BlackRock, the world's largest asset manager, has published research suggesting that broad AI adoption could represent an underappreciated source of demand for digital assets. In its paper titled "The Machine-Native Economy," the firm outlines how the rise of AI and machine-to-machine payments could increase demand for blockchains, stablecoins, and other programmable payment infrastructure.
BlackRock researchers Will Su, Robert Mitchnick, Jay Jacobs, and William Helm wrote that AI could serve as "a structural catalyst for digital asset adoption" and that "digital assets as a potential facilitator of the AI economy." They noted that this relationship remains underappreciated and could expand the role of digital assets as infrastructure for an increasingly autonomous digital economy.
Machine-Native Payment Systems
One key argument in BlackRock's research centers on agentic AI and the demand for machine-native payment instruments. While existing payment systems support some automation, account setup and authorization often require human involvement. Additionally, merchant fees can make low-value transactions uneconomic, and settlement times vary across providers.
BlackRock identified stablecoins, native cryptocurrencies, and tokenized real-world assets as well-suited for high-frequency, sub-cent transactions between machines operating around the clock. The researchers stated that while several types of digital assets may support automated commerce, stablecoins are likely to lead transactional use.
Computing Capacity and Tokenization
BlackRock also identified an emerging opportunity in the growing market for compute—the processing power needed to train and run AI systems. With AI demand rising, companies could seek to lock in computing capacity and manage risk. Claims on that capacity could be represented as tokens, transferred between parties, pledged as collateral, or traded on secondary markets.
The firm suggested this could broaden institutional investor participation in digital assets and establish compute as a new opportunity for the broader digital asset ecosystem. AI agents could potentially use these markets to automatically purchase computing resources as needed.
Industry Implementation Efforts
Several cryptocurrency companies have already begun building tools aligned with this vision. Coinbase developed the x402 protocol and Tempo created the Machine Payments Protocol, both designed to enable AI agents to automatically pay for online services. Circle introduced agent wallets and USDC payment tools in May, while OKX launched its Agent Payments Protocol to support recurring payments and escrow arrangements.
