A joint analysis by Visa and blockchain analytics firm Artemis has found that approximately 4,000 wallets drive about 90 percent of adjusted spending through the x402 protocol, with Coinbase layer-2 network Base accounting for the bulk of activity. The x402 protocol enables AI agents and users to make micropayments for digital services.
The Visa Sheffield report, named after the Visa innovation team that conducted the analysis, estimated the adjusted x402 payment volume at $19 million. The protocol allows web services to charge users for API access, content viewing, or AI agent services with payments settling in stablecoins over the x402 framework.
Visa analysis reveals a highly concentrated user base, with a small number of wallets generating the vast majority of transaction volume. This pattern is consistent with early-stage payment networks where power users and automated systems drive adoption before broader consumer usage materializes.
Base has emerged as the dominant blockchain for x402 transactions, benefiting from its low transaction fees, fast settlement times, and integration with Coinbase large user base. The network has positioned itself as a preferred platform for AI agent commerce and stablecoin payments.
The x402 protocol, which has been adopted by companies including Cloudflare for their monetization gateway, represents an attempt to create a native payment rail for the growing AI agent economy. As autonomous agents increasingly interact with web services and APIs, the ability to make seamless micro-payments becomes critical for enabling agent-to-agent commerce at scale.
This article was adapted from The Defiant. Read the original here.
