Keyrock stated that traditional payment channels are unsuitable for small-value, high-frequency machine payments, while cryptographic links on the blockchain are gradually becoming the default method for AI agents.
The report states that over the past year, on-chain transactions related to AI Agents reached 176 million, with payment volume exceeding $73 million. Payments to AI agents are now highly centralized, with 98.6% of transactions processed using the USDC stablecoin.
The heavy reliance on a single currency highlights the role of USDC, but also poses risks if the system depends on a single asset. Google, Visa, and Coinbase are reportedly building their own payment architectures for machines to compete in this area.
The majority of AI transactions are low-value, making the fee model of traditional payments difficult to achieve cost-effectively. The report also notes that the legal framework for this sector is incomplete, particularly in defining responsibilities and verifying the identities of the parties involved.
Keyrock predicts that related volume could increase rapidly as AI-led automated consumption scenarios expand, potentially reaching $15 trillion by 2028.
