Once the payment is completed, the server will grant the AI agent access to the paid service. The value of x402 goes far beyond simply providing a payment standard for AI agents. Because payments are based on a blockchain-based stablecoin, it enables previously unattainable micropayments. AI agents can call APIs or pay for services in real time based on actual usage. At the same time, human users can directly access content through micropayments, bypassing complex steps like API key management and account registration. The x402 protocol, launched in May 2025, initially garnered only moderate attention. However, after being mentioned in a16z's report, "The State of Cryptocurrency in 2025: The Year Crypto Goes Mainstream," its popularity surged. Gartner predicts that the intelligent agent commerce market will reach $30 trillion by 2030, and a16z notes that x402 has the potential to become a core payment channel for AI agents. The most direct sign that x402 has entered the hype phase is the surge in the prices of related tokens. For example, $VIRTUAL, a token that tends to rise in tandem with the rise of the "AI agent" concept, saw its price surge by 40% in just two days. Other related tokens also saw significant increases, as shown in the chart below. On the surface, x402 appears to be no different from other hype-fueled crypto concepts—empty, superficial, and driven solely by market hype. In fact, many new crypto concepts follow this path: small projects and meme-like coins experience a surge in price, only to quickly fade into obscurity. However, x402 differs fundamentally from these concepts: First, "AI-powered payments" is not only highly relevant within the crypto space but also holds real value across the entire AI industry, making it a promising topic. Second, numerous Web2 companies are actively pursuing and adopting x402. These factors suggest that x402 will likely not remain in the hype phase for long, but will quickly transition to the infrastructure development phase. Currently, the x402 protocol is in both the "hype phase" and the "infrastructure phase." In fact, even before the hype phase, numerous Web2 and Web3 companies had already begun building infrastructure for x402 and integrating it into their own services. Therefore, it's more accurate to say that x402 started from the "infrastructure phase." Interestingly, unlike typical encryption concepts, x402 has attracted the attention of many Web2 tech giants, who have already begun adopting the protocol. Cloudflare, a provider of internet infrastructure and security solutions, recently launched services such as the "Agents SDK" (which helps developers quickly create and deploy AI agents) and "Workers AI" (an environment for AI model inference). Cloudflare and Coinbase jointly launched the "x402 Foundation" and are extremely active in the x402 ecosystem. Its "Agents SDK" service has integrated the x402 protocol, enabling AI agents to easily complete payments over the internet. Of note, Cloudflare recently launched the "NET Dollar," a USD-denominated stablecoin designed specifically for AI agents. In the future, AI agents developed based on the "Agents SDK" will be able to conduct agent commerce activities with NET Dollar via the x402 protocol. Vercel is a cloud platform company that helps developers quickly build and deploy web applications. Recently, Vercel launched services such as the "Vercel AI SDK" and "Vercel MCP." The former facilitates developers' building and deploying AI agents, while the latter supports accessing projects through the MCP interface. In September 2025, Vercel released the x402-mcp tool, which enables AI agents to automatically complete payments using x402 when accessing paid APIs or resources through MCP.
Google Cloud
Google Cloud previously launched the A2A protocol (AI agent communication and collaboration protocol), which includes an extension module called "AP2 (Agent Payment Protocol)" to support autonomous payments by AI agents. The x402 protocol has been integrated into this system, serving as a "payment engine" to help AI agents complete actual transactions.
Anthropic
Anthropic is a well-known AI company that has developed the Claude Large Language Model (LLM), which users can use to build AI agent services. In addition, Anthropic has also launched an open source standard called "MCP" - this protocol defines the rules for AI models to access external tools and data. Claude MCP currently supports the x402 protocol, meaning Claude can automatically complete payments when accessing paid MCP tools. Visa, the world's largest credit card payment network, recently announced a joint development with Cloudflare of the "Trusted Proxy Protocol." This protocol verifies the trustworthiness of AI requests in intelligent commerce and supports payments via the x402 protocol. Other Participants: According to Coinbase's announcement, companies like Circle and AWS are also collaborating on the x402 protocol. In addition to support at the enterprise and protocol levels, developer-focused tools are also emerging, such as x402scan. This browser tool visualizes x402-enabled servers, transaction records, and payment flows, helping users clearly understand which services, through which coordinators, and on which networks payments are processed. As the x402 ecosystem continues to expand, more companies and tools are expected to join, further enriching the ecosystem. Can x402 enter the application stage? Still a Distance from the Application Stage Judging by the skyrocketing prices of related tokens and the widespread adoption by major players, x402 has already reached both the "hype phase" and the "infrastructure phase." However, the key question for x402 is whether it can successfully enter the "application phase." According to x402scan data, approximately 55,000 buyers have initiated 879,000 transactions with 1,000 sellers to date. While the number of transactions alone may seem impressive, the total transaction value is only approximately $923,000—a scale that suggests x402 still has a significant distance to reach the "application stage." Key Conditions for Entering the Application Stage What conditions must x402 meet to reach the application stage? The most frequently cited core factors are "consumer psychology" and "trust system." Even practitioners like me, who have long followed x402, while accepting AI agents making recommendations in commercial scenarios, still have concerns about fully entrusting their funds to them. Currently, even the most advanced large language models occasionally output erroneous information or unexpected results. From a psychological perspective, consumers find it difficult to trust AI agents developed based on such models to handle payment transactions. In fact, an Accenture survey of financial institutions revealed that 87% of respondents identified customer distrust of AI payments as a core issue, while 78% expressed concern that AI robots could make unauthorized payments or engage in fraud. The second key factor is the current state of enterprise infrastructure. Accenture data shows that 85% of financial institutions say their existing legacy systems are unable to adapt to the demands of large-scale intelligent payments. Among these, the lack of systems to address fraudulent transactions in intelligent payments is one of the main obstacles preventing the industry from entering the application phase. In summary, for x402 to reach the application phase, companies must build optimized systems adapted for intelligent commerce and cultivate consumer trust in these systems. However, both infrastructure development and consumer mindset shifts require significant time—thus, x402's transition to the application phase may take longer than expected. Significance for the Blockchain Industry: Gartner predicts that by 2030, AI agents will influence $30 trillion in purchases. While the AI agent payment market is still in its early stages, the x402 protocol has demonstrated potential to become an industry standard—as evidenced by tech giants like Google, Anthropic, and Cloudflare adopting x402 for their AI agent payment services. As the x402 ecosystem becomes more active, what changes will the crypto market see? One likely prediction is that the recent surge in x402-related tokens will be difficult to sustain. Since the rise of the "crypto + AI" space, the sector has gradually developed into a meaningful concept, with numerous innovative initiatives emerging. However, historically, the price performance of small project tokens and meme coins that skyrocketed during initial hype has generally been disappointing. The clear value x402 brings to the blockchain industry is that all AI payments will be conducted on blockchain networks. Currently, most transactions occur on the Base network, with a smaller number on the Solana network. However, the x402 protocol was designed from the outset to be blockchain-agnostic, adapting to any blockchain network. This means that as the x402 ecosystem expands, payment activity will no longer be limited to Base and Solana—it will instead span a wider range of blockchain networks, driven by supply and demand between buyers and sellers. Smart commerce is an inevitable and massive market for the future, and all payments will ultimately be completed through the x402 protocol on the blockchain. Following stablecoins, the blockchain industry will find its second global "product-market fit" (PMF) through x402.
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