Now, forty companies oversee x402, the protocol developed by Coinbase, which processed approximately $24 million in payments last month across 75 million transactions.
By Shaurya MalwaUpdated Jul 15, 2026, 6:06 a.m. Published Jul 15, 2026, 6:05 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- The x402 Foundation, backed by major card networks and tech firms, has been established by the Linux Foundation to create a standard for internet-native payments between software agents.
- Utilizing the previously reserved HTTP 402 “Payment Required” code, x402 enables clients to make direct payments to servers using small stablecoin transfers, primarily USDC, without needing accounts or prior relationships.
- In the last 30 days, x402 processed around 75 million transactions amounting to $24 million, mostly involving sub-dollar payments that facilitate machine-to-machine commerce, although this volume remains minimal compared to traditional payment networks.
Every major card network has committed to a payment standard enabling automated software transactions without human intervention.
On Tuesday, the Linux Foundation announced the operational launch of the x402 Foundation, which is now formally governed by 40 members, concluding Coinbase's role in the protocol's creation.
Key members include Ripple, Visa, Mastercard, American Express, Stripe, Adyen, Fiserv, Shopify, Google, Amazon Web Services, and Cloudflare, alongside companies like Circle, MoonPay, and the Solana and Stellar foundations.
This protocol addresses a long-standing gap. When the web's creators established the communication rules between browsers and servers, they allocated a response code labeled ‘402’ for "Payment Required," anticipating that someone would eventually implement payments directly into the web.
Due to card fees, charging a fraction of a cent became impractical, leading to monetization through ads, subscriptions, and API keys instead, leaving the 402 code unused.
In May 2025, Coinbase and others filled this void. With x402, a server seeking payment responds with a 402 status and a price. The client then signs a stablecoin transfer, typically USDC, resends the request with payment attached, and receives the data. This process is swift and requires no account, card, or prior relationship between the parties.
This functionality is particularly relevant for the AI industry. Autonomous agents cannot open bank accounts, pass credit checks, or enter into SaaS contracts, but they can authorize transactions. Google has integrated x402 into its agent payment protocol, and Cloudflare includes it in its agent toolkit.
No specific usage figures were disclosed in the announcement, although x402 provides them on its website. The protocol has processed about 75 million transactions in the last 30 days, averaging 29 transactions per second, transferring approximately $24 million among about 94,000 buyers and 22,000 sellers.
Calculating the average payment yields about 32 cents, illustrating that the machine-to-machine payment model functions as intended, as traditional card networks cannot profitably handle such small transactions.
Nonetheless, $24 million monthly is a minor fraction compared to the daily volumes handled by any of x402's leading members.
Separately, on-chain data provider DefiLlama tracks a metric it identifies as DEX volume for x402, which peaked at nearly $970,000 in a single day on December 3 but has since declined, recording about $16,000 on July 13 and roughly $572,000 over the past month.
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CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
By CoinDesk ResearchJul 13, 2026CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
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