Most payment volume on Coinbase’s x402 protocol isn’t coming from AI agents, according to blockchain intelligence company TRM Labs. TRM’s report, published Wednesday, examined $52.7 million across 198.9 million settlements processed by known x402 facilitators on Base, Solana, and Polygon since May 2025. After excluding self-payments and other anomalous flows, researchers estimated that just 0.6%–7.5% of the remaining commerce by value appeared to come from AI agents.