New Research Confirms Not Really
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Most payment volume on Coinbase’s x402 protocol isn’t coming from AI agents, according to blockchain intelligence company TRM Labs.
Key facts
- TRM’s report, published Wednesday, examined $52.7 million across 198.9 million settlements processed by known x402 facilitators on Base, Solana, and Polygon since May 2025
- TRM removed self-payments, bulk flows from one or two payers, and sellers with fewer than 10 buyers, leaving $25.62 million in likely commerce
- Across the full period, USDC accounted for 99.6% of settled value, or $52.47 million
- Binance’s August Agent OS launch included an x402 payment layer, while Coinbase’s Base targeted agent and payments startups through its $1 million accelerator
Summary
TRM examined roughly $52.7 million across 198.9 million x402 settlements. Screening out self-payments and other anomalous flows left $25.62 million in likely commerce. Agents accounted for a small share under TRM’s models, which cannot conclusively distinguish them from scripts. TRM’s report, published Wednesday, examined $52.7 million across 198.9 million settlements processed by known x402 facilitators on Base, Solana, and Polygon since May 2025.