BlackRock Report: Stablecoins as the Optimal Settlement Tool for Machine Payments

[BlackRock: Agent-Based Machine Payments, Stablecoins as the Optimal Settlement Tool] Traditional payment networks (ACH, credit/debit cards) face limitations in high-frequency, sub-cent microtransaction, and continuous machine-to-machine scenarios, with high account opening barriers, uneconomical fees, and settlement timing constraints. Emerging agent payment protocols such as x402, ACP, and MPP can work alongside stablecoins to enable fully automated, human-free machine-to-machine transactions. Data shows that adjusted stablecoin transaction volume is projected to exceed $11 trillion in 2025, reaching parity with Visa and Mastercard; the compound annual growth rate from 2020 to 2025 is 80%, far surpassing ACH network growth of 8.5%. As global regulatory frameworks for stablecoins mature, stablecoins are poised to handle the vast volume of microtransactions generated by AI agents. Meanwhile, the report proposes that computing capacity can be standardized as on-chain tokens, enabling financing, collateralization, and programmable delivery of computing resources; standardized derivatives such as computing power futures may emerge in the future. AI agents can directly purchase and automatically settle computing resources via protocols like x402 on demand. Stripe’s acquisition of OpenRouter is viewed as an early industry signal of convergence between compute orchestration and programmable payments.