Agentic payment activity on Coinbase’s 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 a new Chainalysis report, wallets interacting with Coinbase’s x402 protocol generated more than 100 million transactions on Base within roughly 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 make a payment through the protocol to mint tokens. The project attracted large numbers of users looking to acquire the token, triggering a surge in transaction activity.
Although activity moderated after the PING frenzy subsided, usage did not collapse. According to Chainalysis, transaction volumes have stabilized while the value of transfers has increased.
In early 2025, transactions worth more than $1 accounted for roughly 49% of total value transferred through x402. By early 2026, that figure had climbed to 95%, suggesting that the protocol was moving beyond micropayments.
Cumulative agentic transfer volumes on Base. Source: Chainalysis
Onchain data points to a growing use case for agentic payments
The rise of AI tools has sparked renewed interest in agentic payments. Supporters say crypto networks are well-suited for these transactions because they can move money around the clock and process payments automatically, without requiring a 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 has expressed a similar view, describing cryptocurrency as 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 agentic payments on Base has been 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 said AI agents could boost demand for stablecoins, which are well-suited to frequent, low-value payments, highlighting Coinbase’s x402 protocol.
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