Chainalysis reports AI agents made over 138 million x402 micropayments on Base
Chainalysis finds AI agents executed over 138 million crypto micropayments via Coinbase's x402 protocol on Base, mostly under 10 cents, with U.S. wallets dominating AI model inference spending.
Why it matters
The data signals growing machine-to-machine commerce on crypto rails, with stablecoins enabling micropayments too small for card networks. The concentration in U.S. wallets for AI inference payments suggests a geographic lead in agentic commerce adoption, though the nature of the underlying economic activity remains debated.
Where the sources disagree
Starting transaction baseline
roughly 1,500 in mid-2025
Decrypt
58,800 in Q3 2025
Brave New Coin
Different baseline figures for early x402 activity: 1,500 in mid-2025 vs 58,800 in Q3 2025
Key facts
AI agents made more than 138 million transactions through Coinbase's x402 protocol on Base
138,000,000Reported by CoinDesk
Chainalysis reported 138.5 million cumulative distinct transactions by AI agents on x402 by Q3 2026
138,500,000Disputed figureReported by Brave New Coin
Over 87% of x402 payments fell between a hundredth of a cent and 10 cents
87 %Reported by CoinDesk
U.S.-linked wallets accounted for 88.1% of geolocated payments for AI model inference
88.1 %Reported by CoinDesk
Chinese-linked wallets represented 0.1% of geolocated payments for AI model inference
0.1 %Reported by CoinDesk
Cumulative x402 transactions rose from roughly 1,500 in mid-2025 to over 138 million by Q3 2026
Disputed figureReported by Decrypt
Cumulative distinct transactions rose from 58,800 in Q3 2025 to 138.5 million in Q3 2026
Disputed figureReported by Brave New Coin
Median wallet age at first x402 payment fell from 73 days to 18 minutes
Reported by The Daily Hodl
What happened
Blockchain analytics firm Chainalysis reported that autonomous AI agents have made more than 138 million cryptocurrency payments through Coinbase's x402 protocol on the Base network, according to multiple outlets citing the firm's October 2026 North America research. The vast majority of these payments were tiny — over 87% fell between a hundredth of a cent and 10 cents — highlighting stablecoins' role in micropayments. U.S.-linked wallets accounted for 88.1% of geolocated payments for AI model inference, while Chinese-linked wallets represented 0.1%. Transaction volume grew sharply from roughly 1,500 in mid-2025 to over 138 million by Q3 2026, with one source citing 138.5 million and a rise from 58,800 in Q3 2025. The median time between wallet funding and first payment dropped from 73 days to 18 minutes, and wallet refill rates within 30 days rose from 70.6% to 89.3%. Some analysts question whether the volume reflects genuine commercial demand or script-driven activity.
How the story developed
- Update
Chainalysis publishes North America agentic commerce report
October 14 report details AI agent payment activity on Base x402 protocol
- First report
First report by CoinDesk
AI agents make 138 million crypto payments as U.S. dominates spending on AI models
- Update
CoinDesk publishes first coverage of Chainalysis findings
Reports 138 million transactions and U.S. dominance in AI inference payments
- Independent corroboration
Independently corroborated by Decrypt
AI Agents Made 138 Million Crypto Payments in a Year. Most Were Tiny
- Update
Decrypt publishes independent coverage
Adds growth trajectory from 1,500 transactions in mid-2025
- Update
Brave New Coin publishes independent coverage
Cites 138.5 million figure and 58,800 Q3 2025 baseline
- Update
Crypto.News publishes analysis of payment categories and wallet behavior
Details spending categories, refill rates, and funding-to-payment intervals
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 14 Oct 2026, 15:35 UTC: CoinDesk — 1 independent source, 1 reports
- 14 Oct 2026, 20:16 UTC: Decrypt — 2 independent sources, 2 reports
- 15 Oct 2026, 03:58 UTC: Brave New Coin — 3 independent sources, 3 reports
- 15 Oct 2026, 05:03 UTC: Bitcoin Insider — 4 independent sources, 4 reports
- 15 Oct 2026, 09:15 UTC: The Daily Hodl — 5 independent sources, 5 reports
- 15 Oct 2026, 11:55 UTC: Crypto.News — 6 independent sources, 6 reports
Affected entities
Also mentioned: Mastercard, Visa, BlackRock, USD Coin, Bitcoin, Ethereum, XRP
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| CoinDesk Crypto media | AI agents make 138 million crypto payments as U.S. dominates spending on AI models | Original | |
| Decrypt Crypto media | AI Agents Made 138 Million Crypto Payments in a Year. Most Were Tiny | Independent | |
| Crypto.News Crypto media | AI agents made 138 million crypto payments. What did they buy? | Independent | |
| Brave New Coin Crypto media | Coinbase’s x402 Records 138.5M Transactions: Chainalysis Shows AI Agents Reshaping Crypto Payments | Independent | |
| The Daily Hodl Crypto media | Chainalysis Report Shows AI Agents Completing 138 Million Crypto Payments | Syndicated | |
| Bitcoin Insider Aggregator | Coinbase’s x402 Protocol Logs 138.5M Transactions as Chainalysis Tracks AI Agent Payments | Syndicated |
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