Agentic onchain payments have shown signs of a rebound over the past few weeks, with last week registering their busiest week year to date. According to the latest data from Token Terminal, there were 8.7 million x402 stablecoin transfers in the week starting August 17, which was more than double the 4.1 million recorded the week prior.
For the most part of the year, weekly counts were near 2 million and bottomed below 1 million in March. The uptick only started in June and has held since. However, despite this recent climb, the agentic payments sector is still well short of its all time highs of around 20.1 million transfers set in the week of November 17, 2025. Circle’s $USDC holds the monopoly till this day but what has changed is the chains that carry the traffic.
Base Is No Longer Carrying the Entire Chart
Back in November 2025, agentic stablecoin transfers were primarily on the Base network and the entire composition was different from what it is today. $USDC on Base accounted for 18.7 million of those 20.1 million transfers, which comes up to roughly 93% of every transfer within the category that week. In comparison, Solana only handled 1.3 million while Polygon barely saw 127,800 transfers.
Base still leads the sector but the share has been cut significantly. The network saw 4.2 million transfers or a 48% market share. Solana followed at 3.3 million with 38%. Polygon and Algorand made up the remainder, with 1.1 million and 109,000 transfers, respectively.
The Dollar Figure Did Not Move With the Count
When we look at transfer volume alongside the transfer count metric, we’re able to see just how the adoption curve is unfolding in this space. $367,950 in value moved during the same week we saw the 8.7 million transfer count milestone. In terms of volume, this is not even a year to date high and is nowhere close to the all-time high. This record was set back in November last year when agentic transfer volume cleared $10.017 million, with $9.78 million of that on Base alone.
The August 17 breakdown: $191,816 on Base, $91,715 on Solana, $50,785 on Algorand and $33,633 on Polygon.
Run the math and the average x402 transfer came out to roughly 4 cents. Through the fourth quarter of 2025, average transfer values ran into the tens of cents.
Frequency Is Scaling, Value Is Sitting Still
Micropayments at that size are what x402 was built to process. The protocol lets machines pay each other per request without card rails, invoices or subscription tiers sitting in between. A 4 cent average is the design doing its job.
It also frames what the count milestone measures. Millions of transfers at 4 cents apiece describe agents making more API calls, not a larger onchain economy forming around them. The frequency scaled. The value behind each payment did not follow.
The composition shift matters for a different reason. Developers building agentic payment flows are no longer defaulting to a single chain, and Solana going from 6% of transfers to 38% in nine months points to real deployment rather than one team’s testing loop.
What the Next Milestone Should Look Like
None of this is a knock on x402. The protocol is performing exactly as specified, and a payment rail designed for sub-penny machine transactions should produce high counts and low dollar totals in its early stages. Cheap and frequent is the point.
The count milestone stands on its own. Agentic payment activity is at its highest level of 2026, spread across more chains than at any prior point, and the trajectory since June has been consistent.
The reading worth waiting for is a week where both lines move together. Transfer counts climbing while dollar volume climbs alongside them would signal agents paying for things of real value, not just pinging endpoints. Until then, the chart shows adoption of a mechanism, not the arrival of an economy.
