TRM Labs study: AI agents account for only 0.6% to 7.5% of x402 settlement volume

A study by blockchain intelligence firm TRM Labs indicates that AI agents contribute only 0.6% to 7.5% of settlement volume on the Coinbase x402 protocol. Analyzing nearly 200 million transactions since May 2025, researchers found that most activity on the protocol does not stem from autonomous AI agents. USDC accounted for 99.6% of the settlement value during the period. The report suggests that while infrastructure for agent-to-agent payments is growing, a more robust registration and reputation system is needed for the sector to mature.