In counts, modestly — and only off a low base. Jul 26 recorded 6,010,540 x402 transactions, up 26% on Jun 26 but still 89% below the Dec 25 peak of 54,248,231. Settled volume tells a harsher story: $238,084 in Jul 26 against $20,544,830 at the Nov 25 peak, so the average payment has fallen from about $0.39 to about $0.040. Measured as of August 12, 2026; the current month is excluded because it is incomplete.
x402 transactions per month (complete months only) · transactions
x402 transactions per month (complete months only), in transactions
Period
transactions
Oct 25
4,092,364
Nov 25
52,592,786
Dec 25
54,248,231
Jan 26
19,193,699
Feb 26
4,068,035
Mar 26
5,093,759
Apr 26
4,597,972
May 26
5,339,396
Jun 26
4,778,845
Jul 26
6,010,540
Why the cumulative number cannot answer this
A cumulative counter rises by construction. Quoting one to argue growth is like citing an odometer to argue a car is accelerating — it can only go up, including while the thing slows down. The honest test is the monthly series: how much activity happened in each month, independently of everything before it.
This matters because the cumulative x402 figure is the number most often quoted, this site included. It is a legitimate measure of cumulative adoption. It is not evidence of momentum, and this page exists so the two do not get conflated.
Two series that disagree
Transaction counts and settled dollars tell different stories, and reading either alone gives the wrong answer. Counts collapsed from their late-2025 peak, then stabilised, and have been grinding upward off that floor. Settled volume fell far harder and has not recovered — which means the average payment has shrunk dramatically.
The most defensible reading is that x402 traffic is real, steady and mildly growing in count, while the economic weight behind each call has fallen to fractions of a cent. That pattern fits machine-to-machine micropayments and infrastructure traffic far better than it fits commerce. Anyone citing x402 as evidence of a booming agent economy should look at the volume line before doing so.
Also asked
Why does the cumulative x402 count keep rising if activity fell?
Because a cumulative total can only rise. It adds every month's activity to the running sum, so it climbs even during a decline — just more slowly. Momentum questions have to be answered from the monthly series, which is what this page charts.
Did x402 usage peak?
On monthly transaction count, the peak so far was Dec 25 at 54,248,231; the latest complete month is 89% below it. On settled volume the gap is far wider. Whether that peak stands is an open question — the count has been recovering off its floor.
Cite this page
agent economy, “Is x402 growing?”, agenteconomy.to/stats/is-x402-growing, figures as of August 12, 2026 (UTC). Recomputable from agenteconomy.to/data.json.