ChainCatcher reports that crypto market maker Keyrock, in conjunction with Coinbase, Tempo, and Virtuals Protocol, released a report titled "Who Pays the Agent?", stating that AI agents are rapidly becoming important participants in the on-chain economy. Data shows that from May 2025 to April 2026, AI agents completed approximately 176 million on-chain transactions, with a total settlement amount exceeding $73 million. The report points out that the average payment amount per AI agent transaction is only $0.31 to $0.48, indicating the formation of a machine-native micropayment economy. Approximately 76% of these transactions are below Visa's fixed fee of $0.30, demonstrating that traditional bank cards and bank payment systems are struggling to meet the high-frequency, small-amount, and autonomous payment needs of AI.
Data shows that 98.6% of AI Agent payments are settled in USDC. As of Q1 2026, over 104,000 AI Agents have registered. The report states that on the Base network, the cost of a USDC transfer is approximately $0.0001, representing only about 0.03% of a $0.31 transaction, demonstrating a significant cost advantage compared to traditional payment systems. The report argues that stablecoins are gradually becoming the "default monetary infrastructure" for economic activities between AI and machines. However, Keyrock also warns that the current high dependence of the AI payment ecosystem on USDC poses a risk of centralization, meaning that the entire emerging AI payment system largely depends on the regulation and infrastructure stability of a single stablecoin issuer.
Furthermore, several technology and payment companies have begun deploying AI agent payment infrastructure, including Coinbase's x402 protocol, Stripe and Tempo's Machine Payments Protocol (MPP), Google's AP2 delegated payment system, and Visa's expanded tokenized payment credential service. The report also points out that current regulatory frameworks, including the European MiCA Act, the US GENIUS Act, and the EU AI Act, still lack comprehensive regulatory standards for AI-driven autonomous financial transactions and machine-to-machine payments.
