100 million transactions, with large transactions increasing from 49% to 95%—this curve of x402 seems to have found the real demand

According to Chainalysis, Coinbase's x402 protocol has processed over 100 million transactions since its launch, indicating that machine-to-machine payments are initially taking shape on public blockchains. x402 allows software agents to automatically pay for resources without manual confirmation. In the early stages, it mainly involved memecoin activities like Ping, and although the popularity has declined, the level of usage remains higher than before the launch, with an increasing proportion of large transfers. In early 2025, payments exceeding $1 accounted for about 49%, and by early 2026, about 95%. Coinbase also built the x402 infrastructure through agentic.market to assist autonomous agents in discovering and purchasing services.