BlackRock, the world's largest asset manager, has released research suggesting that artificial intelligence and cryptocurrency serve a shared function in what the firm calls a "machine-native economy."
In a paper titled "The Machine-Native Economy," co-written by Robert Mitchnick, BlackRock's head of digital assets, the firm argues that "AI is machine-native intelligence and crypto is machine-native money." Both technologies translate real-world inputs into formats that machines can process, according to the research.
Payment Infrastructure and AI Agents
BlackRock contends that existing payment systems are not suited for AI agents—programs that complete tasks with minimal human intervention. Traditional credit cards and bank transfers require human account setup, impose fees that make small transactions uneconomical, and can take a day or longer to settle.
Stablecoins, cryptocurrency tokens pegged to the dollar, operate continuously without closures. BlackRock cites data showing that stablecoins moved more than $11 trillion in 2025, placing them in a transaction volume category comparable to Visa and Mastercard. The firm notes that infrastructure for AI payments is already developing, with examples including Coinbase's x402 tool, which enables software to pay websites instantly, and Cardano's recent adoption of this technology.
Computing Power and Blockchain Settlement
BlackRock's research explores a broader application: tokenizing computing power itself. The firm cites analyst estimates suggesting that cloud revenue from Amazon, Microsoft, and Google could reach approximately $1.1 trillion by 2030. BlackRock proposes that computing power could be bought and sold through standardized contracts, similar to oil futures, with settlement occurring on blockchains.
This concept is beginning to take shape elsewhere in the industry. Payments company Stripe announced in August that it would acquire OpenRouter, a platform that routes artificial intelligence requests across more than 400 models. Stripe's CEO Patrick Collison stated that "tokens are the central currency for companies building with AI."
Limitations and Caveats
The research acknowledges significant limitations. AI agent payments remain minimal in real-world volume. BlackRock also references simulations in which AI models selected stablecoins for spending and Bitcoin for savings, but clarifies that these were tests rather than actual transactions.
BlackRock has direct financial exposure to cryptocurrency markets through its iShares Bitcoin Trust (IBIT), which held $67 billion as of September 25. The fund has declined approximately one-third of its value over the course of the year.
