Visa’s head of crypto, Cuy Sheffield, said x402 has handled about $19 million in adjusted onchain volume across roughly 134 million transactions since May 2025, citing a Visa and Artemis report he referenced in a Wednesday thread on X. x402 is described as a payments protocol for agent- and machine-initiated onchain transactions.
The figures were adjusted to remove identified wash activity and test transactions using Artemis Analytics onchain data as of April 21, 2026. Sheffield said the exercise was meant to isolate what activity was “actually real” before drawing conclusions. The report also notes that cumulative raw onchain totals are higher than the adjusted figures.
His post included a chart titled “Cumulative x402 Volume (Adjusted),” powered by Artemis, but the chart appeared to show cumulative volume reaching about $15 million by April 21 and starting around October, which does not match the thread’s text citing about $19 million since May 2025. Sheffield did not explain the discrepancy in the post. He also said activity is highly concentrated: the top 1% of x402 buyers, about 4,000 wallets, account for about 90% of adjusted volume and around half of adjusted transactions, while 422,000 wallets have paid for something onchain. By chain, Base accounts for about 90% of adjusted transactions and 93% of adjusted volume, followed by Solana and Polygon. Sheffield added that MPP, a related protocol, has been live since March and is averaging about 20,000 transactions per day, though he did not define it or cite a data source in the thread.
Visa’s head of crypto, Cuy Sheffield, said x402 has processed about $19 million in adjusted onchain volume across roughly 134 million transactions, according to a thread he posted on X on Wednesday. He described x402 as a payments protocol for agent- and machine-initiated onchain transactions.
Visa and Artemis report used adjusted totals
The figures came from a joint report by Visa and Artemis. The totals were adjusted to exclude identified wash activity and test transactions, based on Artemis Analytics onchain data as of April 21, 2026. The report said cumulative raw onchain totals were higher than the adjusted numbers.
Sheffield said the analysis was meant to answer “how much of this is actually real” by removing wash trading and test transactions before drawing conclusions.
Thread text and attached chart do not line up
In the thread, Sheffield wrote that adjusted totals reached “~$19M across ~134M transactions since May 2025.” But a chart attached to the post, labeled “Cumulative x402 Volume (Adjusted)” and powered by Artemis, showed cumulative volume rising to about $15 million by April 21. Its horizontal axis also appeared to begin around October, not May 2025.
He did not reconcile the difference between the chart and the text in the post.
Volume and usage are concentrated
Spending on x402 appears heavily concentrated. Sheffield wrote that the top 1% of x402 buyers, or roughly 4,000 wallets, accounted for about 90% of adjusted volume and about half of all adjusted transactions. At the same time, 422,000 wallets have paid for something onchain.
Activity is also concentrated by chain. Sheffield said Base accounts for about 90% of adjusted transactions and 93% of adjusted volume. Solana ranked second and Polygon ranked third.
MPP has been live since March
Sheffield also said MPP, which he described as a related protocol, has been live since March and is already averaging roughly 20,000 transactions a day. He did not define the protocol or identify the source of that data in the post.
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