Tiger Research: How Crypto Giants Are Betting on AI Agent Payment Infrastructure

marsbitPublished on 2026-02-22Last updated on 2026-02-22

Abstract

Tiger Research explores how major tech companies and crypto sector are building payment infrastructure for AI Agents to enable fully autonomous transactions. Key points: - Payments are transitioning from human-initiated to AI Agent-executed, requiring new infrastructure. - Big Tech (e.g., Google's AP2) builds controlled, approval-based systems using existing platforms, prioritizing consumer protection and convenience but limiting interoperability. - Crypto solutions (ERC-8004 for NFT-based identity and x402 for smart contract payments) enable trustless, decentralized agent-to-agent transactions using stablecoins, emphasizing user sovereignty and permissionless access. - Google’s model operates within a restricted partner ecosystem, while crypto aims for open, programmable microtransactions. - Future may involve interoperability between closed and open systems rather than a winner-takes-all outcome.

This report is written by Tiger Research. To achieve true autonomous automation, native payment capabilities are essential. The market has already begun to actively position itself for this shift.

Core Points

  • The payer is shifting from humans to AI Agents, making payment infrastructure a core requirement for achieving true autonomy.
  • Big Tech companies (including Google AP2 and OpenAI Delegated Payment) are designing approval-based automated payment systems on top of existing platform infrastructure.
  • Cryptocurrency utilizes NFT-based identity and smart contracts through standards like ERC-8004 and x402 to achieve a disintermediated payment model.
  • Big Tech prioritizes convenience and consumer protection, while cryptocurrency emphasizes user sovereignty and broader Agent-level execution capabilities.
  • The key future question is: Will payments be controlled by platforms or executed by open protocols?

1. Payments Are No Longer Exclusive to Humans

Source: macstories (Feder1C0 Viticci)

Recently, "OpenClaw" has garnered significant attention. Unlike AI systems like ChatGPT or Gemini, which primarily focus on retrieving and organizing information, OpenClaw allows AI Agents to execute tasks directly on the user's local PC or server.

Through instant messaging platforms like WhatsApp, Telegram, and Slack, users can issue commands, and the Agent then autonomously executes tasks, including email management, calendar coordination, and web browsing.

As it runs as open-source software and is not tied to a specific platform, OpenClaw functions more like a personal AI assistant. This architecture is favored for its flexibility and user-level control.

However, a critical limitation remains. For AI Agents to achieve full autonomy, they must be able to execute payments. Currently, Agents can search for products, compare options, and add items to a cart, but final payment authorization still requires human approval.

Historically, payment systems were designed around human actors. In an AI Agent-driven environment, this assumption no longer holds. If automation is to become fully autonomous, Agents must be able to independently evaluate, authorize, and complete transactions within defined constraints.

Anticipating this shift, both Big Tech companies and crypto-native projects have introduced technical frameworks over the past year aimed at enabling Agent-level payments.

2. Big Tech: Building Agent Payments on Existing Infrastructure

In January 2025, Google launched AP2 (Agent Payment Protocol 2.0), expanding its AI Agent payment infrastructure. While OpenAI and Amazon have also outlined related initiatives, Google is currently the only major company with a structured implementation framework.

AP2 divides the transaction process into three Mandate Layers. This structure allows for independent monitoring and auditing of each stage.

  • Intent Mandate: Records the action the user wants to perform.
  • Cart Mandate: Defines how a purchase should be executed under preset rules.
  • Payment Mandate: Executes the actual transfer of funds.

Example: Suppose Ekko asks an AI Agent on Google Shopping to "find and buy a winter jacket under $200".

  • Intent Mandate: Ekko instructs the AI Agent to buy "a winter jacket with a maximum budget of $200". This information is recorded on-chain as a digital contract, the Intent Mandate.
  • Cart Mandate: The AI Agent follows the intent, searches for matches among partner merchants, and adds eligible items to the cart. Verifies the price ($199, within budget ✓), confirms the shipping address.
  • Payment Mandate: Ekko reviews the selected item and clicks approve. The $199 is processed via Google Pay. Alternatively, the AI Agent can complete the payment automatically within preset parameters.

Throughout this process, the user does not need to input additional information. Google AP2 relies on existing user credentials (pre-registered cards and addresses), which lowers the barrier to entry and simplifies the adoption process.

Source: Google

However, Google currently only supports Agent payments for companies within its partner network. Consequently, its usage is confined to a controlled ecosystem, limiting broader interoperability and open access.

3. Cryptocurrency: Self-Custody and Open Exchange

The crypto space is also developing payment infrastructure for AI Agents, but its approach differs significantly from Big Tech. Big platforms build trust within controlled ecosystems, while crypto starts from a different question: Can AI Agents be trusted without relying on centralized platforms?

Two core standards aim to address this goal: Ethereum's ERC-8004 and Coinbase's x402.

First is the identity layer. AI Agents operating on the blockchain must be identifiable. ERC-8004 serves this function. It is issued as an NFT, but not as an art collectible; rather, it is a credential NFT containing structured identity data. Each token consists of three parts:

  1. Identity
  2. Reputation
  3. Validation

These elements together form a verifiable on-chain identity certificate.

Regarding the payment mechanism, x402 acts as the payment pathway. Developed by Coinbase, x402 is a crypto-native payment standard for AI Agents. It enables Agents to conduct autonomous transactions using stablecoins. Its core feature is automated smart contract execution, where conditional logic is embedded directly into the code, and settlement occurs without human intervention once conditions are met.

When ERC-8004 (identity) is combined with x402 (payment), AI Agents can verify counterparties and execute transactions without relying on a centralized platform.

Example: Ekko instructs his Agent A to buy a used laptop with a maximum budget of $800. The seller's Agent B communicates directly with it.
  • Mutual Verification: Checks identity and reputation score via ERC-8004 NFT (e.g., Reputation 72, balance confirmed).
  • Smart Contract Escrow: $800 is transferred from the wallet into a smart contract escrow, locking the funds until delivery confirmation.
  • Settlement & Reputation Update: Upon transaction completion, x402 automatically settles, and the reputation records of both parties are automatically updated and written into their respective ERC-8004 NFTs.

Throughout this process, no intermediaries are involved. The two AI Agents transact directly through blockchain-based verification and settlement, embodying the crypto-native model of Agent-to-Agent (A2A) commerce.

4. Big Tech vs. Cryptocurrency: Differences in the AI Agent Operational Domain

Google AP2 represents a controlled model designed for vetted partners. Google restricts market participants to protect consumers. Because AI Agent execution has probabilistic outcomes rather than being entirely deterministic, liability for transaction error may ultimately fall on the payment infrastructure provider. To reduce the probability of failure, Google has an incentive to narrow its ecosystem.

A restricted ecosystem increases stability but also limits the Agent's ability to operate autonomously and optimize choices across a broader market.

In contrast, ERC-8004 and x402 reflect a more open architecture. The crypto model is designed for permissionless access and interoperability.

While end-to-end execution is not yet perfect, the long-term vision is for Agents to independently manage daily consumption. Big platforms may attempt to integrate major retail channels, but open crypto standards have a structural advantage in handling small, high-frequency programmatic payments (micropayments). For example, if an Agent buys 1000 stock images at $0.01 each, the operational efficiency of the crypto-native path is higher.

Of course, the lack of a central authority involves trade-offs: identity evaluation standards must be established in a decentralized manner, and there is no single entity with ultimate responsibility for failures.

Summary

Both Big Tech and the crypto space are pursuing the same goal: enabling autonomous AI Agent commerce. The difference lies in the architecture: Big Tech favors closed, controlled systems, while crypto advances open, protocol-based models.

The future trend is more likely to be the interoperability of both approaches, rather than a zero-sum game.

Related Questions

QWhat is the key limitation preventing AI Agents from achieving full autonomy according to the article?

AThe key limitation is that AI Agents currently cannot execute payments independently; final payment authorization still requires human approval.

QHow does Google's AP2 (Agent Payment Protocol 2.0) structure the transaction process for AI Agent payments?

AGoogle's AP2 divides the transaction process into three mandate layers: Intent Mandate (recording the user's desired action), Cart Mandate (defining how the purchase should be executed under preset rules), and Payment Mandate (executing the actual transfer of funds).

QWhat are the two core standards in the cryptocurrency space for enabling AI Agent payments, and what are their respective roles?

AThe two core standards are ERC-8004, which provides a verifiable on-chain identity for AI Agents using NFT-based credentials, and x402, which serves as a payment standard allowing Agents to autonomously transact with stablecoins using smart contract execution.

QWhat is the primary difference in approach between big tech companies and the cryptocurrency sector regarding AI Agent payment infrastructure?

ABig tech companies prioritize controlled, closed ecosystems with consumer protection and convenience, while the cryptocurrency sector emphasizes user sovereignty, permissionless access, and open, interoperable protocols for broader Agent-level execution.

QHow do ERC-8004 and x402 work together to enable direct AI Agent-to-Agent (A2A) transactions without intermediaries?

AERC-8004 provides a verifiable on-chain identity and reputation for AI Agents, while x402 standard enables automated payment execution via smart contracts. Together, they allow Agents to mutually verify identities, lock funds in escrow, and autonomously settle transactions without relying on centralized platforms.

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