AI agent payment value falls 94.5% as the late-2025 frenzy fades

AI agent payment value has collapsed 94.5% from its late-2025 peak, erasing most of the transaction volume that fueled the sector's speculative frenzy. The sharp drawdown underscores how much of the earlier activity was driven by hype rather than durable demand, leaving the sector's onchain payment metrics far below their highs. The pullback matters because it tests whether AI agent protocols can attract real usage once speculative capital retreats. Traders and builders will now watch whether payment volumes stabilize at a lower base or continue to slide, and whether genuine application-driven demand emerges to replace the fading mania.