Stablecoins Take Early Lead in AI Agent Payments

Artificial intelligence agents could become crypto’s next major class of users as payment companies race to build infrastructure that allows software to autonomously purchase data, computing resources and online services.

AI agents can perform multi-step tasks for users, but many of those activities require payments. Coinbase, MoonPay, Cloudflare, Circle, Visa and Mastercard are developing systems that give agents controlled access to stablecoins, cards and other payment methods.

Stablecoins currently appear to have an early advantage, particularly for machine-to-machine micropayments. Coinbase’s x402 protocol has processed more than 165 million payments totaling $50 million. Lincoln Murr, Coinbase’s head of AI product, estimates that roughly 99% of those transactions use the USDC stablecoin.

Most activity involves AI agents making small payments for API access, data, computing power and digital tools rather than purchasing traditional consumer products. The average transaction across Coinbase’s x402 ecosystem is roughly 30 cents, highlighting why stablecoins could be well suited for high-frequency digital commerce.

Stablecoins offer several advantages for these transactions. They operate around the clock, work globally and can avoid some of the costs associated with card payments, which Coinbase estimates at 2% to 4%. These characteristics become particularly important when agents are making purchases worth less than a dollar.

However, traditional card networks remain competitive. Mastercard is developing Agent Pay for Machines, while Visa has tested agent-led purchases with DBS. Cards retain significant advantages for larger transactions because they provide established merchant acceptance, credit, refunds and dispute protections.

The emerging AI agent payments market will likely use multiple payment rails rather than a single winner. Stablecoins could dominate micropayments between software systems, while cards remain preferable for travel, shopping and other higher-value purchases.

For crypto companies, the opportunity does not require replacing traditional payments entirely. If stablecoins become the preferred method for AI agents buying APIs, data and computing services, machines could emerge as one of crypto’s most important new user groups.