x402, the Coinbase-developed protocol that lets AI agents make autonomous payments, now has a governance body stitched together by the Linux Foundation. A total of 40 fintech players from the TradFi as well as the crypto space have joined this governance body as members, looking to standardize practices and rules around machine-to-machine payments.
The idea to form this governance body started to take shape in April. In the last three months platforms like Google, Circle, AWS, American Express, Coinbase, and NEAR Foundation joined the initiative led by the Linux Foundation.
Collectively, these 40 companies will work to set standard for AI payments over the HTTP protocol. The Linux Foundation, meanwhile, will serve as a neutral governance force to lead the coalition.
To advance the growth of the x402 protocol, these member companies plan to structure how AI agents will eventually use this technology to support multiple payment types — ranging from traditional cards to stablecoins.
“AI agents and automated systems are becoming active participants in the global economy, yet they have lacked a native, secure way to transact,” said Jim Zemlin, CEO of the Linux Foundation. “By bringing together leading companies across finance, technology and more, we’re ensuring that the payment layer of the internet remains neutral, highly interoperable and ready to support digital commerce.”
Coinbase had released the x402 protocol for agentic AI payments last year in May. In the last one year, multiple crypto and fintech players including Algorand, Circle, Stripe, and Stellar integrated the protocol with their platforms to support AI-to-AI financial transactions, without any intervention from humans.
While Coinbase’s Base blockchain serves as the primary, free of cost settlement chain for x402 payments, in May Solana claimed that it controlled 65 percent of x402-enabled agentic AI payments. Since its launch, the protocol has already witnessed widespread adoption especially in the crypto space — showing signs of an upward momentum going forward.
“x402 is built-in to existing HTTP requests, with no additional communication required. Add one line of code to require payment for each incoming request. If a request arrives without payment, the server responds with HTTP 402, prompting the client to pay and retry,” the website of the protocol explains.
Source: x402.org
The influx of AI agents into the global financial fabric has been clocking a rapid gworth. Statistics for the x402 protocol itself testifies to the observation.
As per Chainalysis, agentic transactions via x402 on Base spiked to over 100 million in Q1 2026 from near-zero in mid-2025.
Source: Chainalysis
More tech giants are now working on their own payment infrastructures to power AI-to-AI transactions.
At present, the x402 protocol is facing competition from Google’s Agent Payments Protocol (AP2), Stripe’s Machine Payments Protocol (MPP), and OpenAI+Stripe’s Agentic Commerce Protocol (ACP). These protocols are letting AI agents pay for cryptographic mandates, streaming micropayments, and e-commerce shopping respectively.