Daily payment volume on x402, a stablecoin-based protocol designed to let AI agents pay autonomously for APIs, datasets and computing resources, has fallen 93% year-to-date after a burst of testing activity in late 2025 faded. Jamie Coutts said the weak usage is a reality check for claims that the agent economy has already arrived, with Helios Analytics data showing the seven-day average at about $41,800 and the latest provisional daily figure near $28,400 after several peaks near or above $800,000 and $1 million in late 2025. Coutts said broader use of agent harnesses in the fourth quarter could lift activity, pointing to Cloudflare's July 1 Monetization Gateway, which uses x402 for stablecoin settlement across pages, APIs, datasets and MCP tools. The infrastructure push has widened further with Ripple joining the x402 Foundation under the Linux Foundation and saying XRP Ledger supports x402, even as actual payment activity remains well below the expectations surrounding machine-to-machine commerce.