Artificial intelligence could be one of the biggest drivers for digital asset adoption as autonomous agents begin buying services, moving money and sourcing computing power, according to a BlackRock paper.

The asset manager argues that AI provides “machine-native intelligence” while digital assets provide the payment and settlement infrastructure agents may need to act on their decisions. An agent carrying out a task could, for example, pay for a data request, book a service or purchase computing capacity without waiting for a person to to complete.

Stablecoins are likely to be the first major beneficiary. Their relatively stable value makes them useful for pricing services, while blockchain networks can support payments around the clock. BlackRock highlights Coinbase x402 protocol as one emerging way agents to pay for online resources, including API calls. It also acknowledges that existing payments networks are adapting to agentic commerce.

BlackRock has argued that broad AI adoption may become a largely overlooked driver of demand for digital assets—particularly through machine-to-machine payments and tokenized infrastructure. In a new research paper, the asset manager links the growth of AI “agents” to the need for 24/7, programmable settlement systems, and it points to stablecoins and other on-chain instruments as likely beneficiaries.

The report, titled “The Machine-Native Economy,” also raises the possibility that AI could expand crypto beyond payments by creating a market for tokenized claims on compute resources—assets that could be traded, used as collateral, or automatically purchased as AI systems request additional capacity.

Key takeaways

• BlackRock frames AI and machine-to-machine payments as a “structural catalyst” for digital asset adoption.
• The paper argues stablecoins are particularly suited for high-frequency, low-value transactions between autonomous systems.
• It suggests compute markets could emerge where tokenized claims on processing capacity are transferred, pledged, or traded.
• BlackRock positions digital assets as potential infrastructure for an increasingly autonomous “digital economy,” an angle aimed at institutional investors.

Why AI could change the demand for payment rails

BlackRock’s core premise is that agentic AI—where software acts on behalf of users and other systems—will intensify the need for payment mechanisms designed for automation. While existing payment infrastructure can support some forms of automation, the report argues that critical steps such as account setup, credentialing, authorization, and the economics of very small transactions can still require human involvement.

In addition, the paper highlights that settlement finality and speed can differ across providers, which may not align neatly with the requirements of machine-to-machine commerce that runs continuously. Against that backdrop, BlackRock says digital assets and tokenized instruments may better fit the operational realities of autonomous transactions.

The authors specifically describe stablecoins, native cryptocurrencies, and tokenized real-world assets as suitable for machine-to-machine payments that are high-frequency and sub-cent, occurring around the clock. They add that multiple digital assets could support “agentic commerce,” but that stablecoins are likely to lead transactional usage.

Tokenizing compute capacity as a new crypto market

The research goes further than payments by identifying an opportunity in the compute sector. BlackRock describes compute as the processing power required to train and run AI systems, and it argues that as AI demand surges, companies may look for ways to control costs and manage risk with clearer access to resources.

In BlackRock’s model, claims on compute capacity could be represented as tokens. Those tokens could then be transferred, pledged as collateral, or traded—creating a potential market that broadens participation from institutional investors. The paper also claims AI agents could use such markets to automatically acquire resources as needed, aligning procurement with system demand in real time.

By emphasizing how tokenized claims could connect AI-driven resource needs with programmable settlement, BlackRock effectively reframes parts of the compute economy as a candidate for on-chain financial infrastructure.

Institutional spotlight on a long-running crypto thesis

BlackRock’s argument echoes a theme long promoted within parts of the crypto industry: AI will not only increase the volume of transactions, but also create a need for financial rails that can operate without constant human oversight. BlackRock’s contribution is the institutional framing—using research intended for a mainstream investor audience to advance the idea that digital assets could become part of the underlying mechanics of an increasingly autonomous economy.

This perspective also aligns with public comments from crypto leaders. In July, Coinbase CEO Brian Armstrong pushed back on calls for the industry to “pivot” toward AI, arguing instead that AI agents could drive demand for crypto-based financial services. Earlier coverage noted his view that AI being a megatrend does not diminish crypto’s relevance; he argued that agents would need programmable money rather than traditional banking rails.

Armstrong’s point appears consistent with BlackRock’s emphasis on machine-native settlement and automation. Where BlackRock speaks in terms of infrastructure and institutional participation, Armstrong focuses on the practical requirement for programmable payment capabilities in agent-driven systems.

Tools already emerging for automated agent payments

While BlackRock’s paper is forward-looking, it is not made in a vacuum. The input highlights that some crypto and payments firms are already building tooling aimed at enabling AI agents to transact automatically. For instance, the article notes Coinbase’s x402 protocol and Tempo’s Machine Payments Protocol, both designed to let AI agents automatically pay for online services.

It also references Circle’s introduction of agent wallets and USDC payment tools and OKX’s Agent Payments Protocol, which is described as supporting recurring payments and escrow-style arrangements where funds are released after a task’s completion.

These examples matter for investors and builders because they suggest at least some demand signals are being converted into product development. BlackRock’s research provides a macro rationale for why that direction could scale as AI agents become more common and transaction patterns become more autonomous and continuous.

For now, the big question is how quickly tokenized payment rails and compute-claim markets move from concept to real usage at scale. Readers should watch whether stablecoin-based payment workflows for autonomous agents expand beyond pilots, and whether any compute-market tokenization proposals gain traction—because that would be the clearest test of BlackRock’s “compute as a new opportunity” thesis.

Key takeaways

• Zcash remains above $1,600 after gaining 10% during the previous session.
• Weekly shielded transactions reached 62,379, their highest level since 2022.
• The newer Ironwood pool accounted for 55,549 of the shielded transactions recorded last week.
• A confirmed breakout above $1,700 could put the $2,000 psychological level in focus, while $1,595 is the nearest support.

Zcash (ZEC) continued its rally on Wednesday, trading around $1,619 after gaining 7.5% during the previous session. 

Rising use of the network’s privacy features and stronger demand for regulated ZEC investment products are supporting the token’s positive price action.

The privacy-focused cryptocurrency is also approaching the upper boundary of a bullish channel near $1,700. 

Momentum indicators remain constructive without showing excessively overbought conditions, allowing buyers to attempt another breakout.

A decisive move above $1,700 could carry ZEC into price discovery and bring the $2,000 psychological threshold into view. 

Failure to clear the resistance, however, could trigger a retreat toward support around $1,595 or the $1,422–$1,424 region.

Zcash Shielded activity reaches four-year high

Zcash’s latest rally has coincided with increased use of its shielded transaction system, which allows users to conceal certain transaction details.

Data from Blockworks shows that the network processed 62,379 shielded transactions last week. That was the highest weekly total recorded in four years, suggesting that demand for Zcash’s privacy functionality is increasing alongside its price.

The Ironwood pool accounted for 55,549 of those transactions, representing approximately 89% of the weekly total. The concentration of activity in the newer pool indicates that users are increasingly adopting the latest version of Zcash’s shielded infrastructure.

Unlike transparent blockchain transactions, shielded transfers can use cryptographic proofs to verify that a transaction is valid without publicly exposing all of its underlying information. This functionality is central to Zcash’s value proposition as a privacy-oriented network.

Increasing shielded activity may provide a stronger fundamental basis for ZEC’s rally because it suggests that network usage is rising rather than the price move being driven entirely by speculation.

One strong week does not establish a sustained adoption trend, however. Shielded transaction volumes will need to remain elevated over a longer period to demonstrate that the increase represents a durable change in user behavior.

Institutional investment products have provided another source of support for Zcash. Grayscale’s ZEC-focused product recorded $32.81 million in inflows on Tuesday, according to SoSoValue data. The inflow lifted the product’s net assets under management to approximately $979.48 million.

The sizeable daily increase indicates growing investor demand for ZEC exposure through a regulated investment vehicle. Such products allow investors to follow the token’s performance without independently purchasing, storing, and securing it.

Zcash has also gained additional institutional exposure in Europe. 21Shares recently launched a ZEC-focused exchange-traded product on Euronext, expanding the range of regulated channels through which investors can access the privacy token.

The combination of inflows into Grayscale’s product and the availability of the new 21Shares ETP points to improving institutional confidence. Continued inflows could reduce the amount of ZEC circulating freely in the market and support prices if demand remains strong.

Nevertheless, investment-product flows can reverse quickly. Traders will need to determine whether Tuesday’s inflow marks the beginning of a sustained trend or reflects a temporary response to ZEC’s recent price performance.

Zcash approaches $1,700 channel resistance

Zcash was trading around $1,619 on Wednesday, maintaining its bullish short-term structure.

On the four-hour chart, ZEC remains comfortably above its major exponential moving averages. The 50-period EMA stands near $1,424, the 100-period EMA is around $1,295, and the 200-period EMA sits at approximately $1,108.

Trading above all three averages shows that buyers remain in control across multiple short-term time frames. Their bullish alignment also provides several potential layers of support if the token experiences a pullback.

ZEC is now approaching a descending resistance line connecting the August 23 and September 19 highs. That barrier is situated near $1,700.

Meanwhile, a rising trendline connecting the September 2 and September 16 lows forms the lower boundary of a bullish channel. The structure indicates that buyers have repeatedly entered the market at progressively higher prices.

A confirmed breakout above the channel resistance could strengthen the rally and push ZEC into price-discovery territory. Under that scenario, the next notable target would be the round-number level at $2,000, representing a potential gain of roughly 25% from $1,600.

A breakout should ideally be supported by increasing trading volume and a sustained close above $1,700. A brief move beyond the resistance followed by a rapid reversal could instead signal a failed breakout.

Zcash’s momentum indicators continue to support the bullish outlook. The Moving Average Convergence Divergence indicator remains in positive territory and has crossed above its signal line. The crossover suggests that upward momentum is strengthening as ZEC tests the upper boundary of its channel.

The Relative Strength Index stands near 63. The reading is above the neutral midpoint of 50 but below the conventional overbought level of 70, indicating strong momentum without suggesting that the rally is excessively stretched.

If ZEC fails to overcome $1,700, its first support sits near $1,595, corresponding with the September 19 high. Holding that former resistance as support would keep the immediate breakout thesis intact.

Below $1,595, the next important area lies between $1,422 and $1,424. That zone combines the September 18 low with the four-hour chart’s 50-period EMA, making it a stronger potential support region during a deeper correction.

For now, rising shielded usage, institutional inflows, and constructive technical signals support the upside bias. The next decisive test is whether buyers can convert the $1,700 resistance into support and extend the rally toward $2,000.

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Bitcoin could face a longer period of regulatory uncertainty after the CLARITY Act stalled in the U.S. Senate, although the setback has not changed BTC’s current classification as a digital commodity.

According to a Sept. 22 report from Bitplanet Research Lab, the failed Senate vote primarily delayed efforts to put the definition of digital commodities and a regulatory framework for spot markets into federal law. The SEC and CFTC’s existing interpretation of Bitcoin remains unchanged.

The Senate rejected a cloture motion to begin consideration of H.R. 3633 on Sept. 15 by 49 votes to 50, with one senator not voting. The motion needed 60 votes to advance, meaning lawmakers never reached the amendment process or a final vote on the legislation.

As crypto.news reported after the vote, Bitcoin faces less regulatory uncertainty from the setback than altcoins, decentralized finance platforms, exchanges and token issuers. Attention has instead moved toward how the SEC and CFTC use their existing powers while legislation remains stalled.

Bitcoin faces limited immediate impact from the CLARITY Act setback

Bitcoin’s existing regulatory treatment provides some insulation from the failure of the bill.

The SEC and CFTC issued a joint interpretation on March 17 that placed crypto assets into five categories, including digital commodities, digital collectibles, digital tools, stablecoins and digital securities. Bitcoin was among the assets specifically named as examples of digital commodities.

The agencies’ joint crypto interpretation identified BTC alongside Ether, Solana and XRP, among other assets, as digital commodities rather than securities. The interpretation did not replace the Howey test, meaning securities laws can still apply depending on how an asset is offered or sold.

The distinction limits what the failed CLARITY Act vote immediately changes for Bitcoin. Bitplanet said BTC continues to be treated as a commodity under the March interpretation, while the legislative setback concerns the rules surrounding the market in which it trades.

Under the House passed version of the CLARITY Act, digital commodity exchanges, brokers and dealers would have been required to register with the CFTC. Spot trading conducted through entities registered or required to register with the regulator would fall under its exclusive supervision.

Without the legislation, the CFTC still lacks statutory authority to supervise the entire digital commodity spot market, according to the report. Bitcoin therefore keeps its current classification, while the federal registration and supervision regime intended for exchanges and intermediaries remains unfinished.

Bitcoin’s commodity status remains based on agency interpretation

A longer term issue for Bitcoin is that its current regulatory treatment has not been written into federal law.

Bitplanet noted that the SEC and CFTC interpretation is neither a statute nor a binding rule. BlackRock cited the same distinction as a risk factor in the second quarter report for its iShares Bitcoin Trust, noting that a court or future administration could reach a different conclusion.

SEC Chair Paul Atkins has similarly argued that legislation is needed to prevent future regulators from reversing current policy.

The CLARITY Act would have provided a statutory definition of digital commodities and established the regulatory structure surrounding their spot markets. Its failure to clear the Senate procedural hurdle leaves Bitcoin dependent in part on the existing interpretation while Congress considers whether to revisit the legislation.

A crypto.news analysis of digital commodities in June noted that the March classification was interpretive and could be revised by a future administration. The CLARITY Act was designed to put the digital commodity category into federal statute.

For Bitcoin, Bitplanet said the current classification would need to be reassessed if the SEC and CFTC withdrew or amended their March interpretation or if a federal court reached a different conclusion.

Bitcoin ETF flows show the initial market impact has faded

Bitcoin and crypto related markets reacted sharply when the Senate vote failed, although the selloff did not persist.

The 12 U.S. spot Bitcoin ETFs recorded $450.4 million in combined net outflows on Sept. 15. Fidelity’s FBTC lost $214.8 million, while BlackRock’s IBIT posted $161.7 million in withdrawals. The daily total was approximately 2.8 times the $159.9 million net inflow recorded during the previous trading session.

Bitcoin fell 3.39% from $78,316 to $75,663 based on the aggregate price data used by Bitplanet. Coinbase closed 10.10% lower and Circle dropped 11.41% during the same session.

Bitplanet cautioned against treating the CLARITY Act vote as the sole cause. The vote occurred during the Federal Reserve’s September meeting, while interest rates and oil prices were affecting risk assets at the same time. The report said those variables prevented it from isolating the regulatory component of Bitcoin’s decline.

Selling pressure subsequently reversed. Bitcoin rebounded 5.8% to $80,890 on Sept. 18, while spot Bitcoin ETFs recorded $159.5 million in net inflows on Sept. 17 and another $433 million the following day. Short liquidations occurred during the rebound, making it difficult to attribute the recovery solely to regulatory developments.

BTC has since extended its recovery. Bitcoin climbed above $86,000 and briefly touched $87,000 on Sept. 22, its highest level since late January, as falling oil prices, lower Treasury yields, short covering and returning institutional demand supported the move.

HashKey Group senior researcher Tim Sun told crypto.news that ETF inflows confirmed the rally instead of initiating it, while describing short term ETF flows as tending to move with Bitcoin’s price rather than predict its direction.

The recovery has left BTC well above the level seen immediately after the failed Senate vote. Bitplanet identified continued spot ETF flows as one of the factors to monitor, noting that the four trading sessions between Sept. 15 and Sept. 18 still produced a cumulative net outflow of $153.8 million despite the inflows during the final two sessions.

SEC and CFTC rules could determine what comes next for Bitcoin

With the legislation stalled, both regulators are moving ahead with crypto related measures using their existing authority.

CFTC Chairman Michael Selig said in August that staff had been directed to review a crypto asset market structure rule that could proceed under existing statutory powers. The White House Office of Information and Regulatory Affairs received the CFTC’s “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” proposal on Sept. 17. The filing was still at the prerule stage when Bitplanet published its report, and its substance had not been made public.

The SEC moved separately after the Senate vote. On Sept. 17, the regulator introduced a five year Innovation Exemption covering qualifying tokenized stock trading platforms and liquidity providers.

Under the five year SEC exemption, eligible tokenized securities venues can facilitate trading in tokenized National Market System stocks through permissioned automated market makers and liquidity pools, subject to conditions covering shareholder rights, trading limits and smart contract transparency.

Bitcoin could have a role in those markets. Bitplanet said trading pairs that exchange eligible tokenized stocks directly against non security crypto assets such as BTC can fall within the exemption. The measure does not change Bitcoin’s classification or give the CFTC authority over the entire spot market.

Congress could still revisit the CLARITY Act. Sen. Thom Tillis voted against the Sept. 15 cloture motion in a way that allowed him to file a motion to reconsider and formally requested reconsideration immediately after the vote. Any second cloture attempt would still require 60 votes to advance.

XRP Ledger has moved PermissionDelegationV1_1 into its 14 day activation period after 29 of the network’s 35 trusted validators backed the account permission upgrade.

According to the live XRP Ledger amendment dashboard, the countdown began on Sept. 21 and could put PermissionDelegationV1_1 into effect on Oct. 5 at 11:18 UTC if validator support remains above the required threshold throughout the period.

At least 28 of the 35 trusted validators must continue supporting the amendment. If backing falls below that level before the countdown ends, the activation timer will reset.

PermissionDelegationV1_1 splits XRP Ledger account authority

PermissionDelegationV1_1 changes how an XRP Ledger account can give another account authority to perform specific tasks.

Under the current account structure, businesses that need different systems or employees to carry out operations can face the problem of giving an operational account more authority than it actually needs. Permission Delegation is designed to separate those responsibilities.

An account could, for example, authorize another account to make payments without giving it permission to change the primary account’s keys. A stablecoin issuer could keep its main keys offline while giving an internet connected compliance system permission to approve customers to hold its token.

Each delegated account can receive up to 10 permissions, while the account granting the authority retains the ability to change or revoke them.

The arrangement resembles the separation of responsibilities commonly used by financial institutions, where payment, compliance and administrative functions do not necessarily share the same level of access.

PermissionDelegationV1_1 forms part of a larger group of amendments introduced through xrpld 3.3.0. The release included BatchV1_1, ConfidentialTransfer, DynamicMPT and Sponsor alongside Permission Delegation, with several of the features geared toward institutional transactions and token issuance.

Sponsor would allow another entity to cover transaction fees and reserve requirements for users without controlling their accounts. DynamicMPT gives issuers more flexibility over selected Multi Purpose Token properties, while ConfidentialTransfer is designed to conceal MPT balances and payment amounts from public view while retaining access mechanisms for authorized parties.

Crypto.news previously reported that ConfidentialTransfer targets institutional use cases where companies may need transaction privacy while still providing information to auditors and other authorized parties.

Permission Delegation returns after an earlier security flaw

PermissionDelegationV1_1 is the second attempt to bring delegated account permissions to the XRP Ledger.

The original amendment was stopped before reaching the main network after a community tester reported a vulnerability on Sept. 15, 2025.

Under the affected implementation, the software checked whether an account had permission to perform a transaction before properly verifying its signature. Certain rejected transactions could still incur a fee.

An attacker could therefore have submitted unauthorized transactions carrying deliberately high fees and caused another account to pay them even though the transactions were not properly signed. Repeating the process could have depleted the victim’s available XRP balance.

Validators were advised not to support the amendment after the vulnerability was discovered, preventing the affected version from activating on mainnet.

The replacement was included in xrpld 3.3.0 with changes to how unauthorized transactions are handled. Signature verification now takes place before the type of failure that could charge the targeted account.

Permission Delegation is not the only feature from the release to return after security work. BatchV1_1 replaced an earlier Batch implementation after developers found a separate critical signing vulnerability. The revised Batch upgrade has moved through validator voting after fixes and further review.

Could PermissionDelegationV1_1 affect XRP price?

PermissionDelegationV1_1 does not directly change XRP’s supply, issuance schedule or token economics, leaving no mechanical reason for its activation alone to create substantial new demand for XRP.

The amendment deals with account permissions instead of the XRP token itself. Institutions using delegated accounts would still use XRP for the ledger’s normal fees and reserve requirements, but the feature does not require them to buy or hold large amounts of XRP simply to use delegated permissions.

Recent developments on the network show why the distinction between XRPL adoption and XRP demand matters.

A previous analysis of Ripple Prime’s XRP exposure found that even substantial institutional activity inside Ripple’s ecosystem does not automatically translate into equivalent XRP demand. Stablecoins and other issued assets can handle much of the underlying value transfer while XRP retains roles including transaction fees, reserves and some routing functions.

A similar structure applies to Permission Delegation. Stablecoin issuers, tokenized asset providers and other businesses could use the feature without making XRP the asset being transferred.

The possible price connection instead depends on whether the upgrade helps bring more activity to the XRP Ledger over time.

Institutional issuers that want to keep high authority keys offline could use delegated accounts for recurring payments or compliance tasks. If those capabilities contribute to more businesses issuing assets and processing transactions on XRPL, the resulting activity would create more use of the network, where XRP remains the native asset used for fees and reserves.

Evidence so far suggests that network growth and XRP price do not always move together. RLUSD and tokenized assets have expanded on XRPL while XRP has experienced periods of price weakness, showing that rising ledger activity does not necessarily produce immediate buying pressure for the token.

A June institutional test involving JPMorgan, Mastercard, Ondo Finance and Ripple provided another example. The tokenized Treasury redemption used the XRP Ledger, but XRP was not the asset being redeemed. Its direct role remained tied to the underlying network infrastructure.

PermissionDelegationV1_1 could therefore provide another piece of infrastructure for institutional users without becoming a major standalone XRP price catalyst.

A market reaction around activation remains possible because traders can respond to network upgrades and expectations surrounding adoption. Any sustained price effect, however, would depend on subsequent use of the feature and other market factors instead of the amendment simply switching on.

XRP Ledger is building more tools for institutional transactions

Permission Delegation is moving toward activation while several other XRP Ledger features remain at different stages of the amendment process.

BatchV1_1 is designed to bundle multiple operations into a coordinated transaction, allowing every included action to succeed or fail together. Such a structure can support settlement processes where an asset and its payment need to change hands at the same time.

ConfidentialTransfer would give Multi Purpose Token issuers the option to conceal balances and transfer amounts while leaving accounts visible. Authorized parties could still receive information needed for compliance under the proposed design.

XRPL developers have continued work beyond the 3.3.0 release. Version 3.4.0, released on Sept. 16, introduced revisions to proposed lending functions alongside another package of protocol fixes.

The lending framework remains subject to the network’s amendment process, with validator approval required before the proposed functions can become active on mainnet.