TLDR
- AI agents processed over 138 million transactions through Coinbase’s x402 protocol on Base.
- US-linked wallets accounted for 88.1% of identified AI model payments, leading global activity.
- Over 87% of x402 payments ranged from $0.0001 to $0.10, reflecting growing micropayment activity.
- Chinese-linked wallets generated nearly 90% of identified security and code-analysis payments.
- Repeat wallet funding increased to 89.3%, while the time before first payments fell to 18 minutes.
Coinbase’s x402 payment protocol recorded more than 138 million transactions on Base during Chainalysis’ 2026 reporting period, Chainalysis reported Wednesday. The activity includes AI agents buying data, software tools, and access to AI models.
AI Agents Drive Small Crypto Payments
Chainalysis found that more than 87% of analyzed x402 payments ranged from $0.0001 to $0.10. Such small purchases are costly to handle through traditional card networks. Stablecoins allow software to settle these payments without requiring human approval for every transaction.
Other blockchains are testing payment capacity for automated software. On October 7, Sui reported 40.6 million transactions per second in an off-chain test involving simulated AI agent activity. That figure reflects a stress test, not completed onchain purchases.
US Wallets Lead AI Model Spending
US-linked wallets accounted for 88.1% of geographically identified x402 payments for AI model inference. Chinese-linked wallets represented just 0.1%, according to the report. American wallets also generated 41.8% of identified payments for agent frameworks and related tools.
China showed a different spending pattern. Chinese-linked wallets made about 90% of tracked security and code-analysis payments, mostly to smart contract auditing service AgentLISA. Chainalysis noted that free-to-use models such as DeepSeek and Qwen may reduce demand for paid model access.
Wallet Activity Shows Repeat Payments
Payment services for AI agents extend beyond Base. Ripple’s partnership with Stripe-owned Privy brings embedded wallets to XRP Ledger applications. Those wallets can support XRP, RLUSD, and automated payments through the x402 standard.
Chainalysis also tracked more repeat funding. Among qualifying wallets initially funded during the second quarter of 2026, 89.3% received another deposit within 30 days. That compares with 70.6% for comparable wallets from the third quarter of 2025.
Stablecoins Gain Attention From Banks
The time between initial funding and a wallet’s first x402 payment fell from a median of 73 days in late 2025 to 18 minutes during the third quarter of 2026. Wells Fargo outlined its preparations for stablecoins as financial institutions explore digital settlement systems.
Chainalysis based its findings on observable x402 transactions, not all spending by AI agents. The volume of transfers also does not establish their commercial value. Its research covered payments for data, financial information, code reviews, and other automated digital services.
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