Key facts
- TRM Labs examined $52.7 million across 198.9 million settlements processed by x402 facilitators.
- After exclusions, researchers estimated 0.6%–7.5% of commerce by value came from AI agents.
- The x402 protocol integrates payments into web requests, launched by Coinbase in 2025.
- Scripts, scheduled jobs, and self-dealing can mimic AI agent payment patterns.
- USDC accounted for 99.6% of settled value, or $52.47 million.
- TRM Labs called for improved agent registration and monitoring systems.
Most payment volume processed through the x402 protocol is not originating from AI agents, according to new research from blockchain intelligence firm TRM Labs. The protocol, launched by Coinbase in 2025, integrates payments into web requests, allowing facilitators to verify payment authorizations and submit blockchain transactions.
TRM Labs examined approximately $52.7 million across 198.9 million settlements processed by known x402 facilitators on Base, Solana, and Polygon since May 2025. After excluding self-payments and other anomalous flows, researchers estimated that only 0.6% to 7.5% of the remaining commerce by value appeared to come from AI agents. The report noted that distinguishing AI agents from scripts can be challenging, as single-purpose agents might repeatedly use the same service, mimicking script behavior.
Scripts, scheduled jobs, and self-dealing can also generate similar blockchain records, making it difficult to isolate agent commerce based solely on protocol totals. TRM Labs removed self-payments, bulk flows from a few payers, and sellers with fewer than 10 buyers, leaving $25.62 million in likely commerce. Further screening involved payments with varying amounts averaging under $1, and patterns across months with payments to multiple sellers. However, TRM cautioned that these criteria might miss genuine agents repeatedly buying the same service.
Across the analyzed period, USDC constituted 99.6% of the settled value, totaling $52.47 million. Companies continue to invest in agent payment technologies, with Binance launching its Agent OS and Coinbase's Base accelerator targeting agent and payments startups. Amazon also announced AgentCore Payments with Coinbase and Stripe to enable agents to pay for online services using stablecoins.
Beyond usage measurement, TRM Labs highlighted a gap in assigning responsibility for agent payments, as on-chain agent registries are voluntary and not widely used. The firm called for more accurate registration, accessible counterparty reputation information, and monitoring systems designed for high volumes of small payments, stating that "Agentic commerce will need agentic compliance."