Chainalysis has reported more than 138 million x402 transactions on Base, providing a new snapshot of software-driven crypto payments. Its North America research examines how agents use the Coinbase-incubated protocol to purchase digital services, including data, code analysis and AI model inference.

The clearest pattern is transaction size. In an extended review covering the 16 months ending September 2026, more than 87% of analyzed payments ranged from one-hundredth of a cent to ten cents. Payments between one and ten cents were the most common. These amounts help explain the appeal of stablecoin settlement for metered API access and other machine-to-machine services.

Repeat funding, with limits

The report also found a rise in repeat wallet funding. Among wallets first funded in the second quarter of 2026, 89.3% received another funding within 30 days, compared with 70.6% in the third-quarter 2025 cohort. That comparison excludes wallets that sent payments on only one day, so it should not be read as retention across every wallet that tried x402.

U.S.-attributed wallets accounted for 88.1% of geographically identified model-inference transactions. This is a share of identifiable x402 activity, not a measure of worldwide spending on AI models.

The findings point to a developing payment channel for software buying software services. They do not establish that every transaction represents independent commercial demand or a distinct autonomous agent. CoinDesk's accompanying coverage notes earlier concerns about artificial activity, while Chainalysis describes the sector as still experimental. Transaction counts are evidence of usage, not proof that agent commerce has reached mass adoption.