &#51088;&#49328;&#51012; &#44221;&#51137; &#51077;&#52272; &#48169;&#49885;&#51004;&#47196; &#49440;&#51221;&#54644; Spark Liquidity Layer&#50640; &#54200;&#51077;&#54620;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Rl9f!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Rl9f!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png 424w, https://substackcdn.com/image/fetch/$s_!Rl9f!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png 848w, https://substackcdn.com/image/fetch/$s_!Rl9f!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png 1272w, https://substackcdn.com/image/fetch/$s_!Rl9f!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Rl9f!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png" width="1456" height="1227" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1227,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:681231,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/196650315?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Rl9f!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png 424w, https://substackcdn.com/image/fetch/$s_!Rl9f!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png 848w, https://substackcdn.com/image/fetch/$s_!Rl9f!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png 1272w, https://substackcdn.com/image/fetch/$s_!Rl9f!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc8d9f5b7-b05d-4572-ba8a-ed273f71a431_3376x2844.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Spark&#51032; TGP &#51665;&#54665;&#50504;&#51008; &#52509; 10&#50613; &#45804;&#47084; &#51473; 5&#50613; &#45804;&#47084;&#47484; BUIDL&#50640; &#48176;&#48516;&#54664;&#45796;. &#45208;&#47672;&#51648;&#45716; Superstate&#51032; USTB&#50752; Centrifuge&#51032; JTRSY&#50640; &#45208;&#45620;&#45796;. &#45800;&#51068; &#47532;&#51200;&#48652;&#44032; &#50500;&#45768;&#46972; &#54252;&#53944;&#54260;&#47532;&#50724;&#47484; &#44396;&#49457;&#54620; &#44163;&#51060;&#45796;.</p><p>&#51204;&#53685; &#51088;&#49328;&#50868;&#50857;&#49324;&#46020; &#44397;&#52292;, MMF, &#53356;&#47112;&#46375; &#49345;&#54408;&#51012; &#49438;&#50612; &#54252;&#53944;&#54260;&#47532;&#50724;&#47484; &#51680;&#45796;. &#45796;&#47480; &#51216;&#51008; &#51060; &#51312;&#54633;&#51060; &#50728;&#52404;&#51064;&#50640;&#49436; &#51089;&#46041;&#54616;&#44256;, &#45812;&#48372;&#45208; &#50976;&#46041;&#49457;&#51004;&#47196; DeFi &#47112;&#51068; &#50948;&#50640;&#49436; &#45796;&#49884; &#50416;&#51064;&#45796;&#45716; &#44163;&#51060;&#45796;.</p><p>&#50526;&#49440; &#45348; &#49324;&#47168;&#50640;&#49436; BUIDL&#51032; &#50669;&#54624;&#51008; &#44033;&#44033; &#45804;&#46992;&#45796;. &#47532;&#51200;&#48652;&#44032; &#46104;&#44592;&#46020; &#54664;&#44256;, &#44592;&#52488; &#51088;&#49328;&#51060; &#46104;&#44592;&#46020; &#54664;&#44256;, &#54252;&#53944;&#54260;&#47532;&#50724; &#44396;&#49457; &#51088;&#49328;&#51004;&#47196; &#50416;&#51060;&#44592;&#46020; &#54664;&#45796;. &#44277;&#53685;&#51216;&#51008; &#54616;&#45208;&#45796;. &#50612;&#45712; &#44221;&#50864;&#50640;&#46020; BUIDL&#51008; &#52572;&#51333; &#49345;&#54408;&#51060; &#50500;&#45768;&#50632;&#45796;. &#54532;&#47196;&#53664;&#53084;&#46308;&#51060; &#51088;&#44592; &#49884;&#49828;&#53596;&#51012; &#52292;&#50864;&#44592; &#50948;&#54644; BUIDL&#51012; &#49324;&#46308;&#51060;&#45716; &#44396;&#51312;&#44032; &#51060;&#48120; &#51089;&#46041;&#54616;&#44256; &#51080;&#45796;.</p><h2><strong>3. BUIDL&#51060; &#54620; &#48264; &#45908; &#51116;&#44032;&#44277;&#46104;&#45716; &#48169;&#49885;</strong></h2><p>&#50526;&#49436; &#49332;&#54196;&#48376; &#44163;&#52376;&#47100; &#54532;&#47196;&#53664;&#53084;&#46308;&#51008; &#51200;&#47560;&#45796;&#51032; &#51060;&#50976;&#47196; BUIDL&#51012; &#51649;&#51217; &#47588;&#51077;&#54644; &#47532;&#51200;&#48652;&#47196; &#54200;&#51077;&#54664;&#45796;. &#50668;&#44592;&#49436; &#45149;&#45208;&#51648; &#50506;&#50520;&#45796;. BUIDL&#51012; &#44592;&#48152;&#51004;&#47196; &#47564;&#46304; &#49345;&#54408;&#51060; &#45796;&#49884; &#49352;&#47196;&#50868; &#49345;&#54408;&#51032; &#47532;&#51200;&#48652;&#44032; &#46104;&#47728; &#47924;&#54620;&#54620; &#54869;&#51109;&#51060; &#51060;&#47364;&#51648;&#44256; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!s59A!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!s59A!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png 424w, https://substackcdn.com/image/fetch/$s_!s59A!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png 848w, https://substackcdn.com/image/fetch/$s_!s59A!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png 1272w, https://substackcdn.com/image/fetch/$s_!s59A!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!s59A!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png" width="1456" height="923" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:923,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:287673,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://reports.tiger-research.com/i/196650315?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!s59A!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png 424w, https://substackcdn.com/image/fetch/$s_!s59A!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png 848w, https://substackcdn.com/image/fetch/$s_!s59A!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png 1272w, https://substackcdn.com/image/fetch/$s_!s59A!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19e2cb89-33a9-40f0-9a0f-fba788912192_3128x1984.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>MegaETH&#51032; <a href="https://www.coingecko.com/en/coins/megausd">USDM</a>&#51060; &#45824;&#54364; &#49324;&#47168;&#45796;. USDm&#51008; MegaETH&#44032; Ethena&#50752; &#54801;&#47141;&#54644; &#49444;&#44228;&#54620; &#49373;&#53468;&#44228; &#51204;&#50857; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060;&#45796;. USDm&#51032; &#47532;&#51200;&#48652;&#45716; USDtb&#51060;&#44256;, USDtb&#51032; &#47532;&#51200;&#48652;&#51008; BUIDL&#51060;&#45796;. MegaETH&#50640;&#49436; USDm &#49688;&#50836;&#44032; &#45720;&#50612;&#45216;&#49688;&#47197; BUIDL &#49688;&#50836;&#46020; &#46384;&#46972; &#50724;&#47480;&#45796;.</p><p>&#51593;, &#49373;&#53468;&#44228;&#44032; &#45720;&#50612;&#45216;&#49688;&#47197; &#44221;&#51137;&#51088;&#44032; &#50500;&#45768;&#46972; &#44256;&#44061;&#51060; &#45720;&#50612;&#45208;&#45716; &#44396;&#51312;&#45796;. &#46608;, &#50728;&#52404;&#51064; &#44552;&#50997;&#50640;&#49436;&#45716; &#52292;&#53469; &#49549;&#46020;&#44032; &#53360; &#52264;&#48324;&#51216;&#51060;&#45796;. &#47564;&#50557;, &#51204;&#53685; &#44552;&#50997;&#50640;&#49436; &#51060;&#47088; &#54028;&#49373; &#44396;&#51312;&#47484; &#47564;&#46304;&#45796;&#47732;, &#44508;&#51228; &#44160;&#53664;, &#48277;&#51201; &#44228;&#50557;, &#49688;&#53441; &#44396;&#51312; &#54801;&#51032;&#44620;&#51648; &#49688;&#44060;&#50900;&#51060; &#44152;&#47540; &#44163;&#51060;&#45796;. &#54616;&#51648;&#47564; &#50728;&#52404;&#51064;&#50640;&#49436;&#45716; &#51060; &#44284;&#51221;&#51060; &#45824;&#54253; &#52629;&#49548;&#46104;&#47728;, &#44508;&#51228;&#51032; &#53952; &#50504;&#50640;&#47564; &#51080;&#45796;&#47732; &#44592;&#52488; &#51088;&#49328;&#51032; &#51333;&#47448;&#50640;&#45716; &#49324;&#49892;&#49345; &#51228;&#54620;&#51060; &#50630;&#50612;&#51652;&#45796;.</p><p>&#51221;&#47532;&#54616;&#47732; BUIDL&#51060; &#54788;&#49892; &#49464;&#44228;&#51032; &#50504;&#51204;&#54620; &#51088;&#49328;&#51012; &#44592;&#48152;&#51004;&#47196; &#47924;&#54620;&#54620; &#44032;&#45733;&#49457;&#51012; &#50676;&#44256; &#51080;&#51004;&#47728;, &#51060;&#46308;&#51012; &#51473;&#49900;&#51004;&#47196; &#44256;&#44061;&#51060; &#47792;&#47532;&#44256; &#51080;&#45796;.</p><h2><strong>4. BUIDL &#44536; &#45796;&#51020;&#51008;?</strong></h2><p>&#48660;&#47001;&#47197;&#51060; &#44592;&#44288;&#50857; &#54144;&#46300;&#47484; &#47564;&#46308;&#50632;&#44256;, Ethena&#183;Ondo&#183;Frax&#183;Spark&#44032; &#44592;&#52488; &#51088;&#49328;&#51004;&#47196; &#44032;&#51256;&#44052;&#44256;, MegaETH&#44032; &#44536; &#50948;&#50640; &#49373;&#53468;&#44228; &#51204;&#50857; &#45804;&#47084;&#47484; &#50617;&#50632;&#45796;. 2024&#45380; 3&#50900; &#52636;&#49884; &#51060;&#54980; &#52292; 2&#45380;&#51060; &#44152;&#47532;&#51648; &#50506;&#50520;&#45796;.</p><p>&#51060; &#49549;&#46020;&#44032; &#44032;&#45733;&#54664;&#45912; &#51060;&#50976;&#45716; &#48660;&#47001;&#47197;&#51032; &#51060;&#47492;&#47564;&#51060; &#50500;&#45768;&#45796;. &#48277;&#51201; &#52397;&#44396;&#44428;, &#50728;&#52404;&#51064; &#51312;&#54633;&#49457;, &#44508;&#51228; &#51201;&#54633;&#49457;. &#49464; &#51312;&#44148;&#51012; &#46041;&#49884;&#50640; &#44054;&#52632; &#51088;&#49328;&#51060; &#44536;&#46412; BUIDL&#49104;&#51060;&#50632;&#45796;. &#44536;&#47000;&#49436; &#49440;&#51216; &#54952;&#44284;&#44032; &#52984;&#45796;. &#44536;&#47532;&#44256; &#51648;&#44552;&#52376;&#47100; DeFi &#54532;&#47196;&#53664;&#53084;&#46308;&#51060; BUIDL&#51012; &#47532;&#51200;&#48652;&#47196; &#54200;&#51077;&#54624;&#49688;&#47197; &#49440;&#51216;&#54952;&#44284;&#45716; &#45908; &#44403;&#50612;&#51652;&#45796;.</p><p>&#44536;&#47111;&#45796;&#47732; BUIDL &#51060;&#54980; &#49884;&#51109;&#50640; &#45208;&#50732; &#53664;&#53360;&#54868; &#51088;&#49328;&#46308;&#51008; &#50612;&#46523;&#44172; &#51652;&#51077;&#54644;&#50556; &#54616;&#45716;&#44032;.</p><p>&#53664;&#53360;&#54868; &#51088;&#49328;&#51012; &#49444;&#44228;&#54616;&#45716; &#54016; &#45824;&#48512;&#48516;&#51008; &#46160; &#44040;&#47000;&#47196; &#49373;&#44033;&#54620;&#45796;. &#53664;&#53360;&#54868; &#51088;&#52404;&#44032; &#49688;&#50836;&#47484; &#47564;&#46308;&#50612;&#51460; &#44144;&#46972; &#48127;&#44144;&#45208;, &#51204;&#53685; &#44552;&#50997;&#50640;&#49436; &#54616;&#45912; &#45824;&#47196; &#50689;&#50629;&#54016;&#183;&#54032;&#47588; &#52292;&#45328;&#183;&#48652;&#47196;&#52964; &#45348;&#53944;&#50892;&#53356;&#47484; &#46041;&#50896;&#54616;&#44144;&#45208;.</p><p>&#54616;&#51648;&#47564; BUIDL&#51008; &#44592;&#51316; &#54140;&#45328;&#51060; &#50500;&#45772; &#49352;&#47196;&#50868; &#44256;&#44061;&#51012; &#52286;&#50520;&#45796;. Ethena&#183;Ondo&#183;Frax&#183;Spark &#44057;&#51008; DeFi &#54532;&#47196;&#53664;&#53084;&#51060; &#47676;&#51200; &#52292;&#53469;&#54664;&#44256;, &#44536;&#45796;&#51020; Deribit&#183;Binance&#183;OKX &#44057;&#51008; &#44144;&#47000;&#49548;&#50752; &#44592;&#44288;&#51060; &#46384;&#46972;&#50772;&#45796;. &#51204;&#53685; &#44552;&#50997;&#50640;&#45716; &#50630;&#45912; DeFi &#54532;&#47196;&#53664;&#53084;&#51060;&#46972;&#45716; &#44256;&#44061;&#52789;&#51012; &#48156;&#44204;&#54620; &#44163;&#51060;&#45796;.</p><p>&#51060;&#46308;&#51008; &#51088;&#49328;&#51012; &#49324;&#46308;&#51060;&#44256;, &#44536; &#50948;&#50640; &#51088;&#44592; &#49345;&#54408;&#51012; &#49939;&#44256;, &#44536; &#49345;&#54408;&#51060; &#45796;&#49884; &#45796;&#51020; &#54532;&#47196;&#53664;&#53084;&#51032; &#44592;&#48152;&#51060; &#46108;&#45796;. &#50689;&#50629;&#51004;&#47196; &#47564;&#45208;&#45716; &#44256;&#44061;&#51060; &#50500;&#45768;&#46972; &#49444;&#44228;&#47196; &#45132;&#50612;&#46308;&#51060;&#45716; &#44256;&#44061;&#51060;&#45796;. &#51060; &#44256;&#44061;&#52789;&#51012; &#48156;&#44204;&#54616;&#51648; &#47803;&#54620;&#45796;&#47732;, &#45796;&#51020; BUIDL&#51008; &#45208;&#50724;&#51648; &#50506;&#45716;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-kor">&#46020;&#54028;&#48124;&#51060; &#49324;&#46972;&#51652; DeFi, RWA&#47196; &#46104;&#49332;&#50500;&#45208;&#45796;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/rwa-2025-driving-adoption-tokenization-kor">RWA 2025 &#53664;&#53360;&#54868;&#50752; &#44536; &#45320;&#47672; &#47784;&#46160;&#50640;&#44172; &#45796;&#44032;&#44032;&#45716; RWA</a></p></li><li><p><a href="https://reports.tiger-research.com/p/how-plume-captured-50-of-rwa-investors-kor?utm_source=publication-search">&#50612;&#46523;&#44172; &#54540;&#47352;(Plume)&#51008; RWA &#53804;&#51088;&#51088; &#44284;&#48152;&#49688;&#47484; &#54869;&#48372;&#54664;&#45716;&#44032;?</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>Terms of Usage</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(<a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ ๋„ฅ์„œ์Šค(Nexus): FTX์˜ ๊ตํ›ˆ, AI ์—์ด์ „ํŠธ ์‹œ๋Œ€์— ๋‹ค์‹œ ์“ฐ๋‹ค. ]]>
</title>
<description>
<![CDATA[ Tiger Research&#44032; &#48516;&#49437;&#54620; &#45349;&#49436;&#49828; &#48372;&#44256;&#49436;: &#50689;&#51648;&#49885; &#51613;&#47749; &#44592;&#48152;&#51032; &#44160;&#51613; &#44032;&#45733;&#54620; &#44552;&#50997;(Verifiable Finance)&#44284; L1&#183;&#44144;&#47000;&#49548;&#183;USDX&#44032; &#44208;&#54633;&#46108; &#53944;&#46972;&#51060;&#54169;&#53440; &#51204;&#47029;&#51012; &#54869;&#51064;&#54616;&#49464;&#50836;. ]]>
</description>
<link>https://reports.tiger-research.com/p/nexus-rewriting-the-ftx-lesson-for-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/nexus-rewriting-the-ftx-lesson-for-kor</guid>
<dc:creator>
<![CDATA[ Ryan Yoon ]]>
</dc:creator>
<pubDate>Tue, 05 May 2026 14:25:42 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/196546106/25bde9eb4ab8614645c7291abcf0ee30.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>FTX&#44032; &#47924;&#45320;&#51648;&#44592; &#51204;, &#51456;&#48708;&#44552;&#51012; &#51649;&#51217; &#54869;&#51064;&#54624; &#49688; &#51080;&#50632;&#45796;&#47732; &#50612;&#46432;&#51012;&#44620;&#50836;? &#44160;&#51613;&#54624; &#49688; &#50630;&#45716; &#44552;&#50997;&#51008; &#50616;&#51228;&#46304; &#47924;&#45320;&#51648;&#44256;, AI &#50640;&#51060;&#51204;&#53944;&#44032; &#49324;&#46988; &#45824;&#49888; &#44144;&#47000;&#47484; &#49892;&#54665;&#54616;&#45716; &#49884;&#45824;&#50640;&#45716; &#44536; &#47532;&#49828;&#53356;&#44032; &#45908; &#48736;&#47476;&#44172; &#54140;&#51665;&#45768;&#45796;.</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>2008&#45380; &#44552;&#50997;&#50948;&#44592;&#46020;, FTX &#48533;&#44340;&#46020; &#44160;&#51613;&#54624; &#49688; &#50630;&#45716; &#44396;&#51312;&#50640;&#49436; &#48708;&#47215;&#46096;&#45796;. &#8220;&#50504;&#51204;&#54616;&#45796;&#8221;&#45716; &#47568;&#51012; &#48127;&#45716; &#44163; &#50808;&#50640; &#48169;&#48277;&#51060; &#50630;&#50632;&#44256;, &#49704;&#44200;&#51652; &#48512;&#49892;&#51008; &#54620;&#44732;&#48264;&#50640; &#53552;&#51276;&#45796;.</p></li><li><p>&#45349;&#49436;&#49828;&#45716; &#50689;&#51648;&#49885; &#51613;&#47749;&#51004;&#47196; &#44592;&#44288;&#51032; &#47568; &#45824;&#49888; &#49688;&#54617;&#51201; &#51613;&#47749;&#51004;&#47196; &#44552;&#50997;&#51012; &#54869;&#51064;&#54616;&#45716; &#44396;&#51312;&#47484; &#47564;&#46304;&#45796;. &#51456;&#48708;&#44552;&#48512;&#53552; &#52397;&#49328; &#47196;&#51649;, &#44144;&#47000; &#47588;&#52845;&#44620;&#51648; &#51613;&#47749;&#51032; &#45824;&#49345;&#51004;&#47196; &#48148;&#44988;&#45796;.</p></li><li><p>L1, &#45349;&#49436;&#49828; &#51061;&#49828;&#52404;&#51064;&#51648;, USDX&#47484; &#54616;&#45208;&#47196; &#47926;&#51008; &#53944;&#46972;&#51060;&#54169;&#53440;&#44032; &#54645;&#49900;&#51060;&#45796;. &#44144;&#47000;&#47049;&#51060; USDX &#49688;&#50836;&#47484; &#47564;&#46308;&#44256;, &#44536; &#49688;&#51061;&#51060; &#44060;&#48156;&#51088;&#50640;&#44172; &#55128;&#47084; &#49373;&#53468;&#44228;&#47484; &#53412;&#50868;&#45796;. &#54540;&#46972;&#51060;&#55072;&#51060; &#46028;&#50500;&#44032;&#47140;&#47732; &#52488;&#44592; &#44144;&#47000;&#47049;&#51060; &#47676;&#51200;&#45796;.</p></li><li><p>&#44160;&#51613; &#44032;&#45733;&#49457;&#51008; &#50948;&#44592;&#44032; &#50752;&#50556; &#48731;&#45208;&#45716; &#44032;&#52824;&#45796;. &#51060;&#48120; &#45796;&#49688;&#51032; &#44144;&#47000;&#49548;&#44032; &#51088;&#47532;&#47484; &#51105;&#51008; &#49884;&#51109;&#50640;&#49436; &#52488;&#44592; &#50976;&#46041;&#49457;&#51012; &#50620;&#47560;&#45208; &#48736;&#47476;&#44172; &#54869;&#48372;&#54616;&#45712;&#45264;&#44032; &#53944;&#46972;&#51060;&#54169;&#53440;&#51032; &#52395; &#49884;&#54744;&#51060;&#45796;.</p></li><li><p>&#54616;&#51648;&#47564; &#51060; &#44160;&#51613; &#44032;&#45733;&#49457;&#51008; AI &#50640;&#51060;&#51204;&#53944;&#44032; &#49324;&#46988; &#45824;&#49888; &#44144;&#47000;&#47484; &#49892;&#54665;&#54616;&#45716; &#49884;&#45824;&#50640;&#45716; &#45908; &#51473;&#50836;&#54644;&#51652;&#45796;. &#54620; &#44275;&#51032; &#50724;&#47448;&#45716; &#50672;&#49604;&#51201;&#51004;&#47196; &#51204;&#54028;&#46104;&#45716; &#49884;&#51109;&#50640;&#49436;, &#45349;&#49436;&#49828;&#51032; &#44396;&#51312;&#51201; &#44032;&#52824;&#45716; &#51648;&#44552;&#48372;&#45796; &#52964;&#51652;&#45796;.</p></li></ul><div><hr></div><h2><strong>1. &#44552;&#50997;&#51008; &#53804;&#47749;&#54616;&#51648; &#50506;&#45796;.</strong></h2><p><strong>&#51204;&#53685; &#44552;&#50997;&#51032; &#47928;&#51228;&#45716; &#49457;&#45733;&#51060; &#50500;&#45768;&#45796;. </strong>&#50864;&#47532;&#45716; &#51060;&#48120; &#54200;&#47532;&#54620; &#44552;&#50997; &#49436;&#48708;&#49828;&#47484; &#50416;&#44256; &#51080;&#45796;. &#47928;&#51228;&#45716; &#44536; &#54200;&#47532;&#54632; &#46244;&#54200;&#50640; &#51080;&#45796;. &#49324;&#50857;&#51088;&#45716; &#44552;&#50997; &#49884;&#49828;&#53596; &#50504;&#50640;&#49436; &#49892;&#51228;&#47196; &#47924;&#49832; &#51068;&#51060; &#48268;&#50612;&#51648;&#45716;&#51648; &#50508; &#49688; &#50630;&#45796;.</p><p><strong>&#49892;&#51228;&#47196; &#51060; &#48520;&#53804;&#47749;&#54632;&#51008; &#48152;&#48373;&#51201;&#51004;&#47196; &#50948;&#44592;&#47484; &#47564;&#46308;&#50612; &#50772;&#45796;.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!YyLo!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!YyLo!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png 424w, https://substackcdn.com/image/fetch/$s_!YyLo!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png 848w, https://substackcdn.com/image/fetch/$s_!YyLo!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png 1272w, https://substackcdn.com/image/fetch/$s_!YyLo!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!YyLo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png" width="1456" height="1214" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1214,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!YyLo!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png 424w, https://substackcdn.com/image/fetch/$s_!YyLo!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png 848w, https://substackcdn.com/image/fetch/$s_!YyLo!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png 1272w, https://substackcdn.com/image/fetch/$s_!YyLo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F968ab7e1-f912-4ae0-b85d-bdc18fc77e66_2048x1707.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>2008&#45380; &#44552;&#50997;&#50948;&#44592;&#44032; &#45824;&#54364;&#51201;&#51060;&#45796;. &#45817;&#49884; &#48120;&#44397; &#49345;&#50629;&#51008;&#54665;&#46308;&#51008; &#45824;&#52636; &#48512;&#49892;&#51060; &#52964;&#51648;&#44256; &#51080;&#45796;&#45716; &#49324;&#49892;&#51012; &#50508;&#47732;&#49436;&#46020; &#49552;&#49892;&#51012; &#51109;&#48512;&#50640; &#48152;&#50689;&#54616;&#51648; &#50506;&#50520;&#45796;. &#51116;&#47924;&#51228;&#54364;&#45716; &#47680;&#51809;&#54644; &#48372;&#50688;&#44256;, &#50696;&#44552;&#51088;&#46020; &#44508;&#51228; &#45817;&#44397;&#46020; &#49892;&#51228; &#50948;&#54744;&#51012; &#54028;&#50501;&#54616;&#51648; &#47803;&#54664;&#45796;. &#44208;&#44397; &#49704;&#44200;&#51652; &#48512;&#49892;&#51060; &#54620;&#44732;&#48264;&#50640; &#53552;&#51648;&#47732;&#49436; &#44544;&#47196;&#48268; &#44552;&#50997;&#49884;&#49828;&#53596;&#51060; &#55124;&#46308;&#47160;&#45796;.</p><p>&#47928;&#51228;&#45716; &#50526;&#51004;&#47196; &#45908; &#52964;&#51656; &#44163;&#51060;&#45796;. AI &#50640;&#51060;&#51204;&#53944;&#44032; &#44552;&#50997; &#44144;&#47000;&#51032; &#51452;&#52404;&#47196; &#48512;&#49345;&#54616;&#47732; &#49324;&#46988;&#51060; &#54616;&#45912; &#54032;&#45800;&#51012; &#50508;&#44256;&#47532;&#51608;&#51060; &#45824;&#49888;&#54620;&#45796;. &#44536; &#49692;&#44036; &#44160;&#51613;&#54624; &#49688; &#51080;&#45716; &#49884;&#49828;&#53596;&#51060; &#50630;&#51004;&#47732; &#51096;&#47803;&#51012; &#51105;&#50500;&#45244; &#48169;&#48277;&#51060; &#49324;&#46972;&#51652;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. &#45349;&#49436;&#49828;&#51032; &#44160;&#51613; &#44032;&#45733;&#54620; &#44552;&#50997;</strong></h2><p><strong><a href="https://nexus.xyz/">&#45349;&#49436;&#49828;</a>&#44032; &#51452;&#47785;&#54616;&#45716; &#51648;&#51216;&#51008; &#54200;&#47532;&#54632; &#46244;&#50640; &#49704;&#44200;&#51652; &#44160;&#51613;&#51032; &#48512;&#51116;&#45796;. &#45349;&#49436;&#49828;&#45716; &#51648;&#44552;&#44620;&#51648; &#44160;&#51613;&#54624; &#49688; &#50630;&#45912; &#44552;&#50997;&#51012; &#8216;&#44160;&#51613; &#44032;&#45733;&#54620; &#44552;&#50997;(Verifiable Finance)&#8217;&#51004;&#47196; &#48148;&#44984;&#47140; &#54620;&#45796;.</strong></p><p>&#50689;&#51648;&#49885; &#51613;&#47749;(Zero-Knowledge Proof, ZKP)&#51060; &#51060;&#47484; &#44032;&#45733;&#54616;&#44172; &#54620;&#45796;. &#49464;&#48512; &#45236;&#50857;&#51012; &#44277;&#44060;&#54616;&#51648; &#50506;&#44256;&#46020; &#50612;&#46500; &#49324;&#49892;&#51060; &#52280;&#51060;&#46972;&#45716; &#51216;&#51012; &#49688;&#54617;&#51201;&#51004;&#47196; &#51613;&#47749;&#54616;&#45716; &#44592;&#49696;&#51060;&#45796;. &#44144;&#47000;&#49548;&#44032; &#44256;&#44061; &#51088;&#49328; 100&#50613; &#50896;&#51012; &#48372;&#44288;&#54616;&#44256; &#51080;&#45796;&#45716; &#51452;&#51109;&#51012; &#50696;&#47196; &#46308;&#50612; &#48372;&#51088;.</p><ul><li><p><strong>[as-is] &#51648;&#44552;&#51032; &#48169;&#49885;</strong>: &#44144;&#47000;&#49548;&#44032; &#8220;&#50504;&#51204;&#54616;&#44172; &#48372;&#44288;&#54616;&#44256; &#51080;&#45796;&#8221;&#44256; &#48156;&#54364;&#54620;&#45796;. &#54616;&#51648;&#47564; &#49324;&#50857;&#51088;&#45716; &#49892;&#51228;&#47196; &#44144;&#47000;&#49548;&#50640; &#50620;&#47560;&#44032; &#51080;&#45716;&#51648; &#54869;&#51064;&#54624; &#48169;&#48277;&#51060; &#50630;&#45796;.</p></li><li><p><strong>[to-be] &#50689;&#51648;&#49885; &#51613;&#47749; &#48169;&#49885;</strong>: &#44144;&#47000;&#49548;&#44032; &#51088;&#49328; &#45936;&#51060;&#53552;&#47484; &#50508;&#44256;&#47532;&#51608;&#50640; &#45347;&#51004;&#47732;, &#8220;&#48372;&#50976; &#51088;&#49328;&#51060; &#44256;&#44061; &#50696;&#52824;&#44552; &#51060;&#49345;&#51060;&#45796;&#8221;&#46972;&#45716; &#51613;&#47749;&#49436;&#44032; &#49373;&#49457;&#46108;&#45796;. &#44396;&#52404;&#51201;&#51064; &#51088;&#49328; &#45236;&#50669;&#51008; &#49704;&#44596; &#52292;&#47196;, &#51312;&#44148;&#51012; &#47564;&#51313;&#54620;&#45796;&#45716; &#49324;&#49892;&#47564; &#49688;&#54617;&#51201;&#51004;&#47196; &#51613;&#47749;&#54620;&#45796;.</p></li></ul><p>&#51593;, &#44144;&#47000;&#49548;&#51032; &#47568;&#51012; &#48127;&#45716; &#44172; &#50500;&#45768;&#46972;, &#49688;&#54617;&#51060; &#47564;&#46304; &#51613;&#47749;&#51004;&#47196; &#54869;&#51064;&#54620;&#45796;.</p><p>&#45349;&#49436;&#49828;&#45716; &#51060; &#44592;&#49696;&#51012; &#44552;&#50997; &#51204;&#48152;&#51004;&#47196; &#54869;&#51109;&#54616;&#47140; &#54620;&#45796;. KYC/AML &#54869;&#51064;, &#44256;&#44061; &#51088;&#49328; &#48516;&#47532; &#48372;&#44288; &#51613;&#47749;, &#44144;&#47000; &#47588;&#52845; &#48143; &#46972;&#50864;&#54021; &#51613;&#47749;, &#49552;&#51061; &#44228;&#49328;&#44284; &#52397;&#49328; &#47196;&#51649; &#44160;&#51613;&#44620;&#51648; &#48276;&#50948;&#44032; &#45331;&#45796;. &#44592;&#44288;&#51032; &#47568;&#51012; &#51068;&#48169;&#54693;&#51201;&#51004;&#47196; &#48127;&#51012; &#49688;&#48150;&#50640; &#50630;&#45912; &#50689;&#50669;&#51012; &#51613;&#47749;&#51032; &#45824;&#49345;&#51004;&#47196; &#48148;&#44984;&#44256;, &#44552;&#50997; &#51064;&#54532;&#46972; &#51088;&#52404;&#47484; &#44160;&#51613; &#44032;&#45733;&#54620; &#44396;&#51312;&#47196; &#45796;&#49884; &#51667;&#44192;&#45796;&#45716; &#54032;&#45800;&#51060;&#45796;.</p><p>&#45349;&#49436;&#49828;&#45716; &#51060;&#47484; &#44144;&#47000; &#47588;&#52845;, &#46972;&#50864;&#54021; &#54869;&#51064;, &#44536;&#47532;&#44256; &#49552;&#51061; &#44228;&#49328; &#48143; &#52397;&#49328; &#47196;&#51649;&#51032; &#44160;&#51613; &#46321; &#44552;&#50997; &#49828;&#53469; &#51204;&#48152;&#51004;&#47196; &#54869;&#51109;&#54616;&#45716; &#44163;&#51012; &#47785;&#54364;&#47196; &#54620;&#45796;. &#51060;&#45716; &#54620;&#46412; &#44592;&#44288;&#50640; &#45824;&#54620; &#47561;&#50672;&#54620; &#49888;&#47280;&#44032; &#54596;&#50836;&#54664;&#45912; &#50689;&#50669;&#46308;&#51012; &#51613;&#47749;&#51032; &#45824;&#49345;&#51004;&#47196; &#51204;&#54872;&#54616;&#47140;&#45716; &#51032;&#46020;&#45796;. &#44208;&#44284;&#51201;&#51004;&#47196; &#44552;&#50997; &#51064;&#54532;&#46972;&#45716; &#44160;&#51613; &#44032;&#45733;&#54620; &#53664;&#45824; &#50948;&#50640; &#51116;&#44396;&#52629;&#46108;&#45796;.</p><p>&#45796;&#47564; &#50689;&#51648;&#49885; &#51613;&#47749;&#51008; &#52572;&#44540; &#47751; &#45380;&#44036; &#51613;&#47749; &#48708;&#50857;&#51060; &#45230;&#50500;&#51648;&#44256; &#52376;&#47532;&#47049;&#46020; &#45720;&#50632;&#51648;&#47564;, &#49892;&#51228; &#49436;&#48708;&#49828;&#48372;&#45796; &#47560;&#52992;&#54021; &#50857;&#50612;&#47196; &#49548;&#48708;&#46108; &#44221;&#50864;&#44032; &#47566;&#50520;&#45796;. &#44536;&#47000;&#49436; &#45349;&#49436;&#49828;&#45716; &#48276;&#50857; &#51613;&#47749; &#54872;&#44221; &#45824;&#49888; &#44552;&#50997;&#51060;&#46972;&#45716; &#47749;&#54869;&#54620; &#49324;&#50857;&#52376;&#47484; &#53469;&#54664;&#45796;. &#51221;&#54869;&#49457;&#44284; &#53804;&#47749;&#49457;&#51060; &#46024;&#51032; &#50504;&#51204;&#44284; &#51649;&#44208;&#46104;&#45716; &#50689;&#50669;&#50640;&#49436; &#50689;&#51648;&#49885; &#51613;&#47749;&#51060; &#49892;&#51228;&#47196; &#51089;&#46041;&#54616;&#45716; &#47784;&#49845;&#51012; &#48372;&#50668;&#51452;&#44192;&#45796;&#45716; &#44163;&#51060;&#45796;.</p><h2><strong>3. &#50689;&#51648;&#49885; &#44592;&#49696;&#51060; &#54788;&#49892;&#47196;: &#53944;&#46972;&#51060;&#54169;&#53440;</strong></h2><p>&#51339;&#51008; &#44592;&#49696;&#51012; &#47564;&#46308;&#47732; &#51339;&#51008; &#50545;&#51060; &#46384;&#46972;&#50728;&#45796;&#45716; &#44592;&#45824;&#45716; &#51648;&#45212; &#49324;&#51060;&#53364;&#50640;&#49436; &#44648;&#51276;&#45796;. &#45349;&#49436;&#49828; &#54016;&#51008; &#51649;&#51217; &#44552;&#50997; &#49436;&#48708;&#49828;&#47484; &#47564;&#46304;&#45796;. L1 &#50948;&#50640; &#45349;&#49436;&#49828; &#51061;&#49828;&#52404;&#51064;&#51648;&#50752; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; USDX&#47484; &#50732;&#47140; &#54616;&#45208;&#51032; &#53685;&#54633; &#49828;&#53469;&#51012; &#44396;&#49457;&#54664;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!7mT9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!7mT9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png 424w, https://substackcdn.com/image/fetch/$s_!7mT9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png 848w, https://substackcdn.com/image/fetch/$s_!7mT9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png 1272w, https://substackcdn.com/image/fetch/$s_!7mT9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!7mT9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png" width="1456" height="874" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:874,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!7mT9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png 424w, https://substackcdn.com/image/fetch/$s_!7mT9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png 848w, https://substackcdn.com/image/fetch/$s_!7mT9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png 1272w, https://substackcdn.com/image/fetch/$s_!7mT9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F748e92da-3df1-4bb8-a126-7aa6f669a759_2048x1230.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#44592;&#51316; &#52404;&#51064;&#51008; L1, &#44144;&#47000;&#49548;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#46384;&#47196; &#46160;&#44256; &#50808;&#48512; &#50672;&#44208;&#47196; &#47926;&#50632;&#45796;. &#44536; &#44208;&#44284; &#49549;&#46020;, &#50976;&#46041;&#49457;, &#44160;&#51613;&#51060; &#49436;&#47196; &#45796;&#47480; &#54872;&#44221;&#50640;&#49436; &#46028;&#50500;&#44036;&#45796;. &#45349;&#49436;&#49828;&#45716; &#45796;&#47476;&#45796;. L1&#44284; &#51061;&#49828;&#52404;&#51064;&#51648;&#47484; &#54632;&#44760; &#49444;&#44228;&#54664;&#44256;, USDX&#46020; &#52404;&#51064; &#50504;&#50640; &#51649;&#51217; &#46208;&#45796;. &#49483;&#51060; &#54616;&#45208;&#51032; &#52404;&#51064; &#50504;&#50640; &#51080;&#51004;&#45768; &#49549;&#46020;, &#50976;&#46041;&#49457;, &#44160;&#51613;&#51060; &#44057;&#51008; &#54872;&#44221;&#50640;&#49436; &#51089;&#46041;&#54620;&#45796;. &#45349;&#49436;&#49828;&#45716; &#51060; &#49464; &#50836;&#49548;&#47484; &#53944;&#46972;&#51060;&#54169;&#53440;&#46972;&#44256; &#48512;&#47480;&#45796;.</p><p>&#55120;&#47492;&#51008; &#45800;&#49692;&#54616;&#45796;. &#51061;&#49828;&#52404;&#51064;&#51648;&#50640;&#49436; &#44144;&#47000;&#44032; &#48156;&#49373;&#54616;&#47732; USDX &#49688;&#50836;&#44032; &#45720;&#44256;, &#45908; &#47566;&#51008; &#51088;&#48376;&#51060; &#49373;&#53468;&#44228;&#47196; &#46308;&#50612;&#50728;&#45796;. &#44536; &#51088;&#48376;&#51060; &#45796;&#49884; &#51061;&#49828;&#52404;&#51064;&#51648;&#51032; &#50976;&#46041;&#49457;&#51012; &#53412;&#50864;&#44256;, &#44144;&#47000;&#47049;&#51060; &#52964;&#51652;&#45796;. L1&#51008; &#51060; &#49692;&#54872; &#51204;&#52404;&#51032; &#51064;&#54532;&#46972;&#45796;.</p><h3><strong>3.1. &#45349;&#49436;&#49828; &#51061;&#49828;&#52404;&#51064;&#51648;: &#54532;&#47196;&#53664;&#53084;&#50640; &#45236;&#51109;&#46108; &#44144;&#47000;&#49548;</strong></h3><p>&#45349;&#49436;&#49828; &#51061;&#49828;&#52404;&#51064;&#51648;&#45716; &#51068;&#48152;&#51201;&#51064; &#46356;&#54028;&#51060; &#44144;&#47000;&#49548;&#50752; &#44396;&#51312;&#44032; &#45796;&#47476;&#45796;. &#48372;&#53685;&#51032; DEX&#45716; &#52404;&#51064; &#50948;&#50640; &#49828;&#47560;&#53944; &#52968;&#53944;&#47001;&#53944;&#47196; &#48176;&#54252;&#46108;&#45796;. &#45349;&#49436;&#49828; &#51061;&#49828;&#52404;&#51064;&#51648;&#45716; &#52404;&#51064; &#50948;&#50640; &#50617;&#55180; &#44172; &#50500;&#45768;&#46972; &#52404;&#51064; &#50504;&#50640;&#49436; &#51649;&#51217; &#46028;&#50500;&#44036;&#45796;. &#50545;&#49828;&#53664;&#50612;&#50640;&#49436; &#45796;&#50868;&#48155;&#45716; &#50545;&#51060; &#50500;&#45768;&#46972;, &#50868;&#50689;&#52404;&#51228;&#50640; &#44592;&#48376; &#53457;&#51116;&#46108; &#44592;&#45733;&#50640; &#44032;&#44637;&#45796;.</p><p>&#44144;&#47000;&#49548;&#47484; &#51060;&#47111;&#44172; &#52404;&#51064; &#50504;&#50640; &#45236;&#51109;&#54616;&#47732; &#47784;&#46304; &#50545;&#51060; &#54616;&#45208;&#51032; &#50724;&#45908;&#48513;&#44284; &#50976;&#46041;&#49457;&#51012; &#44277;&#50976;&#54620;&#45796;. &#50976;&#46041;&#49457;&#51060; &#50668;&#47084; &#54532;&#47196;&#53664;&#53084;&#50640; &#55145;&#50612;&#51648;&#51648; &#50506;&#44256; &#54620;&#44275;&#50640; &#47784;&#51064;&#45796;. &#44144;&#47000; &#52404;&#44208;&#46020; &#52404;&#51064;&#51032; &#44256;&#49549; &#54872;&#44221;&#50640;&#49436; &#52376;&#47532;&#46104;&#48064;&#47196;, &#51473;&#50521;&#54868; &#44144;&#47000;&#49548;(CEX)&#50640; &#44032;&#44620;&#50868; &#49549;&#46020;&#47484; &#48708;&#49688;&#53441; &#44396;&#51312;&#50640;&#49436; &#45240;&#45796;.</p><p>&#54788;&#51116; &#53580;&#49828;&#53944;&#45367;&#50640;&#49436; &#50508;&#54028; &#48260;&#51204;&#51060; &#44060;&#48156; &#51473;&#51060;&#45796;. &#52964;&#48036;&#45768;&#54000; &#54588;&#46300;&#48177;&#51012; &#53685;&#54644; &#44592;&#45733;&#51012; &#54869;&#51109;&#54616;&#44256; &#51080;&#45796;. &#51109;&#44592;&#51201;&#51004;&#47196; &#45349;&#49436;&#49828; &#51061;&#49828;&#52404;&#51064;&#51648;&#45716; &#50500;&#47000; &#49464; &#44032;&#51648; &#50669;&#54624;&#51012; &#46041;&#49884;&#50640; &#49688;&#54665;&#54624; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;.</p><ul><li><p><strong>&#44160;&#51613; &#44032;&#45733;&#54620; &#45348;&#53944;&#50892;&#53356; &#54876;&#49457;&#54868;</strong>: &#49892;&#51228; &#44144;&#47000;&#47484; &#47564;&#46308;&#50612; &#45348;&#53944;&#50892;&#53356;&#47484; &#51613;&#47749;&#54620;&#45796;</p></li><li><p><strong>&#47112;&#54140;&#47088;&#49828; &#50545;</strong>: &#45349;&#49436;&#49828; &#50500;&#53412;&#53581;&#52376;&#51032; &#49457;&#45733;&#44284; &#44160;&#51613; &#45733;&#47141;&#51012; &#49892;&#51228;&#47196; &#48372;&#50668;&#51452;&#45716; &#52395; &#48264;&#51704; &#50545;&#51060;&#45796;</p></li><li><p><strong>&#50976;&#46041;&#49457; &#51652;&#51077;</strong>: &#51088;&#48376;&#44284; &#50976;&#46041;&#49457;&#51012; &#49373;&#53468;&#44228; &#50504;&#51004;&#47196; &#45132;&#50612;&#46308;&#51060;&#45716; &#53685;&#47196;&#44032; &#46108;&#45796;</p></li></ul><p>&#44144;&#47000;&#49548; &#54616;&#45208;&#44032; &#51064;&#54532;&#46972;&#47484; &#46028;&#47532;&#44256;, &#44592;&#49696;&#51012; &#51613;&#47749;&#54616;&#44256;, &#51088;&#48376;&#51012; &#47784;&#51008;&#45796;. &#47928;&#51228;&#45716; &#44208;&#44397; &#44144;&#47000;&#49548;&#51060;&#44592;&#50640; &#8220;&#44144;&#47000;&#47049;&#8221;&#51060; &#51473;&#50836;&#54616;&#45796;&#45716; &#44163;&#51060;&#45796;. &#50516;&#54840;&#54868;&#54224; &#44144;&#47000;&#47049;&#51008; &#51204;&#44256;&#51216; &#45824;&#48708; &#51460;&#50632;&#44256;, &#53356;&#47549;&#53664; &#51088;&#49328;&#47564;&#51004;&#47196; &#44144;&#47000;&#49548;&#47484; &#52292;&#50864;&#45716; &#45936;&#45716; &#54620;&#44228;&#44032; &#51080;&#45796;. RWA, &#51593; &#51452;&#49885;&#51060;&#45208; &#52292;&#44428; &#44057;&#51008; &#54788;&#49892; &#51088;&#49328;&#51012; &#50620;&#47560;&#45208; &#48736;&#47476;&#44172; &#50728;&#52404;&#51064;&#51004;&#47196; &#45132;&#50612;&#50724;&#45712;&#45264;&#44032; &#51473;&#50836;&#54624; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;.</p><h3><strong>3.2. USDX: &#45348;&#51060;&#54000;&#48652; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;</strong></h3><p><a href="https://blog.nexus.xyz/introducing-usdx-built-for-builders/">USDX</a>&#45716; &#45349;&#49436;&#49828; &#49373;&#53468;&#44228;&#51032; &#44592;&#52629; &#53685;&#54868;&#45796;. &#45349;&#49436;&#49828; &#51061;&#49828;&#52404;&#51064;&#51648;&#51032; &#44592;&#48376; &#44208;&#51228; &#53685;&#54868;&#47196;, &#47784;&#46304; &#44144;&#47000;&#44032; USDX&#47196; &#54364;&#49884;&#46104;&#44256; &#44208;&#51228;&#46108;&#45796;.</p><p>&#52404;&#51064; &#50504;&#50640;&#49436; &#51649;&#51217; &#48156;&#54665;&#46104;&#48064;&#47196; &#50808;&#48512; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#48652;&#47532;&#51648;&#47196; &#44032;&#51256;&#50732; &#54596;&#50836;&#44032; &#50630;&#45796;. &#44144;&#47000;, &#44208;&#51228;, &#45812;&#48372; &#49444;&#51221;&#51060; &#54616;&#45208;&#51032; &#52404;&#51064; &#50504;&#50640;&#49436; &#45130;&#44608; &#50630;&#51060; &#51060;&#47364;&#51652;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!g4j0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!g4j0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png 424w, https://substackcdn.com/image/fetch/$s_!g4j0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png 848w, https://substackcdn.com/image/fetch/$s_!g4j0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!g4j0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!g4j0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png" width="1456" height="1465" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1465,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!g4j0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png 424w, https://substackcdn.com/image/fetch/$s_!g4j0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png 848w, https://substackcdn.com/image/fetch/$s_!g4j0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png 1272w, https://substackcdn.com/image/fetch/$s_!g4j0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff090c90a-59be-4124-9fe2-178c3bf38386_2036x2048.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#48156;&#54665;&#51008; <a href="https://blog.nexus.xyz/usdx-powered-by-m0/">M0 &#51064;&#54532;&#46972;</a>&#47484; &#44592;&#48152;&#51004;&#47196; &#48120;&#44397; &#44397;&#52292;&#47484; 1:1 &#45812;&#48372;&#47196; &#54624; &#50696;&#51221;&#51060;&#45796;. &#45349;&#49436;&#49828;&#45716; &#51060; &#45812;&#48372; &#44160;&#51613;&#50640; &#50516;&#54840;&#54617;&#51201; &#51613;&#47749;&#51012; &#51201;&#50857;&#54616;&#45716; &#44163;&#51012; &#47785;&#54364;&#47196; &#54616;&#44256; &#51080;&#45796;. &#45796;&#47564; zkVM &#44592;&#48152; &#51456;&#48708;&#44552; &#51613;&#47749;&#51060; &#49892;&#51228;&#47196; &#44396;&#54788;&#46112;&#51648;&#45716; &#47700;&#51064;&#45367; &#51060;&#54980;&#50640; &#54869;&#51064;&#54624; &#49688; &#51080;&#45796;.</p><p>&#45349;&#49436;&#49828; &#51061;&#49828;&#52404;&#51064;&#51648;&#44032; &#44144;&#47000;&#47049;&#44284; &#50976;&#46041;&#49457;&#51012; &#47564;&#46308;&#50612;&#45236;&#45716; &#50644;&#51652;&#51060;&#46972;&#47732;, USDX&#45716; &#44536; &#50644;&#51652;&#51012; &#46028;&#47532;&#45716; &#50672;&#47308;&#45796;. &#44144;&#47000;&#49548; &#54876;&#46041;&#51060; USDX &#49688;&#50836;&#47484; &#47564;&#46308;&#44256;, USDX &#50976;&#53685;&#51060; &#45796;&#49884; &#44144;&#47000;&#49548;&#51032; &#50976;&#46041;&#49457;&#51012; &#53412;&#50868;&#45796;. &#47928;&#51228;&#45716; &#51060; &#49692;&#54872;&#51060; &#49884;&#51089;&#46104;&#47140;&#47732; USDX&#44032; &#47676;&#51200; &#50024;&#50556; &#54624; &#51060;&#50976;&#44032; &#51080;&#50612;&#50556; &#54620;&#45796;&#45716; &#51216;&#51060;&#45796;. USDC, USDT&#44032; &#51060;&#48120; &#44618;&#44172; &#51088;&#47532;&#51105;&#51008; &#49884;&#51109;&#50640;&#49436; &#45348;&#51060;&#54000;&#48652;&#46972;&#45716; &#44396;&#51312;&#51201; &#51060;&#51216;&#47564;&#51004;&#47196;&#45716; &#48512;&#51313;&#54616;&#45796;. &#44208;&#44397; &#44144;&#47000;&#49548;&#50640; &#50620;&#47560;&#45208; &#48736;&#47476;&#44172; &#50976;&#46041;&#49457;&#51060; &#49939;&#51060;&#45712;&#45264;&#44032; USDX&#51032; &#49457;&#54056;&#47484; &#44032;&#47480;&#45796;.</p><h2><strong>4. &#49373;&#53468;&#44228;&#47484; &#53412;&#50864;&#45716; &#49688;&#51061; &#44396;&#51312;: Yield Streaming</strong></h2><p>&#44144;&#47000;&#49548;&#50752; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#47582;&#47932;&#47140;&#46020; &#49373;&#53468;&#44228;&#44032; &#48708;&#50612; &#51080;&#51004;&#47732; &#54540;&#46972;&#51060;&#55072;&#51008; &#46028;&#51648; &#50506;&#45716;&#45796;. &#45908; &#47566;&#51008; &#44060;&#48156;&#51088;&#50752; &#54532;&#47196;&#53664;&#53084;&#51060; &#46308;&#50612;&#50752;&#50556; &#50976;&#46041;&#49457;&#51060; &#44618;&#50612;&#51648;&#44256; &#52404;&#51064;&#51060; &#51032;&#48120;&#47484; &#44032;&#51652;&#45796;. &#45349;&#49436;&#49828;&#45716; &#51060; &#47928;&#51228;&#47484; &#51064;&#49468;&#54000;&#48652; &#44396;&#51312;&#47196; &#54400;&#50632;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!pxH2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!pxH2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png 424w, https://substackcdn.com/image/fetch/$s_!pxH2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png 848w, https://substackcdn.com/image/fetch/$s_!pxH2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png 1272w, https://substackcdn.com/image/fetch/$s_!pxH2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!pxH2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png" width="1456" height="1009" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1009,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!pxH2!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png 424w, https://substackcdn.com/image/fetch/$s_!pxH2!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png 848w, https://substackcdn.com/image/fetch/$s_!pxH2!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png 1272w, https://substackcdn.com/image/fetch/$s_!pxH2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f8dd1bf-927a-4707-aa1c-772ae0482140_2048x1419.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#54645;&#49900;&#51008; GYDS(Global Yield Distribution System)&#45796;. USDX &#45812;&#48372;&#51064; &#48120;&#44397; &#44397;&#52292;&#50640;&#49436; &#48156;&#49373;&#54616;&#45716; &#51060;&#51088; &#49688;&#51061;&#51012; &#50545; &#44060;&#48156;&#51088;&#50640;&#44172; &#51088;&#46041;&#51004;&#47196; &#48516;&#48176;&#54616;&#45716; &#44396;&#51312;&#45796;. &#44592;&#51316; &#46356;&#54028;&#51060;&#50640;&#49436; &#44060;&#48156;&#51088;&#44032; &#48372;&#51312;&#44552;&#51012; &#48155;&#51004;&#47140;&#47732; &#44144;&#48260;&#45324;&#49828; &#53804;&#54364;&#47484; &#44144;&#52824;&#44144;&#45208; &#51116;&#45800;&#44284; &#48324;&#46020; &#54801;&#49345;&#51012; &#54644;&#50556; &#54664;&#45796;. GYDS&#45716; &#51060; &#44284;&#51221;&#51012; &#50630;&#50532;&#45796;. USDX&#47484; &#53685;&#54633;&#54620; &#50545;&#51060; &#54869;&#48372;&#54620; TVL&#44284; &#44144;&#47000;&#47049;&#50640; &#48708;&#47168;&#54644; &#49688;&#51061;&#51060; &#51088;&#46041;&#51004;&#47196; &#51648;&#44553;&#46108;&#45796;.</p><p>&#51068;&#54924;&#49457; &#48372;&#51312;&#44552;&#51060; &#50500;&#45768;&#45796;. &#54532;&#47196;&#53664;&#53084; &#49688;&#51061;&#51060; &#49892;&#49884;&#44036;&#51004;&#47196; &#49373;&#53468;&#44228; &#51204;&#52404;&#50640; &#55120;&#47476;&#45716; &#48169;&#49885;, &#45349;&#49436;&#49828;&#44032; Yield Streaming&#51060;&#46972; &#48512;&#47476;&#45716; &#44396;&#51312;&#45796;. &#44060;&#48156;&#51088;&#45716; &#50808;&#48512; &#51648;&#50896; &#50630;&#51060;&#46020; &#49324;&#50857;&#51088;&#44032; &#45720;&#47732; &#49688;&#51061;&#51060; &#52964;&#51652;&#45796;.</p><p>&#44144;&#47000;&#47049;&#51060; &#45720;&#47732; USDX &#49688;&#50836;&#44032; &#52964;&#51648;&#44256;, USDX &#49688;&#50836;&#44032; &#52964;&#51648;&#47732; &#44397;&#52292; &#49688;&#51061;&#51060; &#45720;&#50612;&#45208;&#47728;, &#44536; &#49688;&#51061;&#51060; &#44060;&#48156;&#51088;&#50640;&#44172; &#48516;&#48176;&#46076; &#45908; &#47566;&#51008; &#50545;&#51060; &#49373;&#53468;&#44228;&#47196; &#46308;&#50612;&#50728;&#45796;. &#45908; &#47566;&#51008; &#50545;&#51008; &#45796;&#49884; &#44144;&#47000;&#47049;&#51012; &#53412;&#50868;&#45796;. &#53944;&#46972;&#51060;&#54169;&#53440;&#44032; &#50756;&#49457;&#46104;&#45716; &#51648;&#51216;&#51060;&#45796;.</p><h2><strong>5. &#46272;&#50620; &#53076;&#50612;: &#46160; &#44060;&#51032; &#54876;&#51452;&#47196;&#47484; &#44032;&#51652; &#52404;&#51064;</strong></h2><p>&#50526;&#49436; &#49444;&#47749;&#54620; &#44160;&#51613; &#44032;&#45733;&#54620; &#44552;&#50997;&#51012; &#49892;&#51228;&#47196; &#44396;&#54788;&#54616;&#47140;&#47732; &#44536;&#50640; &#47582;&#45716; &#51064;&#54532;&#46972;&#44032; &#54596;&#50836;&#54616;&#45796;. &#45349;&#49436;&#49828;&#45716; &#54616;&#45208;&#51032; &#52404;&#51064; &#50504;&#50640; &#46160; &#44060;&#51032; &#49892;&#54665; &#54872;&#44221;&#51012; &#46160;&#45716; &#46272;&#50620; &#53076;&#50612; &#44396;&#51312;&#47196; &#51060; &#47928;&#51228;&#47484; &#54400;&#50632;&#45796;.</p><p>&#44277;&#54637;&#51012; &#46496;&#50732;&#47532;&#47732; &#51060;&#54644;&#44032; &#49789;&#45796;. &#51068;&#48152; &#54637;&#44277;&#54200;&#50857; &#47700;&#51064; &#54876;&#51452;&#47196;&#50752; &#44256;&#48712;&#46020; &#51204;&#50857; &#54876;&#51452;&#47196;&#44032; &#44057;&#51008; &#44277;&#54637; &#50504;&#50640; &#51080;&#45796;. &#44033; &#54876;&#51452;&#47196;&#45716; &#46021;&#47549;&#51201;&#51004;&#47196; &#50868;&#50689;&#46104;&#44256;, &#44288;&#51228;&#53457; &#54616;&#45208;&#44032; &#46168;&#51012; &#51312;&#50984;&#54620;&#45796;.</p><ul><li><p><strong>NexusEVM(&#47700;&#51064; &#54876;&#51452;&#47196;): </strong>&#51060;&#45908;&#47532;&#50880;&#44284; &#54840;&#54872;&#46104;&#45716; &#48276;&#50857; &#49892;&#54665; &#54872;&#44221;&#51060;&#45796;. &#53664;&#53360; &#48156;&#54665;, &#44144;&#48260;&#45324;&#49828;, &#51068;&#48152; &#46356;&#54028;&#51060; &#54532;&#47196;&#53664;&#53084;&#51060; &#50668;&#44592;&#49436; &#46028;&#50500;&#44036;&#45796;.</p></li><li><p><strong>NexusCore(&#51204;&#50857; &#54876;&#51452;&#47196;): </strong>&#44552;&#50997; &#50672;&#49328;&#50640; &#53945;&#54868;&#46108; &#44256;&#49457;&#45733; &#54872;&#44221;&#51004;&#47196; L1&#50640; &#51649;&#51217; &#45236;&#51109;&#46096;&#45796;. &#49440;&#47932;, &#54028;&#49373;&#49345;&#54408;, &#52397;&#49328; &#52376;&#47532; &#44057;&#51008; &#51089;&#50629;&#51012; 200&#48128;&#47532;&#52488; &#48120;&#47564;&#51004;&#47196; &#52376;&#47532;&#54620;&#45796;.</p></li></ul><p>&#44592;&#51316; &#46356;&#54028;&#51060;&#50640;&#49436;&#45716; &#51060; &#46168;&#51012; &#46041;&#49884;&#50640; &#51105;&#51012; &#49688; &#50630;&#50632;&#45796;. &#48276;&#50857; &#52404;&#51064;&#50640; &#50732;&#47532;&#47732; &#51312;&#54633;&#51008; &#49789;&#51648;&#47564; &#49549;&#46020;&#44032; &#45712;&#47532;&#44256;, &#51204;&#50857; &#52404;&#51064;&#51012; &#47564;&#46308;&#47732; &#48736;&#47476;&#51648;&#47564; &#50976;&#46041;&#49457;&#51060; &#51900;&#44060;&#51652;&#45796;. &#45349;&#49436;&#49828;&#51032; &#46272;&#50620; &#53076;&#50612;&#45716; &#48276;&#50857; &#50545;&#44284; &#44256;&#49549; &#44552;&#50997; &#50545;&#51060; &#44057;&#51008; &#52404;&#51064;, &#44057;&#51008; &#50976;&#46041;&#49457; &#50504;&#50640;&#49436; &#44033;&#51088;&#51032; &#49549;&#46020;&#47196; &#46028;&#50500;&#44032;&#45716; &#44396;&#51312;&#45796;.</p><p>&#45796;&#47564; &#51068;&#48512; &#44592;&#45733;&#51008; &#50500;&#51649; &#44060;&#48156; &#51473;&#51060;&#44256;, &#49464;&#48512; &#49828;&#54169;&#51008; &#47700;&#51064;&#45367; &#52636;&#49884; &#51204;&#44620;&#51648; &#48148;&#45076; &#50668;&#51648;&#44032; &#51080;&#45796;.</p><h2><strong>6. &#50724;&#45720;&#51032; &#44552;&#50997;&#48512;&#53552; &#45236;&#51068;&#51032; AI &#50640;&#51060;&#51204;&#53944; &#44552;&#50997;&#44620;&#51648;</strong></h2><p>&#51652;&#51676; &#49884;&#54744;&#51008; &#51648;&#44552;&#48512;&#53552;&#45796;. &#45817;&#52488; 1&#48516;&#44592; &#52636;&#49884;&#47484; &#47785;&#54364;&#47196; &#54664;&#45912; &#47700;&#51064;&#45367;&#51008; 2026&#45380; 2&#48516;&#44592;&#47196; &#51312;&#51221;&#46096;&#45796;. &#47700;&#51064;&#45367; &#52636;&#49884;, USDX &#48156;&#54665;, Nexus DEX &#48376;&#44201; &#44032;&#46041;&#51012; &#46041;&#49884;&#50640; &#49548;&#54868;&#54644;&#50556; &#54620;&#45796;.</p><p>&#45800;&#44592;&#51201;&#51004;&#47196; &#51648;&#53020;&#48380; &#44163;&#51008; &#54532;&#47196;&#45909;&#53944; &#49324;&#50857;&#49457;&#51060;&#45796;. &#44160;&#51613; &#44032;&#45733;&#49457;&#51008; &#54217;&#49345;&#49884; &#49324;&#50857;&#51088; &#45576;&#50640; &#48372;&#51060;&#51648; &#50506;&#45716; &#44032;&#52824;&#45796;. &#54616;&#51060;&#54140;&#47532;&#53300;&#46300;(Hyperliquid)&#47484; &#50416;&#45716; &#53944;&#47112;&#51060;&#45908;&#44032; &#52404;&#44048;&#54616;&#45716; &#52264;&#48324;&#51216;&#51008; &#49549;&#46020;&#50752; &#44618;&#51008; &#50976;&#46041;&#49457;&#51060;&#51648;, &#51088;&#49328;&#51060; &#50612;&#46523;&#44172; &#44160;&#51613;&#46104;&#45716;&#51648;&#44032; &#50500;&#45768;&#45796;. FTX&#44032; &#47924;&#45320;&#51648;&#44592; &#51204;&#44620;&#51648; &#49324;&#50857;&#51088;&#44032; &#51456;&#48708;&#44552; &#51613;&#47749;&#51012; &#46384;&#51648;&#51648; &#50506;&#50520;&#45912; &#44163;&#44284; &#44057;&#45796;. &#45349;&#49436;&#49828;&#51032; &#53944;&#46972;&#51060;&#54169;&#53440;&#44032; &#44536; &#44032;&#52824;&#47484; &#51064;&#51221;&#48155;&#44592; &#51204;&#44620;&#51648; &#54532;&#47196;&#45909;&#53944; &#49324;&#50857;&#49457; &#51088;&#52404;&#47196; &#48260;&#53608;&#45244; &#49688; &#51080;&#51012;&#51648;&#44032; &#51473;&#50836;&#54616;&#45796;.</p><p>&#54616;&#51648;&#47564; &#51109;&#44592;&#51201;&#51004;&#47196;&#45716; &#44160;&#51613; &#44032;&#45733;&#49457;&#51060; &#51473;&#50836;&#54616;&#45796;. AI &#50640;&#51060;&#51204;&#53944;&#44032; &#44552;&#50997; &#44144;&#47000;&#51032; &#51452;&#52404;&#47196; &#48512;&#49345;&#54616;&#47732; &#54032;&#51060; &#48148;&#45072;&#45796;. AI &#50640;&#51060;&#51204;&#53944;&#45716; &#49345;&#45824; AI &#50640;&#51060;&#51204;&#53944;&#51032; &#45936;&#51060;&#53552;&#47484; &#44536;&#45824;&#47196; &#51077;&#47141;&#44050;&#51004;&#47196; &#48155;&#50500; &#45796;&#51020; &#44144;&#47000;&#47484; &#49892;&#54665;&#54620;&#45796;. &#54620; &#44275;&#51032; &#50724;&#47448;&#44032; &#50672;&#49604;&#51201;&#51004;&#47196; &#51204;&#54028;&#46108;&#45796;. &#49324;&#46988;&#51008; &#51060;&#49345;&#54616;&#45796; &#49910;&#51004;&#47732; &#47688;&#52628;&#51648;&#47564;, AI &#50640;&#51060;&#51204;&#53944;&#45716; &#47688;&#52628;&#51648; &#50506;&#45716;&#45796;. &#50516;&#54840;&#54617;&#51201; &#49892;&#54665; &#51613;&#47749;&#51060; &#50630;&#51004;&#47732; &#51060; &#50672;&#49604;&#47484; &#45130;&#51012; &#48169;&#48277;&#51060; &#50630;&#45796;.</p><p>&#44592;&#51316; &#48660;&#47197;&#52404;&#51064;&#51008; &#51060; &#44508;&#47784;&#47484; &#44048;&#45817;&#54616;&#46020;&#47197; &#49444;&#44228;&#46104;&#51648; &#50506;&#50520;&#45796;. &#49549;&#46020;&#50752; &#44160;&#51613;&#51012; &#46041;&#49884;&#50640; &#51105;&#51004;&#47140;&#47732; &#46168; &#51473; &#54616;&#45208;&#47484; &#54252;&#44592;&#54644;&#50556; &#54664;&#45796;. &#50689;&#51648;&#49885; &#51613;&#47749;&#51008; &#50672;&#49328;&#51012; &#50724;&#54532;&#52404;&#51064;&#50640;&#49436; &#52376;&#47532;&#54616;&#44256; &#51613;&#47749;&#47564; &#50728;&#52404;&#51064;&#50640; &#44592;&#47197;&#54620;&#45796;. &#44160;&#51613; &#44032;&#45733;&#49457;&#51060; &#49440;&#53469;&#51060; &#50500;&#45772; &#51204;&#51228;&#44032; &#46104;&#45716; &#49884;&#51109;&#50640;&#49436;, &#45349;&#49436;&#49828;&#51032; &#44396;&#51312;&#51201; &#44032;&#52824;&#45716; &#51648;&#44552;&#48372;&#45796; &#52964;&#51652;&#45796;.</p><p>&#50640;&#51060;&#51204;&#53944; &#44552;&#50997;&#51008; &#50500;&#51649; &#52488;&#44592;&#45796;. &#45796;&#47564; &#49884;&#44036;&#51008; &#45349;&#49436;&#49828; &#54200;&#51068; &#49688; &#51080;&#45796;. &#51088;&#50984; &#44144;&#47000;&#44032; &#45720;&#49688;&#47197; &#44160;&#51613; &#44032;&#45733;&#54620; &#51064;&#54532;&#46972;&#51032; &#49688;&#50836;&#45716; &#54632;&#44760; &#52964;&#51652;&#45796;. &#45349;&#49436;&#49828;&#44032; &#51648;&#44552; &#47564;&#46308;&#44256; &#51080;&#45716; &#44396;&#51312;, L1&#44284; &#44144;&#47000;&#49548;&#50752; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#54616;&#45208;&#51032; &#44160;&#51613; &#44032;&#45733;&#54620; &#54872;&#44221; &#50504;&#50640;&#49436; &#47582;&#47932;&#47532;&#45716; &#49444;&#44228;&#45716; &#45908;&#50865; &#51473;&#50836;&#54644;&#51656; &#44163;&#51060;&#45796;.</p><p>&#50500;&#53412;&#53581;&#52376;&#45716; &#49444;&#46301;&#47141;&#51060; &#51080;&#45796;. &#45224;&#51008; &#44148; &#49892;&#54665;&#44284; &#49884;&#44036;&#51060;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/solstice-finance-a-crypto-native-kor">&#49556;&#49828;&#54000;&#49828; &#54028;&#51060;&#45240;&#49828;(Solstice Finance): &#53356;&#47549;&#53664;&#44228;&#51032; &#51088;&#49328; &#50868;&#50857; &#54540;&#47019;&#54268;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/krw-stablecoin-the-time-for-execution-kor">&#50896;&#54868;&#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51060;&#51228;&#45716; &#45804;&#47140;&#50556;&#54624; &#46412;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/mawari-building-xr-infrastructure-kor">&#47560;&#50752;&#47532;(Mawari): XR&#44284; &#48260;&#52628;&#50620; IP&#47484; &#50948;&#54620; &#51064;&#54532;&#46972;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#45349;&#49436;&#49828;(Nexus)&#47196;&#48512;&#53552; &#51068;&#48512; &#50896;&#44256;&#47308; &#51648;&#50896;&#51012; &#48155;&#50520;&#51004;&#45208;, &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#46021;&#47549;&#51201;&#51064; &#51312;&#49324;&#47484; &#53685;&#54644; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;.<strong> </strong>&#54616;&#51648;&#47564; &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060;&#50640; &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#51004;&#47728; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>Terms of Usage</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(<a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
</content:encoded>
</item>
<item>
<title>
<![CDATA[ ๋„ํŒŒ๋ฏผ์ด ์‚ฌ๋ผ์ง„ DeFi, RWA๋กœ ๋˜์‚ด์•„๋‚˜๋‹ค ]]>
</title>
<description>
<![CDATA[ &#46020;&#54028;&#48124;&#51060; &#49324;&#46972;&#51652; &#46356;&#54028;&#51060;, RWA&#47196; &#48512;&#54876;&#54616;&#45796;. &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#44032; &#48516;&#49437;&#54620; 2026&#45380; &#50728;&#52404;&#51064; &#44552;&#50997;&#51032; &#48120;&#47000;&#50752; &#48660;&#47001;&#47197;, &#50500;&#54260;&#47196; &#46321; &#44592;&#44288;&#46308;&#51032; RWA &#49884;&#51109; &#51652;&#51077; &#51204;&#47029;&#51012; &#54869;&#51064;&#54616;&#49464;&#50836;. ]]>
</description>
<link>https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/defis-dopamine-hit-is-over-rwa-offers-kor</guid>
<dc:creator>
<![CDATA[ Henry Kim ]]>
</dc:creator>
<pubDate>Tue, 28 Apr 2026 13:03:24 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/195730737/5b9b385c73cc7ab10723af37fa13e52b.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p><em>&#47680;&#54000;&#53485;&#50640; &#47680;&#54000;&#53485;&#51012; &#44866;&#50500;&#50728; &#46356;&#54028;&#51060;(DeFi) &#49884;&#51109;&#51060; &#44284;&#44144;&#51032; &#44256;&#51060;&#50984; &#8216;&#46020;&#54028;&#48124;&#8217; &#49884;&#45824;&#47484; &#51648;&#45208;, &#49892;&#47932; &#51088;&#49328;(RWA)&#51060;&#46972;&#45716; &#49892;&#51228; &#51204;&#47141;&#47581;&#50640; &#50672;&#44208;&#46104;&#47728; &#49352;&#47196;&#50868; &#45800;&#44228;&#47196; &#44032;&#45716; &#44284;&#51221;&#51012; &#50508;&#50500;&#48372;&#44192;&#49845;&#45768;&#45796;.</em></p><div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>Aave V3&#51032; USDC &#50696;&#52824;&#44552;&#47532;&#45716; 2.7%&#45796;. &#48120;&#44397; 10&#45380;&#47932; &#44397;&#52292;(4.3%)&#48372;&#45796; &#45230;&#45796;. DeFi&#50640;&#49436; &#46020;&#54028;&#48124;&#51060; &#48736;&#51276;&#45796;.</p></li><li><p>&#44536;&#47084;&#45208; &#49884;&#51109;&#51008; &#51453;&#51648; &#50506;&#50520;&#45796;. &#51060;&#50984;&#51008; &#46504;&#50612;&#51276;&#51648;&#47564; RWA&#50752; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51008; &#49688;&#52380;&#50613; &#45804;&#47084; &#44508;&#47784;&#47196; &#52964;&#51648;&#47728; &#45796;&#47480; &#48169;&#54693;&#51004;&#47196; &#51088;&#46972;&#44256; &#51080;&#45796;.</p></li><li><p>Compound, Curve, Olympus&#51032; &#49892;&#54056;&#45716; &#54616;&#45208;&#47196; &#47784;&#51064;&#45796;. &#53664;&#53360;&#51060; &#53664;&#53360;&#51012; &#48155;&#52824;&#45716; &#44396;&#51312;&#45716; &#50808;&#48512; &#51088;&#48376;&#51060; &#45130;&#44592;&#45716; &#49692;&#44036; &#47924;&#45320;&#51652;&#45796;.</p></li><li><p>DeFi&#45716; &#53080;&#49468;&#53944; &#50630;&#45716; &#47680;&#54000;&#53485;&#51060;&#50632;&#45796;. RWA&#44032; &#44536; &#54924;&#47196;&#47484; &#49892;&#51316;&#54616;&#45716; &#50808;&#48512; &#51204;&#47141;&#47581;&#50640; &#50672;&#44208;&#54620;&#45796;.</p></li><li><p>&#49884;&#51109;&#51008; &#49457;&#49689;&#54644;&#51648;&#44256; &#51080;&#45796;. &#48288;&#51060;&#49828;&#47484; &#45812;&#45817;&#54616;&#45716; &#51088;&#49328;&#51032; &#48376;&#51656;(RWA)&#50752; &#50672;&#44208;&#46104;&#44256;, DeFi United&#50752; &#44057;&#51060; &#50672;&#45824;&#54616;&#50668; &#52293;&#51076;&#51648;&#45716; &#50880;&#51649;&#51076; &#46608;&#54620; &#48372;&#51064;&#45796;.</p></li></ul><div><hr></div><h2><strong>1. &#45230;&#50500;&#51648;&#45716; &#51060;&#50984;, &#49457;&#51109;&#54616;&#45716; &#49884;&#51109;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ZiMT!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ZiMT!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png 424w, https://substackcdn.com/image/fetch/$s_!ZiMT!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png 848w, https://substackcdn.com/image/fetch/$s_!ZiMT!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png 1272w, https://substackcdn.com/image/fetch/$s_!ZiMT!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ZiMT!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png" width="1456" height="1191" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1191,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ZiMT!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png 424w, https://substackcdn.com/image/fetch/$s_!ZiMT!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png 848w, https://substackcdn.com/image/fetch/$s_!ZiMT!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png 1272w, https://substackcdn.com/image/fetch/$s_!ZiMT!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9051c4b7-63b7-48c8-9ee2-abf20b79a07e_2048x1675.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>DeFi&#45716; &#45908; &#51060;&#49345; &#44256;&#51060;&#50984; &#49345;&#54408;&#51060; &#50500;&#45768;&#45796;.</strong></p><p>2022&#45380; &#51060;&#54980; DeFi&#50752; &#44397;&#52292; &#44036; &#49828;&#54532;&#47112;&#46300;&#45716; 0&#50640; &#44032;&#44620;&#50892;&#51276;&#44256;, &#51068;&#48512; &#44396;&#44036;&#50640;&#49436;&#45716; &#50669;&#51204;&#46096;&#45796;. 2026&#45380; 4&#50900; &#44592;&#51456;<a href="https://app.aave.com/"> Aave V3&#51032; USDC &#50696;&#52824; &#44552;&#47532; &#50557; 2.7%</a>&#45716; Fed &#44592;&#51456;&#44552;&#47532;(3.5%) 10&#45380;&#47932; &#48120;&#44397;&#52292;(4.3%)&#48372;&#45796;&#46020; &#45230;&#45796;.</p><p>&#51060;&#51204;&#50640;&#45716; &#50948;&#54744;&#51012; &#44048;&#49688;&#54624; &#51060;&#50976;&#44032; &#48516;&#47749;&#54664;&#45796;.</p><p>&#51008;&#54665; &#50696;&#44552;&#44284; &#48708;&#44368;&#51312;&#52264; &#50504; &#46112; &#47564;&#53372; &#45458;&#51008; &#51060;&#51088;&#44032; &#50728;&#52404;&#51064;&#50640; &#51080;&#50632;&#44592; &#46412;&#47928;&#51060;&#45796;. &#54616;&#51648;&#47564; &#51648;&#44552;&#51008; &#49345;&#54889;&#51060; &#45796;&#47476;&#45796;. &#54644;&#53433;, &#46356;&#54168;&#44536; &#51060;&#49800; &#46321; &#50728;&#52404;&#51064; &#47532;&#49828;&#53356;&#47484; &#47784;&#46160; &#46496;&#50504;&#44256; &#48155;&#45716; &#49688;&#51061;&#51060; &#51228;&#46020;&#44428; &#44552;&#50997;&#48372;&#45796; &#45230;&#45796;&#47732;, &#47532;&#53580;&#51068; &#50976;&#51200; &#51077;&#51109;&#50640;&#49436;&#45716; DeFi&#47484; &#51201;&#44537; &#54876;&#50857;&#54624; &#51060;&#50976;&#44032; &#51460;&#50612;&#46304;&#45796;.</p><p>&#44536;&#47088;&#45936; &#49884;&#51109; &#51088;&#52404;&#45716; &#45796;&#47480; &#48169;&#54693;&#51004;&#47196; &#49457;&#51109;&#54616;&#44256; &#51080;&#45796;. DeFi &#51060;&#50984;&#51008; &#45230;&#50500;&#51276;&#51648;&#47564;, &#51204;&#53685; &#44552;&#50997;&#44284; &#44208;&#54633;&#46104;&#45716; RWA, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49884;&#51109;&#51008; &#49688;&#52380;&#50613; &#45800;&#50948;&#47196; &#49457;&#51109;&#54616;&#44256; &#51080;&#45796;. &#50668;&#44592;&#50640;&#45716; &#51204;&#53685;&#44592;&#44288;&#51032; &#51652;&#51077;&#51060; &#53360; &#50689;&#54693;&#51012; &#48120;&#52452;&#45796;.</p><p>&#45796;&#47564; &#44592;&#44288;&#46308;&#51008; &#51333;&#51333; DeFi&#50752; &#44592;&#51316; &#52964;&#48036;&#45768;&#54000;&#51032; &#55176;&#49828;&#53664;&#47532;&#47484; &#51648;&#45208;&#52824;&#44256;, &#51204;&#53685; &#44552;&#50997;&#51032; &#47928;&#48277;&#51012; &#44536;&#45824;&#47196; &#46308;&#50668;&#50724;&#47140;&#45716; &#47784;&#49845;&#51012; &#48372;&#51064;&#45796;. &#44592;&#44288;&#51060; &#46308;&#50612;&#50724;&#44592; &#51204;&#44620;&#51648;&#51032; DeFi&#45716; &#51064;&#49468;&#54000;&#48652;&#44032; &#51473;&#49900;&#51060; &#46104;&#45716; &#49884;&#51109;&#51060;&#50632;&#45796;. &#50612;&#46500; &#54532;&#47196;&#53664;&#53084;&#51008; &#51064;&#49468;&#54000;&#48652; &#51204;&#47029;&#51012; &#53685;&#54644; &#49884;&#51109;&#50640;&#49436; &#51064;&#51648;&#46020;&#47484; &#45458;&#50688;&#44256;, &#45208;&#50500;&#44032; &#49884;&#51109; &#54056;&#47084;&#45796;&#51076;&#51012; &#48148;&#45032;&#45796;. &#44536; &#50577;&#49885;&#51008; &#54788;&#51116;&#44620;&#51648;&#46020; DeFi&#50640;&#49436; &#54876;&#50857;&#46104;&#47728;, DeFi Summer &#45817;&#49884; &#46321;&#51109;&#54664;&#45912; &#54532;&#47196;&#53664;&#53084;&#51064; Aave&#45716; &#54788;&#51116; DeFi &#54532;&#47196;&#53664;&#53084;&#51032; &#44592;&#51456; &#44552;&#47532;&#47484; &#51228;&#44277;&#54616;&#45716; &#50669;&#54624;&#51012; &#54620;&#45796;.</p><p>&#49884;&#51109;&#50640; &#45224;&#50500; &#51080;&#45716; &#54540;&#47112;&#51060;&#50612;&#46308;&#51012; &#51060;&#54644;&#54616;&#45716; &#44163;&#51008; &#49888;&#44508; &#44592;&#44288; &#51652;&#51077;&#51088;&#50640;&#44172; &#54596;&#49688;&#51201;&#51064; &#49440;&#54665; &#51089;&#50629;&#51060;&#45796;. &#51060; &#44544;&#50640;&#49436; DeFi&#51032; &#45824;&#54364;&#51201;&#51064; &#49436;&#49324;&#47484; &#51060;&#45132;&#50632;&#45912; &#54532;&#47196;&#53664;&#53084;&#44284; &#51060;&#47484; &#53685;&#54644; &#44368;&#54984;&#51012; &#50619;&#51008; &#49884;&#51109;&#51032; &#51652;&#54868; &#44284;&#51221;&#51012; &#52264;&#47168;&#45824;&#47196; &#54993;&#50612;&#48372;&#44256;&#51088; &#54620;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. DeFi&#51032; &#50669;&#49324;: &#49892;&#54744;&#50640;&#49436; &#48533;&#44340;, &#44536;&#47532;&#44256; &#51116;&#54200;</strong></h2><p>DeFi&#45716; &#52376;&#51020;&#48512;&#53552; &#51064;&#49468;&#54000;&#48652;&#47484; &#50557;&#49549;&#54616;&#47728; &#49884;&#51089;&#46108; &#49884;&#51109;&#51060; &#50500;&#45768;&#50632;&#45796;. &#52636;&#48156;&#51216;&#51008; &#45800;&#49692;&#54664;&#45796;. &#8220;&#51473;&#44060;&#44592;&#44288; &#50630;&#51060; &#48660;&#47197;&#52404;&#51064; &#50948;&#50640;&#49436; &#46024;&#51012; &#48716;&#47532;&#44256;, &#44368;&#54872;&#54616;&#44256;, &#45812;&#48372;&#47196; &#50424; &#49688; &#51080;&#45716;&#44032;?&#8221;&#50688;&#45796;.</p><p>&#52488;&#48152;&#51008; &#44552;&#50997; &#49892;&#54744;&#50640; &#44032;&#44620;&#50912;&#45796;. &#51008;&#54665; &#50630;&#51060; &#45824;&#52636;&#51060; &#44032;&#45733;&#54616;&#44256;, &#44144;&#47000;&#49548; &#50630;&#51060; &#44368;&#54872;&#51060; &#44032;&#45733;&#54616;&#47728;, &#45572;&#44396;&#45208; &#45812;&#48372;&#47484; &#47585;&#44592;&#44256; &#50976;&#46041;&#49457;&#51012; &#47564;&#46308; &#49688; &#51080;&#45796;&#45716; &#49324;&#49892; &#51088;&#52404;&#44032; &#51473;&#50836;&#54664;&#45796;. &#54616;&#51648;&#47564; 2020&#45380; &#51060;&#54980; &#49884;&#51109;&#51008; &#48736;&#47476;&#44172; &#45796;&#47480; &#48169;&#54693;&#51004;&#47196; &#50880;&#51649;&#50688;&#45796;. &#53664;&#53360; &#51064;&#49468;&#54000;&#48652;&#44032; &#51088;&#48376;&#51012; &#45132;&#50612;&#46308;&#51060;&#45716; &#54645;&#49900; &#49688;&#45800;&#51060; &#46096;&#45796;. &#49688;&#47566;&#51008; &#54532;&#47196;&#53664;&#53084;&#44284; &#50500;&#51060;&#46356;&#50612;&#44032; &#46321;&#51109;&#54664;&#51648;&#47564; &#49332;&#50500;&#45224;&#51008; &#54532;&#47196;&#53664;&#53084;&#51008; &#44537;&#49548;&#49688;&#51060;&#45796;, &#49884;&#51109;&#51008; &#51648;&#45212; &#49436;&#49324;&#47484; &#53685;&#54644; &#48176;&#50864;&#44256; &#44228;&#49549; &#48169;&#54693;&#51012; &#49688;&#51221;&#54644; &#45208;&#44052;&#45796;.</p><p><a href="https://compound.finance/">Compound</a>&#45716; &#51088;&#52404; &#53664;&#53360;($COMP) &#51064;&#49468;&#54000;&#48652;&#47484; &#44552;&#47532;&#50640; &#54252;&#54632;&#54644; &#45824;&#44508;&#47784; &#50976;&#46041;&#49457;&#51012; &#45132;&#50612;&#46308;&#50688;&#51648;&#47564;, &#44057;&#51008; &#54540;&#47112;&#51060;&#47484; &#45796;&#47480; &#54532;&#47196;&#51229;&#53944;&#50640;&#49436; &#51652;&#54665;&#54616;&#51088; &#49888;&#44508; &#50976;&#51077;&#51060; &#45130;&#44592;&#47728; &#44396;&#51312;&#51032; &#52712;&#50557;&#49457;&#51012; &#46300;&#47084;&#45256;&#45796;.</p><p><a href="https://curve.fi/">Curve</a>&#45716; &#44144;&#48260;&#45324;&#49828; &#53804;&#54364;&#47484; &#53685;&#54644; &#53945;&#51221; &#54400;&#51032; &#49688;&#51061;&#47456;&#51012; &#48512;&#49828;&#54021;&#54664;&#44256;, &#48372;&#54021; &#54028;&#50892;&#47484; &#50948;&#54620; &#44428;&#54620; &#51204;&#51137;&#51004;&#47196; &#48148;&#44988; &#49324;&#47168;&#45796;. &#49884;&#51109;&#51008; &#51060;&#47484; &#53685;&#54644; DeFi &#44144;&#48260;&#45324;&#49828;&#46020; &#44208;&#44397; &#44428;&#54620;&#44284; &#51064;&#49468;&#54000;&#48652;&#44032; &#46021;&#51216;&#46112; &#49688; &#51080;&#45796;&#45716; &#51216;&#51012; &#48176;&#50912;&#45796;.</p><p><a href="https://olympusdao.finance/">OlympusDAO</a>&#45716; &#44032;&#51109; &#44537;&#45800;&#51201;&#51064; &#49324;&#47168;&#47196;, &#45458;&#51008; APY&#47484; &#50526;&#49464;&#50892; DeFi&#44032; &#50808;&#48512; &#50976;&#46041;&#49457;&#50640; &#51032;&#51316;&#54616;&#51648; &#50506;&#44256; &#51088;&#52404; &#50976;&#46041;&#49457;&#51012; &#49548;&#50976;&#54624; &#49688; &#51080;&#45796;&#45716; &#44032;&#45733;&#49457;&#51012; &#51613;&#47749;&#54664;&#45796;. &#45796;&#47564; &#49688;&#51061;&#51032; &#49345;&#45817; &#48512;&#48516;&#51060; &#49892;&#51228; &#54788;&#44552;&#55120;&#47492;&#51060; &#50500;&#45768;&#46972; &#49888;&#44508; &#53664;&#53360; &#48156;&#54665;&#44284; &#50976;&#51077; &#51088;&#48376;&#50640; &#44592;&#45824;&#44256; &#51080;&#50632;&#44592; &#46412;&#47928;&#50640;, &#50976;&#51077;&#51060; &#46164;&#54868;&#46104;&#51088; &#44144;&#48260;&#45324;&#49828; &#53664;&#53360;&#51064; OHM&#51032; &#44032;&#44201;&#44284; &#49888;&#47280;&#44032; &#54632;&#44760; &#47924;&#45320;&#51276;&#45796;.</p><p>&#50948; &#49464; &#49324;&#47168;&#50640;&#49436; &#49884;&#51109;&#51060; &#48176;&#50868; &#44163;&#51008; &#8220;&#49688;&#51061;&#51032; &#50896;&#52380;&#51060; &#54532;&#47196;&#53664;&#53084; &#51088;&#52404; &#53664;&#53360;&#51068; &#46412;, &#44396;&#51312;&#45716; &#51648;&#49549;&#46104;&#51648; &#50506;&#45716;&#45796;&#8221;&#50688;&#45796;. &#51060; &#44221;&#54744;&#51060; &#50976;&#51200;, &#48716;&#45908;, &#44592;&#44288;&#51060; DeFi&#47484; &#48148;&#46972;&#48372;&#45716; &#48169;&#49885;&#51012; &#48148;&#45032;&#45796;.</p><p>&#44536;&#47532;&#44256; &#44536; &#48712;&#51088;&#47532;&#47484; EigenLayer, Pendle, YBS, RWA &#44057;&#51008; &#49352;&#47196;&#50868; &#55120;&#47492;&#51060; &#52292;&#50864;&#44592; &#49884;&#51089;&#54664;&#45796;.</p><h3><strong>2.1. Compound: &#53664;&#53360; &#48516;&#48176;&#44032; &#47564;&#46304; &#44144;&#54408;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!dhgY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!dhgY!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!dhgY!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!dhgY!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!dhgY!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!dhgY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png" width="1456" height="994" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:994,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!dhgY!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!dhgY!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!dhgY!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!dhgY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F54d652d3-9e4d-4e03-8a50-65bac479e453_2048x1398.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>2020&#45380; 6&#50900;, <a href="https://compound.finance/">Compound</a>&#45716; &#44144;&#48260;&#45324;&#49828; &#53664;&#53360;&#51064; $COMP&#47484; &#49324;&#50857;&#51088;&#50640;&#44172; &#48516;&#48176;&#54616;&#44592; &#49884;&#51089;&#54664;&#45796;. &#50696;&#52824;&#51088;&#50752; &#52264;&#51077;&#51088; &#47784;&#46160; &#53664;&#53360; &#48372;&#49345;&#51012; &#48155;&#50520;&#45796;. &#51068;&#48512; &#44396;&#44036;&#50640;&#49436;&#45716; &#52264;&#51077; &#51060;&#51088;&#48372;&#45796; $COMP &#48372;&#49345;&#51060; &#45908; &#52964;&#51648;&#47728; &#8220;&#46024;&#51012; &#48716;&#47532;&#47732; &#50724;&#55176;&#47140; &#46024;&#51012; &#48260;&#45716;&#8221; &#49345;&#54889;&#44620;&#51648; &#48268;&#50612;&#51276;&#45796;.</p><p>&#49352;&#47196;&#50868; &#54056;&#47084;&#45796;&#51076;&#51060;&#50632;&#45796;. &#50976;&#51200;&#46308;&#51060; &#47792;&#47532;&#47732;&#49436; &#51060;&#45908;&#47532;&#50880; &#44032;&#49828;&#48708;&#44032; &#54253;&#46321;&#54664;&#44256;, &#45800;&#49692; &#49569;&#44552; &#54620; &#44148;&#50640; &#49688;&#49901; &#45804;&#47084;&#47484; &#45236;&#45716; &#51068;&#51060; &#55124;&#54644;&#51276;&#45796;. &#50696;&#52824;&#50752; &#52264;&#51077;&#51008; &#45908; &#51060;&#49345; &#45800;&#49692;&#54620; &#44552;&#50997; &#54665;&#50948;&#44032; &#50500;&#45768;&#50632;&#45796;. &#48372;&#49345;&#51012; &#52880;&#45716; &#49688;&#45800;&#51060; &#46096;&#44256;, &#49688;&#51061;&#51012; &#51923;&#45716; &#51088;&#48376;&#51008; &#54532;&#47196;&#53664;&#53084; &#49324;&#51060;&#47484; &#48736;&#47476;&#44172; &#50734;&#44200; &#45796;&#45396;&#45796;.</p><p>&#51060; &#49884;&#44592;&#47484; DeFi Summer&#46972;&#44256; &#48512;&#47480;&#45796;. <a href="https://app.uniswap.org/">Uniswap</a>, <a href="https://aave.com/">Aave</a>, <a href="https://yearn.fi/">Yearn Finance</a> &#46321;&#51060; &#51079;&#45804;&#50500; &#48512;&#49345;&#54664;&#44256;, &#50728;&#52404;&#51064; &#44552;&#50997;&#51008; &#54616;&#45208;&#51032; &#46021;&#47549;&#51201;&#51064; &#49884;&#51109;&#51004;&#47196; &#44403;&#50612;&#51276;&#45796;.</p><p>&#54616;&#51648;&#47564; Compound&#44032; &#47564;&#46304; &#44163;&#51008; &#44208;&#44397; &#53664;&#53360;&#50640; &#51032;&#51316;&#54620; &#51064;&#49468;&#54000;&#48652;&#47196; &#51088;&#48376;&#51012; &#45132;&#50612;&#46308;&#51060;&#44256;, &#44536; &#51088;&#48376;&#51060; &#45796;&#49884; &#53664;&#53360; &#44032;&#44201;&#51012; &#48128;&#50612; &#50732;&#47532;&#45716; &#44396;&#51312;&#50688;&#45796;. &#51648;&#44552;&#46020; DeFi &#49324;&#50857;&#51088;&#44032; &#49688;&#51061;&#47456;, &#50976;&#46041;&#49457;, &#48372;&#49345; &#44396;&#51312;&#50640; &#48124;&#44048;&#54616;&#44172; &#48152;&#51025;&#54616;&#45716; &#54788;&#49345;&#51008; &#51060;&#46412; &#44403;&#50612;&#51652; &#44163;&#51060;&#45796;.</p><h3><strong>2.2. Curve&#50752; veCRV: &#52964;&#48652; &#51204;&#51137;&#51032; &#49436;&#47561;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!tzJ-!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!tzJ-!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png 424w, https://substackcdn.com/image/fetch/$s_!tzJ-!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png 848w, https://substackcdn.com/image/fetch/$s_!tzJ-!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png 1272w, https://substackcdn.com/image/fetch/$s_!tzJ-!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!tzJ-!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png" width="1456" height="992" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:992,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!tzJ-!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png 424w, https://substackcdn.com/image/fetch/$s_!tzJ-!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png 848w, https://substackcdn.com/image/fetch/$s_!tzJ-!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png 1272w, https://substackcdn.com/image/fetch/$s_!tzJ-!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac70586d-8819-4586-bf78-82faa80f084d_2048x1395.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><a href="https://curve.fi/">Curve</a>&#45716; &#52376;&#51020;&#50644; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44368;&#54872;&#49548;&#50640; &#44032;&#44620;&#50912;&#45796;. &#54616;&#51648;&#47564; veCRV&#44032; &#46321;&#51109;&#54616;&#47728; &#49457;&#44201;&#51060; &#50756;&#51204;&#55176; &#48148;&#45068;&#50632;&#45796;. CRV&#47484; &#50724;&#47000; &#46973;&#50629;&#54624;&#49688;&#47197; &#45908; &#47566;&#51008; &#53804;&#54364;&#44428; &#50669;&#54624;&#51012; &#54616;&#45716; veCRV&#47484; &#48155;&#51012; &#49688; &#51080;&#50632;&#44256;, &#51060; &#53804;&#54364;&#44428;&#51008; &#51228;&#50504;&#50640;&#49436; <a href="https://www.curve.finance/dao/ethereum/gauges">gauge</a> &#53804;&#54364;&#47484; &#53685;&#54644; &#53945;&#51221; &#54400;&#50640; &#48176;&#51221;&#46104;&#45716; CRV &#48372;&#49345; &#48708;&#51473;&#50640; &#50689;&#54693;&#51012; &#51500;&#45796;.</p><p>&#51060;&#46412;&#48512;&#53552; &#44221;&#51137;&#51032; &#52488;&#51216;&#51008; &#49688;&#51061;&#47456; &#51088;&#52404;&#44032; &#50500;&#45768;&#46972;, &#49688;&#51061;&#47456;&#51012; &#50880;&#51649;&#51060;&#45716; &#44428;&#54620;&#51004;&#47196; &#50734;&#44200;&#44052;&#45796;. veCRV&#47484; &#47566;&#51060; &#44032;&#51652; &#51901;&#51008; &#51088;&#44592; &#54400;&#47196; &#45908; &#47566;&#51008; &#51064;&#49468;&#54000;&#48652;&#47484; &#45132;&#50612;&#50732; &#49688; &#51080;&#50632;&#45796;. &#51088;&#50672;&#49828;&#47101;&#44172; &#54532;&#47196;&#53664;&#53084;&#46308;&#51008; veCRV&#47484; &#54869;&#48372;&#54616;&#47140; &#54664;&#44256;, &#51060; &#44221;&#51137;&#51060; &#52964;&#48652; &#51204;&#51137;&#51004;&#47196; &#51060;&#50612;&#51276;&#45796;.</p><p>&#52488;&#44592;&#50640;&#45716; &#47532;&#53580;&#51068;&#44284; &#48716;&#45908; &#47784;&#46160;&#50640;&#44172; &#44316;&#52270;&#51008; &#44396;&#51312;&#52376;&#47100; &#48372;&#50688;&#45796;. &#47532;&#53580;&#51068;&#51008; CRV&#47484; &#50724;&#47000; &#47926;&#51012;&#49688;&#47197; &#45908; &#45458;&#51008; &#48372;&#49345;&#51012; &#48155;&#51012; &#49688; &#51080;&#50632;&#44256;, &#48716;&#45908;&#45716; &#53664;&#53360; &#50976;&#53685;&#47049;&#51012; &#51460;&#51060;&#47732;&#49436; &#50896;&#54616;&#45716; &#54400;&#50640; &#50976;&#46041;&#49457;&#51012; &#50976;&#46020;&#54624; &#49688; &#51080;&#50632;&#45796;. Balancer&#51032; veBAL, Frax&#51032; veFXS&#52376;&#47100; &#48708;&#49847;&#54620; &#47784;&#45944;&#51060; &#54140;&#51652; &#44163;&#46020; &#51060; &#46412;&#47928;&#51060;&#45796;.</p><p>&#54616;&#51648;&#47564; &#49884;&#44036;&#51060; &#51648;&#45208;&#47728; &#44428;&#54620;&#51008; &#44060;&#48324; &#50976;&#51200;&#50640;&#44172;&#47564; &#48512;&#50668;&#46104;&#51648; &#50506;&#50520;&#45796;. <a href="https://www.convexfinance.com/">Convex</a> &#44057;&#51008; &#47700;&#53440; &#54532;&#47196;&#53664;&#53084;&#51060; &#50976;&#51200; &#45824;&#49888; CRV&#47484; &#47784;&#51004;&#44256; &#46973;&#50629;&#54616;&#47732;&#49436; &#48372;&#49345; &#48512;&#49828;&#53944;&#47484; &#51228;&#44277;&#54664;&#44256;, &#44536; &#45824;&#44032;&#47196; veCRV &#44428;&#54620;&#51012; &#47784;&#50520;&#45796;. &#44208;&#44397; Curve War&#51032; &#51204;&#51109;&#51008; Convex&#47196; &#54869;&#51109;&#46096;&#45796;.</p><p>&#44208;&#44397; veCRV&#44032; &#51613;&#47749;&#54620; &#44163;&#51008; &#49688;&#51061;&#47456; &#51088;&#52404;&#48372;&#45796; &#44536;&#44163;&#51012; &#47564;&#46300;&#45716; &#44428;&#54620;&#51060; &#45908; &#44053;&#47141;&#54620; &#50976;&#51064;&#51060;&#46972;&#45716; &#51216;&#51060;&#50632;&#45796;. &#44536;&#47532;&#44256; &#49324;&#46988;&#46308;&#51008; &#44536; &#55192;&#51012; &#51649;&#51217; &#44054;&#44592;&#48372;&#45796; Convex &#44057;&#51008; &#45908; &#54952;&#50984;&#51201;&#51064; &#51473;&#44036; &#54540;&#47019;&#54268;&#50640; &#47585;&#44220;&#45796;. Curve&#45716; DeFi&#50640;&#49436; &#44144;&#48260;&#45324;&#49828; &#44428;&#54620;&#46020; &#49688;&#51061;&#51012; &#47564;&#46300;&#45716; &#51088;&#49328;&#51060; &#46104;&#47728;, &#44536; &#44428;&#54620;&#51060; &#45796;&#49884; &#54620;&#44275;&#51004;&#47196; &#47784;&#51068; &#49688; &#51080;&#45796;&#45716; &#44152; &#46300;&#47084;&#45256;&#45796;.</p><h3><strong>2.3. OlympusDAO: &#44172;&#51076;&#51060;&#47200;&#51004;&#47196; &#49939;&#50500; &#50732;&#47536; &#54889;&#44552;&#44592;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!zWNP!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!zWNP!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!zWNP!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!zWNP!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!zWNP!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!zWNP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png" width="1456" height="994" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/cb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:994,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!zWNP!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!zWNP!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!zWNP!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!zWNP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb525134-b8f7-4aee-95bd-c049413d868a_2048x1398.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Curve&#51032; veToken &#47700;&#52964;&#45768;&#51608;&#51060; &#45208;&#53440;&#45212; &#51060;&#54980;&#50640;&#46020; &#50668;&#51204;&#55176; DeFi&#51032; &#44032;&#51109; &#53360; &#44256;&#48124;&#51008; &#50976;&#46041;&#49457;&#51060;&#50632;&#45796;. &#50808;&#48512;&#50640;&#49436; &#48716;&#47140;&#50728; &#50976;&#46041;&#49457;&#51008; &#45908; &#45458;&#51008; &#51064;&#49468;&#54000;&#48652;&#44032; &#49373;&#44592;&#47732; &#44263;&#48148;&#47196; &#48736;&#51256;&#45208;&#44052;&#45796;. &#51060;&#47480;&#48148; &#50857;&#48337; &#51088;&#48376;&#51060;&#45796;.</p><p>2021&#45380; &#54616;&#48152;&#44592; &#46321;&#51109;&#54620;<a href="https://olympusdao.finance/"> OlympusDAO</a>&#45716; &#51060; &#47928;&#51228;&#51032; &#54644;&#48277;&#51004;&#47196; &#54868;&#51228;&#44032; &#46096;&#45796;. &#54645;&#49900;&#51008; &#49464; &#44032;&#51648;&#50688;&#45796;. &#54532;&#47196;&#53664;&#53084; &#51088;&#52404;&#44032; &#50976;&#46041;&#49457;&#51012; &#49548;&#50976;&#54616;&#45716; Protocol-Owned Liquidity, &#52280;&#50668;&#51088; &#47784;&#46160;&#44032; Stake&#47484; &#53469;&#54624; &#46412; &#52572;&#49440;&#51032; &#44208;&#44284;&#44032; &#45208;&#50728;&#45796;&#45716; 3,3 &#44172;&#51076;&#51060;&#47200;, &#44536;&#47532;&#44256; &#47200;&#52845; &#52488;&#44592;&#50640; 20&#47564;%&#47484; &#45336;&#44220;&#45912; &#44537;&#45800;&#51201;&#51064; APY&#45796;.</p><p>&#54616;&#51648;&#47564; &#51060; &#44396;&#51312;&#45716; &#50724;&#47000; &#48260;&#54000;&#51648; &#47803;&#54664;&#45796;. OHM&#51032; &#49688;&#51061;&#51008; &#49892;&#51228; &#54788;&#44552;&#55120;&#47492;&#48372;&#45796; &#49888;&#44508; &#53664;&#53360; &#48156;&#54665;&#50640; &#53356;&#44172; &#51032;&#51316;&#54664;&#45796;. Bonding &#47700;&#52964;&#45768;&#51608;&#51008; &#49688;&#49901; &#44060;&#51032; &#54252;&#53356; &#54532;&#47196;&#51229;&#53944;&#47484; &#45235;&#50520;&#51648;&#47564;, OHM &#44032;&#44201;&#51008; &#51060;&#54980; 90% &#51060;&#49345; &#54616;&#46973;&#54664;&#45796;.</p><p>&#44536; &#46244; &#48716;&#45908;&#46308;&#51008; &#8220;&#49688;&#51061;&#47456;&#51012; &#50620;&#47560;&#45208; &#45458;&#51068; &#44163;&#51064;&#44032;&#8221;&#48372;&#45796; &#8220;&#49688;&#51061;&#51060; &#49892;&#51228;&#47196; &#50612;&#46356;&#49436; &#50724;&#45716;&#44032;&#8221;&#47484; &#47676;&#51200; &#44256;&#48124;&#54616;&#44592; &#49884;&#51089;&#54664;&#45796;.</p><h3><strong>2.4. EigenLayer&#50752; Pendle: &#49688;&#54217;&#51201; &#54028;&#48141;&#50640;&#49436; &#49688;&#51649;&#51201; &#47112;&#48260;&#47532;&#51648;&#47196;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!x-0H!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!x-0H!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!x-0H!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!x-0H!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!x-0H!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!x-0H!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png" width="1456" height="994" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/db5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:994,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!x-0H!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!x-0H!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!x-0H!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!x-0H!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdb5cbca6-9043-4682-b58f-9971bab3fc75_2048x1398.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#48533;&#44340;&#51032; &#44221;&#54744;&#51008; &#47532;&#53580;&#51068;&#51032; &#54665;&#46041; &#48169;&#49885;&#46020; &#48148;&#45032;&#45796;. 2020&#45380;&#48512;&#53552; 2022&#45380;&#44620;&#51648;&#51032; &#54540;&#47112;&#51060;&#48513;&#51008; &#45800;&#49692;&#54664;&#45796;. &#44032;&#51109; &#47676;&#51200; &#51064;&#49468;&#54000;&#48652;&#47484; &#52880;&#44256;, &#44032;&#51109; &#47676;&#51200; &#48736;&#51256;&#45208;&#50728;&#45796;. &#54620; &#49324;&#50857;&#51088;&#44032; &#46041;&#49884;&#50640; &#50668;&#47084; &#54532;&#47196;&#53664;&#53084;&#50640; &#51088;&#44552;&#51012; &#48516;&#49328; &#50696;&#52824;&#54616;&#45716; &#51068;&#46020; &#55124;&#54664;&#45796;. &#45817;&#49884;&#51032; &#54028;&#48141;&#51008; &#47568; &#44536;&#45824;&#47196; &#49688;&#54217;&#51201;&#51060;&#50632;&#45796;. &#51088;&#48376;&#51008; &#45908; &#45458;&#51008; APY&#47484; &#52286;&#50500; &#54532;&#47196;&#53664;&#53084; &#49324;&#51060;&#47484; &#50734;&#44200; &#45796;&#45396;&#45796;.</p><p>&#54616;&#51648;&#47564; 2022&#45380; &#51060;&#54980; &#51060; &#48169;&#49885;&#51032; &#54952;&#50984;&#51008; &#46504;&#50612;&#51276;&#45796;. &#53664;&#53360; &#51064;&#49468;&#54000;&#48652;&#45716; &#51648;&#49549;&#51060; &#48520;&#44032;&#45733;&#54664;&#44256;, &#50640;&#50612;&#46300;&#46989; &#44221;&#51137;&#51008; &#45908; &#52824;&#50676;&#54644;&#51276;&#45796;. &#45800;&#49692;&#55176; &#50668;&#47084; &#44275;&#50640; &#51088;&#44552;&#51012; &#45347;&#50612;&#46160;&#45716; &#44163;&#47564;&#51004;&#47196;&#45716; &#48372;&#49345;&#51060; &#51460;&#50632;&#45796;. &#44536;&#47000;&#49436; &#51088;&#48376;&#51008; &#54620; &#51088;&#49328;&#51012; &#50668;&#47084; &#44217;&#51004;&#47196; &#54876;&#50857;&#54616;&#45716; &#51901;&#51004;&#47196; &#50880;&#51649;&#50688;&#45796;. stETH&#47484; &#47532;&#49828;&#53580;&#51060;&#53433;&#54616;&#44256;, LRT&#47484; &#45796;&#49884; DeFi&#50640; &#45347;&#44256;, &#49688;&#51061;&#44428;&#51012; &#46384;&#47196; &#48516;&#47532;&#54644; &#54252;&#51064;&#53944;&#50752; &#48120;&#47000; &#49688;&#51061;&#51012; &#45432;&#47532;&#45716; &#48169;&#49885;&#51060;&#45796;.</p><p>&#51060; &#51204;&#54872;&#51032; &#51473;&#49900;&#50640;<a href="https://app.eigenlayer.xyz/"> EigenLayer</a>&#50752; <a href="https://www.pendle.finance/">Pendle</a>&#51060; &#51080;&#50632;&#45796;. 2024&#45380;&#51012; &#49884;&#51089;&#51004;&#47196; EigenLayer&#45716; &#51060;&#48120; &#49828;&#53580;&#51060;&#53433;&#46108; ETH&#45208; LST&#47484; &#45796;&#49884; &#54876;&#50857;&#54644; &#52628;&#44032; &#48372;&#49345;&#51012; &#50619;&#45716; &#47532;&#49828;&#53580;&#51060;&#53433; &#44396;&#51312;&#47484; &#50676;&#50632;&#45796;. EigenLayer&#51032; TVL&#51008; &#50557; 6&#44060;&#50900; &#49324;&#51060; 4&#50613; &#45804;&#47084; &#48120;&#47564;&#50640;&#49436; 188&#50613; &#45804;&#47084;&#44620;&#51648; &#52964;&#51276;&#45796;. &#45800;&#49692; &#50696;&#52824;&#48372;&#45796; &#47532;&#49828;&#53580;&#51060;&#53433; &#44396;&#51312;&#47196; &#51088;&#48376;&#51060; &#48736;&#47476;&#44172; &#51060;&#46041;&#54664;&#45796;&#45716; &#48169;&#51613;&#51060;&#45796;.</p><p>Pendle&#51008; &#51060;&#51088;&#44032; &#48537;&#45716; &#51088;&#49328;&#51012; PT&#50752; YT&#47196; &#51900;&#44080;&#45796;. PT&#45716; &#50896;&#44552;&#50640; &#44032;&#44620;&#50868; &#44428;&#47532;&#51060;&#44256;, YT&#45716; &#47564;&#44592; &#51204;&#44620;&#51648; &#48156;&#49373;&#54616;&#45716; &#49688;&#51061;, &#48372;&#49345;, &#54252;&#51064;&#53944;&#47484; &#44032;&#51256;&#44032;&#45716; &#44428;&#47532;&#45796;. &#53945;&#55176; YT&#45716; &#47564;&#44592;&#50640; &#44032;&#52824;&#44032; 0&#51060; &#46104;&#51648;&#47564;, &#44536; &#51204;&#44620;&#51648; &#54252;&#51064;&#53944;&#50752; &#49688;&#51061;&#51012; &#52572;&#45824;&#54620; &#44545;&#50612;&#47784;&#51012; &#49688; &#51080;&#45796;. &#44396;&#51312;&#47484; &#44618;&#44172; &#47792;&#46972;&#46020;, YT&#47484; &#49324;&#45716; &#44163; &#51088;&#52404;&#44032; &#49884;&#44036;&#44284; &#51088;&#48376;&#51012; &#47112;&#48260;&#47532;&#51648;&#54616;&#45716; &#54028;&#48141; &#51204;&#47029;&#51060; &#46096;&#45796;.</p><p>&#50668;&#47084; &#54532;&#47196;&#53664;&#53084;&#50640; &#46024;&#51012; &#55145;&#49100;&#47532;&#45912; &#48169;&#49885;&#50640;&#49436;, &#54616;&#45208;&#51032; &#51088;&#49328;&#51004;&#47196; &#50668;&#47084; &#52789;&#50948;&#51032; &#48372;&#49345;&#51012; &#49939;&#45716; &#48169;&#49885;&#51004;&#47196; &#51204;&#47029;&#51060; &#48148;&#45068;&#50632;&#45796;.</p><h2><strong>3. &#49688;&#51061; &#47784;&#45944;&#51032; &#51116;&#49444;&#44228;: RWA&#50752; YBS</strong></h2><p>&#48716;&#45908;&#46308;&#51008; &#54620;&#46412; &#53664;&#53360; &#51064;&#49468;&#54000;&#48652;&#47196; TVL&#51012; &#45132;&#50612;&#50732;&#47532;&#45716; &#45936; &#51665;&#51473;&#54664;&#45796;. TVL&#51060; &#52964;&#51648;&#47732; &#54532;&#47196;&#53664;&#53084;&#51060; &#49457;&#51109;&#54616;&#45716; &#44163;&#52376;&#47100; &#48372;&#50688;&#44256;, &#53664;&#53360; &#44032;&#44201;&#46020; &#46384;&#46972; &#50880;&#51649;&#50688;&#45796;. &#47928;&#51228;&#45716; &#44536; &#50976;&#46041;&#49457;&#51060; &#50724;&#47000; &#47672;&#47932;&#51648; &#50506;&#45716;&#45796;&#45716; &#51216;&#51060;&#50632;&#45796;.</p><p>&#47932;&#47200; TVL&#51008; &#50668;&#51204;&#55176; &#51473;&#50836;&#54620; &#51648;&#54364;&#45796;. &#54616;&#51648;&#47564; &#51060;&#51228;&#45716; &#49688;&#49688;&#47308; &#44592;&#48152; &#49688;&#51061;, &#49892;&#47932; &#45812;&#48372;, &#44508;&#51228; &#45824;&#51025;&#50640; &#45908; &#47924;&#44172;&#47484; &#46160;&#44172; &#46096;&#45796;. &#44592;&#44288;&#51060;&#46972;&#45716; &#48320;&#49688;&#44032; &#49373;&#44220;&#44592; &#46412;&#47928;&#51060;&#45796;. &#44592;&#44288;&#51008; &#8220;&#51060; &#49688;&#51061;&#51060; &#50612;&#46356;&#49436; &#45208;&#50724;&#44256;, &#50612;&#46500; &#51088;&#49328;&#51060; &#48155;&#52432;&#51452;&#45716;&#44032;&#8221;&#47484; &#45908; &#46384;&#51652;&#45796;.</p><p>&#51228;&#54408;&#51008; &#51060; &#46160; &#49688;&#50836;&#47484; &#47784;&#46160; &#48155;&#50500;&#45236;&#45716; &#48169;&#54693;&#51004;&#47196; &#45804;&#46972;&#51648;&#44256; &#51080;&#45796;.</p><h3><strong>3.1. RWA(Real World Asset): &#44592;&#44288;&#46308;&#51032; &#48376;&#44201; &#49884;&#51109; &#51652;&#51077;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Xyxm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Xyxm!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!Xyxm!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!Xyxm!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!Xyxm!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Xyxm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png" width="1456" height="994" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:994,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Xyxm!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!Xyxm!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!Xyxm!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!Xyxm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9587de53-849b-4399-98bc-11cb7a888ce8_2048x1398.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>2024&#45380; &#51060;&#54980; BlackRock, Franklin Templeton, JPMorgan &#44057;&#51008; &#51204;&#53685; &#44552;&#50997;&#44592;&#44288;&#51060; RWA&#47484; &#50526;&#49464;&#50892; &#50728;&#52404;&#51064; &#49884;&#51109;&#50640; &#46308;&#50612;&#50724;&#44592; &#49884;&#51089;&#54664;&#45796;. &#48120;&#44397; &#44397;&#52292;, &#47672;&#45768;&#47560;&#53011;&#54144;&#46300;, &#49324;&#47784; &#53356;&#47112;&#46375;, &#44552;, &#48512;&#46041;&#49328; &#44057;&#51008; &#50724;&#54532;&#52404;&#51064; &#51088;&#49328;&#51012; &#53664;&#53360; &#54805;&#53468;&#47196; &#48156;&#54665;&#54644; &#50728;&#52404;&#51064;&#50640;&#49436; &#50976;&#53685;&#49884;&#53412;&#45716; &#48169;&#49885;&#51060;&#45796;.</p><p>&#50728;&#52404;&#51064; RWA &#49884;&#51109;&#51008; 2022&#45380; &#49688;&#49901;&#50613; &#45804;&#47084; &#44508;&#47784;&#50640;&#49436; 2026&#45380; 4&#50900; &#49688;&#48177;&#50613; &#45804;&#47084; &#44508;&#47784;&#47196; &#52964;&#51276;&#45796;. &#53664;&#53360;&#54868; &#44397;&#52292;&#50752; &#49324;&#47784; &#53356;&#47112;&#46375;&#51060; &#49457;&#51109;&#51012; &#44204;&#51064;&#54616;&#44256; &#51080;&#45796;.</p><p>&#54788;&#51116; &#49884;&#51109;&#51012; &#51452;&#46020;&#54616;&#45716; &#44592;&#44288; &#49345;&#54408;&#51008; BlackRock <a href="https://tokenterminal.com/explorer/projects/blackrock">BUIDL</a>&#44284; Franklin Templeton <a href="https://tokenterminal.com/explorer/projects/franklintempleton/benji">BENJI</a>&#45796;. BUIDL&#44284; BENJI&#45716; &#48708;&#49847;&#54620; &#51088;&#49328;&#51012; &#45796;&#47336;&#51648;&#47564; &#51217;&#44540; &#48169;&#49885;&#51008; &#45796;&#47476;&#45796;. BUIDL&#51008; &#49324;&#49892;&#49345; &#44592;&#44288; &#51204;&#50857; &#49345;&#54408;&#50640; &#44032;&#44637;&#44256;, BENJI&#45716; 20&#45804;&#47084;&#48512;&#53552; &#51217;&#44540;&#54624; &#49688; &#51080;&#50612; &#48120;&#44397; &#47532;&#53580;&#51068;&#50640;&#44172;&#46020; &#50676;&#47140; &#51080;&#45796;.</p><p>&#51060; &#50808;&#50640;&#46020;<a href="https://www.apollo.com/"> Apollo</a>, <a href="https://www.hamiltonlane.com/">Hamilton Lane</a>, <a href="https://www.kkr.com/">KKR</a> &#46321;&#51060;<a href="https://securitize.io/"> Securitize</a> &#44057;&#51008; &#50728;&#52404;&#51064; &#48156;&#54665; &#54540;&#47019;&#54268;&#44284; &#49552;&#51105;&#44256; &#49324;&#47784; &#54144;&#46300;&#50752; &#49324;&#47784; &#53356;&#47112;&#46375; &#53664;&#53360;&#54868;&#50640; &#49549;&#46020;&#47484; &#45236;&#44256; &#51080;&#45796;.</p><p><strong>&#44592;&#44288;&#50640;&#44172; &#50728;&#52404;&#51064; &#49884;&#51109;&#51008; &#49352;&#47196; &#44060;&#52377;&#54624; &#50689;&#50669;&#51060;&#46972;&#44592;&#48372;&#45796; &#49352;&#47196;&#50868; &#50976;&#53685; &#52292;&#45328;&#50640; &#44032;&#44637;&#45796;. &#46412;&#47928;&#50640; &#44592;&#44288;&#51012; &#47582;&#51060;&#54616;&#45716; &#54532;&#47196;&#53664;&#53084;&#46020; &#50668;&#44592;&#50640; &#47582;&#52656; KYC&#50752; AML, &#52964;&#49828;&#53552;&#46356;, &#48277;&#51201; &#44288;&#54624;&#44428;, &#47532;&#49828;&#53356; &#44288;&#47532; &#54532;&#47112;&#51076;&#50892;&#53356;&#47484; &#44054;&#52656;&#44032;&#44256; &#51080;&#45796;.</strong></p><h3><strong>3.2. &#49688;&#51061; &#45236;&#51109;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;(YBS): &#49688;&#51061;&#51060; &#45236;&#51109;&#46108; &#45804;&#47084;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!TTVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TTVD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!TTVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!TTVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!TTVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!TTVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png" width="1456" height="994" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:994,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!TTVD!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!TTVD!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!TTVD!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!TTVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49620b9e-cbe7-47bc-9112-c9f9c0e2de1c_2048x1398.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#50668;&#44592;&#49436; &#45576;&#50668;&#44200;&#48380; &#49464;&#44536;&#47676;&#53944;&#45716; YBS&#51060;&#45796;. &#49688;&#51061; &#45236;&#51109;&#54805; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;(YBS)&#51008; &#49688;&#51061;&#51060; &#53664;&#53360; &#51088;&#52404;&#50640; &#45236;&#51109;&#46108; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060;&#45796;. <a href="https://ondo.finance/usdy">Ondo USDY</a>, <a href="https://sky.money/susds">Sky sUSDS</a>, <a href="https://app.ethena.fi/">Ethena sUSDe</a>&#44284; &#50526;&#49436; &#50616;&#44553;&#54620; BlackRock BUIDL, Franklin BENJI &#46321;&#51060; &#50668;&#44592;&#50640; &#54252;&#54632;&#46108;&#45796;.</p><p>&#51060; &#51088;&#49328;&#46308;&#51008; &#48372;&#50976;&#47564; &#54644;&#46020; &#44592;&#52488; &#51088;&#49328;&#50640;&#49436; &#48156;&#49373;&#54620; &#49688;&#51061;&#51060; &#49939;&#51064;&#45796;. &#44592;&#52488; &#51088;&#49328;&#51008; &#48120;&#44397; &#44397;&#52292;, &#54144;&#46377;&#48708;, &#49828;&#53580;&#51060;&#53433; &#51060;&#51088;, &#47672;&#45768;&#47560;&#53011;&#54144;&#46300; &#46321;&#51060;&#45796;. &#51204;&#53685; &#44552;&#50997;&#51032; MMF&#47484; &#50728;&#52404;&#51064;&#51004;&#47196; &#50734;&#44596; &#44396;&#51312;&#50640; &#44032;&#44637;&#45796;.</p><p><a href="https://www.stablewatch.io/analytics/ybs-overview?categoryMode=OR&amp;chainMode=OR&amp;sort=%5B%7B%22id%22%3A%22allTimeYpo%22%2C%22desc%22%3Atrue%7D%5D&amp;columns=%7B%22protocol%22%3Atrue%2C%22chains%22%3Afalse%2C%22price%22%3Afalse%2C%22apy30dchange%22%3Afalse%2C%22tvl30d%22%3Afalse%2C%22apy90d%22%3Afalse%2C%227dYpo%22%3Atrue%2C%2230dYpo%22%3Afalse%2C%2290dYpo%22%3Afalse%2C%22link%22%3Afalse%7D">StableWatch</a>&#51032; YPO &#45936;&#51060;&#53552; &#44592;&#51456;&#51004;&#47196; Ethena sUSDe, Sky sUSDS, BlackRock BUIDL, Sky sDAI &#46321;&#51060; &#45572;&#51201; &#49688;&#51061; &#51648;&#44553;&#50529; &#49345;&#50948;&#44428;&#50640; &#51080;&#45796;. &#49345;&#54408;&#48324; &#51665;&#44228; &#44592;&#51456;&#50640; &#46384;&#46972; &#52264;&#51060;&#45716; &#51080;&#51648;&#47564;, YBS&#44032; &#45800;&#49692;&#54620; &#49892;&#54744;&#51012; &#45336;&#50612; &#49892;&#51228; &#51060;&#51088;&#44032; &#51648;&#44553;&#46104;&#45716; &#52852;&#53580;&#44256;&#47532;&#47196; &#48516;&#47749;&#55176; &#52964;&#51276;&#45796;.</p><p>&#45796;&#47564; &#45800;&#49692;&#55176; MMF&#47484; &#50728;&#52404;&#51064;&#51004;&#47196; &#51060;&#49885;&#54616;&#45716; &#44163;&#47564;&#51004;&#47196;&#45716; &#52264;&#48324;&#51216;&#51060; &#50630;&#45796;. &#51652;&#51676; &#52264;&#48324;&#51216;&#51008; &#51312;&#54633; &#44032;&#45733;&#49457;&#50640; &#51080;&#45796;. BUIDL&#51060; Ethena&#51032; USDtb &#47532;&#51200;&#48652; 90%&#47484; &#44396;&#49457;&#54616;&#44256;, USDtb&#45716; Aave&#50640;&#49436; &#45812;&#48372;&#47196; &#54876;&#50857;&#46108;&#45796;.</p><p>&#51593; &#44592;&#51316; &#48288;&#51060;&#49828; &#49345;&#54408;&#51060; &#54788;&#49892; &#49464;&#44228;&#50640; &#51080;&#45912; RWA &#49345;&#54408;&#51060; &#46096;&#44256;, &#49345;&#54408;&#46308;&#51060; &#50504;&#51221;&#46108; &#44396;&#51312;&#44032; &#46104;&#45716; &#44163;&#51060;&#45796;. &#54620;&#51221;&#46108; &#48176;&#53552;&#47532; &#50504;&#50640;&#49436; &#46028;&#50500;&#44032;&#45716; &#49884;&#51109;&#51060; &#50500;&#45772; &#50808;&#48512;&#51032; &#51204;&#47141;&#51012; &#45132;&#50612;&#45796; &#50416;&#44592; &#49884;&#51089;&#54664;&#45796;.</p><h2><strong>4. &#49892;&#54056;&#47484; &#44368;&#54984;&#49340;&#50500; RWA &#51204;&#47141;&#47581;&#51012; &#44620;&#45716; &#54540;&#47112;&#51060;&#50612;&#46308;</strong></h2><p>&#51648;&#44552;&#44620;&#51648; DeFi&#45716; &#53080;&#49468;&#53944; &#50630;&#45716; &#47680;&#54000;&#53485;&#51012; &#44228;&#49549; &#51060;&#50612; &#48537;&#51060;&#47728; &#44536;&#44152; &#54540;&#46972;&#51060;&#55072;&#51060;&#46972;&#44256; &#48520;&#47104;&#45796;.</p><p>&#47680;&#54000;&#53485; &#50948;&#50640; &#47680;&#54000;&#53485;&#51012; &#44866;&#44256;, &#44536; &#45149;&#50640; &#45796;&#49884; &#47112;&#48260;&#47532;&#51648;&#50752; &#54028;&#49373; &#49345;&#54408;&#51012; &#50672;&#44208;&#54664;&#45796;. &#47928;&#51228;&#45716; &#51204;&#47448;&#44032; &#50808;&#48512;&#50640;&#49436; &#46308;&#50612;&#50728; &#44163;&#51060; &#50500;&#45768;&#46972;, &#45824;&#48512;&#48516; &#54532;&#47196;&#53664;&#53084;&#51060; &#49828;&#49828;&#47196; &#47564;&#46304; &#53664;&#53360; &#51064;&#49468;&#54000;&#48652;&#50688;&#45796;&#45716; &#51216;&#51060;&#45796;. Compound&#45716; &#51088;&#52404; &#53664;&#53360;&#51012; &#45812;&#48372;&#47196; &#45824;&#52636;&#51012; &#47564;&#46308;&#50632;&#44256;, Curve&#45716; &#51088;&#52404; &#53664;&#53360;&#51004;&#47196; &#50976;&#46041;&#49457; &#44277;&#44553;&#51088;&#47484; &#48537;&#51105;&#50520;&#45796;. &#49436;&#47196;&#44032; &#49436;&#47196;&#50640;&#44172; &#51204;&#47141;&#51012; &#44277;&#44553;&#54616;&#45716; &#44163;&#52376;&#47100; &#48372;&#50688;&#51648;&#47564;, &#49892;&#51228;&#47196;&#45716; &#54620;&#51221;&#46108; &#48176;&#53552;&#47532;&#47484; &#46028;&#47140; &#50416;&#45716; &#44396;&#51312;&#50688;&#45796;. &#49884;&#51109;&#51060; &#55124;&#46308;&#47532;&#51088; &#51204;&#50517;&#51008; &#50500;&#47000;&#48512;&#53552; &#46504;&#50612;&#51276;&#44256;, &#44032;&#51109; &#45149;&#50640; &#50672;&#44208;&#46108; &#49345;&#54408;&#48512;&#53552; &#44732;&#51648;&#44592; &#49884;&#51089;&#54664;&#45796;. &#53080;&#49468;&#53944; &#50630;&#45716; &#47680;&#54000;&#53485;&#51060; &#44048;&#45817;&#54624; &#49688; &#51080;&#45716; &#48512;&#54616;&#50640;&#45716; &#54620;&#44228;&#44032; &#51080;&#50632;&#45796;.</p><p>RWA&#45716; &#51060; &#44396;&#51312;&#47484; &#49892;&#51228; &#51204;&#47141;&#47581;&#50640; &#50672;&#44208;&#54620;&#45796;. &#52292;&#44428; &#51060;&#51088;, &#48512;&#46041;&#49328; &#51076;&#45824;&#47308;, &#49688;&#52636;&#51077; &#45824;&#44552;&#52376;&#47100; &#54788;&#49892; &#44221;&#51228;&#50640;&#49436; &#48156;&#49373;&#54616;&#45716; &#54788;&#44552;&#55120;&#47492;&#51060; &#50728;&#52404;&#51064; &#44552;&#50997;&#51032; &#51204;&#47448;&#44032; &#46108;&#45796;. &#51060;&#51088;&#50984;&#46020; &#45236;&#48512; &#53664;&#53360; &#51064;&#49468;&#54000;&#48652;&#44032; &#50500;&#45768;&#46972; &#50808;&#48512; &#49884;&#51109;&#51032; &#49688;&#50836;, &#44552;&#47532;, &#49888;&#50857;&#50948;&#54744;&#50640; &#51032;&#54644; &#44208;&#51221;&#46108;&#45796;. &#51204;&#47448;&#44032; &#46308;&#50612;&#50724;&#44592; &#49884;&#51089;&#54616;&#47732; &#44536; &#50948;&#50640; &#48156;&#54665;, &#48372;&#44288;, &#45812;&#48372;, &#45824;&#52636;, &#44208;&#51228;&#46972;&#45716; &#51109;&#52824;&#47484; &#52264;&#47168;&#47196; &#50672;&#44208;&#54624; &#49688; &#51080;&#45796;. &#44592;&#51316; DeFi&#50640;&#49436;&#45716; &#49444;&#44228;&#54616;&#44592; &#50612;&#47140;&#50912;&#45912; &#44552;&#50997; &#49345;&#54408;&#46020; &#51060; &#51204;&#47141;&#47581; &#50948;&#50640;&#49436;&#45716; &#51089;&#46041; &#44032;&#45733;&#54644;&#51652;&#45796;. &#47928;&#51228;&#45716; &#45908; &#47566;&#51008; &#47680;&#54000;&#53485;&#51012; &#44866;&#45716; &#44163;&#51060; &#50500;&#45768;&#46972;, &#50620;&#47560;&#45208; &#50504;&#51221;&#51201;&#51064; &#51204;&#47448;&#47484; &#45132;&#50612;&#50732; &#49688; &#51080;&#45712;&#45264;&#45796;.</p><p>&#50728;&#52404;&#51064; RWA&#51032; &#54645;&#49900;&#51008; &#48148;&#47196; &#50668;&#44592;&#50640; &#51080;&#45796;. &#49892;&#51656; &#44032;&#52824;&#47484; &#44032;&#51652; &#51088;&#49328;&#51012; &#50728;&#52404;&#51064;&#50640; &#50732;&#47532;&#44256;, &#44536; &#54788;&#44552;&#55120;&#47492;&#51012; &#44592;&#48152;&#51004;&#47196; &#44552;&#50997; &#44592;&#45733;&#51012; &#50672;&#44208;&#54616;&#45716; &#44163;&#51060;&#45796;. &#44284;&#44144; DeFi&#44032; &#53664;&#53360; &#51064;&#49468;&#54000;&#48652;&#46972;&#45716; &#51076;&#49884; &#48176;&#53552;&#47532;&#47196; &#50976;&#46041;&#49457;&#51012; &#48716;&#47140;&#50772;&#45796;&#47732;, &#51648;&#44552;&#51032; RWA &#49884;&#51109;&#51008; &#51088;&#49328; &#51088;&#52404;&#51032; &#54788;&#44552;&#55120;&#47492;&#51004;&#47196; &#50976;&#46041;&#49457;&#51012; &#48537;&#51105;&#51004;&#47140; &#54620;&#45796;.</p><p>&#54788;&#51116; &#49884;&#51109;&#51032; &#54540;&#47112;&#51060;&#50612;&#46308;&#51008; &#51060; &#51204;&#47141;&#47581;&#51012; &#44033;&#51088;&#51032; &#50948;&#52824;&#50640;&#49436; &#44396;&#52629;&#54616;&#44256; &#51080;&#45796;.</p><ul><li><p>Theo&#45716; &#50612;&#46500; &#51088;&#49328;&#51012; &#50728;&#52404;&#51064;&#50640; &#50672;&#44208;&#54624;&#51648; &#44208;&#51221;&#54620;&#45796;. &#51204;&#47141;&#50896;&#51060; &#46112; &#51088;&#49328;&#51012; &#44256;&#47476;&#45716; &#50669;&#54624;&#51060;&#45796;.</p></li><li><p>Plume&#51008; &#44536; &#51088;&#49328;&#51060; &#48156;&#54665;&#46104;&#44256; &#50976;&#53685;&#46112; &#49688; &#51080;&#45716; &#51064;&#54532;&#46972;&#47484; &#47564;&#46304;&#45796;. &#51204;&#47448;&#44032; &#55120;&#47484; &#49688; &#51080;&#45716; &#49569;&#51204;&#47581;&#44284; &#48176;&#51204;&#48152;&#51012; &#44620;&#45716; &#50669;&#54624;&#51060;&#45796;.</p></li><li><p>Morpho&#45716; &#50976;&#53685;&#46108; &#51088;&#49328;&#51012; &#45812;&#48372;&#47932;&#47196; &#49340;&#50500; &#45824;&#52636;&#44284; &#45812;&#48372; &#49884;&#51109;&#51012; &#44396;&#52629;&#54620;&#45796;. &#51204;&#47141;&#47581; &#50948;&#50640; &#49892;&#51228;&#47196; &#51204;&#44592;&#47484; &#50416;&#45716; &#52395; &#48264;&#51704; &#44552;&#50997; &#51109;&#52824;&#45796;.</p></li></ul><p>&#54620; &#54540;&#47112;&#51060;&#50612;&#44032; &#47784;&#46304; &#51204;&#47141;&#47581;&#51012; &#49548;&#50976;&#54616;&#45716; &#44163;&#51060; &#50500;&#45768;&#45796;. &#51204;&#47141;&#50896;, &#49569;&#51204;&#47581;, &#49324;&#50857;&#52376;&#44032; &#47582;&#47932;&#47540; &#46412; &#50728;&#52404;&#51064; RWA&#46972;&#45716; &#49352;&#47196;&#50868; &#44552;&#50997; &#54924;&#47196;&#44032; &#50756;&#49457;&#46108;&#45796;.</p><h3><strong>4.1. Theo: &#44256;&#44061;&#52789;&#51012; &#48148;&#44988; &#49324;&#47168;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!FAsX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!FAsX!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!FAsX!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!FAsX!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!FAsX!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!FAsX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png" width="1456" height="994" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:994,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!FAsX!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!FAsX!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!FAsX!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!FAsX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F807d17e6-f29f-4dc1-a256-98e7a7151b1a_2048x1398.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><a href="https://theo">Theo</a>&#45716; &#51088;&#49328;&#51012; &#44256;&#47476;&#45716; &#51088;&#47532;&#50640;&#49436; &#52636;&#48156;&#54644; &#44256;&#44061;&#52789;&#44620;&#51648; &#45796;&#49884; &#51680; &#49324;&#47168;&#45796;.</p><p>&#44284;&#44144; Theo&#51032; &#51452;&#47141; &#49345;&#54408;&#51008; &#51204;&#47029; &#48380;&#53944;&#50688;&#45796;. &#54616;&#51648;&#47564; &#49884;&#51109;&#51060; &#48148;&#45068;&#47732;&#49436; &#47532;&#53580;&#51068;&#51060; &#50896;&#54616;&#45716; &#44163;&#44284; &#44592;&#44288;&#51060; &#50896;&#54616;&#45716; &#44163;&#51060; &#44040;&#46972;&#51276;&#45796;. Theo&#45716; &#51060; &#51204;&#54872;&#51012; &#48155;&#50500;&#46308;&#50688;&#44256;, &#44256;&#44061;&#52789; &#51088;&#52404;&#47484; &#45796;&#49884; &#51221;&#51032;&#54664;&#45796;.</p><p>&#54645;&#49900; &#51228;&#54408;&#51008;<a href="https://theo.xyz/about_thbill"> thBILL</a>&#51060;&#45796;. &#44508;&#51228;&#46108; &#48156;&#54665;&#51088;&#50640;&#44172;&#49436; &#51312;&#45804;&#54620; &#44592;&#44288;&#44553; &#53664;&#53360;&#54868; &#48120;&#44397; &#45800;&#44592;&#44397;&#52292; &#48148;&#49828;&#53011;&#51004;&#47196;, Theo &#49373;&#53468;&#44228; &#50504;&#50640;&#49436; &#50504;&#51221;&#51201;&#51004;&#47196; &#49688;&#51061;&#51012; &#45236;&#46020;&#47197; &#49444;&#44228;&#46108; &#54645;&#49900; &#51088;&#49328;&#51060;&#45796;. &#51060;&#54980; &#47196;&#46300;&#47605;&#50640; <a href="https://docs.theo.xyz/platform/thgold">thGOLD</a>&#47484; &#52636;&#49884;&#54664;&#44256; &#44263; thGOLD&#47484; &#45812;&#48372;&#47196; &#48156;&#54665;&#46104;&#45716; YBS, thUSD&#46020; &#52636;&#49884;&#46112; &#50696;&#51221;&#51060;&#45796;.</p><p>&#49345;&#54408;&#47564; &#48148;&#44988; &#44172; &#50500;&#45768;&#45796;. &#47532;&#53580;&#51068; &#51064;&#49468;&#54000;&#48652;&#47196; &#49884;&#51089;&#54620; &#54540;&#47112;&#51060;&#50612;&#44032; &#46041;&#49884;&#50640; &#44592;&#44288;&#51032; &#50616;&#50612;&#47196;&#46020; &#49444;&#44228;&#46112; &#49688; &#51080;&#45796;&#45716; &#44163;&#51012; &#48372;&#50668;&#51456;&#45796;.</p><h3><strong>4.2. Plume: RWA&#44032; &#51089;&#46041;&#54616;&#45716; &#54872;&#44221;&#51012; &#47564;&#46300;&#45716; &#54540;&#47112;&#51060;&#50612;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!toZ7!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!toZ7!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!toZ7!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!toZ7!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!toZ7!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!toZ7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png" width="1456" height="994" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:994,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!toZ7!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!toZ7!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!toZ7!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!toZ7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1c7bc25a-8499-47ea-9f63-ac8798950894_2048x1398.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><a href="https://plume.org/">Plume</a>&#51008; &#51088;&#49328;&#51060; &#50976;&#53685;&#46112; &#51064;&#54532;&#46972;&#48512;&#53552; &#44536; &#50948; &#49688;&#50836;&#44620;&#51648; &#54620; &#48264;&#50640; &#47926;&#51008; &#49324;&#47168;&#45796;.</p><p>&#44592;&#44288;&#51004;&#47196;&#49436;&#45716; &#51088;&#49328;&#51012; &#52404;&#51064;&#50640; &#50732;&#47532;&#45716; &#44163;&#47564;&#51004;&#47196;&#45716; &#48512;&#51313;&#54616;&#45796;. &#48156;&#54665;, &#52980;&#54540;&#46972;&#51060;&#50616;&#49828;, &#50976;&#53685;, &#49688;&#51061; &#49345;&#54408;&#54868;&#44620;&#51648; &#51060;&#50612;&#51648;&#45716; &#51064;&#54532;&#46972;&#44032; &#54596;&#50836;&#54616;&#45796;. &#50728;&#52404;&#51064; &#49324;&#50857;&#51088; &#51077;&#51109;&#50640;&#49436;&#45716; &#44397;&#52292;&#45208; &#54144;&#46300; &#44057;&#51008; &#44592;&#44288;&#44553; &#51088;&#49328;&#50640; &#51217;&#44540;&#54624; &#49688; &#51080;&#45716; &#49345;&#54408; &#44396;&#51312;&#44032; &#46263;&#48155;&#52840;&#46076;&#50556; &#54620;&#45796;.</p><p><a href="https://www.nest.credit/vaults">Nest</a>&#45716; Plume&#51032; &#51064;&#54532;&#46972; &#50948;&#50640; &#50732;&#46972;&#44032;&#45716; &#49688;&#51061; &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;. &#44592;&#44288;&#44553; RWA&#50640;&#49436; &#48156;&#49373;&#54616;&#45716; &#49688;&#51061;&#51012; &#49324;&#50857;&#51088;&#44032; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#50696;&#52824;&#54644; &#51217;&#44540;&#54624; &#49688; &#51080;&#45716; &#54805;&#53468;&#47196; &#44396;&#49457;&#54644; &#51228;&#44277;&#54620;&#45796;. nBASIS, nTBILL, nWisdom &#46321; &#44033; &#48380;&#53944;&#45716; &#49436;&#47196; &#45796;&#47480; &#49892;&#47932; &#51088;&#49328;&#51012; &#44592;&#48152;&#51004;&#47196; &#49688;&#51061;&#51012; &#51228;&#44277;&#54616;&#44256;, &#48380;&#53944; &#53664;&#53360;&#51008; DeFi &#45236;&#50640;&#49436; &#51088;&#50976;&#47213;&#44172; &#51060;&#46041;&#183;&#54876;&#50857;&#46108;&#45796;.</p><p><a href="https://www.wisdomtree.com/">WisdomTree</a>&#44032; 14&#44060; &#53664;&#53360;&#54868; &#54144;&#46300;&#47484; &#52636;&#49884;&#54664;&#44256;,<a href="https://www.coindesk.com/business/2025/09/16/blockchain-based-rwa-specialists-bring-usd50m-to-apollo-s-tokenized-credit-strategy"> Apollo Global</a>&#51060; 5000&#47564; &#45804;&#47084; &#44508;&#47784;&#51032; &#53356;&#47112;&#46375; &#51204;&#47029;&#51012; &#48176;&#54252;&#54664;&#51004;&#47728;, <a href="https://plume.org/blog/invesco">Invesco</a>&#45716; 63&#50613; &#45804;&#47084; &#44508;&#47784;&#51032; &#49440;&#49692;&#50948; &#45824;&#52636; &#51204;&#47029;&#51012; Plume &#50948;&#47196; &#50734;&#44220;&#45796;. Nest&#45716; &#51060; &#44592;&#44288;&#44553; &#51088;&#49328;&#50640; &#45824;&#54620; &#49688;&#50836; &#52285;&#44396;&#45796;.</p><p>Plume&#51008; &#51088;&#52404; &#47112;&#51068;&#44284; &#45908;&#48520;&#50612;, &#44592;&#44288; &#51088;&#49328;&#44284; &#50728;&#52404;&#51064; &#49688;&#50836; &#49324;&#51060;&#51032; &#50976;&#53685; &#44221;&#47196;&#47484; &#47564;&#46300;&#45716; &#53685;&#54633; &#51064;&#54532;&#46972; &#50669;&#54624;&#51012; &#54620;&#45796;.</p><h3><strong>4.3. Morpho: &#44592;&#44288; &#51088;&#49328;&#50640; &#44552;&#50997; &#44592;&#45733;&#51012; &#48537;&#51060;&#45716; &#54540;&#47112;&#51060;&#50612;</strong></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!_Gu5!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!_Gu5!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!_Gu5!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!_Gu5!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!_Gu5!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!_Gu5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png" width="1456" height="994" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:994,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!_Gu5!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png 424w, https://substackcdn.com/image/fetch/$s_!_Gu5!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png 848w, https://substackcdn.com/image/fetch/$s_!_Gu5!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png 1272w, https://substackcdn.com/image/fetch/$s_!_Gu5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d0fa343-ce7a-4506-be41-db35edbd68b4_2048x1398.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><a href="https://morpho.org/">Morpho</a>&#45716; &#51088;&#49328;&#51012; &#45812;&#48372;&#50752; &#45824;&#52636;&#44284; &#50976;&#46041;&#49457;&#51004;&#47196; &#48148;&#44984;&#45716; &#49324;&#47168;&#45796;.</p><p>&#44592;&#44288;&#50640;&#44172; &#51088;&#49328;&#51012; &#52404;&#51064;&#50640; &#46321;&#47197;&#54616;&#45716; &#44163;&#51008; &#49884;&#51089;&#51068; &#49104;&#51060;&#45796;. &#44288;&#44148;&#51008; &#44536; &#51088;&#49328;&#51012; &#45812;&#48372;&#47196; &#50424; &#49688; &#51080;&#45716;&#51648;, &#51060;&#47484; &#53664;&#45824;&#47196; &#50976;&#46041;&#49457;&#51012; &#48977;&#50500;&#45244; &#49688; &#51080;&#45716;&#51648;&#45796;. &#45824;&#52636; &#51312;&#44148;&#44284; &#47532;&#49828;&#53356;&#44032; &#47749;&#54869;&#54644;&#50556; &#54616;&#44256;, &#49688;&#53441;&#44284; &#52980;&#54540;&#46972;&#51060;&#50616;&#49828; &#54872;&#44221; &#50504;&#50640;&#49436; &#49892;&#54665; &#44032;&#45733;&#54644;&#50556; &#54620;&#45796;.</p><p>&#45824;&#54364; &#49324;&#47168;&#45716;<a href="https://securitize.io/primary-market/apollo-diversified-credit-securitize-fund"> Apollo ACRED</a>&#45796;. Apollo&#45716; Plume&#50640;&#49436; &#53356;&#47112;&#46375; &#51204;&#47029;&#51012; &#48176;&#54252;&#54664;&#51012; &#49104; &#50500;&#45768;&#46972;, Morpho &#50948;&#50640;&#49436; ACRED&#47484; &#45812;&#48372;&#47196; &#50416;&#47732;, &#48372;&#50976;&#51088;&#45716; &#54144;&#46300; &#54252;&#51648;&#49496;&#51012; &#44536;&#45824;&#47196; &#50976;&#51648;&#54616;&#47732;&#49436; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#48716;&#47540; &#49688; &#51080;&#44172; &#54664;&#45796;. ACRED&#45716; Apollo&#51032; Diversified Credit Securitize Fund&#47484; &#53664;&#53360;&#54868;&#54620; &#49324;&#47784;&#49888;&#50857; &#54144;&#46300;&#47196;, Securitize&#47484; &#53685;&#54644; &#50728;&#52404;&#51064;&#50640; &#48156;&#54665;&#46108;&#45796;.</p><p>&#44592;&#44288; &#51088;&#49328;&#51060; &#45812;&#48372;&#44032; &#46104;&#44256;, &#45824;&#52636;&#51060; &#46104;&#44256;, &#50976;&#46041;&#49457;&#51060; &#46104;&#50612;&#50556; &#48708;&#47196;&#49548; &#50728;&#52404;&#51064; &#44552;&#50997;&#51032; &#51116;&#47308;&#44032; &#46108;&#45796;.</p><h2><strong>5. &#46020;&#54028;&#48124;&#51060; &#49324;&#46972;&#51652; &#46244; &#45224;&#51008; &#44163;</strong></h2><p>&#44284;&#44144; DeFi&#51032; &#54889;&#44552;&#44592;&#45716; &#46028;&#51060;&#53020;&#48372;&#47732; &#53664;&#53360; &#51064;&#49468;&#54000;&#48652;&#50752; &#47112;&#48260;&#47532;&#51648;&#44032; &#47564;&#46304; &#49888;&#44592;&#47336;&#50640; &#44032;&#44620;&#50912;&#45796;.</p><p>&#49884;&#51109; &#51068;&#44033;&#50640;&#49436;&#45716; &#50672;&#51060;&#51008; &#54644;&#53433; &#49324;&#53468;&#47484; &#44540;&#44144;&#47196; DeFi &#54924;&#48373; &#44032;&#45733;&#49457;&#51012; &#54924;&#51032;&#51201;&#51004;&#47196; &#48376;&#45796;.</p><p>&#45796;&#47564; &#52572;&#44540; Kelp DAO&#51032; <a href="https://www.coindesk.com/ko/tech/2026/04/19/2026-s-biggest-crypto-exploit-kelp-dao-hit-for-usd292-million-with-wrapped-ether-stranded-across-20-chains">rsETH &#49324;&#53468;</a>&#50752; <a href="https://reports.tiger-research.com/p/defi-united-eng">DeFi United&#51032; &#44208;&#49457;</a>&#51008; &#51060;&#50752; &#49345;&#48152;&#46104;&#45716; &#44900; &#45229;&#47564;&#51201;&#51064; &#51060;&#50556;&#44592;&#47484; &#47564;&#46308;&#50612;&#45236;&#44256; &#51080;&#45796;. 2026&#45380; 4&#50900; 28&#51068; &#54788;&#51116;, Aave&#50752; DeFi United&#45716; &#50976;&#52636; &#44552;&#50529;&#51064; 1&#50613; 9&#52380;&#47564; &#45804;&#47084;&#47484; &#45336;&#50612;&#49436;&#45716; 3&#50613; &#45804;&#47084; &#51060;&#49345;&#51012; &#47784;&#44552;&#54616;&#45716; &#45936; &#49457;&#44277;&#54664;&#45796;.</p><p>&#51060;&#45716; &#49884;&#51109;&#50640; &#49888;&#47280; &#44396;&#51312;&#50752; &#49457;&#49689;&#54620; &#52293;&#51076; &#48516;&#45812;&#51060; &#54805;&#49457;&#46104;&#44256; &#51080;&#51020;&#51012; &#48372;&#50668;&#51456;&#45796;.</p><p>DeFi&#51032; &#50669;&#49324;&#50640;&#49436; &#48176;&#50868; &#44163;&#51008; &#51060;&#51204;&#50644; &#50500;&#47924;&#46020; &#52293;&#51076;&#51648;&#51648; &#50506;&#45716; &#49884;&#51109;&#51060;&#50632;&#45796;&#45716; &#49324;&#49892;&#51060;&#45796;. &#48736;&#47480; &#44256;&#49688;&#51061; &#53664;&#53360; &#49688;&#44553;&#51060; &#49324;&#50857;&#51088;&#46308;&#51032; &#50976;&#51068;&#54620; &#47785;&#54364;&#50688;&#44256;, &#48716;&#45908;&#46308; &#46608;&#54620; &#49324;&#50857;&#51088;&#46308;&#51032; &#49688;&#50836;&#50640; &#46384;&#46972; &#51060;&#51088; &#47700;&#52964;&#45768;&#51608;&#51012; &#49444;&#44228;&#54664;&#45796;. &#47785;&#54364; &#51088;&#44552;&#51060; &#52649;&#51313;&#46104;&#47732; &#49552;&#49789;&#44172; &#49884;&#51109;&#51012; &#46496;&#45208;&#44592;&#46020; &#54664;&#45796;.</p><p>&#44536;&#47084;&#45208; &#51060;&#51228;&#45716; &#45572;&#44032; &#50612;&#46523;&#44172; &#52293;&#51076;&#51656;&#51648; &#49444;&#44228;&#54644;&#50556; &#54616;&#45716; &#49884;&#51109;&#51004;&#47196; &#45336;&#50612;&#44032;&#44256; &#51080;&#45796;. &#50500;&#51649; &#50756;&#49457;&#46108; &#44552;&#50997; &#49884;&#49828;&#53596;&#51008; &#50500;&#45768;&#51648;&#47564;, &#44277;&#53685;&#51032; &#47928;&#51228;&#47484; &#48156;&#44204;&#54616;&#44256; &#49552;&#49892;&#44284; &#52293;&#51076;&#51012; &#45208;&#45600; &#44032;&#51648;&#47140;&#45716; &#50880;&#51649;&#51076;&#51060; &#49373;&#44220;&#45796;&#45716; &#51216;&#47564;&#51008; &#48516;&#47749;&#54616;&#45796;.</p><p>&#47566;&#51008; &#49324;&#46988;&#46308;&#51060; &#49884;&#51109;&#51060; &#45908; &#51060;&#49345; &#50976;&#54952;&#54616;&#51648; &#50506;&#45796;&#44256; &#45712;&#45180;&#45716; &#51060;&#50976;&#45716; &#48372;&#50504; &#47928;&#51228;&#50752; &#45908;&#48520;&#50612; &#51593;&#44033;&#51201;&#51064; &#48372;&#49345;&#44284; &#51060;&#50984;&#51060; &#45908; &#51060;&#49345; &#48372;&#51060;&#51648; &#50506;&#44256; &#49352;&#47196;&#50868; &#45236;&#47084;&#54000;&#48652;&#50752; &#52489;&#47588;&#51228;&#44032; &#45712;&#44788;&#51648;&#51648; &#50506;&#44592; &#46412;&#47928;&#51060;&#45796;.</p><p>DeFi&#46972;&#45716; &#45800;&#50612;&#45716; &#49884;&#44036;&#51060; &#51648;&#45208;&#47728; &#55192;&#51012; &#51075;&#44256; &#51080;&#45796;. &#51060;&#48120; &#49884;&#51109;&#51008; &#47116;&#46377;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;, RWA, &#47532;&#49828;&#53580;&#51060;&#53433;, &#50728;&#52404;&#51064; &#53356;&#47112;&#46375;&#52376;&#47100; &#45908; &#44396;&#52404;&#51201;&#51064; &#51060;&#47492;&#51004;&#47196; &#45208;&#45656;&#44256; &#51080;&#45796;. &#54645;&#49900;&#51008; &#45800;&#50612;&#44032; &#50500;&#45768;&#45796;. &#44536; &#45800;&#50612;&#50640;&#49436; &#52636;&#48156;&#54620; &#49892;&#54744;&#46308;&#51060; &#45908; &#47566;&#51008; &#51088;&#49328;&#51012; &#49892;&#51228;&#47196; &#44404;&#47084;&#44032;&#44172; &#47564;&#46300;&#45716; &#44396;&#51312;&#47196; &#49457;&#49689;&#54644;&#44032;&#44256; &#51080;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/rwa-2025-driving-adoption-tokenization-kor">RWA 2025 &#53664;&#53360;&#54868;&#50752; &#44536; &#45320;&#47672; &#47784;&#46160;&#50640;&#44172; &#45796;&#44032;&#44032;&#45716; RWA</a></p></li><li><p><a href="https://reports.tiger-research.com/p/how-plume-captured-50-of-rwa-investors-kor?utm_source=publication-search">&#50612;&#46523;&#44172; &#54540;&#47352;(Plume)&#51008; RWA &#53804;&#51088;&#51088; &#44284;&#48152;&#49688;&#47484; &#54869;&#48372;&#54664;&#45716;&#44032;?</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; 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&#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(<a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
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</title>
<description>
<![CDATA[ &#50640;&#51060;&#51204;&#53944; &#49884;&#45824; &#44208;&#51228; &#54364;&#51456; &#51204;&#51137;&#51060; &#49884;&#51089;&#46096;&#45796;. &#44396;&#44544;, &#50724;&#54536;AI, &#48708;&#51088;, &#47560;&#49828;&#53552;&#52852;&#46300;, &#49828;&#53944;&#46972;&#51060;&#54532;, &#53076;&#51064;&#48288;&#51060;&#49828;, &#49436;&#53364;&#51060; &#44033;&#51088;&#51032; &#54364;&#51456;&#51012; &#46308;&#44256; &#45208;&#50772;&#45796;. &#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;&#50752; &#54168;&#51060;&#54140;&#53084; &#46160; &#49884;&#51109;&#50640;&#49436; &#45572;&#44032; &#50612;&#46523;&#44172; &#54364;&#51456;&#51012; &#49464;&#50864;&#44256; &#51080;&#45716;&#51648;, &#44536;&#47532;&#44256; &#45572;&#44032; &#52572;&#51333; &#49849;&#51088;&#44032; &#46112;&#51648; &#48516;&#49437;&#54620;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/payments-30-the-ai-agent-payments-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/payments-30-the-ai-agent-payments-kor</guid>
<dc:creator>
<![CDATA[ Ekko an ]]>
</dc:creator>
<pubDate>Mon, 27 Apr 2026 14:41:26 GMT</pubDate>
<enclosure url="https://api.substack.com/feed/podcast/195628675/e1de0fb035e2589de39072d4f0610ac2.mp3" length="0" type="audio/mpeg"/>
<content:encoded>
<![CDATA[ <p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://public.relate.so/p/docs/lo7badhnd4lt9pty&quot;,&quot;text&quot;:&quot;&#128229; Download Report&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://public.relate.so/p/docs/lo7badhnd4lt9pty"><span>&#128229; Download Report</span></a></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!A43w!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!A43w!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png 424w, https://substackcdn.com/image/fetch/$s_!A43w!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png 848w, https://substackcdn.com/image/fetch/$s_!A43w!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png 1272w, https://substackcdn.com/image/fetch/$s_!A43w!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!A43w!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png" width="1456" height="594" 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srcset="https://substackcdn.com/image/fetch/$s_!A43w!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png 424w, https://substackcdn.com/image/fetch/$s_!A43w!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png 848w, https://substackcdn.com/image/fetch/$s_!A43w!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png 1272w, https://substackcdn.com/image/fetch/$s_!A43w!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb4a32253-b251-4976-883d-614e19ae88a2_6681x2727.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h2><strong>1. &#50640;&#51060;&#51204;&#53944; &#49884;&#45824; &#44208;&#51228; &#51064;&#54532;&#46972;&#45716; &#51060;&#48120; &#49884;&#51089;&#46096;&#45796;.</strong></h2><p>&#51648;&#45212; 1&#45380; &#49324;&#51060; &#44544;&#47196;&#48268; &#48709;&#53580;&#53356;, &#52852;&#46300;&#49324;, &#44144;&#47000;&#49548; &#46321;&#50640;&#49436; &#44033;&#51088;&#51032; &#50640;&#51060;&#51204;&#53944;(&#51060;&#54616;, &#50640;&#51060;&#51204;&#53944;) &#44208;&#51228; &#54364;&#51456;&#51012; &#48156;&#54364;&#54616;&#44256; &#51080;&#45796;. &#51060;&#48120; 2025&#45380; &#54620; &#54644; &#46041;&#50504;&#47564; 8&#44060; &#54364;&#51456; &#54532;&#47196;&#53664;&#53084;&#51060; &#48156;&#54364;&#46096;&#44256; &#54801;&#47141; &#48156;&#54364;&#44032; &#51060;&#50612;&#51648;&#44256; &#51080;&#45796;.</p><p>&#44208;&#51228; &#54364;&#51456; &#49440;&#51216;&#51008; &#44208;&#51228; &#54872;&#44221;&#51060; &#48148;&#45068;&#45716; &#51204;&#54872;&#51216;&#50640;&#49436; &#44032;&#51109; &#44053;&#47141;&#54620; &#55192;&#51012; &#48156;&#55064;&#54620;&#45796;. &#50724;&#54532;&#46972;&#51064; &#49345;&#44144;&#47000;&#44032; &#51473;&#49900;&#51060;&#45912; &#49884;&#45824;, &#48708;&#51088;(Visa)&#50752; &#47560;&#49828;&#53552;&#52852;&#46300;(Mastercard)&#45716; &#52852;&#46300; &#44208;&#51228; &#54364;&#51456;&#51012; &#49440;&#51216;&#54616;&#47728; &#49884;&#51109;&#51012; &#51109;&#50501;&#54664;&#45796;. &#51060;&#54980; &#47784;&#46304; &#52852;&#46300; &#44144;&#47000;&#45716; &#51060;&#46308;&#51032; &#45348;&#53944;&#50892;&#53356;&#47484; &#44221;&#50976;&#54616;&#45716; &#44396;&#51312;&#44032; &#44256;&#52265;&#46096;&#45796;.</p><p>&#51060;&#54980; &#50728;&#46972;&#51064;&#51004;&#47196; &#54872;&#44221;&#51060; &#48148;&#45072; &#46244;&#50640; &#46608; &#45796;&#47480; &#54540;&#47112;&#51060;&#50612;&#46308;&#51060; &#46321;&#51109;&#54664;&#45796;. &#45824;&#54364;&#51201;&#51004;&#47196; &#54168;&#51060;&#54036;&#51008; &#51060;&#47700;&#51068; &#44592;&#48152; &#49569;&#44552; &#49436;&#48708;&#49828;&#47196; &#50728;&#46972;&#51064; &#44208;&#51228; &#49436;&#48708;&#49828;&#47484; &#44396;&#52629;&#54664;&#44256; &#49828;&#53944;&#46972;&#51060;&#54532;&#44032; &#44536; &#46244;&#47484; &#51060;&#50632;&#45796;.</p><p>&#51060;&#51228; &#45796;&#51020; &#44208;&#51228; &#49884;&#51109;&#51008; &#50640;&#51060;&#51204;&#53944;&#45796;. AI &#44592;&#49696;&#51060; &#45824;&#51473;&#54868;&#46104;&#47728;, &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;&#44032; &#50732; &#44163;&#51076;&#50640;&#45716; &#44536; &#45572;&#44396;&#46020; &#48512;&#51221;&#54616;&#51648; &#50506;&#45716;&#45796;.</p><p>&#49324;&#46988;&#46308;&#51060; AI &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#47484; &#46496;&#50732;&#47540; &#46412; &#48372;&#53685; &#46160; &#44032;&#51648; &#51109;&#47732;&#51012; &#44536;&#47536;&#45796;. &#45236;&#44032; &#51648;&#49884;&#47484; &#45236;&#47532;&#47732; &#50640;&#51060;&#51204;&#53944;&#44032; &#45208; &#45824;&#49888; &#49345;&#54408;&#51012; &#52286;&#44256; &#44208;&#51228;&#47484; &#50756;&#47308;&#54616;&#45716; &#51109;&#47732;, &#44536;&#47532;&#44256; &#50640;&#51060;&#51204;&#53944;&#45180;&#47532; &#49324;&#46988;&#51032; &#44060;&#51077; &#50630;&#51060; &#51649;&#51217; &#44144;&#47000;&#54616;&#45716; &#51109;&#47732;&#51060;&#45796;.</p><p>&#44033;&#44033;&#51008; &#54788;&#51116;&#48512;&#53552; &#48372;&#45796; &#47676; &#48120;&#47000;&#50640; &#54644;&#45817;&#54616;&#45716; &#51109;&#47732;&#51060;&#45796;. &#45236; &#51648;&#49884;&#50640; &#46384;&#46972; &#51452;&#47928;&#51060; &#51060;&#47364;&#51648;&#45716; &#47784;&#49845;&#51008; &#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;(General Agentic Commerce)&#47196; &#54788;&#51116; &#51216;&#52264; &#49884;&#51089;&#46104;&#44256; &#51080;&#45716; &#54805;&#53468;&#51060;&#47728;, &#50640;&#51060;&#51204;&#53944;&#45180;&#47532; &#51649;&#51217; &#44208;&#51228;&#54616;&#45716; &#47784;&#49845;&#51008; &#54168;&#51060;&#54140;&#53084; (Pay-per-call)&#47196; &#48372;&#45796; &#47676; &#48120;&#47000;&#51032; &#47784;&#49845;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ccA6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ccA6!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png 424w, https://substackcdn.com/image/fetch/$s_!ccA6!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png 848w, https://substackcdn.com/image/fetch/$s_!ccA6!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png 1272w, https://substackcdn.com/image/fetch/$s_!ccA6!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ccA6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png" width="966" height="502" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:502,&quot;width&quot;:966,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!ccA6!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png 424w, https://substackcdn.com/image/fetch/$s_!ccA6!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png 848w, https://substackcdn.com/image/fetch/$s_!ccA6!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png 1272w, https://substackcdn.com/image/fetch/$s_!ccA6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe7c57da7-ebb8-48e4-9a87-d78514d4726b_966x502.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line 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data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>2. &#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;(General Agentic Commerce)</strong></h2><p>&#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;&#45716; &#49324;&#46988;&#51060; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#49660;&#54609;&#51012; &#50948;&#51076;&#54616;&#45716; &#44396;&#51312;&#45796;. &#53945;&#51221; &#54540;&#47019;&#54268; &#50504;&#50640;&#49436; &#49324;&#46988;&#51060; &#52852;&#46300;&#47484; &#46321;&#47197;&#54616;&#44256; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#50948;&#51076; &#48276;&#50948;&#47484; &#49444;&#51221;&#54616;&#47732; &#50640;&#51060;&#51204;&#53944;&#45716; &#54644;&#45817; &#54540;&#47019;&#54268;&#50504;&#50640;&#49436; &#49892;&#54665;&#51012; &#54616;&#45716; &#44396;&#51312;&#45796;.</p><p>&#50696;&#47484; &#46308;&#50612; &#48372;&#51088;. &#49324;&#50857;&#51088;&#44032; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#8220;&#45796;&#51020; &#51452; &#46020;&#53188; &#52636;&#51109; &#51456;&#48708;&#54644;&#51480;. &#50696;&#49328;&#51008; 200&#47564; &#50896;&#51060;&#50556;&#8221;&#46972;&#44256; &#47568;&#54620;&#45796;. &#51060; &#54620; &#47560;&#46356;&#44032; &#49324;&#50857;&#51088;&#51032; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#51312;&#44148;&#48512; &#44208;&#51228; &#44428;&#54620;&#51012; &#48512;&#50668;&#54620;&#45796;. &#50640;&#51060;&#51204;&#53944;&#45716; &#50696;&#49328; &#48276;&#50948; &#50504;&#50640;&#49436; &#52636;&#51109;&#50640; &#54596;&#50836;&#54620; &#54637;&#44277;&#44428;&#183;&#54840;&#53588;&#183;&#44277;&#54637; &#54589;&#50629;&#183;&#54872;&#51204;&#183;&#50668;&#54665;&#51088; &#48372;&#54744; &#46321;&#51012; &#51649;&#51217; &#49440;&#53469;&#54644; &#49324;&#50857;&#51088;&#51032; &#52852;&#46300;&#47196; &#49692;&#52264; &#44208;&#51228;&#54620;&#45796;.</p><ol><li><p>&#53456;&#49353; &#47112;&#51060;&#50612;: &#49324;&#50857;&#51088;&#44032; &#50640;&#51060;&#51204;&#53944;&#47484; &#53685;&#54644; &#54540;&#47019;&#54268; &#45236;&#50640;&#49436; &#49345;&#54408;&#51012; &#52286;&#50500;&#51452;&#44172; &#54616;&#45716; &#47112;&#51060;&#50612;</p></li><li><p>&#44208;&#51228; &#47112;&#51060;&#50612;: &#50640;&#51060;&#51204;&#53944;&#44032; &#49324;&#50857;&#51088;&#44032; &#49444;&#51221;&#54620; &#48276;&#50948;&#45236;&#50640;&#49436; &#44208;&#51228;&#47484; &#45824;&#54665;&#54616;&#45716; &#47112;&#51060;&#50612;</p></li></ol><p>&#50948;&#50752; &#44057;&#51008; &#54532;&#47196;&#49464;&#49828;&#44032; &#51089;&#46041;&#54616;&#44592; &#50948;&#54644;&#49436;&#45716; &#50640;&#51060;&#51204;&#53944;&#45716; &#49324;&#50857;&#51088;&#51032; &#51032;&#46020;&#47484; &#54644;&#49437;&#54644; &#51201;&#51208;&#54620; &#49345;&#54408;&#51012; &#53456;&#49353;&#54644;&#50556;&#54616;&#47728;, &#45796;&#51020;&#51004;&#47196; &#50504;&#51204;&#54616;&#44172; &#44208;&#51228;&#44620;&#51648; &#51060;&#47364;&#45236;&#50556; &#54620;&#45796;. &#51593; &#53356;&#44172; &#53456;&#49353;&#44284; &#44208;&#51228;, &#46160; &#44032;&#51648; &#47112;&#51060;&#50612;&#47196; &#45208;&#45660;&#45796;. &#45824;&#54364;&#51201;&#51064; &#54540;&#47112;&#51060;&#50612;&#46308;&#51008; &#54616;&#45208;&#51032; &#47112;&#51060;&#50612;&#50640; &#51665;&#51473;&#54616;&#45716; &#49324;&#47168;&#46020; &#51080;&#51004;&#45208;, &#46160; &#44032;&#51648; &#47112;&#51060;&#50612; &#47784;&#46160;&#47484; &#51109;&#50501;&#54616;&#47140;&#45716; &#54540;&#47112;&#51060;&#50612;&#44032; &#45796;&#49688;&#51060;&#45796;.</p><h3><strong>&#44396;&#44544;(Google) </strong>(GOOG)</h3><h4><strong>&#54645;&#49900;&#44592;&#49696;</strong></h4><p>&#44396;&#44544;&#51008; UCP&#50752; AP2 &#46160; &#54364;&#51456;&#51012; &#44592;&#48152;&#51004;&#47196; &#53456;&#49353;&#44284; &#44208;&#51228; &#46160; &#47112;&#51060;&#50612; &#47784;&#46160;&#47484; &#51105;&#51004;&#47140;&#44256; &#54616;&#44256; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!QCPP!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!QCPP!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png 424w, https://substackcdn.com/image/fetch/$s_!QCPP!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png 848w, https://substackcdn.com/image/fetch/$s_!QCPP!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png 1272w, https://substackcdn.com/image/fetch/$s_!QCPP!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!QCPP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png" width="1456" height="890" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:890,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!QCPP!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png 424w, https://substackcdn.com/image/fetch/$s_!QCPP!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png 848w, https://substackcdn.com/image/fetch/$s_!QCPP!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png 1272w, https://substackcdn.com/image/fetch/$s_!QCPP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff84c11b8-d813-4554-9d12-003ae1fedab6_2048x1252.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#47676;&#51200;, UCP(Universal Commerce Protocol)&#45716; &#8216;&#50640;&#51060;&#51204;&#53944;&#44032; &#49660;&#54609;&#47792;&#44284; &#50612;&#46523;&#44172; &#45824;&#54868;&#54624; &#44163;&#51064;&#44032;&#8217;&#47484; &#45796;&#47336;&#45716; &#54364;&#51456;&#51060;&#45796;.</p><p>&#50640;&#51060;&#51204;&#53944;&#44032; &#49324;&#50857;&#51088; &#45824;&#49888; &#49660;&#54609;&#51012; &#52376;&#47532;&#54616;&#47140;&#47732;, &#49436;&#47196; &#45796;&#47480; &#49436;&#48708;&#49828;&#46308;&#44284; &#49688;&#50630;&#51060; &#47566;&#51008; &#53685;&#49888; &#44284;&#51221;&#51012; &#44144;&#52432;&#50556; &#54620;&#45796;. &#47928;&#51228;&#45716; &#49436;&#48708;&#49828;&#47560;&#45796; &#44396;&#51312;&#44032; &#51228;&#44033;&#44033;&#51060;&#46972;&#45716; &#51216;&#51060;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#49352; &#49436;&#48708;&#49828;&#47484; &#53456;&#49353;&#54616;&#44256; &#44144;&#47000;&#47484; &#49884;&#51089;&#54616;&#47140;&#47732; &#47588;&#48264; &#48324;&#46020;&#51032; &#50672;&#44208; &#51089;&#50629;&#51012; &#54644;&#50556; &#54664;&#45796;. &#44396;&#44544;&#51008; &#51060; &#48708;&#54952;&#50984;&#51012; UCP &#54364;&#51456;&#51004;&#47196; &#54644;&#49548;&#54616;&#47140; &#54620;&#45796;. &#44032;&#47609;&#51216;&#51060; &#54620; &#48264;&#47564; &#54364;&#51456;&#50640; &#47582;&#52656; &#49444;&#51221;&#54644; &#46160;&#47732;, &#51060;&#54980; &#50612;&#46500; &#50640;&#51060;&#51204;&#53944;&#46304; &#46041;&#51068;&#54620; &#48169;&#49885;&#51004;&#47196; &#54644;&#45817; &#44032;&#47609;&#51216;&#44284; &#48736;&#47476;&#44172; &#50672;&#44208;&#54624; &#49688; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!VvPv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!VvPv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png 424w, https://substackcdn.com/image/fetch/$s_!VvPv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png 848w, https://substackcdn.com/image/fetch/$s_!VvPv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png 1272w, https://substackcdn.com/image/fetch/$s_!VvPv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!VvPv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png" width="1360" height="980" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:980,&quot;width&quot;:1360,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!VvPv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png 424w, https://substackcdn.com/image/fetch/$s_!VvPv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png 848w, https://substackcdn.com/image/fetch/$s_!VvPv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png 1272w, https://substackcdn.com/image/fetch/$s_!VvPv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F33f4da64-b0bf-453e-b907-e00d9094a03d_1360x980.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>AP2(Agent Payments Protocol)&#45716; &#53456;&#49353;&#50640;&#49436; &#44208;&#51228;&#47196; &#45336;&#50612;&#44032;&#45716; &#49692;&#44036;, &#8216;&#45572;&#44032; &#47924;&#50631;&#51012; &#50620;&#47560;&#44620;&#51648; &#49849;&#51064;&#54664;&#45716;&#44032;&#8217;&#47484; &#48372;&#51109;&#54616;&#45716; &#44428;&#54620; &#54364;&#51456;&#51060;&#45796;.</p><p>&#49324;&#46988;&#51060; &#51649;&#51217; &#44208;&#51228; &#48260;&#53948;&#51012; &#45572;&#47484; &#46412;&#45716; &#51452;&#52404;&#50752; &#52293;&#51076;&#51060; &#47749;&#54869;&#54616;&#51648;&#47564;, &#50640;&#51060;&#51204;&#53944;&#44032; &#45824;&#49888; &#44208;&#51228;&#54616;&#47732; &#44428;&#54620; &#48276;&#50948;&#50752; &#52293;&#51076; &#49548;&#51116;&#44032; &#47784;&#54840;&#54644;&#51652;&#45796;. AP2&#45716; &#49324;&#50857;&#51088;&#44032; &#52376;&#51020; &#45236;&#47536; &#51648;&#49884;&#47484; &#48320;&#51312; &#48520;&#44032;&#45733;&#54620; &#46356;&#51648;&#53560; &#44228;&#50557;(Mandate)&#51004;&#47196; &#44592;&#47197;&#54620;&#45796;. &#50640;&#51060;&#51204;&#53944;&#45716; &#49324;&#50857;&#51088;&#44032; &#45236;&#47536; &#51648;&#49884;&#50504;&#50640;&#49436;&#47564; &#54665;&#46041;&#54624; &#49688; &#51080;&#44256;, &#44144;&#47000; &#54980;&#50640;&#46020; &#45572;&#44032; &#47924;&#50631;&#51012; &#50616;&#51228; &#49849;&#51064;&#54664;&#45716;&#51648; &#52628;&#51201; &#44032;&#45733;&#54620; &#54805;&#53468;&#47196; &#45224;&#45716;&#45796;.</p><p>&#51593;, UCP&#44032; &#53456;&#49353;&#51012; &#50948;&#54620; &#54364;&#51456;&#51060;&#46972;&#47732;, AP2&#45716; &#44144;&#47000;&#50640; &#52293;&#51076;&#51032; &#49436;&#47749;&#51012; &#45224;&#44592;&#45716; &#54364;&#51456;&#51060;&#45796;.</p><h4><strong>&#54645;&#49900; &#48708;&#51592;&#45768;&#49828;</strong></h4><p>&#44396;&#44544;&#51032; &#54788;&#51116; <a href="https://www.sec.gov/Archives/edgar/data/1652044/000165204426000012/googexhibit991q42025.htm">&#47588;&#52636;</a>&#51008; &#53356;&#44172; &#44305;&#44256;&#50752; &#53364;&#46972;&#50864;&#46300;(Cloud) &#46160; &#52629;&#51004;&#47196; &#44396;&#49457;&#46108;&#45796;. 2025&#45380; &#44592;&#51456; &#44305;&#44256; &#47588;&#52636;&#51008; 2,627&#50613; &#45804;&#47084;, &#53364;&#46972;&#50864;&#46300; &#47588;&#52636;&#51008; 580&#50613; &#45804;&#47084;&#47196;, &#51204;&#52404; &#47588;&#52636; 4,000&#50613; &#45804;&#47084;&#51032; &#45824;&#48512;&#48516;&#51012; &#52264;&#51648;&#54620;&#45796;.</p><p>&#47928;&#51228;&#45716; &#49884;&#45824;&#44032; &#48148;&#45068;&#44256; &#51080;&#45796;&#45716; &#51216;&#51060;&#45796;. &#49548;&#48708;&#51088;&#44032; &#44160;&#49353;&#52285;&#50640; &#53412;&#50892;&#46300;&#47484; &#51077;&#47141;&#54616;&#45716; &#45824;&#49888; AI &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#44396;&#47588;&#47484; &#47585;&#44592;&#44592; &#49884;&#51089;&#54616;&#47732;, &#44592;&#51316; &#44160;&#49353; &#44305;&#44256; &#47784;&#45944;&#51008; &#55124;&#46308;&#47536;&#45796;. &#44396;&#44544;&#51060; UCP&#50752; AP2&#50640; &#44277;&#51012; &#46308;&#51060;&#45716; &#51060;&#50976;&#45716; &#50668;&#44592;&#49436; &#52636;&#48156;&#54620;&#45796;. &#48120;&#47000;&#47484; &#51456;&#48708;&#54616;&#45716; &#44163;&#51060;&#45796;.</p><p>&#46412;&#47928;&#50640; &#44396;&#44544;&#51008; &#54788;&#51116; AI &#47784;&#46300;&#47484; &#44160;&#49353;&#51032; &#45796;&#51020; &#45800;&#44228;&#47196; &#51652;&#54868;&#49884;&#53412;&#44256; &#51080;&#45796;. &#52376;&#51020;&#50640;&#45716; &#51656;&#47928;&#50640; &#45813;&#51012; &#45236;&#45459;&#45716; &#49688;&#51456;&#51060;&#50632;&#51648;&#47564;, &#51216;&#52264; &#49324;&#50857;&#51088; &#45824;&#49888; &#44396;&#47588;&#44620;&#51648; &#49892;&#54665;&#54616;&#45716; &#50640;&#51060;&#51204;&#53944;&#47196; &#48148;&#45076; &#44163;&#51060;&#45796;. &#44032;&#47609;&#51216;&#51060; UCP &#54364;&#51456;&#50640; &#54633;&#47448;&#54644; &#49345;&#54408;&#51012; &#50732;&#47532;&#45716; &#49692;&#44036;, &#50640;&#51060;&#51204;&#53944;&#44032; &#44144;&#47000;&#54624; &#49688; &#51080;&#45716; &#48276;&#50948;&#50640; &#46308;&#50612;&#44032;&#45716; &#44396;&#51312;&#45796;.</p><ul><li><p>&#44305;&#44256;: &#50640;&#51060;&#51204;&#53944; &#52964;&#47672;&#49828;&#50640;&#49436; &#44305;&#44256;&#51032; &#50948;&#52824;&#44032; &#48148;&#45072;&#45796;. &#49548;&#48708;&#51088;&#44032; &#51649;&#51217; &#44160;&#49353;&#54616;&#45716; &#45824;&#49888; &#50640;&#51060;&#51204;&#53944;&#44032; &#51312;&#44148;&#50640; &#47582;&#45716; &#49345;&#54408;&#51012; &#48708;&#44368;&#54616;&#44256; &#52628;&#52380; &#47785;&#47197;&#51012; &#52628;&#47536;&#45796;. &#51060; &#44284;&#51221;&#50640;&#49436; &#44305;&#44256;&#48708;&#47484; &#51648;&#48520;&#54620; &#44032;&#47609;&#51216;&#51032; &#49345;&#54408;&#51060; &#52628;&#52380; &#50864;&#49440;&#49692;&#50948; &#50526;&#50640; &#45459;&#51064;&#45796;. &#49548;&#48708;&#51088; &#45576;&#50640;&#45716; &#51088;&#50672;&#49828;&#47084;&#50868; &#52628;&#52380;&#51060;&#51648;&#47564;, &#44305;&#44256;&#44032; &#53456;&#49353; &#45800;&#44228;&#44032; &#50500;&#45772; &#52628;&#52380; &#45800;&#44228;&#50640; &#48537;&#45716; &#44396;&#51312;&#45796;. &#44305;&#44256;&#51452; &#51077;&#51109;&#50640;&#49436;&#45716; &#44396;&#47588;&#47196; &#51060;&#50612;&#51648;&#51648; &#50506;&#51012; &#45800;&#44228;&#50640; &#50416;&#51060;&#45912; &#50696;&#49328;&#51060; &#51460;&#44256;, &#44396;&#44544; &#51077;&#51109;&#50640;&#49436;&#45716; &#44144;&#47000; &#54620; &#44148;&#45817; &#44305;&#44256; &#45800;&#44032;&#47484; &#45458;&#51068; &#49688; &#51080;&#45796;.</p></li><li><p>&#44208;&#51228;: AP2 &#44592;&#48152;&#51032; &#50640;&#51060;&#51204;&#54001; &#52404;&#53356;&#50500;&#50883;(Agentic Checkout)&#51060; &#54876;&#49457;&#54868;&#46104;&#47732;, &#50640;&#51060;&#51204;&#53944;&#44032; &#49548;&#48708;&#51088;&#51032; &#49849;&#51064; &#54620; &#48264;&#51004;&#47196; &#44208;&#51228;&#44620;&#51648; &#50756;&#47308;&#54620;&#45796;. &#51060; &#44284;&#51221;&#50640;&#49436; &#44396;&#44544; &#54168;&#51060;(Google Pay)&#44032; &#44208;&#51228; &#44221;&#47196;&#47196; &#44592;&#45733;&#54616;&#44256;, &#44144;&#47000;&#44032; &#48156;&#49373;&#54624; &#46412;&#47560;&#45796; &#49688;&#49688;&#47308;&#44032; &#48537;&#45716;&#45796;. &#50640;&#51060;&#51204;&#53944; &#44144;&#47000;&#45716; &#49324;&#46988;&#51060; &#51649;&#51217; &#44208;&#51228;&#54616;&#45716; &#44163;&#48372;&#45796; &#55016;&#50476; &#48736;&#47476;&#44256; &#48712;&#48264;&#54616;&#44172; &#51068;&#50612;&#45212;&#45796;. &#44144;&#47000; &#44148;&#49688; &#51088;&#52404;&#44032; &#45720;&#50612;&#45208;&#45716; &#44396;&#51312;&#50640;&#49436;, &#49548;&#50529; &#49688;&#49688;&#47308;&#46020; &#44508;&#47784;&#44032; &#49939;&#51060;&#47732; &#49352;&#47196;&#50868; &#47588;&#52636; &#52629;&#51060; &#46108;&#45796;.</p></li></ul><p>&#51060; &#50808;&#50640; &#53364;&#46972;&#50864;&#46300;&#45716; &#54788;&#51116;&#47196;&#49440; &#44032;&#45733;&#49457;&#51032; &#50689;&#50669;&#51060;&#45796;. &#44032;&#47609;&#51216;&#51060; &#50640;&#51060;&#51204;&#53944; &#44144;&#47000;&#47484; &#52376;&#47532;&#54616;&#47140;&#47732; AI &#52628;&#47200;, &#45936;&#51060;&#53552; &#51200;&#51109;, API &#50672;&#46041; &#46321; &#49345;&#45817;&#54620; &#51064;&#54532;&#46972;&#44032; &#54596;&#50836;&#54616;&#45796;. &#51060; &#49688;&#50836;&#44032; &#44396;&#44544; &#53364;&#46972;&#50864;&#46300;(Google Cloud)&#47196; &#55128;&#47084;&#46304;&#45796;&#47732;, &#50640;&#51060;&#51204;&#53944; &#49373;&#53468;&#44228;&#44032; &#52964;&#51656;&#49688;&#47197; &#53364;&#46972;&#50864;&#46300; &#47588;&#52636;&#46020; &#54632;&#44760; &#49457;&#51109;&#54616;&#45716; &#44396;&#51312;&#44032; &#47564;&#46308;&#50612;&#51652;&#45796;.</p><p>&#44396;&#44544;&#51060; UCP&#50752; AP2&#50640; &#44277;&#51012; &#46308;&#51060;&#45716; &#51060;&#50976;&#45716; &#44208;&#44397; &#54616;&#45208;&#45796;. &#49884;&#45824;&#44032; &#48148;&#45068;&#50612;&#46020; &#44592;&#51316; &#47588;&#52636;&#51012; &#51648;&#53412;&#47732;&#49436;, AI &#44144;&#47000;&#44032; &#45720;&#50612;&#45208;&#45716; &#55120;&#47492; &#49549;&#50640;&#49436; &#49352;&#47196;&#50868; &#51216;&#50976;&#44620;&#51648; &#44032;&#51256;&#44032;&#45716; &#44163;&#51060;&#45796;. &#50640;&#51060;&#51204;&#53944; &#44144;&#47000;&#47049;&#51060; &#49939;&#51068;&#49688;&#47197; &#44305;&#44256;&#50752; &#44208;&#51228; &#47588;&#52636; &#50948;&#50640; &#49688;&#49688;&#47308; &#49688;&#51061;&#51060; &#49939;&#51064;&#45796;. &#44396;&#44544; &#51077;&#51109;&#50640;&#49436; &#51060; &#46160; &#54364;&#51456;&#51008; &#48169;&#50612;&#51060;&#51088; &#46041;&#49884;&#50640; &#44277;&#44201;&#51060;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#44396;&#44544;&#51032; &#52264;&#48324;&#51216;&#51008; &#51088;&#49324;&#51032; &#44592;&#51316; &#45348;&#53944;&#50892;&#53356;&#51060;&#45796;.</p><p>&#44396;&#44544;&#51008; &#51064;&#53552;&#45367; &#49884;&#45824;&#47484; &#51060;&#45128; &#44144;&#51064;&#51004;&#47196; &#44396;&#44544; &#54168;&#51060;&#47484; &#54252;&#54632;&#54644; &#51060;&#48120; &#49688;&#47566;&#51008; &#44032;&#47609;&#51216;&#51012; &#54252;&#54632;&#54620; &#50756;&#48317;&#50640; &#44032;&#44620;&#50868; &#44208;&#51228; &#51064;&#54532;&#46972;&#44032; &#44396;&#49457;&#46104;&#50612; &#51080;&#45796;. &#46608;&#54620; AI &#49884;&#45824;&#50640;&#46020; &#51228;&#48120;&#45208;&#51060;&#47484; &#51473;&#49900;&#51004;&#47196; &#46160;&#44033;&#51012; &#45208;&#53440;&#45236;&#44256; &#51080;&#50612; &#44592;&#49696;&#51032; &#48320;&#54868;&#50640;&#46020; &#48124;&#44048;&#54616;&#47728;, &#44396;&#44544; &#50504;&#46300;&#47196;&#51060;&#46300;, &#53356;&#47212; &#46321;&#51012; &#53685;&#54620; &#49324;&#50857;&#51088;&#51032; &#51217;&#51216; &#50669;&#49884; &#47560;&#47144;&#46104;&#50612; &#51080;&#45796;.</p><p>AP2, UCP&#47484; &#54876;&#50857;&#54620;&#45796;&#47732; &#49324;&#50857;&#51088;&#45716; &#52376;&#51020;&#48512;&#53552; &#45149;&#44620;&#51648; &#44396;&#44544; &#51064;&#54532;&#46972;&#50640;&#49436; &#44396;&#47588;&#47484; &#54616;&#44172; &#54620;&#45796;. &#44536;&#47084;&#47732; &#44032;&#47609;&#51216;&#46020; &#44396;&#44544; &#51064;&#54532;&#46972;&#47196; &#51077;&#51216;&#51060; &#51088;&#50672;&#49828;&#47084;&#50892;&#51652;&#45796;. &#50780;&#45264;&#54616;&#47732; &#44592;&#51316; &#49884;&#49828;&#53596;&#51008; &#49324;&#46988;&#51012; &#45824;&#49345;&#51004;&#47196; &#49444;&#44228;&#46096;&#44592; &#46412;&#47928;&#51060;&#45796;. &#50640;&#51060;&#51204;&#53944;&#47484; &#50948;&#54620; &#44396;&#51312;&#51064; UCP, AP2&#50640; &#51077;&#51216;&#54616;&#51648; &#50506;&#51004;&#47732; &#44221;&#51137;&#49324; &#45824;&#48708; &#44221;&#51137;&#47141;&#51060; &#46504;&#50612;&#51652;&#45796;.</p><p>&#44536;&#47111;&#44592;&#50640; &#44032;&#47609;&#51216;&#46308;&#51008; &#45908;&#50865; &#44396;&#47588;&#51088;&#46308;&#50640;&#44172; &#45823;&#44592; &#50948;&#54644;&#49436;&#45716; &#44396;&#44544;&#51032; UCP, AP2&#50640; &#51088;&#50672;&#49828;&#47101;&#44172; &#50728;&#48372;&#46377;&#51012; &#54644;&#50556; &#54620;&#45796;.</p><p>&#44396;&#44544;&#51008; &#54364;&#51456;&#51012; &#51228;&#49884;&#54616;&#44256; &#51088;&#49324; &#49373;&#53468;&#44228;&#47196; &#45132;&#50612;&#46308;&#51060;&#45716; &#51204;&#47029;&#51012; &#54620; &#48264; &#49457;&#44277;&#49884;&#53416; &#44221;&#54744;&#51060; &#51080;&#45796;. 2008&#45380;, &#44396;&#44544;&#51008; &#50504;&#46300;&#47196;&#51060;&#46300; OS&#47484; &#50724;&#54536;&#49548;&#49828;&#47196; &#51228;&#44277;&#54664;&#44256;, &#51228;&#51312;&#49324;&#46308;&#51060; &#54633;&#47448;&#54664;&#44256;, &#49324;&#50857;&#51088;&#44032; &#51613;&#44032;&#54664;&#44256;, &#44536; &#50948;&#50640; &#54540;&#47112;&#51060; &#49828;&#53664;&#50612;(Play Store)&#50752; &#44396;&#44544; &#54168;&#51060;(Google Pay) &#44057;&#51008; &#51088;&#49324; &#51064;&#54532;&#46972;&#44032; &#50617;&#54804;&#45796;.</p><p>&#44536; &#44208;&#44284; &#44396;&#44544;&#51008; &#49828;&#47560;&#53944;&#54256;&#51012; &#51649;&#51217; &#47564;&#46308;&#51648; &#50506;&#44256;&#46020; &#47784;&#48148;&#51068; &#49884;&#51109;&#51032; &#44032;&#51109; &#53360; &#49688;&#54812;&#51088;&#44032; &#46104;&#50632;&#45796;.</p><p>&#49884;&#51109;&#50640;&#49436; &#50640;&#51060;&#51204;&#53944; &#44144;&#47000;&#44032; &#48376;&#44201;&#51201;&#51004;&#47196; &#54805;&#49457;&#46104;&#45716; &#49692;&#44036;, &#44396;&#44544;&#51008; &#50504;&#46300;&#47196;&#51060;&#46300; &#46412;&#50752; &#44057;&#51008; &#44600;&#51012; &#45796;&#49884; &#44152;&#51012; &#44032;&#45733;&#49457;&#51060; &#53356;&#45796;. &#51088;&#49324; &#51064;&#54532;&#46972; &#50948;&#50640;&#49436; &#44396;&#47588;&#51088;&#50752; &#44032;&#47609;&#51216;&#51060; &#47784;&#46160; &#50880;&#51649;&#51060;&#44172; &#54616;&#44256;, &#44144;&#47000;&#51032; &#47784;&#46304; &#45800;&#44228;&#50640;&#49436; &#49688;&#51061;&#51012; &#44032;&#51256;&#44032;&#45716; &#44396;&#51312;&#45796;.</p><h3><strong>OpenAI</strong></h3><h4><strong>&#54645;&#49900;&#44592;&#49696;</strong></h4><p>&#50724;&#54536;AI(OpenAI)&#45716; &#49828;&#53944;&#46972;&#51060;&#54532;(Stripe)&#50752; &#44277;&#46041;&#51004;&#47196; ACP(Agentic Commerce Protocol)&#47484; &#44060;&#48156;&#54644; 2025&#45380; 9&#50900; 29&#51068; &#44277;&#44060;&#54664;&#45796;. ACP&#45716; &#52311;GPT(ChatGPT) &#45236;&#50640;&#49436; &#50640;&#51060;&#51204;&#53944;&#44032; &#49324;&#50857;&#51088;&#47484; &#45824;&#49888;&#54644; &#49345;&#54408;&#51012; &#52286;&#44256; &#44208;&#51228;&#54624; &#49688; &#51080;&#46020;&#47197; &#54616;&#45716; &#50724;&#54536;&#49548;&#49828; &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;.</p><p>ACP&#45716; &#50640;&#51060;&#51204;&#53944;&#44032; &#54032;&#47588;&#51088;&#51032; &#44208;&#51228; &#49884;&#49828;&#53596;&#51012; &#54840;&#52636;&#54644; &#49324;&#50857;&#51088; &#45824;&#49888; &#49345;&#54408;&#51012; &#44396;&#47588;&#54624; &#49688; &#51080;&#46020;&#47197; &#54616;&#45716; &#50724;&#54536;&#49548;&#49828; &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;. ACP&#45716; 1) Buyer 2) Seller 3) Agent 4) Payment Provider &#51452;&#52404; &#44396;&#51312;&#47196; &#44428;&#54620;&#51012; &#48512;&#50668;&#54620;&#45796;.</p><p>ACP&#51032; &#44032;&#51109; &#53360; &#44256;&#48124;&#51008; &#8220;&#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#50620;&#47560;&#47564;&#53372;&#51032; &#44208;&#51228; &#44428;&#54620;&#51012; &#51460; &#44163;&#51064;&#44032;&#8221;&#50688;&#45796;. &#49324;&#50857;&#51088;&#51032; &#52852;&#46300; &#51221;&#48372;&#47484; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#44536;&#45824;&#47196; &#45336;&#44592;&#47732;, &#50640;&#51060;&#51204;&#53944;&#45716; &#51060;&#47200;&#49345; &#50612;&#45712; &#44032;&#47609;&#51216;&#50640;&#49436;&#46304;, &#50620;&#47560;&#46304;&#51648;, &#50616;&#51228;&#46304; &#44208;&#51228;&#54624; &#49688; &#51080;&#44172; &#46108;&#45796;. &#54616;&#51648;&#47564; &#51096;&#47803; &#54617;&#49845;&#46108; &#50640;&#51060;&#51204;&#53944;&#44032; &#48520;&#54596;&#50836;&#54620; &#49345;&#54408;&#51012; &#48152;&#48373; &#44396;&#47588;&#54624; &#49688;&#46020; &#51080;&#44256;, &#53448;&#52712;&#45817;&#54620; &#49464;&#49496;&#51060; &#50501;&#50857;&#46112; &#49688;&#46020; &#51080;&#45796;.</p><p>ACP&#45716; &#51060; &#47928;&#51228;&#47484; &#50948;&#51076; &#44208;&#51228;(Delegate Payment)&#51004;&#47196; &#54400;&#50632;&#45796;. &#49324;&#50857;&#51088;&#51032; &#49892;&#51228; &#52852;&#46300; &#51221;&#48372;&#45716; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#51204;&#45804;&#46104;&#51648; &#50506;&#45716;&#45796;. &#45824;&#49888; PSP(&#50696;: Stripe)&#44032; &#52852;&#46300; &#51221;&#48372;&#47484; &#48155;&#50500;&#49436; &#51068;&#54924;&#50857; &#53664;&#53360;&#51012; &#48156;&#44553;&#54616;&#44256;, &#50640;&#51060;&#51204;&#53944;&#45716; &#51060; &#53664;&#53360;&#47564; &#45796;&#47340;&#45796;. &#51060; &#53664;&#53360;&#50640;&#45716; &#45348; &#44032;&#51648; &#51228;&#50557;&#51060; &#51080;&#45796;.</p><ol><li><p>&#50612;&#45712; &#44032;&#47609;&#51216;&#50640;&#49436;&#47564; &#50424; &#49688; &#51080;&#45716;&#51648;</p></li><li><p>&#50620;&#47560;&#44620;&#51648; &#44208;&#51228; &#44032;&#45733;&#54620;&#51648;</p></li><li><p>&#50616;&#51228; &#47564;&#47308;&#46104;&#45716;&#51648;</p></li><li><p>&#50612;&#46500; &#52404;&#53356;&#50500;&#50883; &#49464;&#49496;&#50640;&#47564; &#50976;&#54952;&#54620;&#51648;</p></li></ol><p>&#44208;&#44284;&#51201;&#51004;&#47196; &#50640;&#51060;&#51204;&#53944;&#44032; &#49444;&#47161; &#50724;&#51089;&#46041;&#54616;&#44144;&#45208; &#53448;&#52712;&#46104;&#45908;&#46972;&#46020;, &#54588;&#54644; &#48276;&#50948;&#45716; &#8220;&#51648;&#44552; &#51060; &#49660;&#54609; &#54620; &#44148;&#8221;&#51012; &#45336;&#51648; &#47803;&#54620;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!BmUd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2694a870-2e9e-4e46-ab0f-d2a083c3c8a6_1252x684.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!BmUd!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2694a870-2e9e-4e46-ab0f-d2a083c3c8a6_1252x684.png 424w, https://substackcdn.com/image/fetch/$s_!BmUd!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2694a870-2e9e-4e46-ab0f-d2a083c3c8a6_1252x684.png 848w, https://substackcdn.com/image/fetch/$s_!BmUd!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2694a870-2e9e-4e46-ab0f-d2a083c3c8a6_1252x684.png 1272w, 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2694a870-2e9e-4e46-ab0f-d2a083c3c8a6_1252x684.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:684,&quot;width&quot;:1252,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!BmUd!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2694a870-2e9e-4e46-ab0f-d2a083c3c8a6_1252x684.png 424w, https://substackcdn.com/image/fetch/$s_!BmUd!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2694a870-2e9e-4e46-ab0f-d2a083c3c8a6_1252x684.png 848w, https://substackcdn.com/image/fetch/$s_!BmUd!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2694a870-2e9e-4e46-ab0f-d2a083c3c8a6_1252x684.png 1272w, https://substackcdn.com/image/fetch/$s_!BmUd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2694a870-2e9e-4e46-ab0f-d2a083c3c8a6_1252x684.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h4><strong>&#54645;&#49900; &#48708;&#51592;&#45768;&#49828;</strong></h4><p>&#50724;&#54536;AI&#51032; &#54788;&#51116; &#47588;&#52636;&#51008; &#53356;&#44172; &#49464; &#52629;&#50640;&#49436; &#45208;&#50728;&#45796;. <a href="https://openai.com/ko-KR/index/a-business-that-scales-with-the-value-of-intelligence/">2025&#45380; &#50672;&#44036; &#47588;&#52636; &#50557; $200&#50613;(ARR &#44592;&#51456;)</a>&#51004;&#47196;, &#52311;GPT &#44396;&#46021;&#51060; &#51204;&#52404; &#47588;&#52636;&#51032; &#50557; 85%&#47484; &#52264;&#51648;&#54620;&#45796;. &#45208;&#47672;&#51648;&#45716; API &#49324;&#50857;&#47308;&#50752; &#50644;&#53552;&#54532;&#46972;&#51060;&#51592; &#44228;&#50557;&#51060;&#45796;. &#49324;&#50857;&#51088; &#49688;&#50640; &#48708;&#47168;&#54644; &#49440;&#54805;&#51004;&#47196; &#49457;&#51109;&#54616;&#45716; &#44396;&#46021; &#47784;&#45944;&#51060;&#45796;.</p><p>&#47928;&#51228;&#45716; &#51060; &#44396;&#51312;&#51032; &#52380;&#51109;&#51060; &#48372;&#51064;&#45796;&#45716; &#51216;&#51060;&#45796;. &#53364;&#47196;&#46300;, &#51228;&#48120;&#45208;&#51060;&#50752; &#44396;&#46021; &#44221;&#51137;&#51012; &#54616;&#45716; &#54620;, &#49457;&#51109;&#51008; &#49324;&#50857;&#51088; &#49688;&#47484; &#50620;&#47560;&#45208; &#45908; &#45132;&#50612;&#50724;&#45712;&#45264;&#50640; &#47926;&#51064;&#45796;. ACP&#45716; &#51060; &#52380;&#51109;&#51012; &#46763;&#44592; &#50948;&#54620; &#49884;&#46020;&#45796;. &#44396;&#46021;&#47308;&#50640; &#45908;&#54620; &#44144;&#47000; &#49688;&#49688;&#47308;. &#49324;&#50857;&#51088; &#49688;&#50640; &#45908;&#54620; &#44144;&#47000; &#44148;&#49688;. &#49457;&#51109;&#50640; &#49457;&#51109;&#51012; &#45908;&#54616;&#45716; &#44396;&#51312;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!jTOZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!jTOZ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png 424w, https://substackcdn.com/image/fetch/$s_!jTOZ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png 848w, https://substackcdn.com/image/fetch/$s_!jTOZ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png 1272w, https://substackcdn.com/image/fetch/$s_!jTOZ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!jTOZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png" width="1456" height="1065" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1065,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!jTOZ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png 424w, https://substackcdn.com/image/fetch/$s_!jTOZ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png 848w, https://substackcdn.com/image/fetch/$s_!jTOZ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png 1272w, https://substackcdn.com/image/fetch/$s_!jTOZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10c76832-3872-4a45-96ac-1a0f670e1d46_2048x1498.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>2025&#45380; 9&#50900; &#50724;&#54536;AI&#45716; &#52311;GPT &#50504;&#50640;&#49436; &#44208;&#51228;&#44620;&#51648; &#50756;&#47308;&#54616;&#45716; &#51064;&#49828;&#53556;&#53944; &#52404;&#53356;&#50500;&#50883;&#51012; &#52636;&#49884;&#54664;&#45796;. &#49660;&#54588;&#54028;&#51060; &#44032;&#47609;&#51216; &#44592;&#51456; &#44144;&#47000;&#45817; 4% &#49688;&#49688;&#47308;&#47484; &#48512;&#44284;&#54616;&#45716; &#44396;&#51312;&#50688;&#45796;. &#44536;&#47084;&#45208; &#49892;&#49884;&#44036; &#51116;&#44256; &#46041;&#44592;&#54868;, &#49464;&#44552; &#52376;&#47532; &#51064;&#54532;&#46972; &#48120;&#48708;, &#45230;&#51008; &#51204;&#54872;&#50984;&#51060; &#48156;&#47785;&#51012; &#51105;&#50520;&#45796;.</p><p>&#51116;&#44256; &#54788;&#54889;, &#49464;&#44552; &#52376;&#47532;, &#44032;&#44201; &#50629;&#45936;&#51060;&#53944; &#44057;&#51008; &#48373;&#51105;&#54620; &#48320;&#49688;&#47484; &#52311;GPT &#50504;&#50640;&#49436; &#51649;&#51217; &#52376;&#47532;&#54616;&#44592; &#50612;&#47157;&#45796;&#45716; &#44032;&#47609;&#51216; &#48152;&#48156;&#51060; &#51060;&#50612;&#51276;&#45796;. &#53945;&#55176; &#50900;&#47560;&#53944;&#45716; &#52311;GPT&#47484; &#53685;&#54620; &#51204;&#54872;&#50984;&#51060; &#51088;&#49324; &#50937;&#49324;&#51060;&#53944; &#45824;&#48708; 3&#48516;&#51032; 1 &#49688;&#51456;&#50640; &#48520;&#44284;&#54664;&#45796;&#44256; &#48157;&#54804;&#45796;. &#44208;&#44397; &#50724;&#54536;AI&#45716; 2026&#45380; 3&#50900; &#51064;&#49828;&#53556;&#53944; &#52404;&#53356;&#50500;&#50883;&#51012; &#49324;&#49892;&#49345; &#51333;&#47308;&#54616;&#44256;, &#44208;&#51228;&#45716; &#44032;&#47609;&#51216; &#51088;&#52404; &#50545;&#44284; &#49884;&#49828;&#53596;&#51004;&#47196; &#45336;&#44592;&#44256; &#52311;GPT&#45716; &#49345;&#54408; &#53456;&#49353; &#45800;&#44228;&#44620;&#51648;&#47564; &#44288;&#50668;&#54616;&#45716; &#48169;&#49885;&#51004;&#47196; &#51204;&#54872;&#54664;&#45796;.</p><p>&#53945;&#55176;, &#50900;&#47560;&#53944;&#45716; &#52311;GPT&#47484; &#53685;&#54620; &#51204;&#54872;&#50984;&#51060; &#51088;&#49324; &#50937;&#49324;&#51060;&#53944; &#45824;&#48708; 3&#48516;&#51032; 1 &#49688;&#51456;&#50640; &#48520;&#44284;&#54664;&#45796;&#44256; &#48157;&#54804;&#45796;. &#44208;&#44397; &#50724;&#54536;AI&#45716; 2026&#45380; 3&#50900; &#51064;&#49828;&#53556;&#53944; &#52404;&#53356;&#50500;&#50883;&#51012; &#49324;&#49892;&#49345; &#51333;&#47308;&#54664;&#45796;. &#44208;&#51228;&#45716; &#44032;&#47609;&#51216; &#51088;&#52404; &#50545;&#44284; &#49884;&#49828;&#53596;&#51004;&#47196; &#45336;&#44592;&#44256;, &#52311;GPT&#45716; &#49345;&#54408; &#53456;&#49353; &#45800;&#44228;&#44620;&#51648;&#47564; &#44288;&#50668;&#54616;&#45716; &#48169;&#49885;&#51004;&#47196; &#51204;&#54872;&#54620; &#44163;&#51060;&#45796;.</p><p>&#54252;&#44592;&#44032; &#50500;&#45772; &#45800;&#44228; &#51312;&#51221;&#51060;&#45796;. &#44060;&#51064; &#44552;&#50997; &#50545; <a href="https://www.bankingdive.com/news/openai-acquires-hiro-personal-finance-altman-digit/817718/">Hiro Finance</a> &#51064;&#49688;&#46020; &#44057;&#51008; &#55120;&#47492;&#51060;&#45796;. &#52311;GPT&#47484; &#45800;&#49692; &#49345;&#54408; &#53456;&#49353; &#52292;&#45328;&#51012; &#45336;&#50612; &#49324;&#50857;&#51088;&#51032; &#49548;&#48708; &#54056;&#53556;&#44284; &#51116;&#47924; &#49345;&#54889;&#51012; &#51060;&#54644;&#54616;&#45716; &#44060;&#51064; &#48708;&#49436;&#47196; &#44256;&#46020;&#54868;&#54620; &#46244;, &#44536; &#50948;&#50640;&#49436; &#51064;&#54616;&#50864;&#49828; &#44208;&#51228;&#47196; &#51116;&#51652;&#51077;&#54616;&#45716; &#49688;&#49692;&#51060;&#45796;.</p><p>&#51060; &#49373;&#53468;&#44228;&#44032; &#44054;&#52656;&#51648;&#47732; &#50724;&#54536;AI&#44032; &#52376;&#51020;&#48512;&#53552; &#50896;&#54664;&#45912; &#44396;&#51312;, &#51593; &#44144;&#47000;&#51032; &#49884;&#51089;&#51216;&#51012; &#52311;GPT&#44032; &#51536;&#45716; &#44396;&#51312;&#44032; &#50756;&#49457;&#46104;&#47728; &#51473;&#44228; &#49688;&#49688;&#47308; &#44396;&#51312;&#47484; &#44054;&#52636; &#49688; &#51080;&#51012; &#44163;&#51004;&#47196; &#48372;&#51064;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#50724;&#54536;AI&#45716; &#44396;&#44544;&#44284; &#45804;&#47532; &#52311;GPT &#54616;&#45208;&#51032; &#54540;&#47019;&#54268;&#51004;&#47196; &#49849;&#48512;&#54644;&#50556; &#54620;&#45796;. &#44208;&#51228;&#183;&#51060;&#54665;&#183;&#44256;&#44061; &#44288;&#44228;&#47484; &#44032;&#47609;&#51216;&#50640; &#45336;&#44592;&#44256;, &#50724;&#54536;AI&#45716; &#49345;&#54408; &#53456;&#49353;(Product Discovery)&#47564; &#51105;&#44192;&#45796;&#45716; &#51204;&#47029;&#51060;&#45796;.</p><p>&#50724;&#54536;AI&#51032; &#49457;&#54056;&#45716; &#44032;&#47609;&#51216;&#44284; &#44396;&#47588;&#51088;&#47484; &#50620;&#47564;&#53372; &#47564;&#51313;&#49884;&#53412;&#45712;&#45264;&#50640; &#46384;&#46972; &#45804;&#47140; &#51080;&#45796;. &#44032;&#47609;&#51216; &#51901;&#50640;&#49436;&#45716; &#50900;&#47560;&#53944;&#52376;&#47100; &#51088;&#49324; &#54812;&#53469;&#44284; &#44208;&#51228;&#47484; &#52311;GPT &#50504;&#50640; &#44618;&#44172; &#50672;&#46041;&#54616;&#45716; &#49324;&#47168;&#44032; &#51060;&#50612;&#51256;&#50556; &#54620;&#45796;. &#49548;&#48708;&#51088; &#51901;&#50640;&#49436;&#45716; &#52311;GPT &#52628;&#52380;&#51060; &#49892;&#51228; &#44396;&#47588;&#47196; &#51060;&#50612;&#51256;&#50556; &#54620;&#45796;. &#54620;&#51901;&#51060; &#55124;&#46308;&#47532;&#47732; &#45796;&#47480; &#51901;&#46020; &#47688;&#52632;&#45796;. &#44032;&#47609;&#51216;&#51060; &#52649;&#48516;&#55176; &#46308;&#50612;&#50724;&#51648; &#50506;&#51004;&#47732; &#48380; &#49345;&#54408;&#51060; &#48712;&#50557;&#54644;&#51648;&#44256;, &#44396;&#47588; &#51204;&#54872;&#51060; &#45230;&#51004;&#47732; &#44032;&#47609;&#51216;&#51060; &#53804;&#51088;&#47484; &#44144;&#46164;&#45796;. &#44396;&#44544;&#52376;&#47100; &#45796;&#47480; &#51088;&#49328;&#51004;&#47196; &#48260;&#54000;&#47728; &#49884;&#44036;&#51012; &#48268; &#50668;&#50976;&#44032; &#50630;&#45796;.</p><p>&#44208;&#44397; &#50724;&#54536;AI&#44032; &#49660;&#54609;&#51032; &#52395; &#51109;&#47732;&#51012; &#52264;&#51648;&#54624; &#49688; &#51080;&#45712;&#45264;&#45716;, &#52311;GPT&#44032; &#44160;&#49353;&#51012; &#45824;&#52404;&#54620; &#44163;&#52376;&#47100; &#49660;&#54609;&#51032; &#49884;&#51089;&#51216;&#46020; &#45824;&#52404;&#54624; &#49688; &#51080;&#45712;&#45264;&#50640; &#45804;&#47140; &#51080;&#45796;. &#45796;&#47564; &#44396;&#44544;&#51060; &#51228;&#48120;&#45208;&#51060;&#47196; &#46041;&#51068;&#54620; &#44221;&#51137;&#51012; &#54616;&#44256; &#51080;&#45796;&#45716; &#51216;&#50640;&#49436; &#50724;&#54536;AI&#50640;&#44172; &#44032;&#51109; &#54744;&#45212;&#54620; &#49912;&#50880;&#51060; &#46112; &#44163;&#51060;&#45796;.</p><h3><strong>Visa </strong>(V)</h3><h4><strong>&#54645;&#49900;&#44592;&#49696;</strong></h4><p>&#48708;&#51088;(Visa)&#45716; &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;&#50640;&#46020; &#8216;&#44032;&#51109; &#47566;&#51060; &#50416;&#51060;&#45716; &#44208;&#51228; &#49688;&#45800;&#8217;&#51032; &#51088;&#47532;&#47484; &#51648;&#53412;&#47140;&#45716; &#54924;&#49324;&#45796;. &#48708;&#51088;&#45716; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#49884;&#45824;&#47484; &#45824;&#48708;&#54616;&#44592; &#50948;&#54644; &#44592;&#51316; &#44208;&#51228; &#45348;&#53944;&#50892;&#53356;&#47484; &#50640;&#51060;&#51204;&#53944;&#44032; &#50424; &#49688; &#51080;&#44172; &#50668;&#45716; &#51204;&#47029;&#51012; &#53469;&#54664;&#45796;.</p><p>2025&#45380; 4&#50900; Visa Intelligent Commerce&#46972;&#45716; &#54252;&#53944;&#54260;&#47532;&#50724;&#47484; &#44277;&#44060;&#54664;&#45796;. Visa Intelligent Commerce&#45716; &#49324;&#46988;&#44284; &#46609;&#44057;&#51060; &#50640;&#51060;&#51204;&#53944;&#44032; &#44208;&#51228;&#54624; &#49688; &#51080;&#46020;&#47197; &#51648;&#50896;&#54616;&#45716; &#45348; &#44060;&#51032; &#44396;&#49457;&#50836;&#49548;&#47196; &#51060;&#47336;&#50612;&#51256; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Q7jE!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Q7jE!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png 424w, https://substackcdn.com/image/fetch/$s_!Q7jE!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png 848w, https://substackcdn.com/image/fetch/$s_!Q7jE!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png 1272w, https://substackcdn.com/image/fetch/$s_!Q7jE!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Q7jE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png" width="962" height="526" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:526,&quot;width&quot;:962,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Q7jE!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png 424w, https://substackcdn.com/image/fetch/$s_!Q7jE!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png 848w, https://substackcdn.com/image/fetch/$s_!Q7jE!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png 1272w, https://substackcdn.com/image/fetch/$s_!Q7jE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a8781b1-d14d-48a0-9877-d518e141d87a_962x526.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#45348; &#44032;&#51648; &#44396;&#49457;&#51032; &#44277;&#53685;&#51216;&#51008; &#48708;&#51088;&#44032; &#51649;&#51217; &#54532;&#47196;&#53664;&#53084; &#44221;&#51137;&#50640; &#46832;&#50612;&#46308;&#51648; &#50506;&#50520;&#45796;&#45716; &#51216;&#51060;&#45796;. Agent APIs&#45716; &#48708;&#51088; &#52852;&#46300;&#44032; &#50416;&#51068; &#46412; &#46041;&#51089;&#54616;&#45716; &#51088;&#52404; &#44592;&#49696;&#51060;&#51648;&#47564;, Intelligent Commerce Connect&#45716; &#44221;&#51137; &#54532;&#47196;&#53664;&#53084;&#44620;&#51648; &#47784;&#46160; &#49688;&#50857;&#54616;&#45716; &#51204;&#47029;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!A0xy!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!A0xy!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png 424w, https://substackcdn.com/image/fetch/$s_!A0xy!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png 848w, https://substackcdn.com/image/fetch/$s_!A0xy!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png 1272w, https://substackcdn.com/image/fetch/$s_!A0xy!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!A0xy!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png" width="1252" height="856" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:856,&quot;width&quot;:1252,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!A0xy!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png 424w, https://substackcdn.com/image/fetch/$s_!A0xy!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png 848w, https://substackcdn.com/image/fetch/$s_!A0xy!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png 1272w, https://substackcdn.com/image/fetch/$s_!A0xy!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F731a34c5-c960-461d-bd6a-5b4edcebcdf6_1252x856.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#44208;&#44397; &#48708;&#51088;&#45716; &#49884;&#51109;&#51060; &#50612;&#45712; &#48169;&#54693;&#51004;&#47196; &#44032;&#46304; &#44208;&#51228; &#49692;&#44036;&#50640; &#48708;&#51088;&#44032; &#44060;&#51077;&#46104;&#44172; &#47564;&#46300;&#45716; &#8216;&#44208;&#51228; &#47112;&#51060;&#50612; &#51473;&#47549;&#54868;&#8217; &#54872;&#44221;&#51012; &#47564;&#46308;&#44172; &#54616;&#45716; &#44163;&#51060; &#47785;&#51201;&#51060;&#45796;.</p><h4><strong>&#54645;&#49900; &#48708;&#51592;&#45768;&#49828;</strong></h4><p>&#48708;&#51088;&#51032; &#54788;&#51116; &#47588;&#52636;&#51008; &#52852;&#46300; &#44208;&#51228; &#49688;&#49688;&#47308;&#50640;&#49436; &#45208;&#50728;&#45796;. 2025&#45380; &#47588;&#52636; &#50557; <a href="https://s1.q4cdn.com/050606653/files/doc_financials/2025/q4/Q4-2025-Earnings-Release_vF.pdf">$400&#50613;, &#50672;&#44036; &#44144;&#47000;&#50529; 14&#51312; &#45804;&#47084;</a> &#44508;&#47784;&#45796;. Visa Intelligent Commerce&#45716; &#51648;&#44552; &#45817;&#51109; &#48324;&#46020; &#47588;&#52636;&#51012; &#51068;&#51004;&#53412;&#51648;&#45716; &#50506;&#45716;&#45796;. &#50640;&#51060;&#51204;&#53944; &#52964;&#47672;&#49828; &#49884;&#45824;&#50640;&#46020; &#51648;&#44552;&#51032; &#49688;&#51061; &#44396;&#51312;&#47484; &#44536;&#45824;&#47196; &#50976;&#51648;&#54616;&#44592; &#50948;&#54620; &#54252;&#49437;&#51060;&#45796;.</p><p>&#49688;&#51061; &#44221;&#47196;&#45716; &#44592;&#51316;&#44284; &#44057;&#45796;. &#52395;&#51704;, &#44208;&#51228; &#49688;&#49688;&#47308;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#49324;&#50857;&#51088; &#45824;&#49888; &#44208;&#51228; &#48260;&#53948;&#51012; &#45572;&#47476;&#46304;, &#49324;&#46988;&#51060; &#51649;&#51217; &#45572;&#47476;&#46304; &#48708;&#51088; &#51077;&#51109;&#50640;&#49436;&#45716; &#46041;&#51068;&#54616;&#45796;. &#44208;&#51228;&#44032; &#48708;&#51088; &#45348;&#53944;&#50892;&#53356;&#47196; &#55120;&#47476;&#47732; &#52852;&#46300; &#49688;&#49688;&#47308;&#44032; &#48156;&#49373;&#54620;&#45796;. &#48708;&#51088;&#44032; Intelligent Commerce Connect&#47196; &#44221;&#51137; &#54532;&#47196;&#53664;&#53084;&#44620;&#51648; &#49688;&#50857;&#54620; &#51060;&#50976;&#46020; &#50668;&#44592; &#51080;&#45796;. &#50612;&#45712; &#54532;&#47196;&#53664;&#53084;&#50640;&#49436; &#46028;&#50500;&#44032;&#46304; &#44208;&#51228;&#47564; &#48708;&#51088; &#52852;&#46300;&#47196; &#51060;&#47364;&#51648;&#47732; &#49688;&#49688;&#47308;&#45716; &#46308;&#50612;&#50728;&#45796;.</p><p>&#46168;&#51704;, &#53664;&#53360; &#51064;&#54532;&#46972; &#51060;&#50857;&#47308;&#45796;. Agent APIs 5&#51333; &#51473; Tokenization&#51060; &#48156;&#44553;&#54616;&#45716; AI &#51204;&#50857; &#53664;&#53360;&#51060; &#49892;&#51228; &#44144;&#47000;&#50640; &#50416;&#51068; &#46412;&#47560;&#45796;, &#48708;&#51088;&#44032; &#53356;&#47112;&#45940;&#49500; &#48320;&#54872;&#44284; &#51064;&#51613;&#51012; &#45812;&#45817;&#54620;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532; &#44057;&#51008; PSP&#50752; AI &#54540;&#47019;&#54268;&#51060; &#51060; &#53664;&#53360; &#49436;&#48708;&#49828;&#47484; &#50424; &#46412; &#48708;&#51088;&#45716; &#45348;&#53944;&#50892;&#53356; &#51060;&#50857;&#47308;&#47484; &#48155;&#45716;&#45796;. &#52852;&#46300; &#50948;&#50640; &#49939;&#51064; &#53664;&#53360; &#47112;&#51060;&#50612;&#44032; &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;&#51032; &#49352;&#47196;&#50868; &#44284;&#44552; &#52629;&#51060; &#46104;&#45716; &#44163;&#51060;&#45796;.</p><p>&#44208;&#44397; &#48708;&#51088;&#51032; &#51204;&#47029;&#51008; &#54532;&#47196;&#53664;&#53084; &#44221;&#51137;&#50640;&#49436; &#51060;&#44592;&#45716; &#44163;&#51060; &#50500;&#45768;&#46972;, &#51060;&#44592;&#45716; &#51901;&#44284; &#51648;&#45716; &#51901; &#47784;&#46160;&#50640;&#44172; &#49688;&#49688;&#47308;&#47484; &#48512;&#44284;&#54616;&#45716; &#44163;&#51060;&#45796;. &#44396;&#47588;&#51088; &#51901;&#50640;&#45716; &#50724;&#54536;AI, &#50532;&#53944;&#47196;&#54589;(Anthropic), &#54140;&#48660;&#47113;&#49884;&#54000;(Perplexity) &#44057;&#51008; AI &#54540;&#47019;&#54268;&#51012;, &#54032;&#47588;&#51088; &#51901;&#50640;&#45716; &#49660;&#54588;&#54028;&#51060;(Shopify) &#44057;&#51008; &#51060;&#52964;&#47672;&#49828; &#54540;&#47019;&#54268;&#44284; &#49828;&#53944;&#46972;&#51060;&#54532; &#44057;&#51008; PSP&#47484; &#54028;&#53944;&#45320;&#47196; &#44628;&#50500;&#46208;&#45796;. &#50640;&#51060;&#51204;&#53944; &#44144;&#47000;&#44032; &#50612;&#45712; &#48169;&#54693;&#51004;&#47196; &#49457;&#51109;&#54616;&#46304;, &#50577;&#51901; &#45149;&#50640; &#48708;&#51088;&#44032; &#48537;&#50612; &#51080;&#45716; &#44396;&#51312;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#48708;&#51088;&#51032; &#50500;&#50883;&#47337;&#51012; &#54620; &#51460;&#47196; &#51221;&#47532;&#54616;&#47732;, &#51088;&#52404; &#54532;&#47196;&#53664;&#53084;&#47196; &#49849;&#48512;&#54616;&#51648; &#50506;&#44256; &#47784;&#46304; &#54532;&#47196;&#53664;&#53084;&#51012; &#54252;&#50857;&#54616;&#45716; &#44208;&#51228; &#51064;&#54532;&#46972;&#47196; &#44036;&#45796;&#45716; &#44163;&#51060;&#45796;.</p><p>&#51060; &#49440;&#53469;&#51060; &#51473;&#50836;&#54620; &#51060;&#50976;&#45716; &#48708;&#51088;&#51032; &#54252;&#51648;&#49496;&#51060; &#45796;&#47480; &#54540;&#47112;&#51060;&#50612;&#46308;&#44284; &#44540;&#48376;&#51201;&#51004;&#47196; &#45796;&#47476;&#44592; &#46412;&#47928;&#51060;&#45796;. &#44396;&#44544;, &#50724;&#54536;AI, &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#51088;&#44592; &#54532;&#47196;&#53664;&#53084;&#51060; &#49849;&#51088;&#44032; &#46104;&#50612;&#50556; &#51060;&#44592;&#45716; &#44172;&#51076;&#51012; &#54620;&#45796;. AP2&#44032; &#54364;&#51456;&#51060; &#46104;&#44144;&#45208;, ACP&#44032; &#54364;&#51456;&#51060; &#46104;&#44144;&#45208;, x402&#44032; &#54364;&#51456;&#51060; &#46104;&#50612;&#50556; &#44033;&#51088;&#51032; &#49373;&#53468;&#44228;&#50640;&#49436; &#49688;&#51061;&#51060; &#44537;&#45824;&#54868;&#46108;&#45796;. &#54532;&#47196;&#53664;&#53084; &#51204;&#51137; &#51088;&#52404;&#44032; &#51228;&#47196;&#49452;&#50640; &#44032;&#44637;&#45796;.</p><p>&#48152;&#47732; &#48708;&#51088;&#45716; &#50612;&#45712; &#54532;&#47196;&#53664;&#53084;&#51060; &#51060;&#44592;&#46304; &#44208;&#51228;&#47564; &#51088;&#49324; &#45348;&#53944;&#50892;&#53356;&#47484; &#53685;&#44284;&#54616;&#47732; &#46104;&#45716; &#44172;&#51076;&#51012; &#54620;&#45796;. &#54532;&#47196;&#53664;&#53084; &#51204;&#51137;&#51032; &#49849;&#51088;&#44032; &#45572;&#44396;&#51064;&#51648;&#44032; &#48708;&#51088;&#50640;&#44172;&#45716; &#51473;&#50836;&#54616;&#51648; &#50506;&#45796;. &#51060;&#44592;&#45716; &#51901;&#50640; &#48537;&#50612; &#49688;&#49688;&#47308;&#47484; &#48155;&#44256;, &#49884;&#51109;&#51032; &#55120;&#47492;&#51060; &#48148;&#45068;&#50612; &#45796;&#47480; &#54532;&#47196;&#53664;&#53084;&#47196; &#51060;&#46041;&#54644;&#46020; &#46608; &#49688;&#49688;&#47308;&#47484; &#48155;&#45716;&#45796;.</p><p>&#54252;&#50857; &#51204;&#47029;&#51060; &#8216;&#50577;&#48372;&#8217;&#44032; &#50500;&#45768;&#46972; &#50724;&#55176;&#47140; &#48708;&#51088;&#50640;&#44172; &#44032;&#51109; &#50976;&#47532;&#54620; &#54252;&#51648;&#49496;&#51064; &#44163;&#51060;&#45796;. &#52852;&#46300; 48&#50613; &#51109;&#44284; &#44032;&#47609;&#51216; 1&#50613; 5&#52380;&#47564; &#44275;&#51060;&#46972;&#45716; &#44592;&#51316; &#51088;&#49328;&#51012; &#48372;&#50976;&#54620; &#48708;&#51088;&#51060;&#44592; &#46412;&#47928;&#50640; &#44032;&#45733;&#54620; &#49440;&#53469;&#51060;&#44256;, &#51060; &#51088;&#49328;&#51012; &#44032;&#51652; &#48708;&#51088;&#47564; &#54624; &#49688; &#51080;&#45716; &#49440;&#53469;&#51060;&#44592;&#46020; &#54616;&#45796;.</p><p>&#45796;&#47564; &#54620; &#44032;&#51648; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060;&#46972;&#45716; &#48320;&#49688;&#44032; &#51080;&#45796;. &#50640;&#51060;&#51204;&#53944; &#44036; &#44208;&#51228;&#44032; &#48708;&#51088; &#45348;&#53944;&#50892;&#53356;&#47484; &#50500;&#50696; &#51648;&#45208;&#51648; &#50506;&#44256; &#48660;&#47197;&#52404;&#51064; &#50948;&#50640;&#49436; &#51649;&#51217; &#51221;&#49328;&#46104;&#47732;, &#48708;&#51088;&#45716; &#49688;&#49688;&#47308;&#47484; &#44032;&#51256;&#50732; &#47112;&#51060;&#50612; &#51088;&#52404;&#44032; &#49324;&#46972;&#51652;&#45796;. &#48708;&#51088;&#44032; Bridge&#50752; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#52852;&#46300;&#47484; &#47564;&#46308;&#44256; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51204;&#50857; &#52404;&#51064; &#53596;&#54252;(&#53596;&#54252;)&#51032; &#48184;&#47532;&#45936;&#51060;&#53552;&#47196; &#52280;&#50668;&#54620; &#44163;&#46020; &#51060; &#47532;&#49828;&#53356;&#50640; &#45824;&#54620; &#45824;&#51025;&#51060;&#45796;.</p><p>&#54252;&#50857; &#51204;&#47029;&#51060; &#51089;&#46041;&#54616;&#47140;&#47732; &#44208;&#51228;&#44032; &#50612;&#46356;&#49440;&#44032;&#45716; &#48708;&#51088; &#51064;&#54532;&#46972;&#47484; &#51648;&#45208;&#50556; &#54620;&#45796;&#45716; &#51204;&#51228;&#44032; &#49457;&#47549;&#54644;&#50556; &#54616;&#45716;&#45936;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51008; &#51060; &#51204;&#51228; &#51088;&#52404;&#47484; &#50948;&#54801;&#54624; &#49688; &#51080;&#45716; &#50976;&#51068;&#54620; &#44221;&#47196;&#45796;.</p><p>&#44208;&#44397; &#48708;&#51088;&#44032; &#54532;&#47196;&#53664;&#53084; &#51204;&#51137;&#51032; &#49849;&#51088; &#51088;&#47532;&#47484; &#45432;&#47532;&#51648; &#50506;&#45716; &#51060;&#50976;&#45716; &#48516;&#47749;&#54616;&#45796;. &#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#51032; &#44592;&#51316; &#51648;&#50948;&#47564; &#51648;&#53020;&#45236;&#46020; &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;&#51032; &#44032;&#51109; &#53360; &#49688;&#54812;&#51088;&#44032; &#46112; &#49688; &#51080;&#44592; &#46412;&#47928;&#51060;&#45796;. &#44288;&#51204; &#54252;&#51064;&#53944;&#45716; &#45800; &#54616;&#45208;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#47484; &#49892;&#51228;&#47196; &#50864;&#54924;&#54616;&#45716; &#49884;&#51216;&#51060; &#50620;&#47560;&#45208; &#48744;&#47532; &#50724;&#45716;&#44032;&#45796;.</p><h3><strong>Mastercard </strong>(MA)</h3><h4><strong>&#54645;&#49900;&#44592;&#49696;</strong></h4><p>&#47560;&#49828;&#53552;&#52852;&#46300;(Mastercard)&#46020; &#48708;&#51088;&#50752; &#44057;&#51008; &#44172;&#51076;&#51012; &#54620;&#45796;. &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;&#50640;&#46020; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#51032; &#51088;&#47532;&#47484; &#51648;&#53412;&#47140;&#45716; &#54924;&#49324;&#45796;. &#51204; &#49464;&#44228; 210&#50668; &#44060;&#44397;&#50640;&#49436; &#51089;&#46041;&#54616;&#45716; &#44592;&#51316; &#44208;&#51228;&#47581;&#51012; &#50640;&#51060;&#51204;&#53944;&#44032; &#50424; &#49688; &#51080;&#44172; &#50668;&#45716; &#51204;&#47029;&#51012; &#53469;&#54664;&#51648;&#47564;, &#44032;&#47609;&#51216;&#51060; &#51088;&#49324; &#49884;&#49828;&#53596;&#50640; &#49789;&#44172; &#50728;&#48372;&#46377;&#54624; &#49688; &#51080;&#44172; &#44396;&#52629;&#54664;&#45796;.</p><p>2025&#45380; 4&#50900; Mastercard Agent Pay&#47484; &#47088;&#52845;&#54664;&#44256;, 9&#50900;&#50640; &#44060;&#48156;&#51088; &#46020;&#44396;&#47484;, 10&#50900;&#50640; Agent Pay &#49688;&#50857; &#54532;&#47112;&#51076;&#50892;&#53356;(Acceptance Framework)&#47484; &#44277;&#44060;&#54616;&#47732;&#49436; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#49884;&#49828;&#53596;&#51012; &#45800;&#45800;&#55176; &#44396;&#52629;&#54616;&#44256; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!hnXr!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!hnXr!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png 424w, https://substackcdn.com/image/fetch/$s_!hnXr!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png 848w, https://substackcdn.com/image/fetch/$s_!hnXr!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png 1272w, https://substackcdn.com/image/fetch/$s_!hnXr!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!hnXr!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png" width="974" height="526" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:526,&quot;width&quot;:974,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!hnXr!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png 424w, https://substackcdn.com/image/fetch/$s_!hnXr!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png 848w, https://substackcdn.com/image/fetch/$s_!hnXr!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png 1272w, https://substackcdn.com/image/fetch/$s_!hnXr!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F96e59516-1cbf-4ed3-960b-c8570530fdb6_974x526.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" 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&#50640;&#51060;&#51204;&#53944;&#50752; &#51649;&#51217; &#45824;&#54868;&#49884;&#53412;&#44256; &#49910;&#45796;&#47732; MCP, A2A, ACP &#44057;&#51008; &#51452;&#50836; &#50640;&#51060;&#51204;&#53944; &#54532;&#47196;&#53664;&#53084;&#51012; &#53685;&#54644; &#50672;&#44208;&#54616;&#47732; &#46108;&#45796;. &#44208;&#44397; &#44032;&#47609;&#51216; &#51077;&#51109;&#50640;&#49436;&#45716; &#46160; &#44032;&#51648; &#49440;&#53469;&#51648;&#44032; &#49373;&#44596; &#49480;&#51060;&#45796;. &#50500;&#47924;&#44163;&#46020; &#50504; &#54616;&#44256; &#44592;&#48376; &#53944;&#47000;&#54589;&#47564; &#48155;&#51012;&#51648;, &#54532;&#47196;&#53664;&#53084;&#51012; &#50672;&#44208;&#54644; &#47582;&#52644; &#44221;&#54744;&#51012; &#47564;&#46308;&#51648;. &#50612;&#45712; &#51901;&#51012; &#53469;&#54616;&#46304; &#47560;&#49828;&#53552;&#52852;&#46300;&#47484; &#53685;&#54616;&#44172; &#46108;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!rI5f!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!rI5f!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png 424w, https://substackcdn.com/image/fetch/$s_!rI5f!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png 848w, https://substackcdn.com/image/fetch/$s_!rI5f!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png 1272w, https://substackcdn.com/image/fetch/$s_!rI5f!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!rI5f!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png" width="1130" height="870" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/de052825-2044-4d9b-a57a-8b88c3449009_1130x870.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:870,&quot;width&quot;:1130,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!rI5f!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png 424w, https://substackcdn.com/image/fetch/$s_!rI5f!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png 848w, https://substackcdn.com/image/fetch/$s_!rI5f!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png 1272w, https://substackcdn.com/image/fetch/$s_!rI5f!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde052825-2044-4d9b-a57a-8b88c3449009_1130x870.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h4><strong>&#54645;&#49900; &#48708;&#51592;&#45768;&#49828;</strong></h4><p>&#47560;&#49828;&#53552;&#52852;&#46300;&#51032; &#47588;&#52636; &#44396;&#51312;&#45716; &#45800;&#49692;&#54616;&#45796;. &#47560;&#49828;&#53552;&#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#47196; &#44208;&#51228;&#44032; &#51060;&#47364;&#51656; &#46412;&#47560;&#45796; &#49688;&#49688;&#47308;&#44032; &#48156;&#49373;&#54620;&#45796;. 2025 &#54924;&#44228;&#50672;&#46020; &#44592;&#51456; &#47588;&#52636; &#50557; 280&#50613; &#45804;&#47084;, &#44144;&#47000;&#47049; 1,650&#50613; &#44148;. &#50640;&#51060;&#51204;&#53944;&#44032; &#44208;&#51228;&#54616;&#46304; &#49324;&#46988;&#51060; &#54616;&#46304; &#47560;&#49828;&#53552;&#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#47484; &#51648;&#45208;&#47732; &#46609;&#44057;&#51060; &#49688;&#49688;&#47308;&#44032; &#48537;&#45716;&#45796;.</p><p>&#47928;&#51228;&#45716; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#44032; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#47484; &#50500;&#50696; &#50864;&#54924;&#54624; &#49688; &#51080;&#45796;&#45716; &#51216;&#51060;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#50728;&#52404;&#51064;&#50640;&#49436; &#51649;&#51217; &#51221;&#49328;&#46104;&#47732; &#47560;&#49828;&#53552;&#52852;&#46300;&#44032; &#45188; &#51088;&#47532;&#44032; &#50630;&#45796;. &#50640;&#51060;&#51204;&#53944; &#54168;&#51060;(Agent Pay)&#45716; &#51060; &#44396;&#47693;&#51012; &#47561;&#44592; &#50948;&#54620; &#51204;&#47029;&#51060;&#45796;.</p><p>&#47560;&#49828;&#53552;&#52852;&#46300;&#44032; &#53469;&#54620; &#48169;&#48277;&#51008; &#44032;&#47609;&#51216;&#51032; &#47928;&#53553;&#51012; &#45230;&#52628;&#45716; &#44163;&#51060;&#45796;. &#49352;&#47196;&#50868; &#44208;&#51228; &#48169;&#49885;&#51012; &#46020;&#51077;&#54616;&#47140;&#47732; &#44032;&#47609;&#51216;&#51008; &#48372;&#53685; &#51088;&#49324; &#49884;&#49828;&#53596;&#50640; &#53076;&#46300;&#47484; &#49352;&#47196; &#49900;&#50612;&#50556; &#54620;&#45796;. &#47560;&#49828;&#53552;&#52852;&#46300;&#45716; &#51060; &#48512;&#45812;&#51012; &#50630;&#50548;&#45796;. &#53364;&#46972;&#50864;&#46300;&#54540;&#47112;&#50612;&#50752; &#54801;&#47141;&#54644; &#44032;&#47609;&#51216; &#50937;&#49324;&#51060;&#53944; &#50526;&#45800;&#50640;&#49436; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#50640;&#51060;&#51204;&#53944; &#53944;&#47000;&#54589;&#51012; &#51088;&#46041;&#51004;&#47196; &#44152;&#47084;&#45236;&#45716; &#44396;&#51312;&#47484; &#47564;&#46308;&#50632;&#45796;. &#44032;&#47609;&#51216;&#51008; &#48324;&#46020; &#51089;&#50629; &#50630;&#51060; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#47484; &#48155;&#45716;&#45796;. &#45348;&#53944;&#50892;&#53356;&#50640; &#50672;&#44208;&#46108; &#44032;&#47609;&#51216;&#51060; &#47566;&#50500;&#51656;&#49688;&#47197; &#47560;&#49828;&#53552;&#52852;&#46300;&#47484; &#53685;&#54644; &#55120;&#47476;&#45716; &#44144;&#47000;&#47049;&#46020; &#52964;&#51652;&#45796;.</p><p>&#49688;&#51061; &#44221;&#47196;&#45716; &#44592;&#51316;&#44284; &#44057;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#47560;&#49828;&#53552;&#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#47196; &#44208;&#51228;&#47484; &#50756;&#47308;&#54624; &#46412;&#47560;&#45796; &#49688;&#49688;&#47308;&#44032; &#48156;&#49373;&#54620;&#45796;. &#49324;&#46988;&#51060; &#52852;&#46300;&#47484; &#44545;&#51012; &#46412;&#50752; &#46041;&#51068;&#54620; &#44396;&#51312;&#45796;. &#45796;&#47564; &#50640;&#51060;&#51204;&#53944;&#45716; &#49324;&#46988;&#48372;&#45796; &#48736;&#47476;&#44256; &#48712;&#48264;&#54616;&#44172; &#44208;&#51228;&#54620;&#45796;. &#44144;&#47000; &#44148;&#49688;&#44032; &#45720;&#50612;&#45208;&#45716; &#47564;&#53372; &#49688;&#49688;&#47308;&#44032; &#49939;&#51060;&#45716; &#49549;&#46020;&#46020; &#48744;&#46972;&#51652;&#45796;.</p><p>&#47560;&#49828;&#53552;&#52852;&#46300; &#51077;&#51109;&#50640;&#49436; &#50640;&#51060;&#51204;&#53944; &#44144;&#47000; &#51613;&#44032;&#45716; &#49688;&#49688;&#47308; &#49688;&#51077;&#51032; &#51088;&#50672;&#49828;&#47084;&#50868; &#54869;&#45824;&#45796;. &#49352;&#47196;&#50868; &#49324;&#50629;&#51012; &#50668;&#45716; &#44172; &#50500;&#45768;&#46972;, &#44592;&#51316; &#44396;&#51312;&#47484; &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;&#50640;&#46020; &#44536;&#45824;&#47196; &#51060;&#50612;&#44032;&#45716; &#44163;&#51060;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#47560;&#49828;&#53552;&#52852;&#46300;&#51032; &#50500;&#50883;&#47337;&#51012; &#54620; &#51460;&#47196; &#51221;&#47532;&#54616;&#47732;, &#48708;&#51088;&#50752; &#44057;&#51060; &#54532;&#47196;&#53664;&#53084; &#51204;&#51137;&#51032; &#49849;&#51088;&#47484; &#44256;&#47476;&#51648; &#50506;&#44256; &#44032;&#47609;&#51216;&#51012; &#50640;&#51060;&#51204;&#53944;&#47484; &#48155;&#50500;&#46308;&#51060;&#45716; &#48169;&#49885; &#51088;&#52404;&#47484; &#51109;&#50501;&#54616;&#44192;&#45796;&#45716; &#44163;&#51060;&#45796;.</p><p>&#51060; &#51204;&#47029;&#51032; &#54645;&#49900;&#51008; &#44032;&#47609;&#51216;&#51032; &#51652;&#51077; &#51109;&#48317;&#51012; &#50630;&#50532; &#44163;&#51060;&#45796;. &#49352;&#47196;&#50868; &#44208;&#51228; &#48169;&#49885;&#51012; &#46020;&#51077;&#54616;&#47140;&#47732; &#44032;&#47609;&#51216;&#51008; &#48372;&#53685; &#51088;&#49324; &#49884;&#49828;&#53596;&#50640; &#53076;&#46300;&#47484; &#49352;&#47196; &#49900;&#50612;&#50556; &#54620;&#45796;. &#47560;&#49828;&#53552;&#52852;&#46300;&#45716; &#53364;&#46972;&#50864;&#46300;&#54540;&#47112;&#50612;&#50752; &#54801;&#47141;&#54644; &#51060; &#48512;&#45812;&#51012; &#51228;&#44144;&#54664;&#45796;. &#44032;&#47609;&#51216; &#50937;&#49324;&#51060;&#53944; &#50526;&#45800;&#50640;&#49436; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#50640;&#51060;&#51204;&#53944; &#53944;&#47000;&#54589;&#51012; &#51088;&#46041;&#51004;&#47196; &#44152;&#47084;&#45236;&#45716; &#44396;&#51312;&#47484; &#44628;&#50520;&#44592; &#46412;&#47928;&#51060;&#45796;. &#44032;&#47609;&#51216;&#51008; &#53076;&#46300; &#54620; &#51460; &#44148;&#46300;&#47532;&#51648; &#50506;&#50500;&#46020; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#47484; &#48155;&#51012; &#49688; &#51080;&#45796;.</p><p>&#48708;&#51088;&#46020; &#44057;&#51008; &#48169;&#54693;&#51012; &#48372;&#44256; &#51080;&#51648;&#47564;, &#51648;&#44552; &#48708;&#51088;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060;&#46972;&#45716; &#48320;&#49688;&#44620;&#51648; &#46041;&#49884;&#50640; &#49345;&#45824;&#54616;&#44256; &#51080;&#45796;. &#48652;&#47551;&#51648;(Bridge) &#51064;&#49688;, &#53596;&#54252; &#48184;&#47532;&#45936;&#51060;&#53552; &#52280;&#50668;&#44620;&#51648; &#51204;&#49440;&#51060; &#45331;&#50612;&#51652; &#49345;&#53468;&#45796;. &#47560;&#49828;&#53552;&#52852;&#46300;&#45716; &#50500;&#51649; &#44032;&#47609;&#51216; &#49688;&#50857; &#47112;&#51060;&#50612;&#50640; &#51204;&#47141;&#51012; &#51665;&#51473;&#54624; &#49688; &#51080;&#45716; &#50948;&#52824;&#50640; &#51080;&#45796;. &#51204;&#49440;&#51060; &#54616;&#45208;&#46972;&#45716; &#44163; &#51088;&#52404;&#44032; &#51648;&#44552; &#49884;&#51216;&#50640;&#49436;&#45716; &#50976;&#47532;&#54616;&#44172; &#51089;&#46041;&#54620;&#45796;.</p><p>&#44288;&#44148;&#51008; &#51060; &#51665;&#51473;&#51060; &#50620;&#47560;&#45208; &#50724;&#47000; &#50976;&#54952;&#54616;&#45712;&#45264;&#45796;. &#50640;&#51060;&#51204;&#53944; &#44036; &#44208;&#51228;&#44032; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#48660;&#47197;&#52404;&#51064; &#50948;&#50640;&#49436; &#51649;&#51217; &#51221;&#49328;&#46104;&#44592; &#49884;&#51089;&#54616;&#47732; &#44592;&#51316; &#44208;&#51228; &#45348;&#53944;&#50892;&#53356;&#51032; &#49324;&#50857;&#47049;&#51060; &#45230;&#50500;&#51656; &#49688; &#51080;&#45796;. &#48708;&#51088;&#44032; &#51060;&#48120; &#48652;&#47551;&#51648; &#51064;&#49688; &#46321;&#51004;&#47196; &#45824;&#51025;&#50640; &#45208;&#49440; &#48152;&#47732;, &#47560;&#49828;&#53552;&#52852;&#46300;&#45716; &#51060; &#47532;&#49828;&#53356;&#50640; &#45824;&#54644; &#50500;&#51649; &#44277;&#44060;&#46108; &#50880;&#51649;&#51076;&#51060; &#50630;&#45796;.</p><p>&#44032;&#47609;&#51216; &#47112;&#51060;&#50612; &#49440;&#51216;&#51060; &#44053;&#51216;&#51060; &#46104;&#47140;&#47732;, &#44536; &#50948;&#50640; &#55120;&#47476;&#45716; &#44208;&#51228;&#44032; &#50668;&#51204;&#55176; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#47484; &#51648;&#45208;&#50556; &#54620;&#45796;&#45716; &#51204;&#51228;&#44032; &#50976;&#51648;&#46104;&#50612;&#50556; &#54620;&#45796;.</p><h3><strong>Stripe</strong></h3><h4><strong>&#54645;&#49900;&#44592;&#49696;</strong></h4><p>&#49828;&#53944;&#46972;&#51060;&#54532;(Stripe)&#45716; &#51648;&#45212; 15&#45380;&#44036; &#44060;&#48156;&#51088; &#52828;&#54868;&#51201; API&#47196; &#51064;&#53552;&#45367; &#52964;&#47672;&#49828;&#51032; &#44208;&#51228; &#54364;&#51456;&#51060; &#46108; &#54924;&#49324;&#45796;. &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;&#50640;&#46020; &#44057;&#51008; &#54252;&#51648;&#49496;&#51012; &#50976;&#51648;&#54616;&#44592; &#50948;&#54644;, &#51088;&#49324; &#51064;&#54532;&#46972; &#50948;&#50640; &#50640;&#51060;&#51204;&#53944;&#44032; &#50424; &#49688; &#51080;&#45716; &#49352; &#44208;&#51228; &#47112;&#51068;&#51012; &#44536;&#45824;&#47196; &#50617;&#45716; &#51204;&#47029;&#51012; &#53469;&#54664;&#45796;.</p><p>&#51060;&#47484; &#50948;&#54644; 2025&#45380; 9&#50900; &#50724;&#54536;AI&#50752; &#44277;&#46041;&#51004;&#47196; ACP&#47484; &#50724;&#54536; &#54364;&#51456;&#51004;&#47196; &#44277;&#44060;&#54664;&#44256;, &#44057;&#51008; &#55120;&#47492;&#50640;&#49436; SPT(Shared Payment Token)&#46972;&#45716; &#51088;&#52404; &#44208;&#51228; &#54532;&#47532;&#48120;&#54000;&#48652;&#47484; &#48156;&#54364;&#54664;&#45796;.</p><p>&#49828;&#53944;&#46972;&#51060;&#54532;&#51032; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#44592;&#45733;&#51008; &#45348; &#44060;&#47196; &#44396;&#49457;&#46108;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!sY4l!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!sY4l!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png 424w, https://substackcdn.com/image/fetch/$s_!sY4l!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png 848w, https://substackcdn.com/image/fetch/$s_!sY4l!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png 1272w, https://substackcdn.com/image/fetch/$s_!sY4l!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!sY4l!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png" width="970" height="474" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:474,&quot;width&quot;:970,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!sY4l!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png 424w, https://substackcdn.com/image/fetch/$s_!sY4l!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png 848w, https://substackcdn.com/image/fetch/$s_!sY4l!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png 1272w, https://substackcdn.com/image/fetch/$s_!sY4l!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F811d808f-8117-4d70-9f27-0fd18bc388fe_970x474.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" 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srcset="https://substackcdn.com/image/fetch/$s_!oRpa!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png 424w, https://substackcdn.com/image/fetch/$s_!oRpa!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png 848w, https://substackcdn.com/image/fetch/$s_!oRpa!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png 1272w, https://substackcdn.com/image/fetch/$s_!oRpa!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!oRpa!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png" width="1216" height="784" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:784,&quot;width&quot;:1216,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!oRpa!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png 424w, https://substackcdn.com/image/fetch/$s_!oRpa!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png 848w, https://substackcdn.com/image/fetch/$s_!oRpa!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png 1272w, https://substackcdn.com/image/fetch/$s_!oRpa!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b775ca-8378-4ada-b96d-25adb2ae4de0_1216x784.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>SPT&#51032; &#55120;&#47492;&#51008; &#50500;&#47000;&#50752; &#44057;&#45796;.</p><ol><li><p>&#49324;&#50857;&#51088;&#44032; &#52311;GPT&#50640;&#49436; &#8220;&#51060;&#44144; &#49324;&#51480;&#8221;&#46972;&#44256; &#54616;&#47732;</p></li><li><p>&#49828;&#53944;&#46972;&#51060;&#54532;&#44032; &#51068;&#54924;&#50857; &#44208;&#51228; &#54000;&#53011;(SPT)&#51012; &#48156;&#54665;</p></li><li><p>&#50640;&#51060;&#51204;&#53944;&#44032; &#44536; &#54000;&#53011;&#51012; &#44032;&#47609;&#51216;&#50640; &#51204;&#45804;</p></li><li><p>&#44032;&#47609;&#51216;&#51060; &#54000;&#44191;&#51012; &#54869;&#51064;&#54616;&#44256; &#44208;&#51228; 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&#48264;&#46308;&#52376;&#47100; &#54632;&#44760; &#46384;&#46972;&#48537;&#45716;&#45796;. &#54616;&#45208;&#47484; &#50676;&#50632;&#51012; &#49104;&#51064;&#45936; &#45796;&#49455; &#44060;&#44032; &#44057;&#51060; &#50672;&#44208;&#46104;&#45716; &#44396;&#51312;&#45796;.</p><p>SPT&#47484; &#51473;&#49900;&#51004;&#47196; &#50672;&#44208;&#46104;&#45716; &#49828;&#53944;&#46972;&#51060;&#54532; &#51228;&#54408;&#46308;&#51008; &#45796;&#51020;&#44284; &#44057;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!-_df!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F598a7cf9-657d-4a8c-9668-531c663416bd_958x362.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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src="https://substackcdn.com/image/fetch/$s_!-_df!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F598a7cf9-657d-4a8c-9668-531c663416bd_958x362.png" width="958" height="362" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/598a7cf9-657d-4a8c-9668-531c663416bd_958x362.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:362,&quot;width&quot;:958,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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&#49688;&#49688;&#47308;&#44032; &#48537;&#45716;&#45796;. &#50640;&#51060;&#51204;&#53944;&#45716; &#49324;&#46988;&#48372;&#45796; &#55016;&#50476; &#48736;&#47476;&#44256; &#48712;&#48264;&#54616;&#44172; &#44208;&#51228;&#54620;&#45796;. &#44144;&#47000; &#44148;&#49688; &#51088;&#52404;&#44032; &#45720;&#50612;&#45208;&#45716; &#44396;&#51312;&#50640;&#49436;, &#44148;&#45817; &#49688;&#49688;&#47308;&#44032; &#49939;&#51060;&#45716; &#49549;&#46020;&#46020; &#48744;&#46972;&#51652;&#45796;. &#44208;&#51228; &#48169;&#49885;&#51060; &#48148;&#45068;&#50612;&#46020; &#49688;&#49688;&#47308; &#44396;&#51312;&#45716; &#44536;&#45824;&#47196;&#45796;.</p></li></ul><p>&#48708;&#51088;&#183;&#47560;&#49828;&#53552;&#52852;&#46300;&#45716; &#44208;&#51228;&#44032; &#51088;&#49324; &#47581;&#51012; &#51648;&#45216; &#46412; &#49688;&#49688;&#47308; &#54620; &#48264; &#48155;&#44256; &#45149;&#51060;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#44208;&#51228;&#47484; &#51077;&#44396;&#47196; &#49340;&#50500; &#44032;&#47609;&#51216;&#51012; &#51088;&#49324; &#44552;&#50997; &#49436;&#48708;&#49828; &#51204;&#52404;&#50640; &#47926;&#50612;&#46160;&#45716; &#44396;&#51312;&#45796;. &#44032;&#47609;&#51216; &#51077;&#51109;&#50640;&#49436;&#45716; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#54616;&#45208; &#48537;&#51060;&#47140;&#45796; &#49828;&#53944;&#46972;&#51060;&#54532; &#49373;&#53468;&#44228; &#51204;&#52404;&#50640; &#50670;&#51060;&#44172; &#46108;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#49828;&#53944;&#46972;&#51060;&#54532;&#51032; &#50500;&#50883;&#47337;&#51012; &#54620; &#51460;&#47196; &#51221;&#47532;&#54616;&#47732;, &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#51032; &#47784;&#46304; &#47112;&#51060;&#50612;&#47484; &#46041;&#49884;&#50640; &#52964;&#48260;&#54616;&#45716; &#51204;&#47732; &#54252;&#50948; &#51204;&#47029;&#51060;&#45796;.</p><p>&#54532;&#47196;&#53664;&#53084; &#47112;&#51060;&#50612;(ACP), &#44208;&#51228; &#53664;&#53360; &#47112;&#51060;&#50612;(SPT), &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;(&#53596;&#54252;)&#44620;&#51648; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#51032; &#47784;&#46304; &#52789;&#50640; &#51088;&#47532;&#47484; &#51105;&#50520;&#45796;. &#48708;&#51088;&#183;&#47560;&#49828;&#53552;&#52852;&#46300;&#44032; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#48169;&#50612; &#44284;&#51228;&#47196; &#48372;&#45716; &#46041;&#50504;, &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#44277;&#44201; &#51088;&#49328;&#51004;&#47196; &#52852;&#46300;&#47581; &#50864;&#54924; &#44221;&#47196;&#44620;&#51648; &#49440;&#51216;&#54664;&#45796;.</p><p>&#44536;&#47084;&#45208; &#54645;&#49900; &#51656;&#47928;&#51008; &#54616;&#45208;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532;&#44032; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#47484; &#45336;&#51012; &#49688; &#51080;&#45716;&#44032;.</p><p>&#51648;&#44552; &#49828;&#53944;&#46972;&#51060;&#54532;&#51032; &#49688;&#51061; &#44396;&#51312;&#45716; &#50668;&#51204;&#55176; &#48708;&#51088;&#183;&#47560;&#49828;&#53552;&#52852;&#46300; &#47581; &#50948;&#50640;&#49436; &#46028;&#50500;&#44036;&#45796;. SPT&#46020;, &#44208;&#51228; &#49688;&#49688;&#47308;&#46020;, &#44032;&#47609;&#51216; &#48264;&#46308;&#47553;&#46020; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#47484; &#51204;&#51228;&#47196; &#51089;&#46041;&#54620;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#52852;&#46300;&#47581;&#51012; &#49892;&#51656;&#51201;&#51004;&#47196; &#45824;&#52404;&#54616;&#45716; &#49884;&#51216;&#51060; &#50724;&#47732; &#44396;&#51312;&#44032; &#45804;&#46972;&#51648;&#44192;&#51648;&#47564;, &#44536; &#49884;&#51216;&#51060; &#50616;&#51228;&#51064;&#51648;&#45716; &#50500;&#47924;&#46020; &#47784;&#47480;&#45796;.</p><p>&#44208;&#44397; &#49828;&#53944;&#46972;&#51060;&#54532;&#51032; &#50500;&#50883;&#47337;&#51008; &#46160; &#49884;&#45208;&#47532;&#50724;&#47196; &#44040;&#47536;&#45796;. &#52852;&#46300;&#47581;&#51060; &#44228;&#49549; &#51648;&#48176;&#51201;&#51064; &#49464;&#44228;&#50640;&#49436;&#45716; PSP 1&#50948;&#46972;&#45716; &#50948;&#52824;&#44032; &#50976;&#51648;&#46104;&#51648;&#47564; &#52852;&#46300;&#49324;&#47484; &#45336;&#51648;&#45716; &#47803;&#54620;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#52852;&#46300;&#47581;&#51012; &#51104;&#49885;&#54616;&#45716; &#49464;&#44228;&#50640;&#49436;&#45716; &#53596;&#54252;&#47484; &#50526;&#49464;&#50892; &#52852;&#46300;&#49324;&#47484; &#50864;&#54924;&#54624; &#49688; &#51080;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532;&#44032; &#51648;&#44552; &#46160; &#48169;&#54693;&#50640; &#47784;&#46160; &#48288;&#54021;&#54616;&#44256; &#51080;&#45716; &#44148; &#47582;&#45796;. &#45796;&#47564; &#48708;&#51088;&#183;&#47560;&#49828;&#53552;&#52852;&#46300;&#44032; &#44256;&#49549;&#46020;&#47196;&#47484; &#50868;&#50689;&#54620;&#45796;&#47732; &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#44536; &#50948;&#50640;&#49436; &#44032;&#51109; &#51096; &#45208;&#44032;&#45716; &#47932;&#47448; &#54924;&#49324;&#45796;. &#47932;&#47448; &#54924;&#49324; 1&#46321;&#51060; &#46104;&#45716; &#44163;&#44284; &#44256;&#49549;&#46020;&#47196;&#47484; &#49548;&#50976;&#54616;&#45716; &#44163;&#51008; &#51204;&#54784; &#45796;&#47480; &#44172;&#51076;&#51060;&#45796;.</p><p>&#45796;&#47564; &#46160; &#44032;&#51648; &#48320;&#49688;&#44032; &#51080;&#45796;.</p><p>&#52395;&#51704;, &#50724;&#54536;AI&#50752;&#51032; &#44288;&#44228;&#45796;. ACP&#45716; &#44277;&#46041; &#44060;&#48156;&#51060;&#51648;&#47564; &#52311;GPT &#51593;&#49884;&#44208;&#51228; &#44592;&#45733;&#51008; &#49324;&#49892;&#49345; &#49828;&#53944;&#46972;&#51060;&#54532;&#44032; &#46021;&#51216;&#54620;&#45796;. &#50724;&#54536;AI&#44032; &#53944;&#47000;&#54589;&#51060; &#52649;&#48516;&#55176; &#49939;&#51064; &#49884;&#51216;&#50640; &#51088;&#52404; &#44208;&#51228; &#47112;&#51068;&#51012; &#47564;&#46308;&#44144;&#45208; &#53440; PSP&#50752; &#50672;&#54633;&#54616;&#47732; &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#44032;&#51109; &#53360; AI &#52292;&#45328;&#51012; &#51075;&#45716;&#45796;. &#54788;&#51116;&#45716; &#49436;&#47196; &#54596;&#50836;&#54620; &#44288;&#44228;&#51060;&#51648;&#47564; &#50689;&#50896;&#54620; &#50672;&#54633;&#51008; &#50500;&#45768;&#45796;.</p><p>&#46168;&#51704;, ACP&#51032; &#44060;&#48169;&#49457;&#51060;&#45796;. ACP&#45716; &#50724;&#54536; &#54364;&#51456;&#51060;&#46972; &#50612;&#46020;&#50700;, &#50900;&#46300;&#54168;&#51060; &#44057;&#51008; &#44221;&#51137; PSP&#46020; &#54840;&#54872; &#53664;&#53360;&#51012; &#47564;&#46308; &#49688; &#51080;&#45796;. &#51648;&#44552;&#51008; &#49828;&#53944;&#46972;&#51060;&#54532;&#51032; &#49884;&#51109; &#51216;&#50976;&#50984; &#45909;&#48516;&#50640; &#44032;&#47609;&#51216;&#51060; &#51088;&#50672;&#49828;&#47101;&#44172; SPT&#47484; &#49440;&#53469;&#54616;&#51648;&#47564;, &#44221;&#51137;&#49324;&#44032; &#46041;&#46321;&#54620; &#49688;&#51456;&#51032; &#53664;&#53360;&#51012; &#45236;&#45459;&#45716; &#49692;&#44036; &#54532;&#47196;&#53664;&#53084; &#51228;&#50504;&#51088; &#54532;&#47532;&#48120;&#50628;&#51008; &#48736;&#47476;&#44172; &#55148;&#49437;&#46108;&#45796;.</p><h2><strong>3. &#54168;&#51060;&#54140;&#53084;(Pay-per-call)</strong></h2><p>&#50526;&#49436; &#49332;&#54196;&#48376; &#50640;&#51060;&#51204;&#53944; &#52964;&#47672;&#49828;&#45716; &#49324;&#46988;&#51060; &#44208;&#51228;&#47484; &#44208;&#51221;&#54616;&#45716; &#49884;&#51109;&#51060;&#46972;&#47732;, &#54168;&#51060;&#54140;&#53084;(Pay-per-call)&#51008; &#50640;&#51060;&#51204;&#53944;&#44032; &#51649;&#51217; &#44208;&#51228; &#51452;&#52404;&#44032; &#46104;&#45716; &#49884;&#51109;&#51060;&#45796;. &#51593;, &#44228;&#51340;&#50640; &#46024;&#51060; &#51080;&#51004;&#47732; &#50640;&#51060;&#51204;&#53944;&#44032; &#50508;&#50500;&#49436; &#44208;&#51228;&#54616;&#45716; &#49884;&#49828;&#53596;&#51060;&#45796;. &#51060;&#45716; &#50640;&#51060;&#51204;&#53944;&#44032; &#45796;&#47480; &#50640;&#51060;&#51204;&#53944;&#51032; API, &#45936;&#51060;&#53552;, &#50672;&#49328;&#51012; &#50836;&#44396;&#54624; &#46412; &#44208;&#51228;&#44032; &#48156;&#49373;&#54616;&#45716; &#44396;&#51312;&#45796;.</p><p>&#50640;&#51060;&#51204;&#53944;&#44032; &#49884;&#51109; &#48516;&#49437; &#47532;&#54252;&#53944;&#47484; &#51089;&#49457;&#54620;&#45796;&#44256; &#50696;&#47484; &#46308;&#50612; &#48372;&#51088;.</p><ol><li><p>&#49324;&#50857;&#51088;&#44032; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#49884;&#51109; &#48516;&#49437; &#47532;&#54252;&#53944;&#47484; &#51089;&#49457;&#54644;&#45804;&#46972;&#44256; &#50836;&#52397;</p></li><li><p>&#50640;&#51060;&#51204;&#53944;&#45716; OpenAI API&#50640; &#51217;&#44540;&#54616;&#50668; &#51656;&#47928;&#51012; &#54616;&#50668; &#45813;&#48320;&#51012; &#48155;&#51020;</p></li><li><p>&#45936;&#51060;&#53552;&#51032; &#44160;&#51613;&#51012; &#50948;&#54644; Dune, Nansen AI API&#50640;&#49436; &#51088;&#47308; &#50836;&#52397;</p></li><li><p>&#44208;&#44284; &#48372;&#44256;&#49436;&#47484; &#45796;&#47480; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#44160;&#49688; &#51032;&#47280;</p></li></ol><p>&#54620; &#48264;&#51032; &#47532;&#54252;&#53944; &#51089;&#49457; &#50504;&#50640;&#49436; &#49688;&#49901; &#44148;&#51032; &#44208;&#51228;&#44032; &#48156;&#49373;&#54620;&#45796;. &#54616;&#51648;&#47564; &#50640;&#51060;&#51204;&#53944; &#52964;&#47672;&#49828;&#50752; &#45804;&#47532; &#44208;&#51228;&#46104;&#45716; &#44552;&#50529;&#51060; &#49548;&#49688;&#51216;&#44620;&#51648; &#48156;&#49373;&#54620;&#45796;. &#51204;&#53685; &#44208;&#51228; &#49884;&#49828;&#53596;&#49345;&#50640;&#49436;&#45716; &#49688;&#49688;&#47308;&#47196; &#51064;&#54644; &#44144;&#47000;&#54624;&#49688;&#47197; &#49552;&#54644;&#47484; &#48372;&#45716; &#44396;&#51312;&#45796;. &#44536;&#47000;&#49436; &#54168;&#51060;&#54140;&#53084;&#51008; &#49688;&#49688;&#47308;&#44032; &#45230;&#51008; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#54876;&#50857;&#54620;&#45796;&#45716; &#44163;&#51060; &#53945;&#51669;&#51060;&#45796;.</p><p>&#54788;&#51116; &#54168;&#51060;&#54140;&#53084;&#50640;&#45716; &#49464; &#44032;&#51648; &#51064;&#54532;&#46972; &#54364;&#51456;&#51060; &#51080;&#45796;.</p><ol><li><p>&#54532;&#47196;&#53664;&#53084; &#47112;&#51060;&#50612;: &#50640;&#51060;&#51204;&#53944;&#44032; &#44208;&#51228; &#51032;&#49324;&#47484; &#50612;&#46500; &#47700;&#49884;&#51648;&#47196; &#54364;&#54788;&#54616;&#45716;&#44032;</p></li><li><p>&#51221;&#49328; &#47112;&#51060;&#50612;: &#44536; &#44208;&#51228;&#44032; &#50612;&#46500; &#52404;&#51064; &#50948;&#50640;&#49436; &#50612;&#46500; &#51088;&#49328;&#51004;&#47196; &#51068;&#50612;&#45208;&#45716;&#44032;</p></li><li><p>&#49888;&#47280; &#47112;&#51060;&#50612;: &#45572;&#44032; &#50612;&#46500; &#44428;&#54620;&#51004;&#47196; &#44208;&#51228;&#54664;&#45716;&#51648;&#47484; &#45572;&#44032; &#44160;&#51613;&#54616;&#45716;&#44032;</p></li></ol><h3><strong>Coinbase (Coin)</strong></h3><h4><strong>&#54645;&#49900;&#44592;&#49696;</strong></h4><p>&#53076;&#51064;&#48288;&#51060;&#49828;(Coinbase)&#45716; &#50640;&#51060;&#51204;&#53944;&#44032; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#47484; &#44144;&#52824;&#51648; &#50506;&#44256; &#44208;&#51228;&#54624; &#49688; &#51080;&#45716; x402 &#54364;&#51456;&#51012; &#47564;&#46304; &#54924;&#49324;&#45796;.</p><p>2025&#45380; 5&#50900;, HTTP 402 &#49345;&#53468; &#53076;&#46300;(Payment Required)&#47484; &#49892;&#51228;&#47196; &#54876;&#49457;&#54868;&#54616;&#45716; x402 &#54532;&#47196;&#53664;&#53084;&#51012; &#44277;&#44060;&#54664;&#45796;. &#46608;&#54620;, &#44057;&#51008; &#54644; &#53364;&#46972;&#50864;&#46300;&#54540;&#47112;&#50612;(Cloudflare)&#50752; x402 Foundation&#51012; &#49444;&#47549;&#54616;&#47732;&#49436; &#48276;&#50857; &#44208;&#51228; &#47112;&#51060;&#50612;&#47196; &#54869;&#51109;&#54664;&#45796;.</p><p>x402&#45716; &#45796;&#49455; &#44060;&#51032; &#44396;&#49457; &#50836;&#49548;&#47196; &#51060;&#47336;&#50612;&#51652; &#50724;&#54536; &#44208;&#51228; &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!pujp!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdef1f40e-d26d-4747-b112-710be8b2f383_974x494.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!pujp!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdef1f40e-d26d-4747-b112-710be8b2f383_974x494.png 424w, https://substackcdn.com/image/fetch/$s_!pujp!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdef1f40e-d26d-4747-b112-710be8b2f383_974x494.png 848w, 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x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>x402&#51032; &#51089;&#46041; &#50896;&#47532;&#45716; &#45800;&#49692;&#54616;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; API&#47484; &#54840;&#52636;&#54616;&#47732; &#49436;&#48260;&#44032; HTTP 402 &#51025;&#45813;&#50640; &#44032;&#44201;, &#49688;&#49888; &#51452;&#49548;, &#51088;&#49328;, &#45348;&#53944;&#50892;&#53356; &#51221;&#48372;&#47484; &#45812;&#50500; &#46028;&#47140;&#51456;&#45796;. &#50640;&#51060;&#51204;&#53944;&#45716; &#51088;&#44592; &#51648;&#44049;&#51004;&#47196; &#44208;&#51228;&#47484; &#49436;&#47749;&#54644; &#54756;&#45908;&#50640; &#45812;&#50500; &#51116;&#50836;&#52397;&#54616;&#44256;, &#49436;&#48260;&#45716; &#54140;&#49892;&#47532;&#53580;&#51060;&#53552;(Facilitator)&#47484; &#53685;&#54644; &#44208;&#51228;&#47484; &#44160;&#51613;&#183;&#51221;&#49328;&#54620; &#46244; &#47532;&#49548;&#49828;&#47484; &#51025;&#45813;&#54620;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Aj3p!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3415c47-5845-4906-9a10-4657d1eb82e5_2048x1339.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Aj3p!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3415c47-5845-4906-9a10-4657d1eb82e5_2048x1339.png 424w, https://substackcdn.com/image/fetch/$s_!Aj3p!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3415c47-5845-4906-9a10-4657d1eb82e5_2048x1339.png 848w, 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c3415c47-5845-4906-9a10-4657d1eb82e5_2048x1339.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:952,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Aj3p!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3415c47-5845-4906-9a10-4657d1eb82e5_2048x1339.png 424w, https://substackcdn.com/image/fetch/$s_!Aj3p!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3415c47-5845-4906-9a10-4657d1eb82e5_2048x1339.png 848w, https://substackcdn.com/image/fetch/$s_!Aj3p!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3415c47-5845-4906-9a10-4657d1eb82e5_2048x1339.png 1272w, https://substackcdn.com/image/fetch/$s_!Aj3p!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3415c47-5845-4906-9a10-4657d1eb82e5_2048x1339.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>&#54532;&#47196;&#49464;&#49828;</strong></p><ol><li><p>&#50640;&#51060;&#51204;&#53944;&#44032; &#49436;&#48260;&#50640; &#47532;&#49548;&#49828; &#50836;&#52397;.</p></li><li><p>&#49436;&#48260;&#44032; HTTP 402&#50752; &#44208;&#51228; &#51312;&#44148; &#48152;&#54872;(maxAmountRequired, asset, payTo, network &#46321;).</p></li><li><p>&#50640;&#51060;&#51204;&#53944;&#44032; &#51088;&#44592; &#51648;&#44049;&#51004;&#47196; &#44208;&#51228; authorization&#50640; &#49436;&#47749;&#54616;&#44256; X-PAYMENT &#54756;&#45908;&#50640; &#45812;&#50500; &#51116;&#50836;&#52397;.</p></li><li><p>&#49436;&#48260;&#44032; facilitator(&#44160;&#51613;&#183;&#51221;&#49328; &#49436;&#48708;&#49828;)&#47196; payload&#47484; &#45336;&#44592;&#44256;, facilitator&#44032; &#50728;&#52404;&#51064;&#50640; &#48652;&#47196;&#46300;&#52880;&#49828;&#53944;.</p></li><li><p>&#51221;&#49328; &#54869;&#51064; &#54980; &#49436;&#48260;&#44032; 200 &#51025;&#45813;&#44284; &#54632;&#44760; &#47532;&#49548;&#49828; &#48152;&#54872;.</p></li></ol><p>x402&#44032; &#44592;&#51316; &#44208;&#51228; &#49884;&#49828;&#53596;&#44284; &#45796;&#47480; &#54645;&#49900;&#51008; &#44208;&#51228; &#51088;&#52404;&#44032; &#51064;&#51613; &#50669;&#54624;&#51012; &#54620;&#45796;&#45716; &#51216;&#51060;&#45796;. &#44592;&#51316; API&#45716; &#49324;&#50857; &#51204;&#50640; &#44228;&#51221; &#46321;&#47197;&#44284; &#53412; &#48156;&#44553;&#51012; &#50836;&#44396;&#54616;&#51648;&#47564;, x402&#45716; &#46024;&#51012; &#45244; &#49688; &#51080;&#51004;&#47732; &#51217;&#44540;&#51060; &#50676;&#47536;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#49324;&#46988; &#44060;&#51077; &#50630;&#51060; &#49352; API&#47484; &#51088;&#50984;&#51201;&#51004;&#47196; &#48156;&#44204;&#54616;&#44256;, &#44208;&#51228;&#54616;&#44256;, &#49324;&#50857;&#54624; &#49688; &#51080;&#45716; &#44396;&#51312;&#45796;.</p><p>V2 &#50629;&#45936;&#51060;&#53944;&#45716; &#45800;&#51068; &#54840;&#52636; &#44208;&#51228;&#50640;&#49436; &#45796;&#50577;&#54620; &#49885;&#48324;, &#49464;&#49496;, &#52404;&#51064;&#51012; &#47784;&#46160; &#45812;&#45716; &#48276;&#50857; &#47112;&#51060;&#50612;&#47196; &#54869;&#51109;&#46096;&#45796;</p><p>&#44032;&#51109; &#51032;&#48120; &#51080;&#45716; &#48320;&#54868;&#45716; &#51648;&#44049; &#44592;&#48152; &#49464;&#49496;&#51060;&#45796;. V1&#51008; &#47588; &#54840;&#52636;&#47560;&#45796; &#44208;&#51228;&#44032; &#54596;&#50836;&#54664;&#45716;&#45936;, V2&#45716; &#54620; &#48264; &#44208;&#51228;&#54616;&#47732; &#51068;&#51221; &#44592;&#44036; &#51116;&#49324;&#50857; &#44032;&#45733;&#54620; &#49464;&#49496;&#51012; &#46020;&#51077;&#54664;&#45796;. LLM &#54840;&#52636;&#51060;&#45208; &#47680;&#54000;&#53084; &#50640;&#51060;&#51204;&#53944;&#52376;&#47100; &#47588;&#48264; &#44208;&#51228;&#54616;&#44592;&#50640;&#45716; &#45320;&#47924; &#45712;&#47532;&#44256; &#48708;&#49916; &#50892;&#53356;&#47196;&#46300;&#47484; &#52376;&#51020;&#51004;&#47196; x402&#47196; &#52376;&#47532;&#54624; &#49688; &#51080;&#44172; &#47564;&#46304; &#48320;&#54868;&#45796;.</p><h4><strong>&#54645;&#49900; &#48708;&#51592;&#45768;&#49828;</strong></h4><p>&#53076;&#51064;&#48288;&#51060;&#49828;&#51032; &#54788;&#51116; &#47588;&#52636;&#51008; &#44144;&#47000;&#49548; &#49688;&#49688;&#47308;&#50640;&#49436; &#45208;&#50728;&#45796;. 2025&#45380; &#50672;&#44036; &#47588;&#52636; &#50557; 72&#50613; &#45804;&#47084;, &#45824;&#48512;&#48516;&#51060; &#50516;&#54840;&#54868;&#54224; &#44144;&#47000; &#49688;&#49688;&#47308;&#45796;. x402&#45716; &#50500;&#51649; &#51060; &#47588;&#52636; &#44396;&#51312;&#50752; &#47924;&#44288;&#54616;&#45796;. &#44536;&#47088;&#45936; &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; x402&#47484; &#50724;&#54536;&#49548;&#49828;&#47196; &#44277;&#44060;&#54620; &#51060;&#50976;&#44032; &#50668;&#44592; &#51080;&#45796;. &#54364;&#51456;&#51012; &#47924;&#47308;&#47196; &#54400;&#44256;, &#44536; &#54364;&#51456;&#51060; &#51089;&#46041;&#54616;&#45716; &#51064;&#54532;&#46972;&#50640;&#49436; &#46024;&#51012; &#48260;&#45716; &#44396;&#51312;&#45796;.</p><p>&#50504;&#46300;&#47196;&#51060;&#46300;&#47484; &#50724;&#54536;&#49548;&#49828;&#47196; &#54400;&#44256; &#54540;&#47112;&#51060;&#49828;&#53664;&#50612;&#50752; &#44396;&#44544; &#54168;&#51060;&#47196; &#49688;&#51061;&#51012; &#44032;&#51256;&#44036; &#44396;&#44544;&#51032; &#51204;&#47029;&#44284; &#44057;&#45796;.</p><p>x402&#44032; &#44200;&#45285;&#54616;&#45716; &#49884;&#51109;&#51008; &#48708;&#51088;&#183;&#47560;&#49828;&#53552;&#52852;&#46300;&#183;&#49828;&#53944;&#46972;&#51060;&#54532;&#50752; &#50528;&#52488;&#50640; &#45796;&#47476;&#45796;. &#52852;&#46300; &#44208;&#51228;&#45716; &#49688;&#49688;&#47308;&#44032; &#44148;&#45817; 0.30&#45804;&#47084;&#50640; &#44144;&#47000;&#50529;&#51032; 2.9%&#45796;. &#54616;&#51648;&#47564;, 0.01&#45804;&#47084;&#51676;&#47532; API &#54840;&#52636;, 0.005&#45804;&#47084;&#51676;&#47532; &#51060;&#48120;&#51648; &#48516;&#47448;, 0.50&#45804;&#47084;&#51676;&#47532; GPU 1&#48516; &#44057;&#51008; &#47560;&#51060;&#53356;&#47196;&#54168;&#51060;&#47676;&#53944;&#45716; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356; &#50948;&#50640;&#49436; &#44396;&#54788;&#51060; &#50504;&#46108;&#45796;.</p><p>x402&#44032; &#50668;&#45716; &#49884;&#51109;&#51008; &#50640;&#51060;&#51204;&#53944;&#44032; &#45796;&#47480; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172;, &#46608;&#45716; &#50640;&#51060;&#51204;&#53944;&#44032; API &#51228;&#44277;&#51088;&#50640;&#44172;, &#49324;&#46988;&#51060; &#44208;&#51228; &#48260;&#53948;&#51012; &#45572;&#47484; &#49688; &#50630;&#45716; &#45800;&#50948;&#50752; &#48712;&#46020;&#47196; &#44050;&#51012; &#52824;&#47476;&#45716; &#50689;&#50669;&#51060;&#45796;.</p><p>&#51060; &#47676; &#48120;&#47000;&#51032; &#49884;&#51109;&#51060; &#50676;&#47532;&#47732; &#53076;&#51064;&#48288;&#51060;&#49828;&#50640;&#44172; &#46160; &#44032;&#51648; &#49688;&#51061;&#51060; &#46308;&#50612;&#50728;&#45796;.</p><ul><li><p>&#48288;&#51060;&#49828; &#53944;&#47004;&#51117;&#49496; &#49688;&#49688;&#47308;: x402&#51032; &#44592;&#48376; &#51221;&#49328; &#47112;&#51060;&#50612;&#45716; &#53076;&#51064;&#48288;&#51060;&#49828;&#51032; &#51088;&#52404; &#47112;&#51060;&#50612;2 &#52404;&#51064; Base&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; x402&#47196; &#44208;&#51228;&#54624; &#46412;&#47560;&#45796; Base &#50948;&#50640;&#49436; &#53944;&#47004;&#51117;&#49496;&#51060; &#48156;&#49373;&#54616;&#44256;, &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#49884;&#53248;&#49436; &#49688;&#51061;&#51012; &#44032;&#51256;&#44036;&#45796;. x402 &#44144;&#47000;&#47049;&#51060; &#45720;&#50612;&#45216;&#49688;&#47197; Base&#51032; &#53944;&#47004;&#51117;&#49496; &#49688;&#49688;&#47308;&#50752; &#46973;&#50629; &#51088;&#49328;&#51060; &#54632;&#44760; &#52964;&#51652;&#45796;. &#54364;&#51456;&#51012; &#44277;&#51676;&#47196; &#44628;&#50500;&#51500;&#51648;&#47564;, &#44536; &#54364;&#51456;&#51060; &#46028;&#50500;&#44032;&#45716; &#52404;&#51064;&#51012; &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#50868;&#50689;&#54616;&#45716; &#44396;&#51312;&#45796;.</p></li><li><p>CDP &#51064;&#54532;&#46972; &#51060;&#50857;&#47308;: x402&#47196; &#44208;&#51228;&#44032; &#54620; &#48264; &#51068;&#50612;&#45208;&#47140;&#47732;, &#51473;&#44036;&#50640;&#49436; &#8220;&#51060; &#44208;&#51228; &#51652;&#51676; &#47582;&#50500;?&#8221;&#47484; &#54869;&#51064;&#54616;&#44256; &#49892;&#51228;&#47196; &#46024;&#51012; &#50734;&#44200;&#51452;&#45716; &#51473;&#44060; &#49324;&#50629;&#51088;(&#54140;&#49892;&#47532;&#53580;&#51060;&#53552;)&#44032; &#44845; &#54596;&#50836;&#54616;&#45796;. &#44536;&#47532;&#44256; &#49324;&#49892;&#49345; &#44592;&#48376;&#44050;&#51004;&#47196; &#44628;&#47140; &#51080;&#45716; &#54140;&#49892;&#47532;&#53580;&#51060;&#53552;&#44032; &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#50868;&#50689;&#54616;&#45716; &#44163;&#51060;&#44256;, &#51060;&#44148; &#53076;&#51064;&#48288;&#51060;&#49828; &#44060;&#48156;&#51088; &#54540;&#47019;&#54268;(CDP)&#51032; &#51068;&#48512;&#45796;. &#44060;&#48156;&#51088;&#44032; x402&#47484; &#50416;&#44592; &#49884;&#51089;&#54616;&#47732; &#44057;&#51008; &#54540;&#47019;&#54268; &#50504;&#50640; &#51080;&#45716; &#45796;&#47480; &#46020;&#44396;&#46308;, &#50696;&#47484; &#46308;&#47732; &#51648;&#44049; &#47564;&#46308;&#44592;, &#49688;&#49688;&#47308; &#45824;&#49888; &#45236;&#51452;&#44592;, &#45936;&#51060;&#53552; &#48516;&#49437; &#44057;&#51008; &#49436;&#48708;&#49828;&#46020; &#51088;&#50672;&#49828;&#47101;&#44172; &#44057;&#51060; &#50416;&#44172; &#46108;&#45796;.</p></li></ul><p>&#45796;&#47564; &#52572;&#44540; x402 V2&#48512;&#53552;&#45716; &#45796;&#47480; &#54924;&#49324; &#54140;&#49892;&#47532;&#53580;&#51060;&#53552;&#46020; &#44264;&#46972; &#50424; &#49688; &#51080;&#44172; &#46096;&#45796;. &#44536;&#47000;&#49436; &#54140;&#49892;&#47532;&#53580;&#51060;&#53552; &#51088;&#52404;&#47196; &#47926;&#50612;&#46160;&#45716; &#55192;&#51008; &#49373;&#44033;&#48372;&#45796; &#50557;&#54616;&#45796;. &#53076;&#51064;&#48288;&#51060;&#49828;&#51032; &#51652;&#51676; &#54620; &#49688;&#45716; &#45796;&#47480; &#44275;&#50640; &#51080;&#45796;. x402&#44032; &#44032;&#51109; &#51200;&#47156;&#54616;&#44256; &#48736;&#47476;&#44172; &#46028;&#50500;&#44032;&#46020;&#47197; &#47564;&#46308;&#50612;&#51652; &#48660;&#47197;&#52404;&#51064;&#51060; &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#47564;&#46304; Base&#51064;&#45936;, &#44277;&#49885; &#48177;&#49436;&#47560;&#51200; x402&#45716; Base&#50640;&#49436; &#50424; &#46412;&#44032; &#44032;&#51109; &#51339;&#51008; &#51312;&#54633;&#51060;&#46972;&#44256; &#45824;&#45459;&#44256; &#48372;&#50668;&#51456;&#45796;.</p><p>&#49789;&#44172; &#48708;&#50976;&#54616;&#47732; &#51060;&#47111;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#44032;&#47609;&#51216;&#51060; &#52852;&#46300; &#44208;&#51228;&#47484; &#48155;&#45716; &#44536; &#49692;&#44036;&#51012; &#51088;&#44592; &#49884;&#49828;&#53596;&#50640; &#47926;&#50612;&#46160;&#45716; &#48169;&#49885;&#51060;&#45796;. &#48152;&#47732; &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#44208;&#51228;&#44032; &#51648;&#45208;&#45796;&#45768;&#45716; &#44256;&#49549;&#46020;&#47196;&#47484; &#44628;&#50500;&#46160;&#44256;, &#44536; &#44600;&#51012; &#50416;&#45716; &#49324;&#46988;&#46308;&#51060; &#51088;&#50672;&#49828;&#47101;&#44172; &#53076;&#51064;&#48288;&#51060;&#49828; &#55092;&#44172;&#49548;(CDP &#46020;&#44396;&#46308;)&#50640; &#46308;&#47476;&#44172; &#47564;&#46300;&#45716; &#48169;&#49885;&#51060;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#53076;&#51064;&#48288;&#51060;&#49828;&#51032; &#50500;&#50883;&#47337;&#51012; &#54620; &#51460;&#47196; &#51221;&#47532;&#54616;&#47732;, &#44221;&#51137;&#49324;&#47484; &#51060;&#44592;&#45716; &#44172;&#51076;&#51060; &#50500;&#45768;&#46972; &#50500;&#51649; &#51316;&#51116;&#54616;&#51648; &#50506;&#45716; &#49884;&#51109;&#51060; &#50620;&#47560;&#45208; &#48744;&#47532; &#50676;&#47532;&#45716;&#44032;&#51032; &#44172;&#51076;&#51060;&#45796;.</p><p>&#51060; &#54532;&#47112;&#51076;&#51060; &#51473;&#50836;&#54620; &#51060;&#50976;&#45716; x402&#44032; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356;&#50752; &#44057;&#51008; &#50689;&#50669;&#50640;&#49436; &#44221;&#51137;&#54616;&#51648; &#50506;&#44592; &#46412;&#47928;&#51060;&#45796;. &#49888;&#50857;&#52852;&#46300;&#45716; &#49688;&#49688;&#47308;&#44032; &#44148;&#45817; 0.30&#45804;&#47084; + 2.9%&#45796;. &#44536;&#47000;&#49436; 0.01&#45804;&#47084;&#51676;&#47532; API &#54840;&#52636;, 0.005&#45804;&#47084;&#51676;&#47532; &#51060;&#48120;&#51648; &#54620; &#51109; &#48516;&#47448;, 0.50&#45804;&#47084;&#51676;&#47532; GPU 1&#48516; &#44057;&#51008; &#47560;&#51060;&#53356;&#47196;&#54168;&#51060;&#47676;&#53944;&#45716; &#52852;&#46300; &#45348;&#53944;&#50892;&#53356; &#50948;&#50640;&#49436; &#50528;&#52488;&#50640; &#49457;&#47549;&#54616;&#51648; &#50506;&#45716;&#45796;.</p><p>&#48708;&#51088;&#50752; &#47560;&#49828;&#53552;&#52852;&#46300;&#44032; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#47484; &#49688;&#50857;&#54620;&#45796;&#44256; &#54644;&#46020;, &#44536;&#44163;&#51008; &#49324;&#46988;&#51060; &#49660;&#54609;&#54616;&#45912; &#48169;&#49885;&#51012; &#50640;&#51060;&#51204;&#53944;&#44032; &#45824;&#49888; &#49688;&#54665;&#54616;&#45716; &#50689;&#50669;&#51060;&#45796;. x402&#44032; &#50668;&#45716; &#49884;&#51109;&#51008; &#44536; &#50500;&#47000;&#52789;&#50640; &#51080;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#45796;&#47480; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172;, &#46608;&#45716; &#50640;&#51060;&#51204;&#53944;&#44032; &#49436;&#48708;&#49828; &#51228;&#44277;&#51088;&#50640;&#44172;, &#49324;&#46988;&#51060; &#44208;&#51228; &#48260;&#53948;&#51012; &#45572;&#47484; &#49688; &#50630;&#45716; &#45800;&#50948;&#50752; &#48712;&#46020;&#47196; &#44050;&#51012; &#52824;&#47476;&#45716; &#50689;&#50669;&#51060;&#45796;.</p><p>&#47928;&#51228;&#45716; &#50500;&#51649;&#44620;&#51648; &#50640;&#51060;&#51204;&#53944;&#44036;&#44144;&#47000; &#49884;&#51109;&#51060; &#50500;&#51649; &#51089;&#45796;&#45716; &#44163;&#51060;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#51088;&#50984;&#51201;&#51004;&#47196; &#45936;&#51060;&#53552;&#47484; &#49324;&#44256;, &#50672;&#49328;&#51012; &#49324;&#44256;, &#45796;&#47480; &#50640;&#51060;&#51204;&#53944;&#51032; &#51089;&#50629;&#51012; &#49324;&#45716; &#54665;&#50948;&#44032; &#51068;&#49345;&#51201;&#51064; &#50892;&#53356;&#54540;&#47196;&#50864;&#44032; &#46104;&#47140;&#47732; &#47751; &#44032;&#51648; &#51312;&#44148;&#51060; &#52292;&#50892;&#51256;&#50556; &#54620;&#45796;. LLM &#52628;&#47200;&#51060; &#52649;&#48516;&#55176; &#51200;&#47156;&#54644;&#51648;&#44256;, &#50640;&#51060;&#51204;&#53944; &#54532;&#47112;&#51076;&#50892;&#53356;&#44032; &#54532;&#47196;&#45909;&#49496; &#54872;&#44221;&#50640; &#51088;&#47532; &#51105;&#44256;, &#45936;&#51060;&#53552;&#50752; API &#44277;&#44553;&#51088;&#44032; x402&#47484; &#51648;&#50896;&#54644;&#50556; &#54620;&#45796;.</p><p>&#49884;&#51109;&#51060; &#54253;&#48156;&#51201;&#51004;&#47196; &#52964;&#51648;&#45716; &#49884;&#51216;&#51060; 6&#44060;&#50900; &#46244;&#51064;&#51648;, 2&#45380; &#46244;&#51064;&#51648;, 5&#45380; &#46244;&#51064;&#51648;&#45716; &#50500;&#47924;&#46020; &#47784;&#47480;&#45796;.</p><h3><strong>Stripe (MPP)</strong></h3><p>&#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;&#50752; &#54168;&#51060;&#54140;&#53084; &#46160; &#52852;&#53580;&#44256;&#47532; &#47784;&#46160;&#50640; &#51088;&#49324; &#54364;&#51456;&#51012; &#49900;&#50612; &#46164; &#50976;&#51068;&#54620; &#44208;&#51228; &#54540;&#47112;&#51060;&#50612;&#45796;. &#50526;&#49436; &#49332;&#54196;&#48376; ACP&#50752; SPT&#44032; &#49324;&#46988;&#51060; &#50640;&#51060;&#51204;&#53944;&#50640; &#49660;&#54609;&#51012; &#50948;&#51076;&#54616;&#45716; &#52852;&#46300; &#47112;&#51068; &#50948;&#51032; &#44208;&#51228;&#50688;&#45796;&#47732;, MPP(Machine Payments Protocol)&#45716; &#50640;&#51060;&#51204;&#53944;&#44032; &#45796;&#47480; &#50640;&#51060;&#51204;&#53944;&#51032; API&#183;&#45936;&#51060;&#53552;&#183;&#50672;&#49328;&#51012; &#51088;&#50984;&#51201;&#51004;&#47196; &#44208;&#51228;&#54616;&#45716; &#54168;&#51060;&#54140;&#53084; &#50689;&#50669;&#51012; &#50948;&#54644; &#49444;&#44228;&#46108; &#48324;&#46020; &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;.</p><p>2026&#45380; 3&#50900; 18&#51068; &#49828;&#53944;&#46972;&#51060;&#54532;&#50752; &#54056;&#47084;&#45796;&#51076;(Paradigm)&#51060; &#44277;&#46041; &#44060;&#48156;&#54620; &#53596;&#54252; &#47700;&#51064;&#45367; &#52636;&#49884;&#50752; &#46041;&#49884;&#50640; &#50724;&#54536; &#54364;&#51456;&#51004;&#47196; &#44277;&#44060;&#46096;&#45796;.</p><h4><strong>&#54645;&#49900;&#44592;&#49696;</strong></h4><p>MPP&#45716; x402&#50752; &#47560;&#52268;&#44032;&#51648;&#47196; HTTP 402 &#54056;&#53556; &#50948;&#50640; &#50617;&#51008; &#50724;&#54536; &#44208;&#51228; &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;. &#45796;&#47564; &#46160; &#44032;&#51648; &#51648;&#51216;&#50640;&#49436; x402&#50752; &#44208;&#51221;&#51201;&#51004;&#47196; &#45796;&#47476;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!PrvM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F439cb988-dfbe-41d9-8500-c5077b5663e0_970x546.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!PrvM!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F439cb988-dfbe-41d9-8500-c5077b5663e0_970x546.png 424w, https://substackcdn.com/image/fetch/$s_!PrvM!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F439cb988-dfbe-41d9-8500-c5077b5663e0_970x546.png 848w, https://substackcdn.com/image/fetch/$s_!PrvM!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F439cb988-dfbe-41d9-8500-c5077b5663e0_970x546.png 1272w, https://substackcdn.com/image/fetch/$s_!PrvM!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F439cb988-dfbe-41d9-8500-c5077b5663e0_970x546.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!PrvM!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F439cb988-dfbe-41d9-8500-c5077b5663e0_970x546.png" width="970" height="546" 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https://substackcdn.com/image/fetch/$s_!PrvM!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F439cb988-dfbe-41d9-8500-c5077b5663e0_970x546.png 848w, https://substackcdn.com/image/fetch/$s_!PrvM!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F439cb988-dfbe-41d9-8500-c5077b5663e0_970x546.png 1272w, https://substackcdn.com/image/fetch/$s_!PrvM!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F439cb988-dfbe-41d9-8500-c5077b5663e0_970x546.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#52395;&#51704;, &#44208;&#51228; &#49688;&#45800; &#51473;&#47549;&#49457;&#51060;&#45796;. x402&#44032; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44208;&#51228;&#50640; &#53945;&#54868;&#46108; &#44396;&#51312;&#46972;&#47732;, MPP&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#44284; &#52852;&#46300;&#183;&#44592;&#53440; &#48277;&#51221;&#54868;&#54224;&#47484; &#46041;&#51068;&#54620; &#54532;&#47196;&#53664;&#53084;&#47196; &#45796;&#47340;&#45796;. &#48708;&#51088;&#44032; &#52852;&#46300; &#44208;&#51228;&#50857;&#51004;&#47196; MPP&#47484; &#54869;&#51109;&#54664;&#44256;, &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#51088;&#49324; &#54540;&#47019;&#54268;&#51012; &#53685;&#54644; &#52852;&#46300;&#50752; &#51648;&#44049;&#51012; &#51648;&#50896;&#54620;&#45796;. &#54616;&#45208;&#51032; &#54532;&#47196;&#53664;&#53084; &#50948;&#50640; &#49436;&#47196; &#45796;&#47480; &#44208;&#51228; &#49688;&#45800;&#51060; &#54540;&#47084;&#44536;&#51064;&#52376;&#47100; &#50617;&#55176;&#45716; &#44396;&#51312;&#45796;.</p><p>&#46168;&#51704;, Sessions &#51648;&#50896;&#51060;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#49464;&#49496;&#51012; &#50676; &#46412; &#50728;&#52404;&#51064;&#50640; &#54620; &#48264; &#50696;&#52824;&#54616;&#44256;, &#49464;&#49496; &#51473;&#50640;&#45716; voucher&#47484; &#50724;&#54532;&#52404;&#51064;&#51004;&#47196; &#51452;&#44256;&#48155;&#45796;&#44032;, &#49464;&#49496;&#51060; &#45149;&#45216; &#46412; &#52572;&#51333; voucher&#47196; &#54620; &#48264; &#51221;&#49328;&#54620;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!kU8G!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8c8eace3-ff34-431e-bc6b-3df743873b80_2048x1431.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!kU8G!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8c8eace3-ff34-431e-bc6b-3df743873b80_2048x1431.png 424w, https://substackcdn.com/image/fetch/$s_!kU8G!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8c8eace3-ff34-431e-bc6b-3df743873b80_2048x1431.png 848w, https://substackcdn.com/image/fetch/$s_!kU8G!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8c8eace3-ff34-431e-bc6b-3df743873b80_2048x1431.png 1272w, https://substackcdn.com/image/fetch/$s_!kU8G!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8c8eace3-ff34-431e-bc6b-3df743873b80_2048x1431.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!kU8G!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8c8eace3-ff34-431e-bc6b-3df743873b80_2048x1431.png" width="1456" height="1017" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8c8eace3-ff34-431e-bc6b-3df743873b80_2048x1431.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1017,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!kU8G!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8c8eace3-ff34-431e-bc6b-3df743873b80_2048x1431.png 424w, 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stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" 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&#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#49884;&#51109;&#51012; &#46160; &#52789;&#51004;&#47196; &#45208;&#45600;&#49436; &#48376;&#45796;. &#49324;&#46988;&#51060; &#50640;&#51060;&#51204;&#53944;&#50640;&#44172; &#49660;&#54609;&#51012; &#47585;&#44592;&#45716; &#52789;&#51008; ACP&#50752; SPT&#47196; &#51060;&#48120; &#51105;&#50520;&#45796;. MPP&#45716; &#44536; &#50500;&#47000;&#52789;, &#51593; &#50640;&#51060;&#51204;&#53944;&#44032; &#45796;&#47480; &#50640;&#51060;&#51204;&#53944;&#51032; API&#183;&#45936;&#51060;&#53552;&#183;&#50672;&#49328;&#51012; &#51088;&#50984;&#51201;&#51004;&#47196; &#44208;&#51228;&#54616;&#45716; &#50689;&#50669;&#51012; &#50948;&#54620; &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;. x402&#50752; &#44057;&#51008; &#54168;&#51060;&#54140;&#53084; &#49884;&#51109;&#51012; &#44200;&#45285;&#54616;&#51648;&#47564;, &#49444;&#44228; &#48169;&#49885;&#51060; &#45796;&#47476;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#47564; &#46104;&#45716; x402&#50752; &#45804;&#47532; MPP&#45716; &#52852;&#46300;&#183;&#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#183;&#48708;&#53944;&#53076;&#51064; &#46972;&#51060;&#53944;&#45789;&#51012; &#51648;&#50896;&#54616;&#47732; &#44208;&#51228; &#48169;&#49885;&#51012; &#45796;&#50577;&#54616;&#44172; &#44396;&#52629;&#54620;&#45796;.</p><p>&#53596;&#54252;&#51032; &#52488;&#44592; &#46356;&#51088;&#51064; &#54028;&#53944;&#45320; &#47749;&#45800;&#51012; &#48372;&#47732; &#51060; &#49884;&#51109;&#51032; &#49457;&#44201;&#51060; &#46300;&#47084;&#45212;&#45796;. &#50532;&#49828;&#47196;&#54589;, &#50724;&#54536;AI, &#46020;&#51060;&#52824;&#48197;&#53356;, &#48708;&#51088;&#44032; &#46308;&#50612;&#50752; &#51080;&#45796;. MPP &#51088;&#52404;&#51032; &#54869;&#51109; &#44396;&#54788;&#51008; &#48708;&#51088;(&#52852;&#46300;), &#49828;&#53944;&#46972;&#51060;&#54532;(&#52852;&#46300;&#183;&#51648;&#44049;), &#46972;&#51060;&#53944;&#49828;&#54028;&#53356;(&#46972;&#51060;&#53944;&#45789;)&#44032; &#51080;&#45796;.</p><p>&#50640;&#51060;&#51204;&#53944;&#44032; &#44032;&#51109; &#51088;&#51452; &#44208;&#51228;&#54624; &#45824;&#49345;&#51060; AI &#47784;&#45944; &#54840;&#52636;&#51060;&#44592; &#46412;&#47928;&#51060;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#47532;&#49436;&#52824;&#47484; &#54616;&#46304; &#53076;&#46300;&#47484; &#51676;&#46304; &#50724;&#54536;AI&#45208; &#50532;&#49828;&#47196;&#54589; &#49436;&#48708;&#49828;&#47484; &#44228;&#49549; &#48520;&#47084; &#50420;&#45796;. &#44536; &#46024;&#51012; &#48155;&#51012; &#54924;&#49324;&#46308;&#51060; &#49444;&#44228; &#45800;&#44228;&#48512;&#53552; &#46308;&#50612;&#50752; &#51080;&#45796;&#45716; &#44148;, &#44144;&#47000;&#47049;&#51060; &#49939;&#51068; &#44221;&#47196;&#44032; &#48120;&#47532; &#44628;&#47140; &#51080;&#45796;&#45716; &#46907;&#51060;&#45796;.</p><p>&#51060; &#44396;&#51312;&#50640;&#49436; &#49828;&#53944;&#46972;&#51060;&#54532;&#50640;&#44172; &#46160; &#44032;&#51648; &#49688;&#51061;&#51060; &#46308;&#50612;&#50728;&#45796;.</p><ul><li><p>&#44208;&#51228; &#52376;&#47532; &#49688;&#49688;&#47308;: MPP &#50948;&#50640;&#49436; &#52852;&#46300; &#44208;&#51228;&#44032; &#51068;&#50612;&#45208;&#47732; &#49892;&#51228; &#52376;&#47532;&#45716; &#44592;&#51316; &#49828;&#53944;&#46972;&#51060;&#54532; &#49884;&#49828;&#53596;&#51060; &#47585;&#45716;&#45796;. &#54532;&#47196;&#53664;&#53084;&#51008; &#50724;&#54536; &#54364;&#51456;&#51004;&#47196; &#45572;&#44396;&#45208; &#50424; &#49688; &#51080;&#44172; &#50676;&#50612;&#46160;&#44256;, &#46024;&#51060; &#49892;&#51228;&#47196; &#50724;&#44032;&#45716; &#51648;&#51216;&#51008; &#51088;&#49324; &#51064;&#54532;&#46972;&#47196; &#44032;&#51256;&#50724;&#45716; &#44396;&#51312;&#45796;. &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#44032; &#45720;&#50612;&#45216;&#49688;&#47197; &#49828;&#53944;&#46972;&#51060;&#54532;&#47484; &#51648;&#45208;&#45716; &#44144;&#47000;&#47049;&#46020; &#54632;&#44760; &#45720;&#50612;&#45212;&#45796;.</p></li><li><p>&#53596;&#54252; &#49373;&#53468;&#44228; &#49688;&#51061;: MPP&#51032; &#44592;&#48376; &#51221;&#49328; &#47112;&#51060;&#50612;&#44032; &#53596;&#54252;&#45796;. &#53596;&#54252;&#45716; &#49828;&#53944;&#46972;&#51060;&#54532;&#44032; &#54056;&#47084;&#45796;&#51076;&#44284; &#54632;&#44760; &#47564;&#46304; &#44208;&#51228; &#51204;&#50857; &#48660;&#47197;&#52404;&#51064;&#51060;&#44256;, &#49828;&#53944;&#46972;&#51060;&#54532;&#44032; &#44160;&#51613;&#51088;&#47196; &#51649;&#51217; &#52280;&#50668;&#54620;&#45796;. MPP &#44144;&#47000;&#44032; &#45720;&#50612;&#45216;&#49688;&#47197; &#53596;&#54252;&#51032; &#53944;&#47004;&#51117;&#49496; &#49688;&#49688;&#47308;&#44032; &#44160;&#51613;&#51088;&#50640;&#44172; &#48516;&#48176;&#46104;&#45716;&#45936;, &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#53596;&#54252;&#51032; &#44160;&#51613;&#51088; &#51473; &#54616;&#45208;&#47196; &#51649;&#51217; &#52280;&#50668;&#54620;&#45796;. &#54532;&#47196;&#53664;&#53084;&#51008; &#50724;&#54536;&#51004;&#47196; &#54400;&#44256;, &#44536; &#54532;&#47196;&#53664;&#53084;&#51060; &#51221;&#52265;&#54624; &#52404;&#51064;&#50640; &#44160;&#51613;&#51088;&#47196; &#51088;&#47532;&#47484; &#51105;&#50500; &#49688;&#49688;&#47308;&#51032; &#51068;&#48512;&#47484; &#44032;&#51256;&#44032;&#45716; &#49444;&#44228;&#45796;.</p></li></ul><p>&#44208;&#44397; &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;&#50640;&#49436; &#50420; &#49444;&#44228;&#47484; &#54168;&#51060;&#54140;&#53084; &#50689;&#50669;&#50640; &#44536;&#45824;&#47196; &#48373;&#51228;&#54664;&#45796;. ACP&#183;SPT&#47484; &#52852;&#46300; &#47112;&#51068; &#50948;&#50640; &#50732;&#47160;&#45796;&#47732;, MPP&#183;&#53596;&#54252;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#47112;&#51068; &#50948;&#50640; &#50732;&#47160;&#45796;. &#54532;&#47196;&#53664;&#53084;&#51008; &#50676;&#44256;, &#51064;&#54532;&#46972;&#45716; &#45803;&#45716;&#45796;. &#50612;&#45712; &#47112;&#51068;&#50640;&#49436; &#44208;&#51228;&#44032; &#51068;&#50612;&#45208;&#46304; &#49828;&#53944;&#46972;&#51060;&#54532;&#47484; &#51648;&#45208;&#44172; &#47564;&#46300;&#45716; &#44396;&#51312;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#49828;&#53944;&#46972;&#51060;&#54532;&#51032; MPP &#50500;&#50883;&#47337;&#51012; &#54620; &#51460;&#47196; &#51221;&#47532;&#54616;&#47732;, &#48708;&#51088;&#51032; &#51204;&#47029; &#51204;&#54872;&#51012; &#51060;&#45132;&#50612;&#45240; &#54532;&#47196;&#53664;&#53084;&#51060;&#45796;.</p><p>&#51060;&#51204; &#48708;&#51088;&#45716; &#51088;&#52404; Trusted Agent Protocol&#44284; Intelligent Commerce&#47196; &#46021;&#51088; &#49373;&#53468;&#44228;&#47484; &#44396;&#52629;&#54616;&#47140; &#54664;&#45796;. &#8220;&#50864;&#47532; &#54364;&#51456; &#50024;&#46972;&#8221;&#51032; &#51217;&#44540;&#51060;&#50632;&#45796;. &#44536;&#47088;&#45936; MPP &#52636;&#49884;&#50752; &#46041;&#49884;&#50640; &#48708;&#51088;&#44032; &#52852;&#46300; &#47112;&#51068; &#54869;&#51109; &#54028;&#53944;&#45320;&#47196; &#54633;&#47448;&#54664;&#45796;. Cuy Sheffield(&#48708;&#51088; Crypto &#49688;&#51109;)&#45716; &#8220;MPP&#47484; &#50640;&#51060;&#51204;&#53944;&#50752; &#54032;&#47588;&#51088; &#44036; &#52964;&#48036;&#45768;&#52992;&#51060;&#49496; &#48169;&#49885;&#51060; &#47749;&#54869;&#54616;&#44172; &#51221;&#51032;&#46108; &#46608; &#45796;&#47480; &#48169;&#48277;&#51004;&#47196; &#48376;&#45796;&#8221;&#44256; &#48156;&#50616;&#54664;&#45796;. &#51060; &#54620; &#47928;&#51109;&#51008; &#48708;&#51088;&#44032; &#53356;&#47549;&#53664; &#45348;&#51060;&#54000;&#48652; &#54364;&#51456;&#50640; &#47582;&#49436;&#44592;&#48372;&#45796; &#44536; &#50504;&#50640; &#52852;&#46300; &#47112;&#51068;&#51012; &#49900;&#45716; &#48169;&#49885;&#51004;&#47196; &#51204;&#47029;&#51012; &#48148;&#45032;&#45796;&#45716; &#49888;&#54840;&#45796;.</p><p>&#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#49884;&#51109;&#51008; &#51060;&#48516;&#54868;&#46104;&#45716; &#51473;&#51060;&#45796;. &#44508;&#51228;&#46108; &#51064;&#44036; &#49345;&#44144;&#47000;&#45716; &#52852;&#46300; &#47112;&#51068;&#50640;, &#50640;&#51060;&#51204;&#53944;&#45180;&#47532;&#51032; &#44144;&#47000;(API &#54840;&#52636;, &#52980;&#54504;&#54021; &#44396;&#47588;, &#47560;&#51060;&#53356;&#47196;&#54168;&#51060;&#47676;&#53944;)&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#55120;&#47480;&#45796;. x402&#44032; &#54980;&#51088;&#51032; &#53356;&#47549;&#53664; &#45348;&#51060;&#54000;&#48652; &#54364;&#51456;&#51012; &#49440;&#51216;&#54664;&#45796;&#47732;, MPP&#45716; &#46160; &#47112;&#51068;&#51012; &#54616;&#45208;&#51032; &#54532;&#47196;&#53664;&#53084; &#50504;&#50640; &#53685;&#54633;&#54616;&#45716; &#48652;&#47532;&#51648; &#54252;&#51648;&#49496;&#51012; &#51105;&#50520;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#51060; &#48652;&#47532;&#51648;&#47484; &#51088;&#49888;&#51060; &#50868;&#50689;&#54616;&#45716; &#44396;&#51312;&#47484; &#47564;&#46304; &#44163;&#51060;&#45796;.</p><p>&#45796;&#47564; &#46160; &#44032;&#51648; &#48320;&#49688;&#44032; &#51080;&#45796;.</p><p>&#52395;&#51704;, x402&#50752;&#51032; &#54364;&#51456; &#44221;&#51137;&#51060;&#45796;. &#53076;&#51064;&#48288;&#51060;&#49828;&#51032; x402&#45716; &#51060;&#48120; 1&#50613; &#44148; &#51060;&#49345;&#51032; &#44208;&#51228; &#49892;&#51201;&#51012; &#49939;&#50520;&#44256; Linux Foundation &#49328;&#54616;&#47196; &#51060;&#44288;&#46104;&#47728; &#51473;&#47549; &#44144;&#48260;&#45324;&#49828;&#47484; &#54869;&#48372;&#54664;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532;&#44032; x402 Foundation&#50640;&#46020; &#54028;&#53944;&#45320;&#47196; &#52280;&#50668;&#54620; &#44148; &#50577;&#47732; &#51204;&#47029;&#51060;&#51648;&#47564;, &#46160; &#54532;&#47196;&#53664;&#53084;&#51060; &#51109;&#44592;&#51201;&#51004;&#47196; &#44277;&#51316;&#54624;&#51648; &#50500;&#45768;&#47732; &#54620;&#51901;&#51004;&#47196; &#49688;&#47156;&#54624;&#51648;&#45716; &#48120;&#51648;&#49688;&#45796;.</p><p>&#46168;&#51704;, &#53596;&#54252;&#51032; &#52292;&#53469; &#49549;&#46020;&#45796;. MPP&#51032; &#47112;&#54140;&#47088;&#49828; &#51221;&#49328; &#47112;&#51060;&#50612;&#44032; &#53596;&#54252;&#51064;&#45936;, &#53596;&#54252;&#44032; &#49892;&#51228;&#47196; &#50620;&#47560;&#45208; &#47566;&#51008; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#53944;&#47000;&#54589;&#51012; &#45132;&#50612;&#50732;&#51648;&#45716; &#50500;&#51649; &#44160;&#51613;&#46104;&#51648; &#50506;&#50520;&#45796;. &#48708;&#51088;&#183;&#49828;&#53472;&#45796;&#46300;&#52264;&#53440;&#46300; &#51088;&#54924;&#49324;&#44032; &#44160;&#51613;&#51088;&#47196; &#52280;&#50668;&#54620; &#49888;&#47280; &#51088;&#48376;&#51008; &#53356;&#51648;&#47564;, &#44060;&#48156;&#51088;&#50752; &#49436;&#48708;&#49828; &#51228;&#44277;&#51088;&#44032; &#49892;&#51228;&#47196; &#53596;&#54252;&#47484; &#49440;&#53469;&#54624;&#51648;&#45716; &#45796;&#47480; &#47928;&#51228;&#45796;.</p><h3><strong>&#49436;&#53364;(Circle) </strong>-<strong> </strong>CRCL</h3><h4><strong>&#54645;&#49900; &#44592;&#49696;</strong></h4><p>&#49436;&#53364;(Circle)&#51008; USDC &#48156;&#54665;&#49324;&#46972;&#45716; &#51221;&#52404;&#49457;&#50640;&#49436; &#52636;&#48156;&#54644; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51064;&#54532;&#46972; &#51204;&#48152;&#51004;&#47196; &#54869;&#51109;&#54644;&#50728; &#54924;&#49324;&#45796;. &#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#49884;&#45824;&#50640;&#45716; USDC&#44032; &#45800;&#49692;&#55176; &#44208;&#51228; &#49688;&#45800;&#50640; &#47672;&#47932;&#51648; &#50506;&#44256;, &#44208;&#51228; &#54532;&#47532;&#48120;&#54000;&#48652;&#183;&#51648;&#44049;&#183;&#51221;&#49328; &#52404;&#51064;&#44620;&#51648; &#51088;&#49324; &#49828;&#53469;&#51004;&#47196; &#49688;&#51649; &#53685;&#54633;&#54616;&#45716; &#54400;&#49828;&#53469; &#51204;&#47029;&#51012; &#53469;&#54664;&#45796;.</p><p>2025&#45380; 9&#50900; Developer-Controlled Wallets&#50752; x402 &#53685;&#54633; &#49368;&#54540;&#51012; &#44277;&#44060;&#54664;&#44256;, 2026&#45380; 3&#50900; &#45208;&#45432;&#44208;&#51228;(Nanopayments) &#53580;&#49828;&#53944;&#45367;&#51012; &#44032;&#46041;&#54664;&#51004;&#47728;, &#44057;&#51008; &#49884;&#44592; &#50500;&#53356; &#54140;&#48660;&#47533; &#53580;&#49828;&#53944;&#45367;&#46020; &#50868;&#50689; &#51473;&#51060;&#45796;. &#49436;&#53364;&#51032; &#54168;&#51060;&#54140;&#53084;&#49828;&#53469;&#51008; &#49464; &#44032;&#51648; &#44396;&#49457;&#51004;&#47196; &#51060;&#47336;&#50612;&#51256; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!yTo6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9be76ba9-74ea-4b43-9164-37a0c0968686_978x302.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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src="https://substackcdn.com/image/fetch/$s_!yTo6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9be76ba9-74ea-4b43-9164-37a0c0968686_978x302.png" width="978" height="302" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9be76ba9-74ea-4b43-9164-37a0c0968686_978x302.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:302,&quot;width&quot;:978,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!nkcm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29436722-4146-4d42-8ec1-9b33a5777439_2048x1335.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!nkcm!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29436722-4146-4d42-8ec1-9b33a5777439_2048x1335.png 424w, https://substackcdn.com/image/fetch/$s_!nkcm!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29436722-4146-4d42-8ec1-9b33a5777439_2048x1335.png 848w, https://substackcdn.com/image/fetch/$s_!nkcm!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29436722-4146-4d42-8ec1-9b33a5777439_2048x1335.png 1272w, https://substackcdn.com/image/fetch/$s_!nkcm!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29436722-4146-4d42-8ec1-9b33a5777439_2048x1335.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!nkcm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29436722-4146-4d42-8ec1-9b33a5777439_2048x1335.png" width="1456" height="949" 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https://substackcdn.com/image/fetch/$s_!nkcm!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29436722-4146-4d42-8ec1-9b33a5777439_2048x1335.png 848w, https://substackcdn.com/image/fetch/$s_!nkcm!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29436722-4146-4d42-8ec1-9b33a5777439_2048x1335.png 1272w, https://substackcdn.com/image/fetch/$s_!nkcm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29436722-4146-4d42-8ec1-9b33a5777439_2048x1335.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#45208;&#45432;&#44208;&#51228;&#51032; &#54645;&#49900;&#51008; &#50724;&#54532;&#52404;&#51064; &#51665;&#44228;&#50752; &#48176;&#52824; &#51221;&#49328;&#51060;&#45796;.</p><p>&#50500;&#53356;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44552;&#50997; &#51204;&#50857;&#51004;&#47196; &#49444;&#44228;&#46108; L1&#51060;&#45796;. &#44032;&#51109; &#52264;&#48324;&#51201;&#51064; &#49444;&#44228;&#45716; USDC&#47484; native gas&#47196; &#50420;&#45796;&#45716; &#51216;&#51060;&#45796;. Malachite &#52968;&#49468;&#49828; &#50644;&#51652; &#44592;&#48152;&#51032; sub-second finality, &#45236;&#51109; FX &#50644;&#51652;, &#50741;&#53944;&#51064; &#54532;&#46972;&#51060;&#48260;&#49884;, EVM &#54840;&#54872;&#51060; &#54645;&#49900; &#49828;&#54169;&#51060;&#45796;.</p><p>Developer-Controlled Wallets&#45716; &#44060;&#48156;&#51088;&#44032; API &#54620; &#48264;&#51004;&#47196; &#50640;&#51060;&#51204;&#53944; &#51648;&#44049;&#51012; &#49373;&#49457;&#183;&#44288;&#47532;&#54624; &#49688; &#51080;&#44172; &#54620;&#45796;. MPC &#44592;&#48152;&#51060;&#46972; &#44060;&#51064;&#53412; &#45432;&#52636; &#50630;&#51060; &#50868;&#50689;&#46104;&#44256;, Base&#183;Ethereum&#183;Arc &#46321; &#50668;&#47084; &#52404;&#51064;&#51032; USDC&#47484; &#45800;&#51068; &#51092;&#44256;&#47196; &#45796;&#47340;&#45796;.</p><p>&#49464; &#44592;&#49696;&#51060; &#47926;&#51060;&#47732; &#50640;&#51060;&#51204;&#53944;&#45716; USDC &#48156;&#54665;(USDC) &#8594; &#44208;&#51228; &#47112;&#51068;(Nanopayments) &#8594; &#51221;&#49328; &#52404;&#51064;(Arc) &#8594; &#51648;&#44049; &#44288;&#47532;(Wallets) &#44620;&#51648; Circle &#49828;&#53469; &#50504;&#50640;&#49436; &#50756;&#44208;&#46108; &#44208;&#51228; &#44221;&#54744;&#51012; &#50619;&#45716;&#45796;. OpenMind&#51032; &#51088;&#50984; &#47196;&#48391; &#46020;&#44536;&#44032; Nanopayments&#47196; USDC&#47484; &#51648;&#48520;&#54644; &#49828;&#49828;&#47196; &#52649;&#51204;&#54616;&#45716; &#49324;&#47168;&#44032; &#51060; &#49828;&#53469;&#51060; &#49892;&#51228;&#47196; &#51089;&#46041;&#54632;&#51012; &#48372;&#50668;&#51456; &#52395; &#47112;&#54140;&#47088;&#49828;&#45796;.</p><h4><strong>&#54645;&#49900; &#48708;&#51592;&#45768;&#49828;</strong></h4><p>&#49436;&#53364;&#51032; &#47588;&#52636; &#44396;&#51312;&#45716; &#45800;&#49692;&#54616;&#45796;. 2025&#45380; &#52509;&#47588;&#52636; &#48143; &#50696;&#52824;&#44552; &#49688;&#51061;&#51060; 27&#50613; &#45804;&#47084;, &#44536;&#51473; 95% &#51060;&#49345;&#51060; USDC &#50696;&#52824;&#44552;&#50640;&#49436; &#45208;&#50724;&#45716; &#51060;&#51088; &#49688;&#51061;(Reserve Income)&#51060;&#45796;. USDC&#44032; &#50612;&#46356;&#49436; &#50416;&#51060;&#46304; &#49436;&#53364;&#51032; &#50696;&#52824;&#44552; &#51060;&#51088;&#44032; &#48156;&#49373;&#54620;&#45796;&#45716; &#44148; &#48320;&#54632;&#51060; &#50630;&#45796;. &#45800;, &#53076;&#51064;&#48288;&#51060;&#49828; &#46321; &#51452;&#50836; &#48516;&#48176; &#54028;&#53944;&#45320;&#50752;&#45716; &#51060;&#51088; &#49688;&#51061;&#51012; &#51068;&#51221; &#48708;&#50984;&#47196; &#45208;&#45572;&#45716; &#44228;&#50557;&#51060; &#51080;&#45796;&#45716; &#51216;&#51008; &#51674;&#50612;&#46168; &#54596;&#50836;&#44032; &#51080;&#45796;. &#44536;&#47000;&#46020; USDC&#44032; &#44208;&#51228; &#49688;&#45800;&#51004;&#47196; &#50416;&#51060;&#45716; &#54620; &#49436;&#53364;&#51032; &#47588;&#52636; &#54400; &#51088;&#52404;&#44032; &#52964;&#51648;&#45716; &#44396;&#51312;&#46972;&#45716; &#53360; &#44536;&#47548;&#51008; &#50976;&#54952;&#54616;&#45796;.</p><p>&#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#53596;&#54252;&#47484; &#47564;&#46308;&#50612;&#46020; &#44536; &#50948;&#50640;&#49436; &#46028;&#50500;&#44032;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#51649;&#51217; &#48156;&#54665;&#54616;&#51648; &#50506;&#45716;&#45796;. &#53076;&#51064;&#48288;&#51060;&#49828;&#46020; &#47560;&#52268;&#44032;&#51648;&#45796;. &#52404;&#51064; &#44221;&#51137;&#50640;&#49436; &#45572;&#44032; &#51060;&#44592;&#46304; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44208;&#51228;&#44032; &#49457;&#51109;&#54616;&#47732; &#49436;&#53364;&#51032; &#50696;&#52824;&#44552;&#51008; &#45720;&#50612;&#45212;&#45796;.</p><p>&#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#44032; &#54869;&#45824;&#46112;&#49688;&#47197; &#51060; &#44396;&#51312;&#44032; &#45908; &#44053;&#54644;&#51652;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; API&#47484; &#54840;&#52636;&#54616;&#44256;, &#45936;&#51060;&#53552;&#47484; &#49324;&#44256;, &#50672;&#49328;&#51012; &#44396;&#47588;&#54624; &#46412;&#47560;&#45796; USDC &#50976;&#53685;&#47049;&#51060; &#45720;&#50612;&#45212;&#45796;. USDC &#50976;&#53685;&#47049;&#51060; &#45720;&#50612;&#45208;&#45716; &#47564;&#53372; &#50696;&#52824;&#44552; &#44508;&#47784;&#46020; &#52964;&#51648;&#44256;, &#51060;&#51088; &#49688;&#51061;&#46020; &#54632;&#44760; &#49939;&#51064;&#45796;.</p><p>&#50668;&#44592;&#50640; &#45908;&#54644; &#49436;&#53364;&#51008; &#50500;&#53356;(Arc)&#47196; &#49688;&#51061; &#44221;&#47196;&#47484; &#54616;&#45208; &#45908; &#50676;&#44256; &#51080;&#45796;. &#50500;&#53356;&#44032; &#47700;&#51064;&#45367;&#51004;&#47196; &#51204;&#54872;&#46104;&#47732; &#52404;&#51064; &#44144;&#47000;&#47560;&#45796; &#44032;&#49828;&#48708;&#44032; &#48156;&#49373;&#54616;&#45716;&#45936;, &#51060; &#44032;&#49828;&#48708;&#47484; USDC&#47196; &#48155;&#45716;&#45796;&#45716; &#44172; &#54645;&#49900;&#51060;&#45796;. Arc &#44144;&#47000;&#47049;&#51060; &#45720;&#49688;&#47197; &#44032;&#49828; &#49688;&#50836;&#47564;&#53372; USDC &#49688;&#50836;&#46020; &#54632;&#44760; &#45720;&#50612;&#45212;&#45796;. &#45720;&#50612;&#45212; USDC&#45716; &#45796;&#49884; &#50696;&#52824;&#44552; &#54400;&#47196; &#46028;&#50500;&#50752; &#51060;&#51088; &#49688;&#51061;&#51012; &#53412;&#50868;&#45796;. &#53596;&#54252;&#44032; &#50808;&#48512; &#51088;&#49328;&#51064; USDC&#47484; &#44032;&#51256;&#45796; &#50416;&#45716; &#44396;&#51312;&#46972;&#47732;, &#50500;&#53356;&#45716; &#51088;&#44592; &#51088;&#49328;&#51012; &#44032;&#49828;&#47196; &#52292;&#53469;&#54644; &#52404;&#51064; &#54876;&#46041;&#47049;&#51012; &#44263;&#51109; USDC &#49688;&#50836;&#47196; &#54872;&#50896;&#49884;&#53412;&#45716; &#44396;&#51312;&#45796;.</p><p>&#44208;&#44397; &#49436;&#53364;&#51032; &#44172;&#51076;&#51008; &#44221;&#51137;&#51088;&#46308;&#44284; &#52789;&#50948;&#44032; &#45796;&#47476;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532;&#50752; &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#52404;&#51064;&#44284; &#44508;&#50557;&#51004;&#47196; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#55120;&#47492;&#51012; &#51105;&#51004;&#47140; &#54620;&#45796;&#47732;, &#49436;&#53364;&#51008; &#44536; &#55120;&#47492; &#50504;&#50640;&#49436; &#50416;&#51060;&#45716; &#51088;&#49328; &#51088;&#52404;&#47484; &#51536;&#44256; &#51080;&#45796;.</p><p>&#50612;&#45712; &#52404;&#51064;&#51060; &#51060;&#44592;&#46304;, &#50612;&#45712; &#44508;&#50557;&#51060; &#54364;&#51456;&#51060; &#46104;&#46304;, USDC&#44032; &#44208;&#51228; &#49688;&#45800;&#51004;&#47196; &#50416;&#51060;&#45716; &#54620; &#49436;&#53364;&#51032; &#47787;&#51008; &#49373;&#44596;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#49436;&#53364;&#51032; &#50500;&#50883;&#47337;&#51012; &#54620; &#51460;&#47196; &#51221;&#47532;&#54616;&#47732;, &#51088;&#49328; &#48156;&#54665;&#44428;&#51012; &#51540; &#50976;&#51068;&#54620; &#54400;&#49828;&#53469; &#54540;&#47112;&#51060;&#50612;&#51032; &#44172;&#51076;&#51060;&#45796;.</p><p>&#49436;&#53364;&#51060; &#45796;&#47480; &#51221;&#49328; &#51064;&#54532;&#46972; &#44221;&#51137;&#51088;(&#53596;&#54252;&#183;Base)&#50752; &#44208;&#51221;&#51201;&#51004;&#47196; &#45796;&#47480; &#51648;&#51216;&#51008; USDC &#48156;&#54665;&#44428;&#51012; &#46021;&#51216;&#54620;&#45796;&#45716; &#51216;&#51060;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#53596;&#54252;&#47484; &#47564;&#46308;&#50612;&#46020; &#44536; &#50948;&#50640;&#49436; &#46028;&#50500;&#44032;&#45716; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51012; &#51649;&#51217; &#48156;&#54665;&#54616;&#51648; &#50506;&#45716;&#45796;. &#53596;&#54252;&#50640;&#49436; &#50416;&#51060;&#45716; USDC&#46020; &#44208;&#44397; &#49436;&#53364;&#51060; &#52237;&#50612;&#45240; &#44163;&#51060;&#45796;. &#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#48288;&#51060;&#49828;&#47484; &#47564;&#46308;&#50612;&#46020; &#44057;&#51008; &#49345;&#54889;&#51060;&#45796;. &#52404;&#51064; &#44221;&#51137;&#50640;&#49436; &#45572;&#44032; &#51060;&#44592;&#46304;, &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44208;&#51228;&#44032; &#49457;&#51109;&#54616;&#47732; &#49436;&#53364;&#51032; &#50696;&#52824;&#44552;&#51008; &#45720;&#50612;&#45212;&#45796;. &#51088;&#49328; &#47112;&#51060;&#50612;&#50640;&#49436; &#44396;&#51312;&#51201; &#50864;&#50948;&#47484; &#51536;&#44256; &#51080;&#45796;&#45716; &#46907;&#51060;&#45796;.</p><p>&#45796;&#47564; &#51060; &#50864;&#50948;&#45716; &#46160; &#44032;&#51648; &#48320;&#49688;&#44032; &#51080;&#45796;.</p><p>&#52395;&#51704;, USDC&#51032; &#49884;&#51109; &#51216;&#50976;&#50984;&#51060;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#49884;&#51109;&#51008; USDT&#50752; USDC &#50577;&#44053; &#44396;&#46020;&#45796;. &#53580;&#45908;, &#54168;&#51060;&#54036;, &#51008;&#54665; &#48156;&#54665; &#49828;&#53580;&#51060;&#48660;&#51060;&#48660; &#53076;&#51064;&#51060; &#44221;&#51137;&#50640; &#54633;&#47448;&#54616;&#44256; &#51080;&#45796;. &#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#50689;&#50669;&#50640;&#49436; USDC&#44032; &#44592;&#48376;&#44050;&#51004;&#47196; &#51088;&#47532; &#51105;&#45716;&#44032;, &#50500;&#45768;&#47732; &#44221;&#51137; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51060; &#49884;&#51109;&#51012; &#45208;&#45572;&#45716;&#44032;&#44032; &#52395; &#48264;&#51704; &#48320;&#49688;&#45796;.</p><p>&#46168;&#51704;, &#50500;&#53356;&#51032; &#52292;&#53469; &#49549;&#46020;&#45796;. &#49436;&#53364;&#51060; &#50500;&#53356;&#47196; &#52404;&#51064; &#47112;&#51060;&#50612;&#44620;&#51648; &#45236;&#47140;&#50728; &#44148; &#53360; &#48288;&#54021;&#51060;&#45796;. &#54616;&#51648;&#47564; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#51204;&#50857; L1 &#49884;&#51109;&#51008; &#51060;&#48120; &#54844;&#51105;&#54616;&#45796;. &#53596;&#54252;&#44032; &#44592;&#44288; &#49888;&#47280; &#51088;&#48376;(Visa&#183;Standard Chartered)&#51012; &#54869;&#48372;&#54664;&#44256;, Base&#45716; &#44144;&#47000;&#47049; &#49440;&#51216;&#50640;&#49436; &#50526;&#49456;&#45796;. &#49436;&#53364;&#51060; USDC &#48156;&#54665;&#44428;&#51060;&#46972;&#45716; &#44256;&#50976; &#51088;&#49328;&#51012; Arc&#47196; &#50620;&#47560;&#45208; &#51060;&#51204;&#49884;&#53420; &#49688; &#51080;&#45716;&#44032;&#44032; &#44288;&#44148;&#51060;&#45796;. &#50500;&#53356;&#50640;&#49436; &#50416;&#51060;&#45716; USDC&#44032; &#45720;&#50612;&#45208;&#50556; Circle&#51032; &#49688;&#51649; &#53685;&#54633;&#51060; &#51032;&#48120;&#47484; &#44054;&#45716;&#45796;.</p><p>&#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#44208;&#51228;&#44032; &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;&#50640; &#44592;&#48376;&#44050;&#51060; &#46108;&#45796;&#47732; &#49436;&#53364;&#51008; &#44396;&#51312;&#51201;&#51004;&#47196; &#44032;&#51109; &#53360; &#49688;&#54812;&#51088;&#44032; &#46104;&#51648;&#47564;, &#44536; &#51204;&#51228;&#47484; &#49436;&#53364;&#51060; &#49828;&#49828;&#47196; &#47564;&#46308;&#50612;&#50556; &#54616;&#45716; &#51077;&#51109;&#51060;&#44592;&#46020; &#54616;&#45796;.</p><h3><strong>&#51060;&#45908;&#47532;&#50880; - ETH</strong></h3><p>&#51060;&#45908;&#47532;&#50880;&#51008; &#50640;&#51060;&#51204;&#53944; &#44221;&#51228;&#51032; &#49888;&#47280; &#47112;&#51060;&#50612;&#47484; &#50724;&#54536; &#54364;&#51456;&#51004;&#47196; &#51228;&#44277;&#54616;&#45716; &#51901;&#51012; &#53469;&#54664;&#45796;. &#45796;&#47480; &#54540;&#47112;&#51060;&#50612;&#46308;&#51060; &#51088;&#49324; &#49688;&#49688;&#47308; &#44396;&#51312; &#50504;&#50640;&#49436; &#50640;&#51060;&#51204;&#53944; &#44208;&#51228;&#47484; &#52376;&#47532;&#54620;&#45796;&#47732;, &#51060;&#45908;&#47532;&#50880;&#51008; &#50640;&#51060;&#51204;&#53944;&#44032; &#45572;&#44396;&#51064;&#51648;, &#50612;&#46500; &#54217;&#54032;&#51012; &#44032;&#51276;&#45716;&#51648;, &#51089;&#50629; &#44208;&#44284;&#44032; &#44160;&#51613;&#46096;&#45716;&#51648;&#47484; &#52404;&#51064; &#50948;&#50640; &#54364;&#51456;&#54868;&#46108; &#48169;&#49885;&#51004;&#47196; &#44592;&#47197;&#54616;&#45716; &#44592;&#48152; &#54532;&#47196;&#53664;&#53084;&#51012; &#47564;&#46304;&#45796;.</p><p>Ethereum Foundation&#51060; 2025&#45380; 8&#50900; 13&#51068; ERC-8004(Trustless Agents)&#47484; &#44277;&#49885; &#51228;&#52636;&#54664;&#44256;, 2026&#45380; 1&#50900; 29&#51068; &#47700;&#51064;&#45367;&#50640; &#46972;&#51060;&#48652;&#46096;&#45796;.</p><h4><strong>&#54645;&#49900; &#44592;&#49696;</strong></h4><p>ERC-8004&#45716; &#54532;&#47196;&#53664;&#53084;&#51032; &#49888;&#47280; &#54869;&#51109;&#51004;&#47196; &#49444;&#44228;&#46096;&#45796;. &#44277;&#51200;&#51088; &#47749;&#45800;&#51060; &#54364;&#51456;&#51032; &#49457;&#44201;&#51012; &#48372;&#50668;&#51456;&#45796;. Marco De Rossi(MetaMask), Davide Crapis(Ethereum Foundation), Jordan Ellis(Google), Erik Reppel(Coinbase) &#45348; &#47749;&#51060; &#44277;&#51200;&#51088;&#47196; &#52280;&#50668;&#54664;&#45796;. AI &#51064;&#54532;&#46972;&#183;&#53356;&#47549;&#53664; &#44144;&#47000;&#49548;&#183;&#51648;&#44049;&#183;&#51116;&#45800;&#51060; &#54620; &#51088;&#47532;&#50640; &#47784;&#51064; &#44396;&#49457;&#51060;&#45796;.</p><p>ERC-8004&#51032; &#44396;&#51312;&#45716; &#49464; &#44060;&#51032; &#50728;&#52404;&#51064; &#47112;&#51648;&#49828;&#53944;&#47532;&#47196; &#51060;&#47336;&#50612;&#51256; &#51080;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Go4G!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Go4G!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png 424w, https://substackcdn.com/image/fetch/$s_!Go4G!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png 848w, https://substackcdn.com/image/fetch/$s_!Go4G!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png 1272w, https://substackcdn.com/image/fetch/$s_!Go4G!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Go4G!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png" width="978" height="306" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b142c513-5712-4f33-ae61-518db5a40b7b_978x306.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:306,&quot;width&quot;:978,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!Go4G!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png 424w, https://substackcdn.com/image/fetch/$s_!Go4G!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png 848w, https://substackcdn.com/image/fetch/$s_!Go4G!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png 1272w, https://substackcdn.com/image/fetch/$s_!Go4G!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb142c513-5712-4f33-ae61-518db5a40b7b_978x306.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#49464; &#47112;&#51648;&#49828;&#53944;&#47532;&#44032; &#44208;&#54633;&#46104;&#47732; &#50640;&#51060;&#51204;&#53944;&#51032; &#49888;&#50896; &#8594; &#44144;&#47000; &#51060;&#47141; &#8594; &#44160;&#51613; &#44208;&#44284;&#44032; &#47784;&#46160; &#52404;&#51064;&#50640; &#49939;&#51064;&#45796;. &#44592;&#51316;&#50640;&#45716; &#54540;&#47019;&#54268; A&#44032; &#50508;&#44256; &#51080;&#45716; &#50640;&#51060;&#51204;&#53944; &#54217;&#54032;&#51012; &#54540;&#47019;&#54268; B&#47196; &#44032;&#51256;&#44040; &#49688; &#50630;&#50632;&#45796;. ERC-8004 &#50948;&#50640;&#49436;&#45716; &#54217;&#54032;&#51060; &#50640;&#51060;&#51204;&#53944; &#51088;&#49888;&#51032; portable asset&#51060; &#46108;&#45796;.</p><p>&#49888;&#47280; &#47784;&#45944;&#51008; &#51089;&#50629; &#50948;&#54744;&#46020;&#50640; &#48708;&#47168;&#54644; &#44256;&#47480;&#45796;. &#51200;&#50948;&#54744; &#51089;&#50629;(&#50696;: &#54588;&#51088; &#51452;&#47928;)&#51008; reputation &#51312;&#54924;&#47564;&#51004;&#47196; &#52649;&#48516;&#54616;&#44256;, &#44256;&#50948;&#54744; &#51089;&#50629;(&#50696;: &#51032;&#47308; &#51652;&#45800;)&#51008; stake-secured re-execution&#51060;&#45208; TEE attestation&#44620;&#51648; &#50836;&#44396;&#54620;&#45796;. &#44057;&#51008; &#54364;&#51456;&#51060;&#51648;&#47564; &#51089;&#50629; &#49457;&#44201;&#50640; &#46384;&#46972; &#44160;&#51613; &#44053;&#46020;&#44032; &#45804;&#46972;&#51648;&#45716; &#50976;&#50672;&#54620; &#49444;&#44228;&#45796;.</p><p>&#51473;&#50836;&#54620; &#51216;&#51008; &#44208;&#51228; &#51088;&#52404;&#44032; ERC-8004&#50640; &#54252;&#54632;&#46104;&#51648; &#50506;&#45716;&#45796;&#45716; &#44163;&#51060;&#45796;. x402&#45208; ERC-20 &#51204;&#49569; &#44057;&#51008; &#44208;&#51228; &#47112;&#51060;&#50612;&#44032; &#48324;&#46020;&#47196; &#48537;&#44256;, &#44208;&#51228; &#51613;&#48729;&#51060; Reputation Registry&#50640; &#54588;&#46300;&#48177;&#51004;&#47196; &#52392;&#48512;&#46104;&#45716; &#44396;&#51312;&#45796;. &#51060;&#45908;&#47532;&#50880;&#51008; &#44208;&#51228; &#54532;&#47196;&#53664;&#53084;&#51012; &#47564;&#46300;&#45716; &#45824;&#49888;, &#44208;&#51228; &#50948;&#50640; &#49939;&#51060;&#45716; &#49888;&#47280;&#50752; &#54217;&#54032;&#51032; &#44277;&#53685; &#47112;&#51060;&#50612;&#47484; &#51228;&#44277;&#54620;&#45796;.</p><p><strong>&#54532;&#47196;&#49464;&#49828;</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!sXXq!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!sXXq!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png 424w, https://substackcdn.com/image/fetch/$s_!sXXq!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png 848w, https://substackcdn.com/image/fetch/$s_!sXXq!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png 1272w, https://substackcdn.com/image/fetch/$s_!sXXq!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!sXXq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png" width="1456" height="913" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:913,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!sXXq!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png 424w, https://substackcdn.com/image/fetch/$s_!sXXq!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png 848w, https://substackcdn.com/image/fetch/$s_!sXXq!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png 1272w, https://substackcdn.com/image/fetch/$s_!sXXq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fffe9358d-6263-4035-9f70-9e5105a577b7_2048x1284.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>ERC-8004 &#44592;&#48152; &#50640;&#51060;&#51204;&#53944; &#44144;&#47000; &#55120;&#47492;&#51008; &#51060;&#47111;&#45796;.</p><ol><li><p>&#50640;&#51060;&#51204;&#53944; &#44060;&#48156;&#51088;&#44032; Identity Registry&#50640; &#50640;&#51060;&#51204;&#53944; &#46321;&#47197;. ERC-721 NFT&#44032; &#48156;&#54665;&#46104;&#44256;, &#44536; NFT&#44032; &#50669;&#47049;&#183;endpoint&#183;&#44208;&#51228; &#51452;&#49548;&#44032; &#45812;&#44596; registration file(agent card)&#51012; &#44032;&#47532;&#53416;&#45796;.</p></li><li><p>&#45796;&#47480; &#50640;&#51060;&#51204;&#53944;&#45208; &#49324;&#50857;&#51088;&#44032; Registry&#50640;&#49436; &#50640;&#51060;&#51204;&#53944;&#47484; &#44160;&#49353;. &#50612;&#45712; EVM &#52404;&#51064;&#50640;&#49436;&#46304; &#51312;&#54924; &#44032;&#45733;&#54616;&#45796;.</p></li><li><p>&#51089;&#50629; &#49688;&#54665; &#54980; &#44208;&#44284; &#54588;&#46300;&#48177;&#51060; Reputation Registry&#50640; &#44592;&#47197;&#46108;&#45796;. EIP-191&#51060;&#45208; ERC-1271 &#49436;&#47749; &#44160;&#51613;&#51004;&#47196; &#54588;&#46300;&#48177; &#52636;&#52376;&#44032; &#54869;&#51064;&#46108;&#45796;.</p></li><li><p>&#44256;&#50948;&#54744; &#51089;&#50629;&#51008; Validation Registry&#50640;&#49436; &#46021;&#47549; validator&#44032; &#51116;&#49892;&#54665;&#183;zkML proof&#183;TEE&#47196; &#44208;&#44284;&#47484; &#44160;&#51613;&#54620; &#46244; &#50728;&#52404;&#51064;&#50640; &#44592;&#47197;&#54620;&#45796;.</p></li><li><p>&#48516;&#51137;&#51060; &#49373;&#44592;&#47732; &#50728;&#52404;&#51064; pointer&#50752; hash&#44032; &#49325;&#51228; &#48520;&#44032;&#45733;&#54616;&#48064;&#47196; audit trail &#47924;&#44208;&#49457;&#51060; &#50976;&#51648;&#46108;&#45796;.</p></li></ol><h4><strong>&#54645;&#49900; &#48708;&#51592;&#45768;&#49828;</strong></h4><p>ERC-8004&#45716; &#53945;&#51221; &#54924;&#49324;&#51032; &#49688;&#51061; &#44396;&#51312;&#44032; &#50500;&#45768;&#46972; &#51060;&#45908;&#47532;&#50880; &#49373;&#53468;&#44228; &#51204;&#52404;&#44032; &#44277;&#50976;&#54616;&#45716; &#50724;&#54536; &#54364;&#51456;&#51060;&#45796;. &#45824;&#49888; &#51060; &#54364;&#51456;&#51060; &#45331;&#44172; &#52292;&#53469;&#46112;&#49688;&#47197; &#51060;&#45908;&#47532;&#50880; &#49373;&#53468;&#44228; &#51204;&#52404;&#44032; &#49688;&#54812;&#47484; &#48376;&#45796;. &#45796;&#47480; &#44208;&#51228; &#54364;&#51456; &#54540;&#47112;&#51060;&#50612;&#46308;&#44284; &#52789;&#50948; &#51088;&#52404;&#44032; &#45796;&#47476;&#45796;. &#48708;&#51088;&#183;&#47560;&#49828;&#53552;&#52852;&#46300;&#45716; &#44208;&#51228;&#44032; &#51088;&#49324; &#47581;&#51012; &#51648;&#45216; &#46412; &#49688;&#49688;&#47308;&#47484; &#44032;&#51256;&#44036;&#45796;.</p><p>&#49828;&#53944;&#46972;&#51060;&#54532;&#183;&#53076;&#51064;&#48288;&#51060;&#49828;&#45716; &#54532;&#47196;&#53664;&#53084;&#51012; &#50676;&#44256; &#51064;&#54532;&#46972;&#50640;&#49436; &#49688;&#51061;&#51012; &#51105;&#45716;&#45796;. &#51060;&#45908;&#47532;&#50880;&#51008; &#44536; &#44208;&#51228; &#47112;&#51060;&#50612;&#46308;&#51060; &#44277;&#53685;&#51004;&#47196; &#52280;&#51312;&#54624; &#49888;&#47280; &#47112;&#51060;&#50612;&#47484; &#51228;&#44277;&#54620;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#45572;&#44396;&#51064;&#51648;, &#50612;&#46500; &#54217;&#54032;&#51012; &#44032;&#51276;&#45716;&#51648;, &#51089;&#50629; &#44208;&#44284;&#44032; &#44160;&#51613;&#46096;&#45716;&#51648;&#47484; &#52404;&#51064; &#50948;&#50640; &#54364;&#51456;&#54868;&#46108; &#48169;&#49885;&#51004;&#47196; &#44592;&#47197;&#54620;&#45796;. &#44208;&#51228; &#54532;&#47196;&#53664;&#53084; &#44221;&#51137;&#50640;&#49436; &#45572;&#44032; &#51060;&#44592;&#46304;, &#44536; &#44144;&#47000;&#51032; &#49888;&#47280; &#51613;&#48729;&#51008; ERC-8004&#44032; &#52376;&#47532;&#54616;&#45716; &#44396;&#51312;&#45796;.</p><p>&#51060; &#44396;&#51312;&#50640;&#49436; &#51060;&#45908;&#47532;&#50880; &#49373;&#53468;&#44228;&#44032; &#50619;&#45716; &#44032;&#52824;&#45716; &#54616;&#45208;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; ID &#47112;&#51648;&#49828;&#53944;&#47532;&#50640; &#46321;&#47197;&#46104;&#44256; &#54217;&#54032;&#51012; &#49939;&#51012;&#49688;&#47197; &#44536; &#47700;&#53440;&#45936;&#51060;&#53552;&#44032; EVM &#54872;&#44221;&#50640;&#49436; &#44032;&#51109; &#54840;&#54872;&#49457; &#45458;&#44172; &#51089;&#46041;&#54620;&#45796;. &#47700;&#53440;&#47560;&#49828;&#53356; &#44057;&#51008; &#54645;&#49900; &#54540;&#47112;&#51060;&#50612;&#44032; &#8216;agent workflow&#51032; &#44144;&#51216;&#51060; &#51060;&#45908;&#47532;&#50880;&#44284; Linea L2&#44032; &#46112; &#44163;&#8217;&#51060;&#46972;&#44256; &#51649;&#51217; &#48157;&#55180; &#45936;&#49436;&#46020; &#51060; &#51032;&#46020;&#44032; &#46300;&#47084;&#45212;&#45796;.</p><p>&#54364;&#51456;&#51060; &#51060;&#45908;&#47532;&#50880;&#50640;&#49436; &#52636;&#48156;&#54664;&#44256; EVM &#54840;&#54872; &#52404;&#51064;&#50640;&#49436; &#44032;&#51109; &#51088;&#50672;&#49828;&#47101;&#44172; &#51089;&#46041;&#54620;&#45796;. &#48708;EVM &#52404;&#51064;&#46020; SDK &#52264;&#50896;&#50640;&#49436; &#54869;&#51109;&#51060; &#51652;&#54665;&#46104;&#44256;&#45716; &#51080;&#51648;&#47564;(&#47700;&#53440;&#47560;&#49828;&#53356; &#51088;&#52404;&#44032; &#47680;&#54000;&#52404;&#51064; SDK&#47484; &#50868;&#50689;&#54620;&#45796;), &#54364;&#51456;&#51032; &#46356;&#54260;&#53944; &#54872;&#44221;&#51060; EVM&#51060;&#46972;&#45716; &#49324;&#49892;&#51008; &#48320;&#54616;&#51648; &#50506;&#45716;&#45796;.</p><p>&#54364;&#51456;&#51060; &#45331;&#44172; &#50416;&#51068;&#49688;&#47197; EVM &#49373;&#53468;&#44228;&#51032; &#44592;&#48376;&#44050; &#51648;&#50948;&#45716; &#45908; &#44403;&#50612;&#51652;&#45796;. &#44208;&#44397; &#51060;&#45908;&#47532;&#50880; &#51116;&#45800;&#44284; &#47700;&#53440;&#47560;&#49828;&#53356;&#44032; ERC-8004&#47196; &#45432;&#47532;&#45716; &#54252;&#51648;&#49496;&#51008; &#44208;&#51228; &#47112;&#51060;&#50612;&#50640;&#49436; &#49688;&#49688;&#47308;&#47484; &#44032;&#51256;&#44032;&#45716; &#44172;&#51076;&#51060; &#50500;&#45768;&#45796;. &#44208;&#51228; &#47112;&#51060;&#50612;&#46308;&#51060; &#44277;&#53685;&#51004;&#47196; &#52280;&#51312;&#54644;&#50556; &#54616;&#45716; &#49888;&#47280; &#51064;&#54532;&#46972; &#51088;&#52404;&#44032; &#46104;&#45716; &#44172;&#51076;&#51060;&#45796;. &#54364;&#51456;&#51060; &#45328;&#47532; &#50416;&#51068;&#49688;&#47197; EVM &#49373;&#53468;&#44228; &#51204;&#52404;&#51032; &#44592;&#48376;&#44050; &#51648;&#50948;&#44032; &#44053;&#54868;&#46104;&#45716; &#44396;&#51312;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#51060;&#45908;&#47532;&#50880;&#51032; &#50500;&#50883;&#47337;&#51012; &#54620; &#51460;&#47196; &#51221;&#47532;&#54616;&#47732;, &#44208;&#51228;&#48372;&#45796; &#49888;&#47280; &#47112;&#51060;&#50612;&#47484; &#46021;&#51216;&#54616;&#45716; &#51204;&#47029;&#51060;&#45796;.</p><p>&#51060; &#49440;&#53469;&#51032; &#51032;&#48120;&#45716; &#47749;&#54869;&#54616;&#45796;. &#51060;&#45908;&#47532;&#50880;&#51008; &#44208;&#51228; &#54532;&#47196;&#53664;&#53084; &#44221;&#51137;&#50640; &#46832;&#50612;&#46308;&#51648; &#50506;&#50520;&#45796;. x402&#46020;, MPP&#46020;, &#50948;&#51076;&#44208;&#51228;(Delegate Payment)&#46020; &#47784;&#46160; &#44208;&#51228; &#8220;&#54665;&#50948;&#8221; &#51088;&#52404;&#47484; &#45796;&#47340;&#45796;. &#51060;&#45908;&#47532;&#50880;&#51008; &#44208;&#51228; &#50948;&#50640; &#49939;&#51060;&#45716; &#8220;&#45572;&#44032; &#44144;&#47000;&#54664;&#44256;, &#44208;&#44284;&#44032; &#50612;&#46432;&#45716;&#44032;&#8221; &#47484; &#54364;&#51456;&#54868;&#54616;&#45716; &#51901;&#51012; &#53469;&#54664;&#45796;.</p><p>&#50640;&#51060;&#51204;&#53944;&#44036; &#44144;&#47000;&#51064; &#54168;&#51060;&#54140;&#53084;&#50640;&#49436;&#45716; &#50612;&#45712; &#44208;&#51228; &#54532;&#47196;&#53664;&#53084;&#51060; &#51060;&#44592;&#46304; &#44536; &#44144;&#47000;&#51032; &#51613;&#48729;&#51008; ERC-8004&#51032; &#54872;&#44221;&#51060; &#44592;&#47197;&#46112; &#44032;&#45733;&#49457;&#51060; &#45458;&#45796;. &#54364;&#51456;&#51060; &#45328;&#47532; &#52292;&#53469;&#46104;&#44592;&#47564; &#54616;&#47732;, &#44208;&#51228; &#47112;&#51060;&#50612; &#49849;&#51088;&#44032; &#45572;&#44396;&#46304; &#51060;&#45908;&#47532;&#50880; &#49373;&#53468;&#44228;&#45716; &#49688;&#54812;&#47484; &#48376;&#45796;.</p><p>&#45796;&#47564; &#46160; &#44032;&#51648; &#48320;&#49688;&#44032; &#51080;&#45796;.</p><p>&#52395;&#51704;, EVM &#54840;&#54872;&#49457;&#51032; &#54620;&#44228;&#45796;. ERC-8004&#45716; EVM &#52404;&#51064; &#44592;&#48152;&#51060;&#45796;. Base, Arc, &#53596;&#54252;, Linea, BNB Chain &#44057;&#51008; EVM &#44228;&#50676;&#51008; &#44536;&#45824;&#47196; &#50424; &#49688; &#51080;&#51648;&#47564;, Solana&#50752; Bitcoin Lightning &#44057;&#51008; &#48708;EVM &#51652;&#50689;&#51008; &#48324;&#46020; adapter&#44032; &#54596;&#50836;&#54616;&#45796;. &#48708;EVM &#52404;&#51064;&#51060; &#51088;&#52404; &#49888;&#50896;&#183;&#54217;&#54032; &#54364;&#51456;&#51012; &#47564;&#46304;&#45796;&#47732;, &#50640;&#51060;&#51204;&#53944; &#44221;&#51228;&#44032; EVM&#44284; &#48708;EVM&#51004;&#47196; &#51900;&#44060;&#51656; &#50948;&#54744;&#51060; &#51080;&#45796;. Solana&#44032; &#51060;&#48120; x402 &#44144;&#47000;&#51032; 24%&#47484; &#51216;&#50976;&#54616;&#44256; &#51080;&#45796;&#45716; &#49324;&#49892;&#51008; &#51060; &#48516;&#54868;&#44032; &#49892;&#51228;&#47196; &#51068;&#50612;&#45208;&#44256; &#51080;&#51020;&#51012; &#49884;&#49324;&#54620;&#45796;.</p><p>&#46168;&#51704;, ERC-8004&#51032; &#49892;&#51228; &#52292;&#53469; &#44618;&#51060;&#45796;. &#54364;&#51456;&#51060; &#47700;&#51064;&#45367;&#50640; &#46972;&#51060;&#48652;&#46096;&#45796;&#44256; &#54644;&#49436; &#50640;&#51060;&#51204;&#53944;&#46308;&#51060; &#49892;&#51228;&#47196; Identity Registry&#50640; &#46321;&#47197;&#54616;&#44256; Reputation Registry&#50640; &#54588;&#46300;&#48177;&#51012; &#49939;&#45716; &#44148; &#48324;&#44060;&#51032; &#47928;&#51228;&#45796;. &#52488;&#44592; &#54532;&#47196;&#53664;&#53440;&#51077;(ChaosChain) &#49688;&#51456;&#51012; &#45336;&#50612; &#51452;&#50836; facilitator&#50752; &#50640;&#51060;&#51204;&#53944; &#54540;&#47019;&#54268;&#51060; ERC-8004&#47484; &#44592;&#48376;&#44050;&#51004;&#47196; &#48155;&#50500;&#46308;&#51068;&#51648;&#44032; &#44288;&#44148;&#51060;&#45796;.</p><p>&#54616;&#51648;&#47564;, &#54168;&#51060;&#54140;&#53084; &#49884;&#45824;&#44032; &#50724;&#45908;&#46972;&#46020; &#49324;&#46988;&#46308;&#51008; &#54200;&#47532;&#49457;&#51012; &#50948;&#54644; &#51648;&#44049;&#50640; &#53457;&#51116;&#46108; &#44592;&#45733;&#51012; &#50416;&#44172;&#46108;&#45796;&#47732; &#54364;&#51456;&#51004;&#47196; &#45208;&#53440;&#45256;&#50612;&#46020; &#51032;&#48120;&#44032; &#50630;&#45796;.</p><h3><strong>Kite AI</strong></h3><h4><strong>&#54645;&#49900; &#44592;&#49696;</strong></h4><p>&#52852;&#51060;&#53944;(Kite AI)&#45716; AI &#50640;&#51060;&#51204;&#53944;&#47484; &#50948;&#54644; &#52376;&#51020;&#48512;&#53552; &#49444;&#44228;&#46108; &#51204;&#50857; &#44208;&#51228; &#51064;&#54532;&#46972;&#45796;. &#48708;&#51088;&#183;&#47560;&#49828;&#53552;&#52852;&#46300;&#183;&#49828;&#53944;&#46972;&#51060;&#54532;&#44032; &#44592;&#51316; &#52852;&#46300; &#44208;&#51228;&#47581;&#51060;&#45208; PSP &#51064;&#54532;&#46972;&#47484; &#50640;&#51060;&#51204;&#53944; &#54872;&#44221;&#50640; &#51060;&#49885;&#54616;&#45716; &#48169;&#49885;&#51060;&#46972;&#47732;, Kite&#45716; &#48152;&#45824; &#48169;&#54693;&#50640;&#49436; &#52636;&#48156;&#54620;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#51088;&#50984;&#51201;&#51004;&#47196; &#44208;&#51228;&#54616;&#45716; &#54872;&#44221;&#51012; &#51204;&#51228;&#47196; &#52404;&#51064;&#183;&#49888;&#50896;&#183;&#49464;&#49496;&#183;&#54217;&#54032;&#51012; &#54616;&#45208;&#51032; &#49828;&#53469;&#51004;&#47196; &#47926;&#50632;&#45796;.</p><p>&#54645;&#49900;&#51008; &#45348; &#44032;&#51648;&#45796;. EVM &#54840;&#54872; L1 &#52404;&#51064;(&#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#45348;&#51060;&#54000;&#48652; &#51221;&#49328;), Kite Passport(&#50640;&#51060;&#51204;&#53944; &#49888;&#50896;&#183;&#50948;&#51076; &#44288;&#47532;), Programmable Trust Layer(&#50516;&#54840;&#54617;&#51201; &#51648;&#52636; &#44508;&#52825;), SLA &#52968;&#53944;&#47001;&#53944;(&#49436;&#48708;&#49828; &#48372;&#51613; &#51088;&#46041; &#51665;&#54665;). &#51060; &#45348; &#44032;&#51648;&#44032; &#48516;&#47532;&#46108; &#51228;&#54408;&#51060; &#50500;&#45768;&#46972; &#54616;&#45208;&#51032; &#49828;&#53469;&#51004;&#47196; &#51089;&#46041;&#54620;&#45796;&#45716; &#44172; &#45796;&#47480; &#54540;&#47112;&#51060;&#50612;&#46308;&#44284; &#44396;&#51312;&#51201;&#51004;&#47196; &#45796;&#47480; &#51648;&#51216;&#51060;&#45796;.</p><p>&#54532;&#47196;&#53664;&#53084; &#54840;&#54872;&#49457;&#46020; &#44054;&#52676;&#45796;. MCP(Anthropic), A2A&#183;AP2(Google), x402(Coinbase), MPP(Stripe&#183;&#53596;&#54252;), OAuth 2.1&#51012; &#47784;&#46160; &#51648;&#50896;&#54620;&#45796;. &#44060;&#48156;&#51088;&#44032; Kite&#50752; &#44592;&#51316; &#49828;&#53469; &#49324;&#51060;&#50640;&#49436; &#49440;&#53469;&#54616;&#45716; &#44172; &#50500;&#45768;&#46972;, &#44592;&#51316; &#49828;&#53469;&#50640; Kite&#47484; &#45908;&#54616;&#45716; &#44396;&#51312;&#47196; &#49444;&#44228;&#54664;&#45796;.</p><p>&#52852;&#51060;&#53944;&#51032; &#54645;&#49900; &#44592;&#49696;&#51008; &#49464; &#44032;&#51648;&#45796;.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!S7eS!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a0366f0-e15d-4fc5-a859-97c707cf0980_982x346.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!S7eS!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a0366f0-e15d-4fc5-a859-97c707cf0980_982x346.png 424w, https://substackcdn.com/image/fetch/$s_!S7eS!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a0366f0-e15d-4fc5-a859-97c707cf0980_982x346.png 848w, https://substackcdn.com/image/fetch/$s_!S7eS!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a0366f0-e15d-4fc5-a859-97c707cf0980_982x346.png 1272w, https://substackcdn.com/image/fetch/$s_!S7eS!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a0366f0-e15d-4fc5-a859-97c707cf0980_982x346.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!S7eS!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4a0366f0-e15d-4fc5-a859-97c707cf0980_982x346.png" width="982" height="346" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4a0366f0-e15d-4fc5-a859-97c707cf0980_982x346.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:346,&quot;width&quot;:982,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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href="https://substackcdn.com/image/fetch/$s_!uGNr!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb6021c3c-dd52-4acc-8a4c-7d31427131d3_1252x684.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!uGNr!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb6021c3c-dd52-4acc-8a4c-7d31427131d3_1252x684.png 424w, https://substackcdn.com/image/fetch/$s_!uGNr!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb6021c3c-dd52-4acc-8a4c-7d31427131d3_1252x684.png 848w, https://substackcdn.com/image/fetch/$s_!uGNr!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb6021c3c-dd52-4acc-8a4c-7d31427131d3_1252x684.png 1272w, 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https://substackcdn.com/image/fetch/$s_!uGNr!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb6021c3c-dd52-4acc-8a4c-7d31427131d3_1252x684.png 848w, https://substackcdn.com/image/fetch/$s_!uGNr!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb6021c3c-dd52-4acc-8a4c-7d31427131d3_1252x684.png 1272w, https://substackcdn.com/image/fetch/$s_!uGNr!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb6021c3c-dd52-4acc-8a4c-7d31427131d3_1252x684.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#44208;&#51228; &#55120;&#47492;&#51008; &#45796;&#49455; &#45800;&#44228;&#45796;.</p><ol><li><p>&#49324;&#50857;&#51088;&#51032; Kite Passport &#49444;&#52824; &#48143; &#54056;&#49828;&#53412;(&#51648;&#47928;&#183;Face ID) &#46321;&#47197;.</p></li><li><p>&#50640;&#51060;&#51204;&#53944;&#51032; Session &#49373;&#49457;. &#50696;&#49328; &#54620;&#46020;&#183;&#50976;&#54952; &#49884;&#44036;&#183;&#54728;&#50857; &#54665;&#46041; &#47749;&#49884;.</p></li><li><p>&#49324;&#50857;&#51088;&#51032; &#54056;&#49828;&#53412; &#49849;&#51064;. &#54620;&#46020; &#45236; &#50640;&#51060;&#51204;&#53944; &#51088;&#50984; &#49892;&#54665;.</p></li><li><p>&#47588; &#44144;&#47000;&#47560;&#45796; 3&#52789; &#49436;&#47749;(&#49324;&#50857;&#51088; &#47336;&#53944; &#44428;&#54620;&#183;&#50640;&#51060;&#51204;&#53944; &#50948;&#51076; &#53664;&#53360;&#183;&#49464;&#49496; &#49436;&#47749;) &#52392;&#48512; &#48143; &#44160;&#51613;. &#49464; &#49436;&#47749; &#47784;&#46160; &#53685;&#44284; &#49884; &#44144;&#47000; &#49457;&#47549;.</p></li><li><p>&#50948;&#48152; &#48156;&#49373; &#49884; SLA &#50724;&#46972;&#53364;&#51032; &#50728;&#52404;&#51064; &#50612;&#53580;&#49828;&#53580;&#51060;&#49496; &#51228;&#52636;. &#49828;&#47560;&#53944; &#52968;&#53944;&#47001;&#53944;&#44032; &#54872;&#48520;&#183;&#54168;&#45328;&#54000; &#51088;&#46041; &#51665;&#54665;.</p></li></ol><p>&#44032;&#47609;&#51216;&#51008; x402&#50752; MPP &#46160; &#44221;&#47196;&#47196; &#52280;&#50668;&#54624; &#49688; &#51080;&#45796;. x402&#45716; HTTP 402 &#51025;&#45813;&#51004;&#47196; &#44208;&#51228; &#51312;&#44148;&#51012; &#48152;&#54872;&#54616;&#44256; &#50728;&#52404;&#51064;&#51004;&#47196; &#51221;&#49328;&#54616;&#45716; &#48169;&#49885;&#51060;&#44256;, MPP&#45716; &#49828;&#53944;&#46972;&#51060;&#54532;&#183;&#53596;&#54252; &#44592;&#48152;&#51004;&#47196; &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#44284; &#48277;&#51221;&#54868;&#54224;&#47484; &#47784;&#46160; &#51648;&#50896;&#54620;&#45796;. &#50612;&#45712; &#44221;&#47196;&#47484; &#53469;&#54616;&#46304; Kite Passport &#50640;&#51060;&#51204;&#53944;&#51032; &#44208;&#51228;&#47484; &#48155;&#51012; &#49688; &#51080;&#45796;.</p><h4><strong>&#54645;&#49900; &#48708;&#51592;&#45768;&#49828;</strong></h4><p>&#52852;&#51060;&#53944;&#51032; &#51217;&#44540; &#48169;&#49885;&#51008; &#45796;&#47480; &#54540;&#47112;&#51060;&#50612;&#46308;&#44284; &#52636;&#48156;&#51216;&#51060; &#45796;&#47476;&#45796;. &#48708;&#51088;&#183;&#47560;&#49828;&#53552;&#52852;&#46300;&#45716; &#44592;&#51316; &#52852;&#46300;&#47581;&#51012; &#50640;&#51060;&#51204;&#53944; &#54872;&#44221;&#50640; &#51060;&#49885;&#54620;&#45796;. &#49828;&#53944;&#46972;&#51060;&#54532;&#45716; &#44592;&#51316; PSP &#51064;&#54532;&#46972; &#50948;&#50640; &#50640;&#51060;&#51204;&#53944; &#47112;&#51060;&#50612;&#47484; &#50617;&#45716;&#45796;. &#52852;&#51060;&#53944;&#45716; &#52376;&#51020;&#48512;&#53552; &#50640;&#51060;&#51204;&#53944;&#47564;&#51012; &#50948;&#54644; &#49444;&#44228;&#54664;&#45796;. &#52404;&#51064;&#183;&#49888;&#50896;&#183;&#49464;&#49496;&#183;&#54217;&#54032;&#51012; &#54616;&#45208;&#51032; &#49828;&#53469;&#51004;&#47196; &#47926;&#44256;, &#50640;&#51060;&#51204;&#53944;&#44032; &#51316;&#51116;&#54616;&#45716; &#47112;&#51060;&#50612; &#51088;&#52404;&#47484; &#51064;&#54532;&#46972;&#47196; &#47564;&#46308;&#47140; &#54620;&#45796;.</p><p>&#50668;&#44592;&#49436; &#44396;&#51312;&#44032; &#46021;&#53945;&#54616;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064;&#51004;&#47196; &#46308;&#50612;&#50728; &#49688;&#49688;&#47308;&#44032; &#49884;&#51109;&#50640;&#49436; &#52852;&#51060;&#53944; &#53664;&#53360;&#51004;&#47196; &#49828;&#50769;&#46076; &#48516;&#48176;&#46108;&#45796;. &#44144;&#47000;&#47049;&#51060; &#45720;&#50612;&#45216;&#49688;&#47197; &#53664;&#53360; &#47588;&#49688; &#50517;&#47141;&#51060; &#52964;&#51648;&#45716; &#44396;&#51312;&#45796;. &#45800;&#49692;&#54620; &#49688;&#49688;&#47308; &#49688;&#51061;&#51060; &#50500;&#45768;&#46972;, &#44144;&#47000;&#47049;&#51060; &#53664;&#53360; &#44032;&#52824;&#47196; &#51204;&#54872;&#46104;&#45716; &#49444;&#44228;&#45796;.</p><p>&#52852;&#51060;&#53944;&#51032; &#54252;&#51648;&#49496;&#51012; &#54620; &#51460;&#47196; &#51221;&#47532;&#54616;&#47732;, &#50808;&#48512; &#44208;&#51228; &#54364;&#51456;&#44284; &#54840;&#54872;&#46104;&#45716; &#46041;&#49884;&#50640;, &#44536; &#54364;&#51456;&#51060; &#49892;&#54665;&#46104;&#45716; &#47112;&#51060;&#50612;&#47484; &#51649;&#51217; &#49548;&#50976;&#54616;&#44192;&#45796;&#45716; &#51204;&#47029;&#51060;&#45796;. Kite Passport, Agent SLA &#46321; &#51088;&#52404; &#49888;&#50896;&#183;&#44160;&#51613; &#54364;&#51456;&#46020; &#54632;&#44760; &#47564;&#46308;&#44256; &#51080;&#51648;&#47564;, &#54645;&#49900; &#44032;&#52824;&#45716; &#44536; &#47784;&#46160;&#44032; &#55120;&#47476;&#45716; &#52404;&#51064; &#51088;&#52404;&#47484; &#51088;&#44592; &#51064;&#54532;&#46972;&#47196; &#46160;&#45716; &#45936; &#51080;&#45796;.</p><p>Google AP2 &#44057;&#51008; &#44208;&#51228; &#44428;&#54620; &#54364;&#51456;&#51060; &#50948; &#47112;&#51060;&#50612;&#50640; &#51080;&#45796;&#47732;, &#52852;&#51060;&#53944;&#45716; &#44536; &#44428;&#54620;&#51060; &#50728;&#52404;&#51064;&#50640;&#49436; &#49892;&#51228;&#47196; &#51665;&#54665;&#46104;&#45716; &#50500;&#47000; &#47112;&#51060;&#50612;&#47484; &#52264;&#51648;&#54616;&#47140; &#54620;&#45796;. &#49892;&#51228;&#47196; &#52852;&#51060;&#53944;&#45716; A2A&#183;MCP&#183;OAuth 2.1&#183;AP2 &#46321; &#44592;&#51316; &#54364;&#51456;&#44284; &#54840;&#54872;&#46104;&#46020;&#47197; &#49444;&#44228;&#46104;&#50612; &#51080;&#45796;. &#45796;&#47564; &#54788;&#51116;&#45716; &#53580;&#49828;&#53944;&#45367;&#44284; &#52488;&#44592; &#54028;&#53944;&#45320;&#49901; &#45800;&#44228;&#45796;. &#54168;&#51060;&#54036;&#44284; &#53076;&#51064;&#48288;&#51060;&#49828; &#48292;&#52376;&#49828;&#44032; &#46041;&#49884;&#50640; &#53804;&#51088;&#54664;&#45796;&#45716; &#44148; &#44032;&#45733;&#49457;&#51012; &#51064;&#51221;&#48155;&#50520;&#45796;&#45716; &#49888;&#54840;&#51648;&#47564;, &#53804;&#51088;&#50752; &#49892;&#51228; &#52292;&#53469;&#51008; &#45796;&#47480; &#47928;&#51228;&#45796;.</p><h4><strong>&#50500;&#50883;&#47337;</strong></h4><p>&#52852;&#51060;&#53944;&#51032; &#54252;&#51648;&#49496;&#51008; &#44032;&#51109; &#50556;&#49900;&#52264;&#44256;, &#46041;&#49884;&#50640; &#44032;&#51109; &#48520;&#54869;&#49892;&#54616;&#45796;.</p><p>&#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#51064;&#54532;&#46972;&#47484; &#52376;&#51020;&#48512;&#53552; &#45796;&#49884; &#49444;&#44228;&#54620;&#45796;&#45716; &#47749;&#51228;&#45716; &#47582;&#45796;. &#44592;&#51316; &#52852;&#46300;&#47581; &#50948;&#50640;&#49436; &#51089;&#46041;&#54616;&#45716; &#48708;&#51088;&#183;&#47560;&#49828;&#53552;&#52852;&#46300;&#183;&#49828;&#53944;&#46972;&#51060;&#54532;&#50752; &#45804;&#47532;, &#52852;&#51060;&#53944;&#45716; &#52852;&#46300;&#47581;&#51012; &#51204;&#51228;&#54616;&#51648; &#50506;&#45716;&#45796;. &#49828;&#53580;&#51060;&#48660;&#53076;&#51064; &#45348;&#51060;&#54000;&#48652; &#51221;&#49328;, &#50516;&#54840;&#54617;&#51201; &#49888;&#50896; &#44160;&#51613;, &#51088;&#46041; &#51665;&#54665; SLA&#44620;&#51648; &#50640;&#51060;&#51204;&#53944; &#54872;&#44221;&#50640; &#54596;&#50836;&#54620; &#50836;&#49548;&#47484; &#54616;&#45208;&#51032; &#49828;&#53469;&#51004;&#47196; &#47926;&#51008; &#49444;&#44228;&#45716; &#44396;&#51312;&#51201;&#51004;&#47196; &#52264;&#48324;&#54868;&#46108;&#45796;.</p><p>&#51060;&#45716; &#50756;&#51204;&#55176; &#54168;&#51060;&#54140;&#53084;&#50640; &#47582;&#52632; &#50640;&#51060;&#51204;&#53944;&#44036; &#44144;&#47000;&#50640; &#53945;&#54868;&#46104;&#44192;&#45796;&#45716; &#46907;&#51060;&#45796;.</p><p>&#47928;&#51228;&#45716; &#49892;&#54665;&#51060;&#45796;. &#54788;&#51116; &#52852;&#51060;&#53944;&#45716; &#53580;&#49828;&#53944;&#45367;&#44284; &#52488;&#44592; &#54028;&#53944;&#45320;&#49901; &#45800;&#44228;&#45796;. &#51060;&#45908;&#47532;&#50880;&#51060; ERC-8004&#47196; &#54364;&#51456; &#51452;&#46020;&#44428;&#51012; &#51536;&#44256; &#51080;&#44256;, &#49828;&#53944;&#46972;&#51060;&#54532;&#183;&#53076;&#51064;&#48288;&#51060;&#49828;&#183;&#44396;&#44544;&#51060; &#51060;&#48120; &#44592;&#51316; &#51064;&#54532;&#46972;&#50752; &#44060;&#48156;&#51088; &#49373;&#53468;&#44228;&#47484; &#44054;&#52632; &#49345;&#53468;&#50640;&#49436; &#51088;&#52404; L1&#51004;&#47196; &#51216;&#50976;&#50984;&#51012; &#54869;&#48372;&#54616;&#45716; &#44148; &#45796;&#47480; &#44172;&#51076;&#51060;&#45796;.</p><p>&#54168;&#51060;&#54036;&#44284; &#53076;&#51064;&#48288;&#51060;&#49828; &#48292;&#52376;&#49828;&#44032; &#46041;&#49884;&#50640; &#53804;&#51088;&#54664;&#45796;&#45716; &#44148; &#50577; &#51652;&#50689;&#50640;&#49436; &#44032;&#45733;&#49457;&#51012; &#51064;&#51221;&#54664;&#45796;&#45716; &#49888;&#54840;&#51648;&#47564;, &#53804;&#51088;&#50752; &#52292;&#53469;&#51008; &#45796;&#47476;&#45796;. &#49892;&#51228; &#54168;&#51060;&#54140;&#53084;&#51060; &#51216;&#50976;&#50984;&#51060; &#50732;&#46972;&#50724;&#44172; &#46108;&#45796;&#47732; &#52852;&#51060;&#53944;&#45716; &#50517;&#46020;&#51201;&#51064; &#49373;&#53468;&#44228;&#47484; &#44396;&#52629;&#54624; &#49688; &#51080;&#51012; &#44163;&#51060;&#45796;. &#54616;&#51648;&#47564; &#44536;&#44172; &#50620;&#47560;&#45208; &#44152;&#47540;&#51648;&#45716; &#50500;&#47924;&#46020; &#47784;&#47480;&#45796;.</p><h2><strong>4. &#44208;&#51228;&#51032; &#45796;&#51020; &#54032;, &#49692;&#49436;&#44032; &#51080;&#45796;</strong></h2><p>&#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;&#45716; &#44208;&#44397; &#49457;&#44277;&#54624; &#47784;&#45944;&#51060;&#45796;. &#51656;&#47928;&#51008; &#8220;&#51060; &#49324;&#51109;&#51060; &#50676;&#47532;&#45712;&#45264;?&#8221;&#44032; &#50500;&#45772; &#8220;&#45572;&#44032; &#44536; &#49884;&#51109;&#51012; &#52264;&#51648;&#54616;&#45712;&#45264;&#8221;&#45796;.</p><p>&#50780;&#45264;&#54616;&#47732;, &#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;&#45716; &#50756;&#51204;&#55176; &#49352;&#47196;&#50868; &#44396;&#51312;&#44032; &#50500;&#45768;&#45796;. &#44592;&#51316; &#52404;&#44228;&#50640;&#49436; &#49324;&#50857;&#51088;, &#52852;&#46300;&#49324;, &#44032;&#47609;&#51216;&#46308;&#51008; &#44033;&#44033; &#50629;&#45936;&#51060;&#53944; &#54620;&#48264;&#47564; &#54616;&#47732;&#46108;&#45796;. &#51060;&#45716; &#44592;&#49696;&#51032; &#50864;&#49688;&#49457;&#48372;&#45796;&#45716; &#49884;&#51109;&#50640; &#50620;&#47560;&#45208; &#48736;&#47476;&#44172; &#50728;&#48372;&#46377;&#46104;&#45264;&#51060;&#45796;. &#49892;&#51228;&#47196; &#51060;&#48120; &#49884;&#51109;&#51008; &#51060;&#54644;&#44288;&#44228;&#51088;&#46308;&#45180;&#47532; &#47945;&#52452;&#45796;. &#44396;&#44544;&#44284; &#50724;&#54536;AI&#51032; &#54028;&#53944;&#45320;&#49324;&#47196; &#50900;&#47560;&#53944;, &#50659;&#49884;, &#49660;&#54588;&#54028;&#51060;&#46321;&#44284; &#44057;&#51008; &#51060;&#52964;&#47672;&#49828; &#44032;&#47609;&#51216;&#46308;&#51012; &#45908;&#48520;&#50612; &#44208;&#51228; &#45348;&#53944;&#50892;&#53356; &#48143; &#50644;&#53552;&#54532;&#46972;&#51060;&#51592; &#54924;&#49324;&#46308;&#46020; &#54633;&#47448;&#54664;&#45796;.</p><p>&#54168;&#51060;&#54140;&#53084;&#51008; &#45796;&#47480; &#51060;&#50556;&#44592;&#45796;. &#51060; &#49884;&#51109;&#51060; &#50676;&#47540; &#44032;&#45733;&#49457; &#51088;&#52404;&#47484; &#48512;&#51221;&#54624; &#49688;&#45716; &#50630;&#51648;&#47564;, &#51648;&#44552; &#45817;&#51109; &#49688;&#50836;&#44032; &#51316;&#51116;&#54616;&#45716;&#51648;&#45716; &#48520;&#54869;&#49892;&#54616;&#45796;. &#54645;&#49900; &#51060;&#50976;&#45716; &#54788;&#51116;&#51032; API &#44208;&#51228; &#44396;&#51312;&#50640; &#51080;&#45796;. OpenAI, Anthropic, AWS &#44057;&#51008; API &#51228;&#44277;&#51088;&#46308;&#51008; &#51060;&#48120; &#50900; &#44396;&#46021; &#46608;&#45716; &#49324;&#50857;&#47049; &#44592;&#48152; &#54980;&#48520; &#52397;&#44396; &#48169;&#49885;&#51004;&#47196; &#50868;&#50689;&#46108;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; API&#47484; &#54840;&#52636;&#54624; &#46412; &#54540;&#47019;&#54268;&#51060; &#52852;&#46300;&#47484; &#51088;&#46041; &#50672;&#46041;&#54644; &#50900; &#45800;&#50948;&#47196; &#52397;&#44396;&#54616;&#47732;, &#44592;&#51316; SaaS &#52397;&#44396; &#44396;&#51312;&#50752; &#44592;&#45733;&#51201;&#51004;&#47196; &#46041;&#51068;&#54620; &#44208;&#44284;&#44032; &#45208;&#50728;&#45796;. &#44592;&#50629; &#51116;&#47924;&#54016; &#51077;&#51109;&#50640;&#49436;&#45716; &#50696;&#52769; &#44032;&#45733;&#54616;&#44256; &#51061;&#49689;&#54620; &#51060; &#44396;&#51312;&#47484; &#44403;&#51060; &#48148;&#44992; &#50976;&#51064;&#51060; &#50630;&#45796;. x402&#45208; MPP &#44057;&#51008; &#54168;&#51060;&#54140;&#53084; &#54532;&#47196;&#53664;&#53084;&#51060; &#48152;&#46300;&#49884; &#54596;&#50836;&#54620; &#49688;&#50836;&#44032; &#50500;&#51649; &#44160;&#51613;&#46104;&#51648; &#50506;&#51008; &#51060;&#50976;&#44032; &#50668;&#44592; &#51080;&#45796;.</p><p>&#54168;&#51060;&#54140;&#53084;&#51060; &#51032;&#48120; &#51080;&#45716; &#49884;&#51109;&#51060; &#46104;&#47140;&#47732; &#51312;&#44148;&#51060; &#47582;&#47932;&#47140;&#50556; &#54620;&#45796;. &#50640;&#51060;&#51204;&#53944;&#44032; &#49324;&#51204; &#44228;&#50557; &#50630;&#51060; &#48520;&#53945;&#51221; &#45796;&#49688;&#51032; &#50808;&#48512; &#51088;&#50896;&#51012; &#51088;&#50984;&#51201;&#51004;&#47196; &#51312;&#45804;&#54616;&#44256;, &#44536; &#44144;&#47000;&#44032; &#52488;&#45817; &#49688;&#49901; &#44148;, &#44148;&#45817; $0.001 &#51060;&#54616; &#49688;&#51456;&#51004;&#47196; &#48156;&#49373;&#54644;&#50556; &#54620;&#45796;. &#44592;&#51316; &#44396;&#46021; &#44396;&#51312;&#47196;&#45716; &#52376;&#47532;&#54624; &#49688; &#50630;&#45716; &#49549;&#46020;&#50752; &#45800;&#44032;&#44032; &#45208;&#50752;&#50556; &#48708;&#47196;&#49548; &#8220;&#54168;&#51060;&#54140;&#53084;&#51060; &#49888;&#50857;&#52852;&#46300;&#48372;&#45796; &#45227;&#45796;&#8221;&#45716; &#47749;&#51228;&#44032; &#49457;&#47549;&#54620;&#45796;.</p><p>&#44208;&#44397; &#51060; &#49884;&#51109;&#51032; &#54869;&#51109;&#51008; &#49692;&#49436;&#44032; &#51080;&#45796;. &#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;&#44032; &#47676;&#51200; &#49457;&#51109;&#54616;&#44256;, &#44536; &#44284;&#51221;&#50640;&#49436; &#50640;&#51060;&#51204;&#53944;&#50640; &#45824;&#54620; &#49888;&#47280;&#50752; &#51088;&#50984;&#49457;&#51060; &#52629;&#51201;&#46108; &#46244;&#50640;&#50556; &#54168;&#51060;&#54140;&#53084; &#49884;&#51109;&#51032; &#49688;&#50836;&#44032; &#44160;&#51613;&#46108;&#45796;.</p><p><strong>&#50640;&#51060;&#51204;&#54001; &#52964;&#47672;&#49828;&#51032; &#49849;&#51088;&#45716; &#51060;&#48120; &#44221;&#51137; &#51473;&#51060;&#44256;, &#54168;&#51060;&#54140;&#53084;&#51032; &#49849;&#51088;&#45716; &#49884;&#51109;&#51060; &#50676;&#47532;&#45716; &#49884;&#51216;&#50640; &#44208;&#51221;&#46108;&#45796;.</strong></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#128047; More from Tiger Research</strong></h2><pre><code><code>&#51060;&#48264; &#47532;&#49436;&#52824;&#50752; &#44288;&#47144;&#46108; &#45908; &#47566;&#51008; &#51088;&#47308;&#47484; &#51069;&#50612;&#48372;&#49464;&#50836;.</code></code></pre><ul><li><p><a href="https://reports.tiger-research.com/p/aiagentpayment-kor">AI &#50640;&#51060;&#51204;&#53944; &#44208;&#51228; &#51064;&#54532;&#46972;, &#53356;&#47549;&#53664;&#50752; &#48709;&#53580;&#53356;&#51032; &#48169;&#54693;&#49457;</a></p></li><li><p><a href="https://reports.tiger-research.com/p/x402-coinbase-kor?utm_source=publication-search">x402 : &#53076;&#51064;&#48288;&#51060;&#49828;&#44032; &#50668;&#45716; AI &#50640;&#51060;&#51204;&#53944; &#49884;&#45824;</a></p></li></ul><div><hr></div><h2><strong>Disclaimer</strong></h2><p>&#51060; &#48372;&#44256;&#49436;&#45716; &#49888;&#47280;&#54624; &#49688; &#51080;&#45716; &#51088;&#47308;&#47484; &#48148;&#53461;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#49845;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51221;&#48372;&#51032; &#51221;&#54869;&#49457;, &#50756;&#51204;&#49457;, &#44536;&#47532;&#44256; &#51201;&#54633;&#49457;&#51012; &#47749;&#49884;&#51201;&#51004;&#47196;&#45208; &#50516;&#49884;&#51201;&#51004;&#47196; &#48372;&#51613;&#54616;&#51648; &#50506;&#49845;&#45768;&#45796;. &#45817;&#49324;&#45716; &#48376; &#48372;&#44256;&#49436;&#45208; &#44536; &#45236;&#50857;&#51012; &#51060;&#50857;&#54632;&#50640; &#46384;&#47480; &#47784;&#46304; &#49552;&#49892;&#50640; &#45824;&#54644; &#52293;&#51076;&#51012; &#51648;&#51648; &#50506;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#51032; &#44208;&#47200;&#44284; &#44428;&#44256;&#49324;&#54637;, &#50696;&#49345;, &#52628;&#51221;, &#51204;&#47581;, &#47785;&#54364;, &#51032;&#44204; &#48143; &#44288;&#51216;&#51008; &#51089;&#49457; &#45817;&#49884;&#51032; &#51221;&#48372;&#47484; &#48148;&#53461;&#51004;&#47196; &#54616;&#47728; &#50696;&#44256; &#50630;&#51060; &#48320;&#44221;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#46608;&#54620; &#53440;&#51064; &#48143; &#53440;&#51312;&#51649;&#51032; &#51032;&#44204;&#44284; &#51068;&#52824;&#54616;&#51648; &#50506;&#44144;&#45208; &#48152;&#45824;&#46112; &#49688; &#51080;&#49845;&#45768;&#45796;. &#51060; &#48372;&#44256;&#49436;&#45716; &#51221;&#48372; &#51228;&#44277;&#51032; &#47785;&#51201;&#51004;&#47196; &#51089;&#49457;&#46104;&#50632;&#51004;&#47728;, &#48277;&#47456;, &#49324;&#50629;, &#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>Terms of Usage</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(<a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
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</item>
<item>
<title>
<![CDATA[ ํŽ„ ๋žฉ์Šค(Perle Labs) ์ƒ์žฅ ์ง€์—ฐ, ๋ˆ„๊ตฌ๋„ ์•Œ ์ˆ˜ ์—†๋Š” ํ† ํฌ๋…ธ๋ฏน์Šค์˜ ๋ฌธ์ œ ]]>
</title>
<description>
<![CDATA[ &#50629;&#48708;&#53944; &#54148; &#47017;&#49828;($PRL) &#49345;&#51109; &#51648;&#50672; &#49324;&#53468;&#51032; &#51652;&#49892;. &#53440;&#51060;&#44144; &#47532;&#49436;&#52824;&#44032; &#53664;&#53356;&#45432;&#48121;&#49828; &#45236; &#50640;&#53076;&#49884;&#49828;&#53596; &#47932;&#47049;&#51032; &#53804;&#47749;&#49457; &#47928;&#51228;&#50752; &#51061;&#47749;&#49457; &#46244;&#50640; &#49704;&#44200;&#51652; &#44396;&#51312;&#51201; &#54620;&#44228;&#47484; &#49900;&#52789; &#48516;&#49437;&#54633;&#45768;&#45796;. ]]>
</description>
<link>https://reports.tiger-research.com/p/perle-labs-listing-delay-kor</link>
<guid isPermaLink="false">https://reports.tiger-research.com/p/perle-labs-listing-delay-kor</guid>
<dc:creator>
<![CDATA[ Ryan Yoon ]]>
</dc:creator>
<pubDate>Mon, 27 Apr 2026 13:31:46 GMT</pubDate>
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<content:encoded>
<![CDATA[ <div><hr></div><h2><strong>Key Takeaways</strong></h2><ul><li><p>&#50629;&#48708;&#53944;&#44032; $PRL&#51012; &#49345;&#51109; &#44277;&#51648;&#54620; &#51649;&#54980;, &#54016; &#45236;&#48512; &#47932;&#47049; &#47588;&#46020; &#51032;&#54841;&#51060; &#48520;&#44144;&#51648;&#47728; &#44144;&#47000; &#44060;&#49884;&#44032; &#51104;&#49884; &#50672;&#44592;&#46096;&#45796;. &#54148; &#47017;&#49828;&#45716; &#54644;&#45817; &#47932;&#47049;&#51060; &#50640;&#53076;&#49884;&#49828;&#53596; &#54624;&#45817;&#48516;&#51060;&#46972;&#44256; &#54644;&#47749;&#54664;&#44256;, &#50629;&#48708;&#53944;&#45716; &#49548;&#47749;&#51012; &#49688;&#50857;&#54644; &#51221;&#49885; &#49345;&#51109;&#51012; &#51652;&#54665;&#54664;&#45796;.</p></li><li><p>&#51060;&#46308;&#51032; &#54644;&#47749;&#51012; &#48127;&#44592; &#50612;&#47157;&#51648;&#47564; &#54644;&#47749;&#51060; &#44144;&#51667;&#51060;&#46972;&#45716; &#48516;&#47749;&#54620; &#51613;&#44144;&#46020; &#50630;&#45796;. &#53664;&#53356;&#45432;&#48121;&#49828;&#45716; &#8216;&#50620;&#47560;&#45208;&#8217;&#45716; &#44277;&#44060;&#54616;&#51648;&#47564; &#8216;&#45572;&#44032; &#48155;&#45716;&#51648;&#8217;&#45716; &#44277;&#44060;&#54616;&#51648; &#50506;&#45716; &#44396;&#51312;&#45796;. &#50640;&#53076;&#49884;&#49828;&#53596; &#47932;&#47049;&#51032; &#49688;&#47161;&#51064;&#51008; &#54532;&#47196;&#51229;&#53944; &#45236;&#48512;&#50640;&#49436;&#47564; &#50508; &#49688; &#51080;&#44256;, &#44144;&#47000;&#49548;&#46020; &#51060;&#47484; &#44160;&#51613;&#54624; &#49688;&#45800;&#51060; &#50630;&#45796;.</p></li><li><p>&#47564;&#50557; &#50629;&#48708;&#53944;&#44032; &#51060;&#47484; &#51060;&#50976;&#47196; &#49345;&#51109;&#51012; &#52712;&#49548;&#54664;&#45796;&#47732;, &#51032;&#54841;&#51060; &#49373;&#44600; &#46412;&#47560;&#45796; &#44057;&#51008; &#44592;&#51456;&#51012; &#49548;&#44553; &#51201;&#50857;&#54644;&#50556; &#54616;&#44256;, &#44397;&#45236;&#50640; &#49345;&#51109;&#46108; &#49324;&#49892;&#49345; &#47784;&#46304; &#54532;&#47196;&#51229;&#53944;&#44032; &#44536; &#45824;&#49345;&#51060; &#46108;&#45796;. &#52712;&#49548; &#51088;&#52404;&#44032; &#51088;&#52404; &#49900;&#49324;&#51032; &#49892;&#54056;&#47484; &#44277;&#44060;&#51201;&#51004;&#47196; &#49884;&#51064;&#54616;&#45716; &#44852;&#51060;&#44592;&#46020; &#54616;&#45796;.</p></li><li><p>&#51060; &#44396;&#51312;&#51201; &#54728;&#51216;&#51008; &#51060;&#48264;&#50640; &#52376;&#51020; &#46300;&#47084;&#45212; &#44172; &#50500;&#45768;&#45796;. &#48660;&#47197;&#52404;&#51064;&#51060; &#51061;&#47749;&#49457;&#51012; &#44396;&#51312;&#51201;&#51004;&#47196; &#54728;&#50857;&#54616;&#45716; &#54620;, &#44144;&#47000;&#49548; &#49900;&#49324;&#47564;&#51004;&#47196;&#45716; &#52292;&#50872; &#49688; &#50630;&#45716; &#48512;&#48516;&#51064;, &#50629;&#44228; &#51204;&#52404;&#51032; &#47928;&#51228;&#45796;.</p></li></ul><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!zoHJ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!zoHJ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png 424w, https://substackcdn.com/image/fetch/$s_!zoHJ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png 848w, https://substackcdn.com/image/fetch/$s_!zoHJ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png 1272w, https://substackcdn.com/image/fetch/$s_!zoHJ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!zoHJ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png" width="882" height="601" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:601,&quot;width&quot;:882,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!zoHJ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png 424w, https://substackcdn.com/image/fetch/$s_!zoHJ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png 848w, https://substackcdn.com/image/fetch/$s_!zoHJ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png 1272w, https://substackcdn.com/image/fetch/$s_!zoHJ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa4f4e396-f88d-44ee-90df-76d357f3eda4_882x601.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>&#50629;&#48708;&#53944;&#45716; &#50724;&#45720; &#54148; &#47017;&#49828;(Perle Labs) $PRL &#53664;&#53360;&#51012; KRW&#183;BTC&#183;USDT &#47560;&#53011;&#50640; &#49888;&#44508; &#49345;&#51109;&#54616;&#44592;&#47196; &#44208;&#51221;&#54664;&#45796;. &#54616;&#51648;&#47564; &#44277;&#49884; &#51649;&#54980; &#54016; &#45236;&#48512; &#47932;&#47049;&#51012; &#47588;&#46020;&#54664;&#45796;&#45716; &#51032;&#54841;&#51060; &#51228;&#44592;&#46104;&#47728;, &#49345;&#51109;&#51008; &#51648;&#50672;&#46096;&#45796;. &#49892;&#51228;&#47196; &#50629;&#48708;&#53944;&#45716; &#44277;&#49885; &#44277;&#51648;&#50640;&#49436; &#8220;&#50976;&#53685;&#47049; &#51060;&#49800;&#50640; &#45824;&#54620; &#49548;&#47749;&#8221;&#51012; &#51060;&#50976;&#47196; &#44144;&#47000; &#44060;&#49884;&#47484; &#50672;&#44592;&#54664;&#45796;. &#54616;&#51648;&#47564; &#44263;&#51060;&#50612; &#49548;&#47749; &#51208;&#52264;&#47484; &#50756;&#47308;&#54664;&#45796;&#44256; &#50508;&#47532;&#47728;, $PRL&#51008; &#50629;&#48708;&#53944;&#50640; &#51221;&#49885; &#49345;&#51109;&#46096;&#45796;.</p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><h2><strong>&#50780; &#51648;&#44552;&#51064;&#44032;</strong></h2><p>&#49324;&#49892; &#45236;&#48512;&#51088; &#44144;&#47000; &#51032;&#54841;&#51008; &#54620;&#46160; &#48264; &#51080;&#45716; &#49548;&#49885;&#51060; &#50500;&#45768;&#45796;. &#44536;&#47084;&#45208; &#51032;&#54841;&#47564;&#51004;&#47196; &#49345;&#51109;&#51060; &#50672;&#44592;&#46108; &#44148; &#51060;&#48264;&#51060; &#52376;&#51020;&#51060;&#50632;&#45796;. &#51032;&#54841;&#51032; &#45236;&#50857;&#51008; &#45796;&#51020;&#44284; &#44057;&#45796;.</p><ul><li><p>90,000,000 PRL &#44032;&#47049;&#51060; &#52572;&#52488; &#51116;&#45800; &#51648;&#44049;&#50640;&#49436; &#51060;&#52404;&#47484; &#44144;&#52432; 5&#44060;&#51032; &#51648;&#44049;&#50640; &#48176;&#48516;</p></li><li><p>5&#44060; &#51473; 2&#44060;&#45716; &#50896;&#54868; &#49345;&#51109; &#44277;&#51648; &#51060;&#51204;&#50640;, 3&#44060;&#45716; &#44277;&#51648; &#51060;&#54980; &#47588;&#46020;</p></li></ul><p>&#44536;&#47532;&#44256; &#47566;&#51008; &#51060;&#46308;&#51008; &#51221;&#54889;&#49345; &#47588;&#46020;&#46108; &#47932;&#47049;&#51060; &#54016; &#47932;&#47049;&#51060;&#46972;&#44256; &#51032;&#49900;&#54664;&#45796;.</p><p>&#54616;&#51648;&#47564; &#54016;&#51032; &#54644;&#47749;&#50640; &#46384;&#47476;&#47732;, &#54644;&#45817; &#47932;&#47049;&#51008; &#50640;&#53076;&#49884;&#49828;&#53596; &#54624;&#45817; &#47932;&#47049;&#51004;&#47196;, &#44277;&#44060;&#46108; &#50976;&#53685; &#49828;&#52992;&#51460; &#48276;&#50948; &#51060;&#45236; &#47932;&#47049;&#51060; &#50808;&#48512; &#51648;&#44049;&#50640;&#49436; &#47588;&#46020;&#46108; &#44163;&#51004;&#47196; &#54644;&#47749;&#54664;&#45796;.</p><p>&#54616;&#51648;&#47564; &#50612;&#46523;&#44172; &#51060;&#47484; &#50508; &#49688; &#51080;&#51012;&#44620;?</p><h2><strong>&#49789;&#44172; &#51060;&#54644;&#54616;&#44592;</strong></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!sIQx!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!sIQx!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png 424w, https://substackcdn.com/image/fetch/$s_!sIQx!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png 848w, https://substackcdn.com/image/fetch/$s_!sIQx!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png 1272w, https://substackcdn.com/image/fetch/$s_!sIQx!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!sIQx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png" width="1024" height="559" 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srcset="https://substackcdn.com/image/fetch/$s_!sIQx!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png 424w, https://substackcdn.com/image/fetch/$s_!sIQx!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png 848w, https://substackcdn.com/image/fetch/$s_!sIQx!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png 1272w, https://substackcdn.com/image/fetch/$s_!sIQx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbba0db1c-74ee-4e5f-b328-0c12a2f6aae3_1024x559.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>A &#50500;&#54028;&#53944; &#48516;&#50577;&#51012; &#50526;&#46160;&#44256;, &#49884;&#54665;&#49324; &#44552;&#44256;&#50640;&#49436; &#51077;&#51452;&#44428; 5&#44060;&#44032; &#48736;&#51256;&#45208;&#44052;&#45796;. &#53440;&#51060;&#48141;&#51060; &#47896;&#54616;&#45796;. 2&#44060;&#45716; &#48516;&#50577; &#44277;&#44256; &#51204;&#45216; &#54036;&#47160;&#44256;, 3&#44060;&#45716; &#44277;&#44256; &#51649;&#54980; &#54036;&#47160;&#45796;.</p><ul><li><p>&#49324;&#46988;&#46308;&#51060; &#47932;&#50632;&#45796;. &#8220;&#51200; &#51077;&#51452;&#44428;, &#45572;&#44396; &#44148;&#44032;&#50836;?&#8221;</p></li><li><p>&#49884;&#54665;&#49324;&#44032; &#45813;&#54664;&#45796;. &#8220;&#54028;&#53944;&#45320;&#49324;&#54620;&#53580; &#51456; &#47932;&#47049;&#51060;&#50640;&#50836;. &#50896;&#47000; &#44228;&#54925;&#46108; &#44144;&#50696;&#50836;.&#8221;</p></li></ul><p><strong>&#49324;&#46988;&#46308;&#51060; &#48516;&#45432;&#54644; &#54869;&#51064;&#54616;&#47140;&#44256; &#54664;&#51004;&#45208;, &#48393;&#53804;&#50640; &#51452;&#49548;&#47564; &#51080;&#44256; &#51060;&#47492;&#51060; &#50630;&#50612; &#45572;&#44396;&#54620;&#53580; &#44148;&#45368;&#45716;&#51648; &#54869;&#51064;&#54624; &#49688;&#44032; &#50630;&#45796;. &#54616;&#51648;&#47564; &#49884;&#54665;&#49324; &#47568;&#51060; &#53952;&#47160;&#45796;&#45716; &#51613;&#44144;&#46020; &#50630;&#45796;.</strong></p><h2><strong>&#51452;&#51452;&#47749;&#48512;&#44032; &#50500;&#45768;&#44592;&#50640;</strong></h2><p>&#51068;&#48152;&#51201;&#51004;&#47196; &#51452;&#51452;&#47749;&#48512;&#50640;&#45716; &#45572;&#44032; &#50620;&#47560;&#47484; &#48372;&#50976;&#54616;&#45716;&#51648; &#44592;&#47197;&#46104;&#44256;, &#48320;&#46041;&#51060; &#49373;&#44592;&#47732; &#44536; &#51060;&#47141;&#51060; &#52628;&#51201;&#46108;&#45796;. &#53664;&#53356;&#45432;&#48121;&#49828;&#45716; &#45796;&#47476;&#45796;.</p><p>&#53664;&#53356;&#45432;&#48121;&#49828;&#46976; &#51204;&#52404; &#53664;&#53360; &#44277;&#44553;&#47049;&#51012; &#54016;&#183;&#53804;&#51088;&#51088;&#183;&#50640;&#53076;&#49884;&#49828;&#53596;&#183;&#52964;&#48036;&#45768;&#54000; &#46321; &#54637;&#47785;&#48324;&#47196; &#45208;&#45576; &#48176;&#48516; &#44228;&#54925;&#51060;&#45796;. &#44033; &#54637;&#47785;&#51032; &#48708;&#50984;&#44284; &#46973;&#50629; &#51068;&#51221;&#51060; &#44277;&#44060;&#46108;&#45796;. &#50668;&#44592;&#44620;&#51648;&#45716; &#53804;&#47749;&#54616;&#45796;.</p><p>&#44536;&#47084;&#45208; &#8220;&#50640;&#53076;&#49884;&#49828;&#53596; 20%&#8221;&#46972;&#44256; &#51201;&#54784; &#51080;&#50612;&#46020;, &#44536; 20%&#47484; &#49892;&#51228;&#47196; &#45572;&#44032; &#48155;&#45716;&#51648;&#45716; &#50612;&#46356;&#50640;&#46020; &#47749;&#49884;&#46104;&#51648; &#50506;&#45716;&#45796;. &#54028;&#53944;&#45320;&#49324;&#51068; &#49688;&#46020; &#51080;&#44256;, &#44060;&#48156;&#51088;&#51068; &#49688;&#46020; &#51080;&#44256;, &#52964;&#48036;&#45768;&#54000; &#44592;&#50668;&#51088;&#51068; &#49688;&#46020; &#51080;&#45796;. &#44277;&#44060; &#51032;&#47924;&#44032; &#50630;&#44592; &#46412;&#47928;&#50640; &#45824;&#48512;&#48516;&#51032; &#54532;&#47196;&#51229;&#53944;&#45716; &#49688;&#47161;&#51064;&#51012; &#48157;&#55176;&#51648; &#50506;&#45716;&#45796;.</p><p><strong>&#51452;&#51452;&#47749;&#48512;&#44032; &#8216;&#45572;&#44032;&#8217;&#44620;&#51648; &#44592;&#47197;&#54620;&#45796;&#47732;, &#53664;&#53356;&#45432;&#48121;&#49828;&#45716; &#8216;&#50620;&#47560;&#45208;&#8217;&#47564; &#44277;&#44060;&#54620;&#45796;. &#53804;&#47749;&#54644; &#48372;&#51060;&#51648;&#47564; &#51221;&#51089; &#51473;&#50836;&#54620; &#51221;&#48372;&#45716; &#48736;&#51256; &#51080;&#45716; &#44396;&#51312;&#45796;. </strong>&#49324;&#49892;&#49345;<strong> </strong>&#50640;&#53076;&#49884;&#49828;&#53596; &#47932;&#47049;&#51012; &#45572;&#44032; &#48155;&#50520;&#45716;&#51648;&#45716; &#54532;&#47196;&#51229;&#53944; &#45236;&#48512;&#50640;&#49436;&#47564; &#50508; &#49688; &#51080;&#45796;. &#47932;&#47200; &#54028;&#53944;&#45320;&#49324;&#51068; &#49688;&#46020; &#51080;&#44256;, &#54028;&#50868;&#45908; &#44032;&#51313;&#51068; &#49688;&#46020; &#51080;&#45796;. &#54869;&#51064;&#54624; &#48169;&#48277;&#51060; &#50630;&#45796;. &#51060;&#45716; &#50629;&#48708;&#53944;&#46020; &#47560;&#52268;&#44032;&#51648;&#45796;.</p><p>&#44144;&#47000;&#49548;&#44032; &#49900;&#49324; &#45800;&#44228;&#50640;&#49436; &#54869;&#51064;&#54624; &#49688; &#51080;&#45716; &#44148; &#51204;&#52404; &#47932;&#47049; &#54788;&#54889;&#44284; &#54016;&#183;&#53804;&#51088;&#51088; &#47932;&#47049;&#50640; &#48288;&#49828;&#54021; &#46973;&#51060; &#51228;&#45824;&#47196; &#44152;&#47140; &#51080;&#45716;&#51648;&#45796;. &#51060; &#48512;&#48516;&#51060; &#47926;&#50668; &#51080;&#51004;&#47732; &#49345;&#51109; &#50836;&#44148;&#49345; &#47928;&#51228;&#44032; &#50630;&#45796;. &#45817;&#49884; &#54148; &#47017;&#49828;&#46020; &#54016;&#183;&#53804;&#51088;&#51088; &#47932;&#47049; &#51088;&#52404;&#50640;&#45716; &#48320;&#46041;&#51060; &#50630;&#50632;&#45796;. &#50640;&#53076;&#49884;&#49828;&#53596; &#47932;&#47049;&#51060; &#54400;&#47140; &#50976;&#53685;&#46108; &#44148; &#44396;&#51312;&#51201;&#51004;&#47196; &#54728;&#50857;&#46108; &#48276;&#50948; &#50504;&#51032; &#51068;&#51060;&#50632;&#45796;.</p><p>&#51593;, &#50629;&#48708;&#53944;&#51032; &#51077;&#51109;&#50640;&#49436; &#44277;&#51648;&#47484; &#50756;&#47308;&#54620; &#51060;&#54980;&#50640; 100% &#51613;&#47749;&#54624; &#49688; &#50630;&#45716; &#51032;&#54841;&#50640; &#51032;&#54644; &#49345;&#51109;&#51012; &#52712;&#49548;&#54624; &#49688; &#50630;&#45716; &#44163;&#51060;&#45796;. &#46608;&#54620; &#44057;&#51008; &#51060;&#50976;&#47196; &#46041;&#51068;&#54620; &#51107;&#45824;&#47484; &#44592;&#51316; &#54532;&#47196;&#51229;&#53944; &#48143; &#50526;&#51004;&#47196;&#51032; &#47784;&#46304; &#49345;&#51109;&#50640; &#51201;&#50857;&#54616;&#47728; &#52712;&#49548; &#51088;&#52404;&#44032; &#51088;&#52404; &#49900;&#49324;&#51032; &#49892;&#54056;&#47484; &#49884;&#51064;&#54616;&#45716; &#44852;&#51060;&#44592;&#46020; &#54616;&#45796;.</p><p>&#51060;&#47084;&#54620; &#47928;&#51228;&#50752; &#51032;&#54841;&#51008; &#50724;&#45720;&#47564;&#51032; &#51068;&#51060; &#50500;&#45768;&#45796;. &#51060;&#48264; &#49324;&#53468;&#45716; &#44536;&#44163;&#51060; &#49688;&#47732; &#50948;&#47196; &#46300;&#47084;&#45212; &#44228;&#44592;&#50640; &#48520;&#44284;&#54616;&#45796;. &#48372;&#50756;&#52293;&#51060; &#54596;&#50836;&#54616;&#45796;&#45716; &#44148; &#48516;&#47749;&#54616;&#51648;&#47564;, &#54788;&#49892;&#51201;&#51064; &#54644;&#48277;&#51008; &#48372;&#51060;&#51648; &#50506;&#45716;&#45796;. &#48660;&#47197;&#52404;&#51064;&#51008; &#44144;&#47000; &#45236;&#50669;&#51012; &#53804;&#47749;&#54616;&#44172; &#44277;&#44060;&#54616;&#47732;&#49436;&#46020; &#49688;&#47161;&#51064;&#51032; &#49888;&#50896;&#51008; &#51061;&#47749;&#51004;&#47196; &#45224;&#44596;&#45796;. &#51060; &#44396;&#51312;&#51201; &#47784;&#49692;&#51060; &#50976;&#51648;&#46104;&#45716; &#54620;, &#44144;&#47000;&#49548; &#49900;&#49324;&#47564;&#51004;&#47196;&#45716; &#51060; &#48512;&#48516;&#51008; &#52292;&#50872; &#49688; &#50630;&#45796;. &#50629;&#44228; &#51204;&#52404;&#51032; &#47928;&#51228;&#45796;.</p><p><em>(&#51089;&#49457;&#50640; &#46020;&#50880;&#51452;&#49888; <a href="https://x.com/jonnabutija/status/2048667543100092416?s=20">Manbull</a>&#45784;&#44760; &#44048;&#49324;&#51032; &#51064;&#49324;&#47484; &#46300;&#47549;&#45768;&#45796;.)</em></p><div><hr></div><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://reports.tiger-research.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">23,000&#47749; &#51060;&#49345;&#51032; &#50937;3 &#49884;&#51109; &#47532;&#45908;&#46308;&#51060; &#51069;&#44256;&#51080;&#45716; &#50500;&#49884;&#50500; &#50937;3 &#49884;&#51109;&#51032; &#51064;&#49324;&#51060;&#53944;&#47484; &#44032;&#51109; &#47676;&#51200; &#54869;&#51064;&#54644;&#48372;&#49464;&#50836;.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" 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&#53804;&#51088;, &#46608;&#45716; &#49464;&#44552;&#50640; &#44288;&#54620; &#51312;&#50616;&#51004;&#47196; &#44036;&#51452;&#46104;&#50612;&#49436;&#45716; &#50504; &#46121;&#45768;&#45796;. &#46608;&#54620; &#51613;&#44428;&#51060;&#45208; &#46356;&#51648;&#53560; &#51088;&#49328;&#50640; &#45824;&#54620; &#50616;&#44553;&#51008; &#49444;&#47749;&#51012; &#50948;&#54620; &#44163;&#51068; &#49104;, &#53804;&#51088; &#44428;&#44256;&#45208; &#53804;&#51088; &#51088;&#47928; &#49436;&#48708;&#49828; &#51228;&#44277;&#51012; &#51228;&#50504;&#54616;&#45716; &#44163;&#51060; &#50500;&#45785;&#45768;&#45796;. &#51060; &#51088;&#47308;&#45716; &#53804;&#51088;&#51088;&#45208; &#51104;&#51116;&#51201; &#53804;&#51088;&#51088;&#47484; &#45824;&#49345;&#51004;&#47196; &#54616;&#51648; &#50506;&#50520;&#49845;&#45768;&#45796;.</p><h2><strong>Terms of Usage</strong></h2><p>&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#45716; &#47532;&#54252;&#53944;&#51032; &#44277;&#51221; &#49324;&#50857;&#51012; &#51648;&#51648;&#54633;&#45768;&#45796;. &#51060;&#45716; &#44277;&#51061;&#51201; &#47785;&#51201;&#51004;&#47196; &#53080;&#53584;&#52768;&#47484; &#51064;&#50857;&#54616;&#46104; &#49345;&#50629;&#51201; &#44032;&#52824;&#50640; &#50689;&#54693;&#51012; &#51452;&#51648; &#50506;&#45716; &#48276;&#50948;&#50640;&#49436;&#51032; &#45331;&#51008; &#49324;&#50857;&#51012; &#54728;&#50857;&#54616;&#45716; &#50896;&#52825;&#51077;&#45768;&#45796;. &#44277;&#51221; &#49324;&#50857; &#44508;&#52825;&#50640; &#46384;&#46972;, &#47532;&#54252;&#53944;&#47484; &#49324;&#51204; &#54728;&#44032; &#50630;&#51060; &#49324;&#50857;&#54624; &#49688; &#51080;&#51004;&#45208;, &#53440;&#51060;&#44144;&#47532;&#49436;&#52824; &#47532;&#54252;&#53944;&#47484; &#51064;&#50857; &#49884;&#50640;&#45716; 1) &#52636;&#52376;&#47196; &#8216;&#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#8217;&#47484; &#48516;&#47749;&#55176; &#48157;&#55176;&#44256;, 2) &#53440;&#51060;&#44144;&#47532;&#49436;&#52824;&#51032; &#48652;&#47004;&#46300; &#44032;&#51060;&#46300;&#46972;&#51064;&#50640; &#47582;&#45716; &#47196;&#44256;(<a href="https://drive.google.com/drive/folders/1wDipGyey04EqFO6yZU90ZIe-jsKCDaqR">Black/White</a>)&#47484; &#54252;&#54632;&#49884;&#53020;&#50556; &#54633;&#45768;&#45796;. &#51088;&#47308;&#47484; &#51116;&#44396;&#49457;&#54616;&#50668; &#52636;&#54032;&#54624; &#44221;&#50864;&#50640;&#45716; &#48324;&#46020;&#51032; &#54801;&#51032;&#44032; &#50836;&#44396;&#46121;&#45768;&#45796;. &#49324;&#51204; &#54728;&#44032; &#50630;&#45716; &#49324;&#50857;&#51008; &#48277;&#51201; &#51312;&#52824;&#47484; &#52488;&#47000;&#54624; &#49688; &#51080;&#49845;&#45768;&#45796;.</p> ]]>
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