TRM Labs Report: AI Agents Account for Small Fraction of x402 Protocol Volume

A report by TRM Labs reveals that AI agents contribute only a small portion of transaction volume on Coinbase's x402 payment protocol. Analyzing 198.9 million settlements on Base, Solana, and Polygon since May 2025, the study found that out of $25.62 million in potential commercial transactions, only 0.6% to 7.5% originated from AI agents. The report notes that standard scripts and automated tasks often mimic agent activity, and USDC accounted for 99.6% of the settlement value. TRM Labs suggests that the industry needs better agent registration mechanisms and reputation systems to ensure compliance in agent-driven commerce.