Circle and Coinbase are emerging as key gateways for investors seeking exposure to stablecoins, according to a recent note from Bernstein. The firm highlighted the partnership between Circle’s USDC and Coinbase as central to this opportunity, noting the expanding role of stablecoins in agentic machine payments.
While this trend is still early, it represents potential upside for stablecoins beyond traditional use cases. Bernstein emphasized that broader adoption and liquidity remain the core drivers of the investment thesis.
Agentic payments involve transactions executed entirely by software or autonomous devices, without human intervention. Unlike recurring subscriptions or automated bills, these payments allow machines to negotiate, authorize, and settle in real time.
Bernstein analysts explained that stablecoins are particularly suitable for this model, as they are programmable, borderless, and capable of handling micropayments. Logic like escrow, conditional releases, or revenue splits can be embedded into the currency itself, enabling transactions without waiting for banks or payment confirmations.
Stablecoins Positioned for Real-Time Microtransactions
High-throughput blockchains and state channels make executing small-scale transactions cost-effective. Consequently, AI agents can pay for computing resources, data, or services instantly. This capability highlights the growing relevance of stablecoins in automated, decentralized payment systems.
Several companies have launched protocols to facilitate machine-driven payments. Coinbase introduced the x402 agent payments protocol, embedding transactions into the HTTP layer, while Circle created nano payments infrastructure for agents. Stripe also entered the space with its Machine Payments Protocol, built on the Tempo blockchain.
Despite limited initial adoption, volumes indicate potential. Coinbase’s x402 protocol handled $25 million in transactions over 30 days, whereas Stripe’s system recorded $5,000 in its first week.
Bernstein noted that machine payments remain optional upside rather than a requirement for stablecoin growth. The market already experiences strong adoption across consumer and enterprise applications, including cross-border settlements, card-linked banking, and remittances.
USDC Adoption Continues to Surge
Circle’s USDC supply and transaction volumes reached all-time highs, driven by fintech firms relying solely on stablecoin rails. USDC now leads transaction volumes globally despite ranking second in market capitalization.
Bernstein analysts argued that the stablecoin sector is diverging from broader crypto markets, establishing itself as a high-growth financial services category. Investors seeking direct exposure should consider Circle and Coinbase, with agentic payments serving as additional potential value.
Overall, Bernstein views stablecoins as a hyper-growth segment supported by real-time utility, broad adoption, and programmable capabilities. Circle and Coinbase remain the most direct proxies for capturing this expanding market.