Agent payment activity on Coinbase’s base network has surpassed 100 million transactions, indicating that machine-to-machine payments are moving beyond the proof-of-concept phase into an onchain environment.
According to a new Chainalysis report, the wallet that interacts 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 driven by a memecoin experiment called Ping, which required users to pay through the protocol for minting tokens. The project attracted a large number of users interested in acquiring the tokens, which led to an increase in transaction activity.
Although activity decreased after the Ping frenzy subsided, usage did not. According to Chainalysis, transaction volumes have stagnated while the value of transfers has increased.
By early 2025, transactions worth more than $1 accounted for about 49% of the total value transferred via x402. By the beginning of 2026, this figure had climbed to 95%, showing that the protocol was moving beyond micropayments.
Cumulative Agent Transfer Volume on Basis. Source: Chainalysis
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Onchain data points to growing use case for agentive payments
The rise of AI tools has sparked renewed interest in agent payments. Proponents say crypto networks are suitable for these transactions because they can move money around the clock and process payments automatically, without requiring the user to approve every purchase.
Several crypto industry leaders, including Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire, have argued that AI agents could soon account for a significant share of onchain activity. Former Binance CEO Changpeng Zhao also expressed a similar sentiment, calling cryptocurrencies the “native currency” of AI 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 marketplaces enable applications to purchase datasets and blockchain information through automated transactions.
Weekly wallet retention for agent payments at Base is trending upward. Source: Chainalysis
Interest in the concept extends beyond crypto. A recent Forrester report highlighted Stripe’s Machine Payments protocol as a potential catalyst for reviving micropayments through AI agents.
Bernstein analysts highlighted Coinbase’s x402 protocol, saying AI agents could boost demand for stablecoins, which are suitable for consistent, low-value payments.
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