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The market figures and external protocol information in this document are based on the sources below. Dates in parentheses are each source’s reference date or the date it was accessed.
  1. DefiLlama, Stablecoins — total market capitalization and share by token (accessed November 2, 2026). https://defillama.com/stablecoins
  2. Bloomberg Tax, “Stablecoin Transactions Rose to Record $33 Trillion, Led by USDC”, citing Artemis data (January 2026). https://news.bloombergtax.com/tech-and-telecom-law/stablecoin-transactions-rose-to-record-33-trillion-led-by-usdc
  3. Boston Consulting Group, “Stablecoin Payments: The Truth Behind the Numbers”, based on Allium data (January 2026). https://www.bcg.com/assets/2026/white-paper-stablecoin-payments-truth-behind-numbers.pdf
  4. GENIUS Act (S.1582, Public Law 119-27, signed July 18, 2025). U.S. Office of the Comptroller of the Currency (OCC), news release NR 2026-92 (October 21, 2026). https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-92.html
  5. Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA). https://eur-lex.europa.eu/eli/reg/2023/1114/oj
  6. Financial Services Agency of Japan, notice on the entry into force of the amended Payment Services Act (June 1, 2023). https://www.fsa.go.jp/en/newsletter/weekly2023/540.html
  7. The Block, “Japan’s JPYC launches yen stablecoin” (October 27, 2025). https://www.theblock.co/post/376199/japan-jpyc-launches-yen-stablecoin
  8. Hong Kong Monetary Authority (HKMA), Stablecoin Issuers (Ordinance in force August 1, 2025; first licenses April 10, 2026). https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/
  9. DefiLlama, Stablecoins by chain (accessed November 2, 2026). https://defillama.com/stablecoins/chains
  10. Mastercard, “Mastercard unveils Agent Pay” (April 29, 2025). https://www.mastercard.com/us/en/news-and-trends/press/2025/april/mastercard-unveils-agent-pay-pioneering-agentic-payments-technology-to-power-commerce-in-the-age-of-ai.html
  11. Visa, announcement of Visa Intelligent Commerce (April 30, 2025). https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.21361.html
  12. Coinbase Developer Platform, x402 (May 2025). https://www.coinbase.com/developer-platform/discover/launches/x402
  13. Google Cloud, “Announcing Agent Payments Protocol (AP2)” (September 17, 2025). https://cloud.google.com/blog/products/ai-machine-learning/announcing-agents-to-payments-ap2-protocol
  14. Stripe, announcement of the Agentic Commerce Protocol and Instant Checkout (September 30, 2025). https://stripe.com/newsroom/news/tour-newyork-2025
  15. TRM Labs, “Who’s actually paying? Measuring AI agent payments onchain” (September 9, 2026). https://www.trmlabs.com/trm-tech-blog/whos-actually-paying-measuring-ai-agent-payments-onchain
  16. OWASP, Top 10 for LLM Applications 2025 — LLM01 Prompt Injection, LLM06 Excessive Agency. https://genai.owasp.org/llmrisk/llm01-prompt-injection/
  17. Researchers at Princeton University and Sentient, “AI Agents in Cryptoland: Practical Attacks and No Silver Bullet”, arXiv:2503.16248 (March 2025). https://arxiv.org/abs/2503.16248
  18. Circle, Cross-Chain Transfer Protocol developer documentation. https://developers.circle.com/cctp
  19. USDT0 technical documentation and official website (supply and cumulative transfer volume accessed November 2, 2026). https://docs.usdt0.to/ · https://usdt0.to/
  20. DefiLlama, Hacks — totals for the bridge category (through November 1, 2026). https://defillama.com/hacks
  21. CoinDesk, “2026’s biggest crypto exploit: Kelp DAO hit for $292 million” (April 19, 2026). https://www.coindesk.com/tech/2026/04/19/2026-s-biggest-crypto-exploit-kelp-dao-hit-for-usd292-million-with-wrapped-ether-stranded-across-20-chains
  22. Circle, CCTP Fees — Fast Transfer fees and maxFee (accessed November 2, 2026). https://developers.circle.com/cctp/concepts/fees
  23. Ti, “AI usage notice” (revised October 21, 2026). Anthropic, Commercial Terms of Service. https://www.anthropic.com/legal/commercial-terms
  24. EIP-4361: Sign-In with Ethereum. https://eips.ethereum.org/EIPS/eip-4361
  25. Circle, “CCTP version updates” (cumulative transfers as of November 14, 2025). https://www.circle.com/en/blog/cctp-version-updates
  26. EIP-712: Typed structured data hashing and signing. https://eips.ethereum.org/EIPS/eip-712
  27. EIP-7702: Set Code for EOAs, Pectra upgrade (activated May 7, 2025). https://eips.ethereum.org/EIPS/eip-7702
  28. ERC-4337: Account Abstraction Using Alt Mempool. https://eips.ethereum.org/EIPS/eip-4337
  29. OpenZeppelin Contracts 5.x documentation. https://docs.openzeppelin.com/contracts/5.x/
  30. Safe (formerly Gnosis Safe) documentation. https://docs.safe.global/
  31. OpenZeppelin, Access Management (AccessManager). https://docs.openzeppelin.com/contracts/5.x/access-control#access-management
  32. NIST, AI 600-1, “Artificial Intelligence Risk Management Framework: Generative Artificial Intelligence Profile” (July 2024). https://nvlpubs.nist.gov/nistpubs/ai/NIST.AI.600-1.pdf
  33. Uniswap, Protocol fees documentation and governance proposal for the 0.01% fee tier. https://developers.uniswap.org/concepts/protocol/fees
  34. The Block, “Uniswap v4 goes live” (January 31, 2025). https://www.theblock.co/post/338223/uniswap-v4-goes-live-with-swaps-rolling-out-across-the-next-few-days
  35. ERC-2612: Permit Extension for EIP-20 Signed Approvals. https://eips.ethereum.org/EIPS/eip-2612
  36. Uniswap Labs, “Introducing Permit2 & Universal Router” (November 17, 2022). https://blog.uniswap.org/permit2-and-universal-router
  37. IDRX official website (issuer: PT IDRX Indo Inovasi). https://idrx.co/
  38. IDRP official website (issuer: PT Adhyoka Berkah Maju). https://idrp.io/
  39. CoinDesk, “South Korea’s long-awaited crypto law stalls over who can issue stablecoins” (December 30, 2025). https://www.coindesk.com/policy/2025/12/30/south-korea-s-long-awaited-crypto-law-stalls-over-who-can-issue-stablecoins