COINCoinbase Global, Inc.

“the restructuring reflects two forces acting simultaneously. It wasn't all one. It's not all the other, and it's hard to just detangle and say what is more or less. We definitely saw market headwinds, and we have definitely also seen a transition to AI-native operations. So as we shared, pull requests are up by engineers by 78% year-over-year. We are seeing continued growth in that, and I think that we're going to only see more and more of our work being done by AI in all of our functions over time.”

“we are transitioning to be an AI-native company. Our product velocity is already increasing rapidly. The number of pull requests per engineer is up almost 80% year-over-year. And importantly, our focus on quality is scaling even faster. Integration test coverage across core services is up 3x in the last 6 months.”

“USDC and Base are now powering the majority of onchain stablecoin transactions for AI agents. And when agents pay with crypto onchain, they use USDC 99% of the time and over 90% of those transactions are happening on the Base chain in Q1.”

“99% of the x402 transactions right now are settled in USDC, that's from Q1. And so we obviously monetize USDC via our relationship with Circle, which is good, 90% of the agentic stablecoin transaction volumes were settled on Base in Q1.”

“we're also leading on the next frontier with over 90% of onchain agentic transaction volume happening on Base.”

“agentic commerce is really going to be a catalyst on top of all of that, where I think increasingly, people will rely on these agents to get work done for them. They'll need to get things paid for. And we launched this website agentic.market, for instance, that's just -- it's a collection of all the different services out there that are AI agent enabled where agents can connect to them, pay transaction fees through the x402 protocol and get work done on your behalf.”

“AI agents are not just about increasing speed of execution in terms of code or enabling lots more people to write it. It's also going to raise the bar on quality and cybersecurity. And we saw a glimpse of this recently actually with the Mythos model that Anthropic put out, where it's actually able to find security vulnerabilities that 99% plus of human engineers would not have been able to find.”

“We've subsequently opened this protocol and put it as part of the Linux Foundation, and lots of other companies have come in to contribute to it and oversee the governance of it, including Cloudflare, AWS, Stripe, Shopify, Google, and so it's currently the most popular open standard for agentic commerce, which is great.”

“we encourage product managers, designers, other nontechnical employees to use AI agents to draft code, that's getting easier to do. But human engineers still review all code before it goes into production. In some cases, we have multiple review levels from human engineers just on the most sensitive systems”

“We're seeing agents also use the x402 protocol for a wide variety of use cases, including trading, AI inference, media generation, storage and more. In short, Coinbase is at the center of the agent economy.”

“our investment in quality, our investment in integration testing is exceeding the pace of our growth in new pull requests.”

“It's a little bit like self-driving cars. They're getting to a place where they're actually safer than human drivers. And so there will be a point, I think, in the future, where people will be able to -- nontechnical people will be able to write code, AI agents will be able to review it and check it for security, improve the quality of it. And actually, in certain situations, have it go to production, but that's not yet the case today.”

“crypto has a new catalyst, AI. There will soon be billions of agents transacting and they need rails that can keep up. Crypto is the only option that checks all 3 boxes, fast, cheap and global.”

“The ability to scale our team members and their ability to iterate and improve our products at these speeds is a game changer for our execution throughput and efficiency.”

“x402 is the open standard for the next wave of agentic commerce. We have a vertically integrated stack that no other company in the world owns end-to-end.”

“We want every company to be integrated into the crypto-enabled financial system just like they use the Internet or AI or any other technology.”