x402 is Coinbase's standard that lets AI agents pay each other in stablecoins, no human in the loop. Over the last 30 days volume doubled to $1.3M and payments rose 63% to 13.4M. But active agents nearly halved, down 55% to 18.4K.

Average payment: about 10 cents. Machine-to-machine money. Almost all of it runs on Base (84% of agents, 64% of volume), since x402 is a Coinbase protocol. The twist: the biggest checks are on Algorand at $0.52, while Polygon is pure micro-spam at $0.03.

Still tiny at $1.3M a month. But rising volume against fewer agents is early consolidation, not the end of the trend.