Agentic payments (x402)
x402 is Coinbase's protocol for AI-agent stablecoin payments. Coinbase reports more than 100 million x402 payments processed, and over 90% of onchain agentic transactions used x402 in Q2 2026.
The numbers
What it is
x402 is a protocol that lets software agents and apps pay for services with USDC over HTTP, with settlement largely on Base. Coinbase says over 97% of onchain agentic commerce was completed using USDC and over 99% of agentic stablecoin volume ran on Base in Q2 2026. Coinbase does not report agentic payment revenue separately.↗ source
Why it matters to the stock. This is Coinbase's bet that AI agents become a large source of stablecoin payment volume, which would feed USDC balances and Base fees. Traders should weigh the early, small payment sizes against the company's claims.