x402 is an open payment standard launched by Coinbase in May 2025 that revives the HTTP 402 “Payment Required” code left unused for nearly three decades. It allows AI agents and applications to purchase APIs, datasets and other services automatically, primarily in USDC on Base, without accounts, API keys or subscriptions. Buyers sign a payment authorization, while facilitators verify and settle transactions on the blockchain, usually within seconds and for less than one cent. As of November 1, 2026, the protocol had processed more than 196 million transactions across 12 chains for a total exceeding $42 million, although more than half of that activity came from a short-lived frenzy around the PING token. Governed by the x402 Foundation under the Linux Foundation since July 2026, the protocol has 57 members, including Visa, Mastercard, Google, Stripe, AWS and PayPal, but has no official native token.
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