BlackRock published research arguing that broad artificial intelligence adoption could represent an underappreciated source of demand for digital assets, stablecoins, and tokenized computing capacity.
The paper, titled “The Machine-Native Economy,” contends that AI agents operating autonomously will require payment infrastructure optimized for high-frequency, low-value transactions that existing systems struggle to support economically. BlackRock researchers Will Su, Robert Mitchnick, Jay Jacobs, and William Helm wrote: “Together, these developments position AI as a structural catalyst for digital asset adoption and digital assets as a potential facilitator of the AI economy. This relationship remains underappreciated and could expand the role of digital assets as core infrastructure for an increasingly autonomous digital economy.”
Stablecoins as Transaction Layer
BlackRock identifies stablecoins as the most likely digital asset to support machine-to-machine commerce. According to the researchers, “Several types of digital assets may support agentic commerce, but stablecoins are likely to lead transactional use.”
The firm argues that traditional payment rails require human involvement for account setup, credentialing, and authorization. Merchant fees on conventional systems can render sub-cent transactions uneconomic. Blockchains and programmable payment infrastructure, by contrast, enable 24/7 settlement without intermediaries.
Compute Tokenization and Risk Management
BlackRock also identifies tokenized computing capacity as a potential digital asset class. The paper suggests AI companies could seek to lock in compute costs and provider relationships to manage risk. Tokenized compute claims could be transferred, pledged as collateral, or traded on secondary markets.
Coinbase has developed its x402 protocol to enable AI agents to automatically pay for online services. Tempo built the Machine Payments Protocol for the same purpose. OKX offers an Agent Payments Protocol supporting recurring payments and escrow arrangements.
Crypto Industry Response
Coinbase CEO Brian Armstrong has previously resisted framing AI adoption as a pivot point for crypto. In July, Armstrong stated: “AI being a megatrend takes nothing away from crypto. If anything, it makes crypto more important.”
Circle, a cryptocurrency company, introduced agent wallets and USDC payment tools in May to support autonomous transactions.
The crypto industry has long argued the potential link between artificial intelligence and digital assets. BlackRock’s research represents a major asset manager’s formal articulation of that thesis.
