Most of the transaction value flowing through Coinbase’s x402 payment protocol did not come from AI agents, according to a new report from blockchain intelligence firm TRM Labs.
The report reviewed 198.9 million settlements handled by known x402 facilitators across Base, Solana, and Polygon since May 2025, representing about $52.7 million in value. After excluding self-payments and other anomalous fund flows, TRM Labs classified about $25.62 million as potential commercial transactions. By value, only 0.6% to 7.5% of that amount was attributed to AI agents.
Total x402 volume is not a clean proxy for agent commerce
TRM said ordinary scripts, scheduled tasks, and self-transactions can generate the same on-chain traces, meaning total protocol volume is not enough to measure agentic commerce. The firm added that its model labels addresses that repeatedly pay the same service as scripts, which could lead to an undercount of the real size of single-purpose agents.
USDC made up 99.6% of settlement value during the period covered, or about $52.47 million.
Firms are still building around agent payments
The report also arrives as several companies continue to push agent payment infrastructure. Binance’s Agent OS, launched in August, already includes the x402 payment layer. Coinbase’s Base is backing agent and payments startups through a $1 million accelerator. In May, Amazon also rolled out AgentCore Payments with Coinbase and Stripe.
TRM recommended improving on-chain agent registration, building a verifiable counterparty reputation system for agents, and creating a monitoring framework suited to high-frequency, low-value payments. In the report’s words, 「agent commerce needs agent compliance」.