Agent payment activity on the Coinbase Base network has surpassed 100 million transactions, signaling that machine-to-machine payments are moving beyond the proof-of-concept stage in onchain environments.
According to the new Chainalysis reportwallets interacting with Coinbase’s x402 protocol generated more than 100 million transactions on Base within about nine months of launch.
The x402 protocol allows software agents to make onchain payments directly through web requests. When an agent requests access to a resource, such as a data feed or API, it can automatically complete a stablecoin payment without human authorization.
Much of x402’s early growth was fueled by a memecoin experiment called PING, which required users to make a payment through a token minting protocol. The project attracted a large number of users who wanted to acquire the token, which caused an increase in transaction activity.
Although activity decreased after the PING frenzy subsided, usage did not. According to Chainalysis, the volume of transactions has stabilized while the value of transfers has increased.
At the beginning of 2025, transactions worth more than $1 accounted for approximately 49% of the total value transferred via x402. By early 2026, that figure had climbed to 95%, suggesting the protocol is going beyond micropayments.
Cumulative agent transfer volumes on the basis. Source: Chain analysis
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Onchain data points to growing use of agent payments
The rise of AI tools has fueled renewed interest in agent payments. Backers say cryptocurrencies are well-suited for these transactions because they can transfer money 24 hours a day and process payments automatically, without requiring the user to approve each purchase.
Several crypto industry leaders, including Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire, have argued that AI agents could soon represent a significant share of onchain activity. Binance’s former CEO, Changpeng Zhao, expressed a similar view, describing the cryptocurrency as the “home currency” of artificial intelligence agents.
Early versions of machine-to-machine payments already exist in crypto. Decentralized computing networks allow users and applications to pay for GPU resources on demand, while decentralized data markets allow applications to purchase blockchain datasets and information through automated transactions.
The weekly wallet hold for agent payments on Base is increasing. Source: Chainalysis
Interest in the concept goes beyond crypto. A recent Forrester report highlighted Stripe’s Machine Payments Protocol as a potential catalyst for the revival of micropayments via AI agents.
Bernstein analysts said AI agents could drive demand for stablecoins, which are well-suited to frequent, low-value payments, pointing to Coinbase’s x402 protocol.
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