As AI-based payment systems evolve, stablecoins could gain significant momentum, despite their current limited use in this area. This perspective comes from analysts at Bernstein, as reported by The Block.

Experts believe that fiat-backed assets can serve as the foundation for machine operations—transactions fully initiated, authorized, and executed by a program or autonomous device.

Stablecoins fit perfectly into this model. They are programmable, suitable for micropayments, and accessible worldwide. Payment logic—such as conditional deposits, revenue sharing, or phased fund releases—can be embedded directly into the stablecoin. Agents do not require banks or confirmations.

Transfers take seconds—digital assistants can pay for computations or real-time data. High-performance blockchains and state channels make mass micropayments economically viable, analysts noted.

Several major players are already laying the groundwork for these scenarios:

  • Coinbase is developing the x402 protocol, integrating payments into the HTTP layer of the internet;
  • Circle has launched micropayments for agents;
  • Stripe, through investments in Bridge and Privy, introduced a machine payment protocol on the Tempo blockchain.

Currently Modest

The rollout of machine payment protocols is progressing slowly. Stripe's MPP processed only $5,000 in its first week after launch, while Coinbase's x402 handled about $25 million over the last 30 days.

However, Bernstein emphasized that their investment thesis regarding stablecoins is not solely tied to AI payments. The sector is already showing robust demand from consumer and corporate applications.

Analysts noted the exponential growth of payment scenarios: cross-border business transactions, remittances, and neobanking based on stablecoins linked to cards.

In their view, products from Circle and Coinbase remain the most direct tools for gaining exposure to industry growth. AI payments unlock additional potential, but the core investment thesis is grounded in the widespread adoption and liquidity of USDC.

As a reminder, in 2026, Circle's stablecoin surpassed Tether's USDT in adjusted volume for the first time in seven years.