The x402 is so crucial for stablecoin payments that some (like Lincoln Murr) have likened it to a "Trojan horse." This is an apt analogy. This Trojan horse is more than just using a "stablecoin." It gradually impacts users in three ways, thereby reshaping the financial payment network.

Previously, stablecoin payments required users to: open their wallet → connect → sign the transaction → pay gas fees → wait for confirmation. This process was far too cumbersome for most non-crypto native users, as creating a crypto wallet already excluded 90% of users.

The x402 process (for the user) is as follows: Open a paid content item (such as a paid short drama) → A pop-up message appears in the browser/wallet stating "3 USDC payment required," click "Allow" → Payment complete, content unlocked immediately. The user doesn't need to know that they are paying with stablecoins (such as USDC), to a specific blockchain (Base), or 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, prompting an Apple Pay/credit card purchase of USDC, with the background automatically creating an embedded wallet (e.g., Privy SDK/Passkey).

Behind this simple user payment process lies the push of all complexity to the backend. For example, the agent automatically selects the cheapest chain/exchanges stablecoins/covers gas fees. The standardization and minimalist protocol of x402 allow any website/AI application to accept stablecoin payments on any chain with just a few lines of code.

First, it has subtly altered the landscape of the "payment network." Users may think they are using an "internet-based version of Apple Pay," but in reality, the payment is processed through an on-chain network (such as Base/Arbitrum/Solana), rather than Visa, MasterCard, Apple Pay, Pix, etc.

This means that in the future, some of the routing, clearing and settlement, data, fees, rules, review, and revenue of micro-payments will gradually be taken over by the supporting public chains/L2 ecosystems and stablecoin issuers, and the traditional payment network market will be partially eroded.

Secondly, it subtly alters the user's "wallet and identity." When a user taps "Apple Pay-style payment," the backend automatically creates an embedded wallet for the user (such as a device-level self-custodied passkey/Privy-custodied private key). Subsequent on-chain operations, including depositing, borrowing, investing, and trading, can then be linked to this wallet. This is a globally universal on-chain financial wallet/identity.

Third, it subtly alters the "final settlement layer of currency and value." Users initially pay in fiat currency, which is then converted into stablecoins like USDC. A portion of these stablecoins remain on-chain rather than returning to the traditional banking system. This money is used on-chain by AI agents to pay other AI agents; creators receive stablecoins and convert them into ETH for staking to earn interest; project teams use them to buy government bonds to generate more stablecoins. In this way, a portion of the stablecoins flowing onto the chain becomes on-chain liquidity, circulating as crypto dollars, rather than flowing back into the traditional financial system.

In summary, X402, combined with stablecoins and crypto-on-chain infrastructure, will gradually and continuously impact the existing payment system. It not only utilizes stablecoins but also transfers money, credit, identity, and data into a parallel financial universe. During this process, the user experience is similar to traditional internet payments. Therefore, this can be considered a Trojan horse.