On-Chain Payments: Winning Strategies are 'Cards' and 'AI Agents' = Dune Analysis

Key Points of This Article

• Monthly usage of cryptocurrency cards has quadrupled.
• AI agent payments surged to 15.3 million transactions per month.

"Speed and Low Cost" Alone Cannot Differentiate

On the 8th, blockchain analysis platform Dune stated in its newsletter "Digital Asset Brief" that the growth of on-chain payments over the past year has been driven not by "speed and low cost," but by cryptocurrency cards that allow payments without a bank account and agent payments.

Dune noted that as instant payment networks have become widespread in various countries, with "always-on, seconds-long transactions, and low costs" becoming the standard, "speed and low cost" are no longer differentiating factors for on-chain payments.

India's UPI processes an average of 790 million transactions per day, while Brazil's Pix handles about 250 million. Consumers can use these services for free. In the U.S., RTP (Real-Time Payments) and FedNow support transfers of up to $10 million per transaction, and the Eurozone's SEPA Instant enables fund transfers within 10 seconds. According to J.P. Morgan, instant payment networks are already operational in over 70 countries.

So, what is the true differentiating factor for on-chain payments? Dune suggests that the ability to make payments without a bank account is the foundation for growth in this market.

The biggest driver of growth has been cryptocurrency cards. According to Dune, the monthly usage of cryptocurrency cards expanded from $126 million to $492 million, nearly quadrupling. By August 2026, 142,510 people are expected to use this method, accounting for 98% of the consumer-facing stablecoin payment amounts tracked by Dune.

In contrast, native on-chain payments (non-card type) through platforms like Shopify and Stripe totaled only $8.5 million. (According to Dune tracking)

Conversely, payment channels that ultimately settle into bank accounts (off-ramp) have generally shrunk. The volume of "on-chain invoice payments," where businesses bill on-chain and receive payments in stablecoins, has roughly halved. The transaction volume of payment service providers that collect stablecoins on behalf of merchants and pay out in fiat currency has also decreased by about 13%.

While card payments recorded a net increase of $366 million per month, other payment methods collectively saw a decrease of about $78 million.

AI Agent Payments Rapidly Expanding

Another growth area for on-chain payments is payments via AI agents. The number of transactions surged from 39,496 per month a year ago to 15.3 million.

According to Dune, in August, transactions under one cent accounted for 70.8% of on-chain payments, reaching approximately 13.3 million. In total, this amounted to about $35,000, but 99.99% of these were payments made by AI agents.

Such ultra-small payments are difficult to handle with existing instant payment systems. In interbank payments, a message containing payment information and purpose must be generated for each transfer, making the cost of transactions under one cent exceed the payment amount. Additionally, agents themselves cannot open bank accounts.

Agent payments peaked in December 2025 with 69.6 million transactions totaling $8.9 million. However, as of August 2026, the number of transactions is at 15.3 million, totaling $643,721, not yet recovering to peak levels in terms of both number and amount. Nevertheless, Dune points out that the transaction volume itself has been increasing since the peak.

Notably, among the 15.3 million agent payments in August, 14.7 million were accounted for by x402, indicating a concentration not only in payment methods but also among users and recipients, leaving challenges for future adoption.

Limited Advantage of "24/7 Operation" in Corporate Payments

Looking at corporate payments, it is difficult to say that the strength of on-chain payments, which is "operational 24/7 all year round," is being fully utilized.

In corporate payments, the percentage processed over the weekend was only about 5% in terms of amount. However, 21% of transactions were conducted on weekends, suggesting that while small payments are active on weekends, large fund transfers tend to be held until the beginning of the week.

This is believed to be due to the internal approval processes within companies. Even if the blockchain operates 24/7, it does not mean that the business processes of the companies utilizing it are also operational around the clock.

The median transaction amount for corporate payments was about $500. Although some large transactions concentrated the amounts, even the maximum payment amount of $8 million in August fell within the $10 million limit set by existing instant payment networks.

Future Outlook

Dune points out that the instant payment systems that have become widespread in various countries have already fulfilled the role that on-chain payments once offered. In terms of processing speed, domestic costs, and transaction amounts, there is no room for on-chain payments to maintain an advantage.

On the other hand, in terms of "accessibility" that can be utilized without a bank network, on-chain payments are evaluated as having established an advantage. Areas like ultra-small payments (micro-payments) via AI agents are strengths that can only be realized through on-chain technology.

Another growth area identified by Dune is cross-border payments (international remittances). While instant payment networks in various countries face limitations in interoperability across borders, stablecoins can easily transfer value across borders on the same network.

However, being able to send money and the recipient being able to receive it are separate issues. Identifying wallets, regulatory compliance, identity verification, anti-money laundering measures, and converting to local currencies remain challenges for practical implementation.

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