AI agents settled $73M onchain in the year through April, but Fidelity warns the value may flow to stablecoin issuers and infrastructure providers, not token holders.
Artificial intelligence has become one of crypto's biggest investment stories. Autonomous AI agents are increasingly using blockchain infrastructure to make payments, buy data, and access computing power. Fidelity Digital Assets is warning that this surge in AI-driven onchain activity may not translate into higher token prices.
AI agents settled more than $73 million through roughly 176 million blockchain transactions in the year through April, according to Keyrock. Major companies including Coinbase, Stripe, and Visa are building infrastructure for machine-to-machine and AI agent payments.
Fidelity analyst Max Wadington said AI could lower barriers to blockchain development and participation, making applications cheaper and faster. As technology becomes easier to replicate, competitive advantages may shift toward liquidity, distribution, security, regulatory integration, and trust.
Public blockchains face competition from traditional finance. Banks, fintech companies, and technology firms could offer AI agents payment systems with lower costs, stronger performance, regulatory clarity, and established distribution networks. Growth in the AI economy does not automatically guarantee growth in blockchain usage.
Even when AI agents use crypto networks, Fidelity sees a second problem: token value capture. AI-powered micropayments could generate enormous transaction volumes, but the fees are small. Transactions can move to Layer 2 networks or off-chain systems. Stablecoin issuers and infrastructure providers could capture more economic value than the underlying blockchain tokens.
Coinbase's x402 payment protocol, which commonly uses Circle's USDC for settlement, shows how stablecoins could emerge as major beneficiaries. Fidelity believes higher-value crypto activities such as trading, lending, and borrowing may offer stronger opportunities for token value accrual.
Security is a separate concern. Advanced AI models can identify vulnerabilities across smart contracts, bridges, key-management systems, and blockchain oracles, potentially making attacks more complex. At the same time, crypto companies are adopting AI defensively. Kraken parent Payward recently joined Anthropic's Glasswing security initiative.
For crypto investors, the Fidelity note is a warning. AI agents may increase blockchain activity, but the key investment question is where the economic value ends up.
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