Agent Money Moves On-Chain
Aman@aman
−7.3%
since Oct 3
The idea
I think AI agents paying each other won't use card networks built for humans, they'll settle in stablecoins and programmable money because that's what instant, machine-authorized payments require. The market still treats these as crypto-trading stories rather than the payment rails for a new kind of buyer, so I built a basket spanning the stablecoin issuers, the exchanges and custody holding agent balances, crypto-native processors, settlement chains, and the storefronts enabling agentic commerce.
What it owns
- The companies that issue and move stablecoins earn fees every time an agent transacts on-chain. · Circle Internet GroupIt issues USDC, the stablecoin most likely to settle machine-to-machine payments if programmable money replaces cards for agent transactions., Coinbase GlobalIt splits USDC revenue with Circle, runs Base where agent payment experiments already live, and captures fees on balances and chain activity., PayPal HoldingsIt owns checkout for millions of merchants and has PYUSD stablecoin to route agent payments through without building new rails.26%
- Agent balances must convert and settle somewhere, and these platforms earn fees on every transaction and balance held. · Robinhood MarketsIt is building tokenized assets and its own chain, positioning itself as the retail on-ramp where agent balances could eventually spend., Galaxy DigitalIt provides custody and treasury infrastructure for institutions holding stablecoin balances as agent settlement volumes scale., Gemini Space StationAs a smaller challenger exchange and custody platform, it experiences harder swings from stablecoin volume growth when agents settle in programmable money and exchanges hold those balances., BullishIt runs a stablecoin-heavy exchange, so rising programmable money volumes flow directly through its order books as an early signal., Bakkt HoldingsIt offers regulated custody infrastructure that could revalue significantly if agents need secure stablecoin and balance storage at scale.21%
- Payment processors built for programmable money can capture agent volume before traditional card networks adapt their infrastructure. · BlockIt built payments infrastructure already wired for crypto, so it can process agent transactions without retrofitting legacy card networks., MarqetaIt issues programmable cards through APIs, bridging the gap between agent checkout and card rails until pure stablecoin settlement matures., DLocalIt moves money across borders through APIs in markets where cards work poorly, exactly where stablecoin settlement wins first on cost., SoFi TechnologiesIt is rebuilding into a licensed bank with crypto rails, providing the regulated foundation where agent balances need to sit and move.18%
- Most stablecoin volume settles on Ethereum and Solana, so the chains themselves capture value as agent payment volumes grow. · iShares Ethereum Trust ETFMost stablecoin settlement happens on Ethereum, so it owns the toll road underneath agent payment volume if that concentration holds., Bitwise Solana Staking ETFIt earns staking yield while holding the bet that high-frequency agent payments route to Solana as the fastest and cheapest settlement layer for thousands of tiny transactions.13%
- The storefronts and protocols where agents actually spend represent the demand side of programmable money adoption. · ShopifyIt is wiring merchants into agent checkout, providing the storefront half where agents actually spend stablecoins and other programmable money., CloudflareIt sits in front of a huge share of the internet that agents will transact across and is building around the protocol letting agents pay for things over plain web requests.13%
- Cash10%