Dexter Overtakes Coinbase as Top x402 Transaction Facilitator

Dexter has overtaken Coinbase to become the largest daily facilitator of x402 transactions. Data from Hashed and Dune Analytics shows that, since mid-December, Dexter has steadily increased its share. It now processes about 50% of daily x402 transactions. This marks a shift from earlier weeks. When Coinbase clearly dominated activity on the new payment protocol.

The x402 ecosystem has also expanded beyond a single major player. Four facilitators have now each processed more than 10 million transactions. These include Coinbase, Dexter, PayAI and DayDreams. Together, they form the core infrastructure supporting early adoption of the protocol.

What x402 Is and Why It Matters

x402 is an open payment protocol developed by Coinbase. It revives the long-unused HTTP 402 “Payment Required” status code. The goal is simple. It enables instant, automatic stablecoin payments directly over standard HTTP requests. With x402, services can charge for APIs, data or digital content without requiring user accounts, sessions or complex authentication. A client requests a resource. The server responds with a 402 status and payment terms. 

The client then sends a signed payment payload, usually in USDC. A facilitator verifies and settles the payment onchain. The server delivers the resource immediately after confirmation. This flow works for both human developers and AI agents. As a result, x402 has gained attention as a practical tool for machine-to-machine payments and automated services.

Data Shows Rapid Growth Across Chains

Onchain data highlights how quickly usage has scaled. Since October, total x402 transactions have surged into the tens of millions. Base leads all blockchains by a wide margin, with more than 68 million transactions. Solana follows with over 32 million. Other networks, such as Polygon, BNB Chain, and Avalanche, record far smaller volumes.

Token usage remains highly concentrated. Nearly all x402 payment volume uses stablecoins. With USDC accounting for roughly 98.7% of transaction value. This reflects the protocol’s focus on predictable pricing and low volatility. Project-level data also shows competitive pressure. Coinbase still leads in cumulative transactions. However, Dexter’s faster recent growth allowed it to surpass Coinbase in daily activity.

What Dexter’s Rise Signals for 2026

Dexter’s emergence suggests that x402 is not becoming a single-platform product. Instead, it is developing into a multi-facilitator ecosystem. That matters for decentralization, pricing competition and resilience. As AI agents, automated apps and paid APIs grow in 2026, demand for seamless payment rails is likely to increase. x402 positions itself as a lightweight alternative to traditional billing systems. 

Dexter’s rise shows that newer players can compete effectively with large incumbents if execution and reliability remain strong. Currently, the data points to one clear trend. x402 usage is accelerating, and the race to support it is no longer Coinbase’s alone.