Fidelity Warns AI Crypto Boom May Not Boost Token Value

Artificial intelligence is becoming one of crypto’s biggest investment narratives as autonomous AI agents increasingly use blockchain infrastructure to make payments, purchase data and access computing resources. But Fidelity Digital Assets warns that rising AI-driven crypto activity may not necessarily translate into higher value for cryptocurrency investors.

AI agents settled more than $73 million through roughly 176 million blockchain transactions in the year through April, according to Keyrock. Major companies including Coinbase, Stripe and Visa are also developing infrastructure for machine-to-machine and AI agent payments.

Fidelity analyst Max Wadington said AI could lower barriers to blockchain development and participation, making applications cheaper and faster to build. However, as technology becomes easier to replicate, competitive advantages may shift toward liquidity, distribution, security, regulatory integration and trust.

Public blockchains also face competition. Banks, fintech companies and technology firms could provide AI agents with payment systems offering lower costs, stronger performance, regulatory clarity and established distribution networks. As a result, growth in the AI economy does not automatically guarantee comparable growth in blockchain usage.

Even when AI agents use crypto networks, Fidelity sees another challenge: token value capture. AI-powered micropayments could generate enormous transaction volumes, but their fees are typically small and transactions can move to Layer 2 networks or off-chain systems. Stablecoin issuers and infrastructure providers could therefore capture more economic value than underlying blockchain tokens.

Coinbase’s x402 payment protocol, which commonly uses Circle’s USDC for settlement, illustrates how stablecoins could emerge as major beneficiaries. Fidelity believes higher-value crypto activities such as trading, lending and borrowing may provide stronger opportunities for token value accrual.

Security presents another major concern. Advanced AI models can identify vulnerabilities across smart contracts, bridges, key-management systems and blockchain oracles, potentially making attacks more sophisticated. At the same time, crypto companies are adopting AI defensively, with Kraken parent Payward recently joining Anthropic’s Glasswing security initiative.

For crypto investors, Fidelity’s warning is clear: the success of AI agents may increase blockchain activity, but the key investment question is where the resulting economic value ultimately flows.