Base, Coinbase’s Ethereum layer-2 network, has processed more than 100 million agentic payment transactions in the past nine months, according to blockchain analytics firm Chainalysis. The milestone underscores growing adoption of x402, a payment protocol that automates stablecoin transfers between software applications using the HTTP “402 Payment Required” standard.
Coinbase CEO Brian Armstrong highlighted the figure on July 27, arguing that AI adoption strengthens rather than threatens cryptocurrency’s role. “AI being a megatrend takes nothing away from crypto, because AI agents will need programmable money rather than traditional banking rails. If anything, it makes crypto more important,” Armstrong said.
The x402 protocol relies on USDC, the dollar-pegged stablecoin issued by Circle and backed by the Centre Consortium. Chainalysis identified agentic payment activity by tracking flows onchain, finding that 95 percent of transaction value came from transactions worth at least $1. Agentic payment wallets typically held more asset types and smaller balances than average Base users, according to the analytics firm’s analysis.
Base itself launched in 2023 as a general-purpose blockchain infrastructure layer on Ethereum. The network was not originally designed for AI payments, but x402 activity has emerged as a measurable use case. The 100 million transaction milestone was reached in June 2026.
Armstrong’s comments arrive as Coinbase prepares to report second-quarter earnings on July 27. Analysts estimate average revenue of $1.29 billion for the period, with a projected year-over-year sales decline of 13.8 percent.
