Bernstein: As Smart Contract Pay Becomes Mainstream, Circle and Coinbase Emerge as “Best Proxy Play” Beneficiaries of Stablecoin Growth

March 23rd, The Block reported that analysts at research and brokerage firm Bernstein have named Circle and Coinbase key drivers of stablecoin growth—fueled by their USDC partnership and the emerging role of stablecoins in "smart agent payments," which could become a major future growth lever. Lead analyst Gautam Chhugani noted in a Monday report: “We view smart agent payments as an upside optionality for stablecoins. It doesn’t materially impact current stablecoin demand, but stablecoins could play a critical role in the future smart agent economy.” The analyst clarified that “machine payments”—transactions initiated, authorized, and completed by software or autonomous devices (not humans)—are fundamentally distinct from automated bill pay or subscriptions. They’re programmatic, enabling real-time decision-making, price negotiation, and instant settlement without human input. Bernstein argues stablecoins have a natural edge here thanks to their programmability, instant settlement, micropayment support, and global reach. Payment logic like escrow, conditional payments, or revenue sharing can be embedded directly into stablecoins—letting smart agents complete transactions without linking to banks or waiting for confirmations. The report adds that transactions settle in seconds, letting AI agents pay for computing power or data in real time; high-throughput blockchains and state channels make large-scale microtransactions economically feasible; and stablecoins’ cross-border nature cuts reliance on SWIFT, correspondent banking, or forex, further lowering costs.