伯恩斯坦：2025年数字资产备忘录：稳定币与机器支付（英文版）

We view agentic machine payments as an upside optionality for stablecoins. This is not a ‘here and now’ material impact on stablecoin demand, but some potential role of stablecoins in the agentic machine economy. This opportunity is also often wrongly framed as cards vs. stablecoin opportunity. You really have to take a big leap of faith to believe stablecoins will become the dominant payments rail and the future will look like a hyper-effecient swarm of agents on the internet with their own