AI agents account for a minor share of payments on Coinbase’s x402 protocol, according to blockchain intelligence firm TRM Labs. Out of 52.7 million dollars across 198.9 million settlements since May 2025, only 0.6% to 7.5% of remaining volume appeared to come from AI agents after excluding self-payments and anomalous flows. The 25.62 million dollar amount represented likely legitimate commerce under TRM’s models. USDC dominated with 99.6% of settled value, or 52.47 million dollars. TRM Labs called for better agent registration, counterparty reputation information, and monitoring suited to high-volume micropayments.
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