x402 is crucial for stablecoin payments, with some (like Lincoln Murr) likening it to a "Trojan Horse." This is a very apt metaphor. This Trojan Horse is not just about using "stablecoins" in a simple way. Instead, it gradually influences users from three aspects, thereby reshaping the financial payment network.

Previously, for stablecoin payments, users needed to: open a wallet → connect → sign a transaction → pay gas fees → wait for confirmation. For most non-crypto native users, this process is too complicated, as creating a crypto wallet has already excluded 90% of users.

The process of x402 (for users) is: click on a paid content (like a paid short drama, etc.) → a browser/wallet pops up saying "need to pay 3 USDC," click "allow" → payment is completed, and the content is immediately unlocked. Users do not need to know that they are paying with stablecoins (like USDC), that it is going to a certain chain (Base), or that it is being paid to an AI agent. It feels "as smooth as using Apple Pay." For users without stablecoins in their wallets, the agent can advance the payment, popping up Apple Pay/credit card to instantly buy USDC for payment, with the backend automatically creating an embedded wallet (like Privy SDK/Passkey).

Behind this simple user payment process, all the complexity is pushed to the backend, such as the agent automatically selecting cheaper chains/exchanging stablecoins/covering gas fees. The standardization and minimalist protocol of x402 allow any website/AI application to accept stablecoin payments from any chain with just a few lines of code.

First, it unknowingly changes the landscape of the "payment network." Users think they are using a "new version of Apple Pay on the internet," but the payment is actually going through on-chain networks (like Base/Arbitrum/Solana, etc.), rather than Visa, MasterCard, Apple Pay, Pix, etc.

This means that in the future, the routing, clearing and settlement, data, fees, rules, scrutiny, and revenue of micropayments will gradually be taken over by supported public chains/L2 ecosystems and stablecoin issuers, partially encroaching on the traditional payment network market.

Second, it unknowingly changes users' "wallets and identities." When users click on "Apple Pay-style payment," the backend can automatically create an embedded wallet for users (like device-level self-custody with passkey/Privy custodial private keys). Subsequent on-chain operations, including saving, borrowing, investing, trading, etc., can all be linked to this wallet. This is a globally applicable on-chain financial wallet/identity.

Third, it unknowingly changes the "final settlement layer of currency and value." Users initially pay with fiat currency, which is converted into stablecoins like USDC, and some of these stablecoins will remain on-chain rather than returning to the traditional banking system. This money on-chain will be used by AI agents to pay other AI agents; creators will convert stablecoins into ETH to participate in staking for interest; project teams will use it to buy government bonds to generate more stablecoins. In this way, the portion of stablecoins flowing into the chain will create on-chain liquidity, becoming a cycle of crypto dollars rather than flowing back into the traditional financial system.

In summary, X402 + stablecoins + on-chain crypto facilities will gradually and continuously impact the existing payment system, not only utilizing stablecoins but also transferring money, credit, identity, and data into a parallel financial universe. In this process, users' experience is similar to traditional internet payment experiences. Therefore, this can indeed be considered a Trojan Horse.

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