Bernstein: With the rise of smart agent payments, Circle and Coinbase have become the "best representatives" of the benefits from stablecoin growth.

According to a report by The Block on March 23, analysts at research and brokerage firm Bernstein pointed out that Circle and Coinbase are the main tools for gaining exposure to stablecoin growth. This is due to the partnership between the two companies around USDC and the emerging role of stablecoins in "smart agent payments," which could be a significant driver of future growth. Analysts led by Gautam Chhugani wrote in a report released Monday: "We believe that smart agent payments provide an upside option for stablecoins. This is not a factor currently having a substantial impact on stablecoin demand, but stablecoins may play a role in the future smart agent economy." The analysts pointed out that "machine payments" refer to transactions initiated, authorized, and completed by software or autonomous devices, rather than by humans. Unlike automated bill payments or subscription models, these payments are inherently programmatic, enabling real-time decision-making, price negotiation, and instant settlement without human intervention. Bernstein believes that stablecoins have a natural advantage in this environment due to their programmability, instant settlement capabilities, support for micropayments, and global accessibility. Payment logic such as custody, conditional payments, or revenue sharing can be directly embedded in stablecoins, enabling smart agents to complete transactions without connecting to banks or waiting for confirmation. The report also points out that transactions can be settled within seconds, allowing AI agents to pay for computing power or data in real time; high-throughput blockchains and state channels make large-scale microtransactions economically feasible; and stablecoins have cross-border attributes, eliminating reliance on SWIFT, correspondent banking systems, or foreign exchange, thereby further reducing transaction costs.