According to Decrypt, a Chainalysis report found that payments processed through Coinbase’s x402 protocol—used by AI agents—rose from roughly 1,500 in mid-2025 to more than 138 million by Q3 2026. The increase reflects activity primarily associated with AI model spending. U.S. cryptocurrency wallets accounted for the majority of transactions made on these payments.
The report highlights growth in payment volume linked to AI agents using the x402 protocol, without detailing transaction sizes, frequency beyond the stated milestones, or specific agent types. The rise occurred between mid-2025 and Q3 2026, with no information provided about underlying causes, user behavior trends, or protocol limitations.
U.S. wallets were identified as the dominant category involved in spending related to these payments, though the report does not specify percentages, geographic breakdowns beyond U.S., or verification methods for wallet identification. No additional context on AI agent functionality, adoption rates, or regulatory considerations is included.
