AI Agents Make Up Only a Fraction of X402 Transactions: Study

TRM Labs, a blockchain intelligence company, has published a report examining $52.7 million in transactions processed by Coinbase's x402 protocol since May 2025.

The study found that only 0.6% to 7.5% of the remaining commerce by value after removing self-payments and other anomalous flows appeared to come from AI agents.

The researchers used a modeling choice to distinguish between true agents, which would explore multiple services and products, and scripts, which would repeat the same price on one service.

However, they cautioned that this approach may understate the actual number of AI agents involved, as many current agents may be single-purpose and pay only one service repeatedly.