AI Agents Made 138 Million Crypto Payments in a Year. Most Were Tiny

AI agents are beginning to spend real money, and increasingly they’re paying in crypto.

That’s the picture from a new Chainalysis report, which found that autonomous AI agents have made more than 138 million cryptocurrency payments through x402, the Coinbase-incubated protocol that lets software pay for online services automatically.

The report, part of the blockchain analytics firm’s annual Geography of Crypto series and focused on North America’s $3 trillion crypto economy, frames “agentic commerce” as one of the sector’s fastest-emerging use cases.

The growth has been steep. Cumulative payments through x402 on Base, Coinbase’s layer-2 network, rose from roughly 1,500 in mid-2025 to more than 138 million by the third quarter of 2026, as developers increasingly hand AI agents their own budgets to buy computing power, live web data and coding tools on the fly. The payments are tiny: more than 87% fell between a hundredth of a cent and 10 cents, the kind of micro-transaction stablecoins can handle but traditional card rails cannot.

The United States dominates the activity. American-linked wallets accounted for 88.1% of geographically identifiable payments for AI model inference, Chainalysis found, compared with just 0.1% for China, though Chinese-linked wallets made up the bulk of spending on security and code-analysis services.

The firm cautioned against reading too much into the gap, noting the figures capture only identifiable x402 activity rather than the entire global market.

The report lands as the infrastructure for agent payments rapidly matures. Visa, Mastercard and Stripe have all moved to support AI-agent payments, Coinbase rolled out a tool letting agents trade and transact and has begun letting business customers accept agent payments, and Google unveiled a dedicated agent-payments protocol.

BlackRock has flagged autonomous agents as a potential next wave of crypto demand, with the firm’s head of digital assets research, Will Su, telling Chainalysis the company is watching the space closely “with AI agents potentially creating meaningful demand for frequent, low-value payments around the clock.”

A note of caution, however, hangs over the numbers. Earlier research from rival crypto tracing company TRM suggested much of the apparent agent activity on these rails may be scripts or self-dealing rather than genuine autonomous agents, a reminder that raw transaction counts can overstate how much real agentic commerce is happening.

Still, the trajectory points one way, and the thesis increasingly floated across the industry is that crypto’s next wave of users may not be people at all.