BlackRock released a research paper titled The Machine-Native Economy, co-authored by head of digital assets Robert Mitchnick. The firm argues that artificial intelligence and cryptocurrency are both machine-native technologies. According to the report, existing payment systems are inefficient for AI agents because they require human interaction, involve high fees, and have slow settlement times.
The report highlights that stablecoins processed over $11 trillion in 2025, reaching a scale comparable to Visa and Mastercard. Infrastructure projects are already emerging, such as the x402 tool from Coinbase, which enables instant software payments. Cardano integrated this tool earlier this month to facilitate automated transactions.
BlackRock suggests that AI computing power could eventually be traded via standard contracts on blockchains, similar to oil. The firm notes that cloud revenue for Amazon, Microsoft, and Google is projected to reach nearly $1.1 trillion by 2030. Stripe has already entered this space by acquiring OpenRouter, a platform that manages AI model requests.
The firm maintains significant exposure to the sector through its iShares Bitcoin Trust, which held $67 billion in assets as of September 25. While the fund has experienced a decline of approximately one-third of its value this year, BlackRock continues to explore the intersection of AI and digital assets, despite noting that real-world AI agent payments remain limited.
