James Ding
Jun 03, 2026 17:30
Coinbase’s Base network processes 100M+ agentic transactions, marking a milestone for AI-driven payments and machine-to-machine commerce.
Coinbase’s Ethereum Layer 2 network, Base, has surpassed 100 million agentic payment transactions, according to a new Chainalysis report. This milestone underscores growing adoption of AI-driven machine-to-machine (M2M) payments, a trend that could redefine how value moves onchain.
The x402 protocol, which powers these transactions, allows software agents to autonomously execute payments for accessing resources like data feeds or APIs. Launched roughly nine months ago, x402 has seen rapid adoption, initially fueled by a memecoin project called PING. While transaction volumes surged during this early experiment, activity has since stabilized, with the value of individual transfers showing steady growth.
From Micropayments to Broader Utility
Initially, micropayments dominated x402’s usage. However, by early 2026, transfers exceeding $1 accounted for 95% of total transaction value, up from 49% in early 2025. This shift indicates that agentic payments are gaining traction beyond low-value use cases such as token minting.
Weekly wallet retention rates for agentic payments on Base have also been trending upward, suggesting that users and developers are finding sustained value in the protocol. The Forrester report and Bernstein analysts have highlighted this trend as a key driver for future demand, particularly for stablecoins like USDC, which are well-suited to frequent, automated payments.
Why Base is Emerging as a Leader
Base, launched in August 2023, is Coinbase’s Ethereum L2 solution. Built on the OP Stack, it leverages optimistic rollups to process transactions off-chain before settling them on Ethereum’s mainnet. This design offers lower fees and higher scalability while inheriting Ethereum’s security.
The network’s integration with Coinbase’s fiat onramps and massive user base—over 100 million verified accounts—gives it a unique position in driving mainstream adoption of decentralized finance (DeFi) and payments. By Q1 2026, Base was already processing 62% of global onchain stablecoin transactions, surpassing all other chains combined.
Coinbase has strategically positioned Base as a platform for tokenized asset markets, stablecoin payments, and developer growth. The x402 protocol aligns with this vision, offering a glimpse into how blockchain can support emerging AI and M2M applications.
The Broader Implications
The rise of agentic payments reflects a broader convergence of AI and blockchain technologies. Supporters, including Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire, envision a future where AI agents play a significant role in onchain activity. Former Binance CEO Changpeng Zhao has even called cryptocurrency the “native currency” of AI agents, highlighting its suitability for autonomous, round-the-clock transactions.
Beyond crypto, companies like Stripe are exploring similar innovations, with its Machine Payments Protocol gaining attention as a potential enabler for automated micropayments. These developments suggest that agentic payments could become a foundational technology for both Web3 and traditional financial systems.
What’s Next?
As agentic payments mature, the focus will likely shift toward scaling infrastructure and expanding use cases. With Coinbase driving adoption through Base, the network is positioned to play a key role in this evolution. In the near term, analysts will watch for continued growth in transaction volumes and the rollout of additional protocols leveraging Base’s capabilities.
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