The rails
Who moves the money?
Coinbase processes 81% of organic revenue. On Solana 81% of payments are organic, on Base 61%.
Organic revenue
$261.09K
30 days
By standard
x402 98%
MPP 2%
All on-chain payments
$409.80K
before the organic screen
Not organic
$148.71K
36% of all payments
WHY % ORGANIC MATTERS
MRDN is #2 by all on-chain payments, with $88.76K. Only $11.99K of that, 14%, is organic revenue, which puts it at #3. The rest is paid inside closed loops or is under review. A ranking by raw volume would overstate it.
How we screen payments →Facilitators
Full table →NameOrganicAll payments% organic
- 1Coinbase$210.75K$230.76K91%
- 2payAI$15.67K$21.98K71%
- 3MRDN$11.99K$88.76K14%
- 4Polygon$10.94K$33.02K33%
- 5MPP charge · MPP$4.75K$7.11K67%
- 6FluxA$3.38K$14.38K24%
- 7Ultravioleta DAO$1.21K$4.43K27%
- 8Daydreams$1.13K$1.13K100%
Facilitators settle the payment on chain for the seller. % organic: the share of a facilitator's volume that pays services with repeat, independent buyers.
Chains
Full table →NameOrganicAll payments% organic
- 1Base$160.43K$264.51K61%
- 2Solana$84.74K$104.81K81%
- 3Polygon$10.94K$33.03K33%
- 4Tempo$4.96K$7.34K68%
- 5Arbitrum$20.01$72.5328%
Where the payments settle. % organic as for facilitators.
Standards we can't measure yet
These agent payment standards exist, but their payments leave no public record we can count, or settle over a rail we already count. They are not in the total, so the total is not the whole market.
- AP2
Not measurable
AP2 is an authorization standard. The payment settles on a rail underneath, such as cards, bank transfers or x402, so there is no AP2 payment record. When the rail is x402 and the facilitator is in our registry, the payment may be included in x402.
- ACP
Not measurable
ACP checkout payments settle through the merchant's payment provider. Those records are private.
- L402
Not measurable
L402 payments are Lightning invoices. Lightning does not leave a public record per payment.
- Visa Intelligent Commerce
Not measurable
Card-network payments have no public payment record.
- Mastercard Agent Pay
Not measurable
Card-network payments have no public payment record.
- Nevermined
No on-chain volume found
We found no stablecoin payments in Nevermined's published payment contracts on Base and Tempo, 23–30 Oct 2026. Nevermined also offers card and fiat payments off-chain, which we cannot see.
- Skyfire
Settles off-chain
Skyfire settles payments inside its own ledger. There is no public settlement address.
- Payman
Not measurable
Payments move through partner banks and credit unions. The ledger is the bank's.
- Crossmint
Settles over x402
Crossmint provides the buyer's wallet. The seller's facilitator settles the payment over x402. Those payments may be included in x402 when the seller's facilitator is in our registry. We do not measure Crossmint's share and do not count it separately.
- Circle Nanopayments
Measurement in testing
Circle Gateway settles Nanopayments in batches on-chain. We are testing a separate measurement of those batches.
Organic revenue: payments to services with repeat, independent buyers; payments inside closed loops and payments under review are excluded. Completed UTC days. Methodology