Agent payment activity on the Base Coinbase 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 recent analysis by Chainalytic reportCoinbase’s x402-enabled wallets have generated over 100 million transactions on Base in approximately nine months since launch.
The x402 protocol allows software agents to make onchain payments directly via internet requests. When an agent requests access to a resource, such as a data source or API, it can automatically make a stablecoin payment without human authorization.
Much of x402’s initial development was fueled by a memecoin experiment called PING, which required users to make payments through the protocol to obtain mint tokens. The project attracted a huge number of users eager to acquire the token, resulting in a piercing augment in transaction activity.
Although activity decreased after the PING craze subsided, usage did not crash. According to Chainalytic, the transaction volume has stabilized and the value of transfers has increased.
At the beginning of 2025, transactions over $1 represented approximately 49% of the total value transferred via x402. By early 2026, this had increased to 95%, suggesting the protocol is moving beyond micropayments.
Cumulative volumes of agent transfers in Base. Source: Chain analysis
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Onchain data shows a growing operate case for agent payments
The development of artificial intelligence tools has resulted in renewed interest in agency payments. Proponents say crypto networks are well-suited for such transactions because they can transfer money around the clock and process payments automatically, without the user having to approve each purchase.
Several cryptocurrency industry leaders, including Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire, have argued that artificial intelligence agents could soon account for much of the onchain activity. Former Binance CEO Changpeng Zhao expressed a similar view, describing the cryptocurrency as the “native currency” of AI agents.
Early versions of machine-to-machine payments already exist in cryptocurrencies. Decentralized computing networks enable users and applications to pay for GPU resources on demand, while decentralized data markets enable applications to purchase blockchain datasets and information through automated transactions.
Weekly portfolio maintenance for agency payments at Base shows an upward trend. Source: Chain Analysis
Interest in the concept extends beyond cryptocurrencies. A recent report from Forrester highlighted Stripe’s machine payments protocol as a potential catalyst for the revival of micropayments via AI agents.
Bernstein analysts say AI agents could boost demand for stablecoins that are well-suited for regular, low-value payments, highlighting Coinbase’s x402 protocol.
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