Research Finds Limited Evidence of AI Agents Spending Online

Research from TRM challenges the idea that AI agents are already responsible for significant online spending. The firm examined approximately $52.7 million in transactions processed through the x402 protocol, covering 198.9 million settlements. Based on its analysis, most of the activity did not originate from AI agents. The findings offer a more cautious view of current machine-driven payment activity, despite growing interest in autonomous software that can transact online. TRM’s review focused on the volume and source of settlements conducted through x402, rather than broader projections about the future of AI commerce. The research was reported by Decrypt on September 13, 2026.