The same BlackRock report: Chinese circles see demand, while English circles see contraction? On September 23, BlackRock @BlackRock released the white paper "The Machine-Native Economy," concluding that AI is becoming machine-native intelligence and digital assets may become machine-native currencies. Chinese media focus on the long-term structural demand AI agents could generate for stablecoins, while English-language discussions zero in on another question: How much actual payment activity is truly initiated by agents? The report’s current data primarily centers on stablecoins, with adjusted transaction volume projected to exceed $11 trillion by 2025—approaching Visa’s scale. However, daily trading volume on the leading agent payment protocol, x402, has dropped from approximately $800,000 in January to around $40,000 in September—a 93% decline this year. After screening 198.9 million related settlements on Base, Solana, and Polygon totaling approximately $52.7 million, TRM found that, after excluding suspected self-trading, the amount genuinely initiated by agents accounted for only 0.6% to 7.5%.