Bernstein Touts Coinbase as x402 Hits $25M in AI Payments
In a March 23 report, investment firm Bernstein identified Coinbase and Circle as the primary vehicles for gaining exposure to the USDC stablecoin, propelled by the rise of AI-driven 'agentic payments.' The analysis pointed to Coinbase's x402 protocol, a standard for machine-to-machine transactions, which processed $25 million in volume over the last 30 days. Bernstein positions USDC to capture a dominant share of this emerging market, noting its liquidity and regulatory standing make it a prime candidate for enabling programmable, automated commerce between software agents.
Analysts Question Volume as AI Micro-Payments Grow
While the headline figures suggest significant traction, some analysts urge caution. A16z partner Noah Levine noted that after applying wash trading filters, the actual transaction volume on x402 might be closer to $1.6 million, substantially lower than the widely reported figures. This skepticism contrasts with the $5,000 in volume recorded by Stripe-backed Tempo in its first week, highlighting the early and contested nature of the agentic payments landscape. However, the underlying trend of automated micro-transactions is undeniable. Over the last nine months, AI agents have executed over 140 million on-chain transactions, generating more than $43 million in total volume, with an average transaction size of just $0.31.
USDC Proves Central to Coinbase's 'Everything Exchange' Goal
The strategic importance of USDC extends far beyond experimental AI payments. Coinbase is embedding the stablecoin across its ecosystem as part of its 'Everything Exchange' strategy. The company recently launched perpetual stock futures for non-U.S. customers, with all contracts cash-settled in USDC. This move reinforces the stablecoin's utility as core financial plumbing for the exchange. For its part, USDC issuer Circle generated $2.6 billion from reserve income in 2025 as the stablecoin's circulation grew 72% year-over-year to $75.3 billion, demonstrating the powerful economic engine behind stablecoin adoption.
