Coinbase CEO touts agentic finance as Base tops 100M AI payments

Coinbase CEO Brian Armstrong has advocated for the concept of "agentic finance" (AiFi), whereby AI agents autonomously conduct financial transactions using crypto-based services. Armstrong argued that the rise of artificial intelligence as a major technological trend will actually increase the demand for programmable money and decentralized financial infrastructure rather than diminish crypto’s relevance. He highlighted Coinbase’s Base network, the x402 payment protocol, and USDC stablecoin as key components enabling autonomous machine-to-machine payments.

Base is an Ethereum layer-2 blockchain network launched by Coinbase in 2023 designed to facilitate faster and cheaper onchain applications without being specifically built for AI payments. Two years later, Coinbase introduced the x402 protocol, which leverages the HTTP “402 Payment Required” standard to enable automated stablecoin payments between software applications. USDC, the dollar-pegged stablecoin issued via the Circle-Centre Consortium and supported by Coinbase, serves as one of the primary mediums of exchange for these agentic payment flows.

According to Chainalysis data reported in June, agentic payments on Base using x402 surpassed 100 million transactions within about nine months, accounting for 95% of the total transferred value with individual transactions worth at least $1. Chainalysis also noted that wallets involved in these agentic payments tend to be newer, hold a more diverse range of assets, and maintain lower balances than typical Base users.

Coinbase is scheduled to release its second quarter earnings soon, with analysts projecting $1.29 billion in revenue, representing a 13.8% decline year over year, and flat earnings per share. Armstrong’s statements are situated in a broader industry trend where crypto firms increasingly position blockchain technology as infrastructure for AI-driven payment systems. This development underscores the viewpoint that AI does not compete with crypto infrastructure but rather relies on and amplifies its use cases in the emerging digital economy.