The next customer that Coinbase Global, Inc. (COIN) is preparing for may not be human. AI agents are increasingly being built to discover services, make decisions and transact without waiting for a person.

Coinbase CEO Brian Armstrong now sees stablecoins as a natural rail for this emerging machine economy, as the company builds payment infrastructure around that shift.

The company's x402 payment protocol allows AI agents to pay for APIs, data, software and other services directly in stablecoins, without conventional checkout flows. Its Coinbase Business product now explicitly pitches businesses on getting paid by AI agents—with "No agent account needed."

Armstrong, responding to Coinbase Predict's post highlighting BlackRock, Inc. (BLK)'s view that AI agents could become a major source of stablecoin demand, reduced the thesis to three steps:

• "The number of agents will keep growing"
• "The number of agents that need to transact then keeps growing"
• "Crypto and stablecoins will be their go-to payment rail"

His conclusion was even shorter: "Yep."

The significance isn't simply that Armstrong agrees with BlackRock. It is that Coinbase is already building the infrastructure for the behavior Armstrong is describing.

Coinbase Is Building For Machine Payments

Coinbase launched Coinbase for Agents in June, allowing AI agents to trade, pay and execute financial workflows within user-defined limits. The company has also integrated its x402 and wallet infrastructure with Amazon Web Services' Bedrock AgentCore Payments, allowing agents to discover services and make micropayments in USDC.

The company is therefore approaching AI agents from both sides of the transaction. An agent can spend. Businesses can accept those payments.

That distinction matters because traditional online payments were designed around humans: accounts, cards, invoices, subscriptions and checkout screens. Coinbase's newer infrastructure is designed around software that may need to make frequent, small payments automatically.

Coinbase said in its second-quarter results that more than 99% of onchain agentic commerce was completed using USDC, while more than 90% of agentic stablecoin transaction volume ran on Base.

The AI-to-Crypto Link Gets More Interesting

For investors, the bigger question is whether AI creates a new source of recurring transaction activity for Coinbase's ecosystem.

That remains an emerging market rather than a proven mass-adoption trend. But the potential connection is unusually direct: more agents could mean more software purchasing data, computing resources and digital services, which could mean more machine-to-machine payments.

Armstrong's three-part thesis captures the bet. More agents → more transactions → more demand for the rails that let software move money.

The next catalyst to watch is whether agentic payments move from experiments and infrastructure launches into meaningful commercial activity.

If they do, Coinbase would not simply be serving people using crypto. It could provide the financial plumbing for customers who never need to open an account in the first place.