Competition Intensifies in Payment Networks for AI Agents

The transformation of AI agents from mere question-answering tools into software that can execute transactions and make payments has accelerated the debate over which financial infrastructure these systems will utilize. According to prominent views in the sector, stablecoins and blockchain-based networks could play a significant role in the machine-friendly acquisition of data, processing power, and various digital services.

Investors' Focus Shifts to Agent Economy

Cathie Wood, CEO of ARK Invest, stated at the Robinhood Summit held in Houston that investors have long been monitoring developers to understand technology trends, but they may now also need to closely follow AI agents. Wood pointed to software tools that can perform tasks on behalf of humans.

Cathie Wood expressed that it will become increasingly important for investors to monitor not only developers but also AI agents in the upcoming period.

This approach gains more significance during a time when companies are competing to develop agent systems capable of undertaking autonomous tasks. If millions of agents begin to choose their own software, services, and networks, these preferences could become a new signal indicating the direction of demand.

Open Networks or Closed Platforms?

Joseph Chalom, co-CEO of SharpLink and former digital assets manager at BlackRock, argued that the financial system used by AI agents should not be left under the control of a few banks, payment companies, or technology platforms. SharpLink stands out as a company known for its work focused on digital assets and blockchain.

Joseph Chalom emphasized that a few companies should not decide where the money goes in a world filled with intelligent agents to maintain its meaning.

According to Chalom, the fundamental issue is much broader than just whether an agent can make a payment. The extent of authority granted to this agent by the user, how that authority can be revoked, and how transactions will be monitored will be decisive. For example, a user may allow spending up to $500 for a hotel reservation, but this does not necessarily mean unlimited access to their account.

Chalom also argued that users should be able to transfer their agents between different financial service providers. Accordingly, an agent's credentials, financial data, and permissions should not be trapped in a single closed system.

Blockchain and Stablecoins Come to the Fore

Chalom stated that open blockchains like Ethereum could serve as a common financial network for different agents, applications, and companies. In such a structure, instead of each AI company establishing its own closed payment system, software could conduct direct money transfers over a shared network.

BlackRock also highlighted the intersection of AI and digital assets in a study published in September. The company assessed that AI agents could create new demand for machine-friendly payment systems. Transactions such as an agent making a payment for an API call, purchasing data, or renting processing power could occur without waiting for human approval each time.

Mini Dictionary: API is an interface that allows one software to receive data or services from another software. x402 is introduced as a payment standard developed by Coinbase that aims to enable software to make direct payments for online services.

BlackRock noted that stablecoins and blockchain-based protocols could be used for such payments. Coinbase's x402 system also targets inter-machine payments for online services such as data and API access. Brian Armstrong, CEO of Coinbase, stated in a post that Grok is currently a leading client among those making agent-based transactions on Coinbase, but did not share numerical data regarding these activities.

Traditional Players in Competition

The crypto ecosystem is not alone in this area. Stripe, Visa, Google, and OpenAI are also developing solutions for agents to make purchases. While BlackRock assesses that traditional payment systems will maintain their importance, it indicated that competition could make the distinction between open blockchain networks and closed financial platforms more visible.

This scenario creates a new monitoring area for investors. If AI agents become more visible in economic activity, the networks through which payments are made, as well as which model emerges, could indicate whether stablecoins and blockchains are gaining real use cases.