The x402 Foundation became fully operational on July 14, 2026, taking over stewardship of Coinbase’s open payment protocol under the Linux Foundation. Coinbase launched x402 in May 2025 to let apps and AI agents pay for online services through web requests. Payments are mostly in USDC on Base, but the protocol supports other networks and card payments. It has no official native token.
Fireblocks, citing tracker data, said x402 had processed more than 196 million transactions across 12 chains and settled more than $42 million as of November 1, 2026. More than half of those transactions came during a two-month burst of automated PING token trading in late 2025, according to Fireblocks. In October 2026, x402 processed 5.1 million transactions worth about $274,000.
