DuneDigest048

This week, the agent economy got another boost. Coinbase’s Agentic Wallets and the broader Base stack are enabling software agents to custody USDC, interact with DeFi, and transact autonomously at sub-cent fees. The footprint is already visible. Base’s ERC-8004 registry has surpassed ~21,000 registered agents. The ecosystem has processed ~462,000 agentic transactions YTD from ~99,000 unique addresses, with ~43,000 weekly transactions and ~13,000 weekly users. Over the last 30 days, agent-adjacent tokens on Base generated ~$260M in DEX volume from ~72,000 traders, capturing ~16% share versus Solana. Activity remains concentrated in early infrastructure leaders like Virtuals, which logged ~103,000 transactions and ~23,700 users over 30 days.

Why this matters: This is not just about better AI interfaces, but about software gaining native access to programmable dollars. As Circle CEO Jeremy Allaire noted on Feb 25, tens or hundreds of billions of agents could ultimately run on stablecoins, negotiating, allocating capital, and settling micropayments at fractions of a cent—flows that 2–3% card rails and batch wire systems cannot support profitably. Citrini Research’s February 22 memo framed the stakes: agents routing payments over L2 stablecoins could erode interchange economics and pressure legacy networks. Once agents have wallets, payments become a software primitive. The institutions that build custody, controls, and policy engines around this new customer class will capture the flow; others risk disintermediation by default.

This shift creates both opportunity and friction. Electric Capital highlighted the legal frontier: when an autonomous agent overspends, is hacked, or causes damage, liability is unclear. The next competitive layer will be identity, reputation, and compliance frameworks for non-human actors.

Source: dune.com/ax1research/base-agentic-ecosystem

Kraken has introduced the world’s first regulated tokenized-equity perpetual futures, offering 24/7 leveraged exposure (up to 20×) to tokenized U.S. equities, the S&P 500 (SPYx), Nasdaq-100 (QQQx), gold (GLDx), and major stocks such as NVDA, AAPL, and TSLA. The products are available to eligible non-U.S. clients in 110+ countries and are built on the xStocks framework. xStocks are fully collateralized, 1:1 asset-backed tokenized equities that trade onchain around the clock, enabling continuous price discovery even when traditional exchanges are closed. The ecosystem has surpassed $240M in AUM (~$94M on Kraken) and over $3.7B in cumulative onchain transaction volume.

Why this matters: This moves tokenized equities from passive exposure to active, capital-efficient trading infrastructure. By combining regulated derivatives, perpetual futures mechanics, and 24/7 tokenized price discovery, Kraken is effectively rebuilding equity trading for an always-on market structure, accelerating the convergence of traditional capital markets and onchain composability.

Source: dune.com/xstocks/xstocks

Société Générale’s SG Forge has built one of the clearest bridges between European TradFi and DeFi with EURCV, its fully MiCA-compliant, euro-pegged stablecoin backed 1:1 by high-quality reserves and live since late 2024. Since September 2025, EURCV (alongside USDCV) has been deployed natively into Morpho lending markets, where it can be lent against collateral ranging from tokenized money-market funds (EUTBL/USTBL via Spiko) to ETH and BTC.

On Feb 25, Safe integrated a Steakhouse-curated Morpho vault, enabling institutions and treasuries to earn euro yield directly within multisig workflows.

Euro-pegged stablecoins on EVMs, Solana, Tron and Stellar have now surpassed $960M in total supply, nearly doubling year-over-year. More broadly, non-USD stablecoins are expanding both as payment and remittance rails in regional corridors and as productive collateral within DeFi, particularly through Morpho vaults and euro-denominated assets.

Why this matters: A major European bank is now delivering regulated, programmable euro liquidity with native DeFi yield. In a USD-dominated market, EURCV shows how compliant non-USD stablecoins can capture a defensible niche: capital-efficient, composable, and institution-ready.

For those tracking this shift, Dune has just launched its new Stablecoins Dataset covering over 200 stablecoins across 30+ chains and 20 currencies, providing granular visibility into supply, transfers, holders, and onchain activity across both USD and non-USD markets.

Source: dune.com/queries/6755225

On Feb 26, Solana launched payments.org, a dedicated hub for its payments ecosystem, alongside the official @solanapayments account. The site consolidates developer documentation, live network stats ($2T+ quarterly stablecoin transfers, ~$300M monthly payment volume, ~$0.0004 median fees, ~400ms block times), a mainnet transaction simulator, and enterprise case studies spanning PayPal, Visa, Worldpay, and Citi. Solana is positioning itself less as a DeFi-first chain and more as high-throughput payments infrastructure for fintechs, banks, and machine-to-machine commerce. The hub formalizes that pitch: low fees, fast finality, and compliance-oriented tooling, presented in a format designed for decision-makers.

Why this matters: This is a common trend among many blockchain networks. Polygon is advancing its Open Money Stack for modular stablecoin issuance and cross-chain liquidity, while Base is leaning into agent-native payments and machine-to-machine commerce. Across ecosystems, stablecoins are increasingly embedded into remittances, treasury workflows, card integrations, and AI-driven transactions. As this shift accelerates, transparent data becomes critical. Many of the performance benchmarks showcased in Solana’s hub are powered by Dune, enabling institutions to compare throughput, fees, transfer volumes, and stablecoin activity across chains in real time. Payments emerged as one of the clearest real-world blockchain use cases, and measurable infrastructure is now part of the product itself.

Source: payments.org

On Feb 24, CoinShares listed the CoinShares Hyperliquid Staking ETP (LIQD) on Germany’s Xetra exchange. The product offers 100% physically backed exposure to Hyperliquid’s native HYPE token, with a 0% management fee and a 0.5% annual staking yield. Hyperliquid has emerged as the leading decentralized perpetuals exchange, with nearly $4B in AUM and processing over $3.8T in cumulative volume. The protocol recently integrated with Ripple Prime, giving 300+ institutional clients access to onchain perpetuals, the first prime brokerage integration for a decentralized exchange. The LIQD ETP wraps this infrastructure into a regulated, exchange-traded vehicle, giving European investors compliant exposure to HYPE and its staking rewards without managing wallets or interacting directly with DeFi.

Why this matters: This marks a clear step beyond first-generation crypto ETPs focused on BTC, ETH, and SOL. As demand for yield persists and onchain derivatives volumes grow, asset managers are now packaging more experimental, DeFi-native protocols, including staking yields and derivatives infrastructure, into institutional shells.

Source: dune.com/kucoinventures/perpdex-aum

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Always do your own research.