Sandy Kaul, Head of Digital Assets and Innovation at the $2 trillion asset manager Franklin Templeton, has published a report arguing that autonomous AI agents will increasingly rely on blockchain networks for machine-to-machine payments, identity verification, and transaction settlement. The report, which cites data through July 14, 2026, frames agentic AI as a transformative force that could accelerate crypto adoption and drive demand for network tokens.
The release sparked immediate market reaction. Ethereum (ETH) hit a seven-week high of $1,945 on Tuesday and hovered near $1,930 early Wednesday, up 27% from its late June cycle low and approaching the psychological $2,000 mark. Crypto commentator and former BlackRock VP John Gillen quipped that a top Franklin executive “just said to buy ETH,” while others noted that few investors yet view Ethereum as an AI bet.
Kaul’s report highlights that agentic AI—AI that plans, executes, and completes tasks autonomously—will need financial rails that legacy systems struggle to provide. Traditional payment networks carry high fees and slow settlement times unsuitable for micropayments, and AI agents cannot open bank accounts due to strict KYC requirements. Instead, Kaul argues, decentralized blockchains like Ethereum and its layer-2 networks offer smart contract execution, decentralized identity, transparent ledgers, and distributed computing—exactly what AI agents need to transact independently.
She estimates that agentic commerce could reach $3 trillion to $5 trillion by 2030 and that 38% of organizations expect AI agents to work alongside employees by 2028. Already, Stripe and Visa have launched a Machine Payments Protocol, and Coinbase transferred its x402 payment protocol to the Linux Foundation as an open standard adopted by Shopify, Google, Amazon Web Services, and others.
“I believe what will become increasingly clear in coming years is that in order to capture the value of decentralized networks and businesses, investors will need to buy the cryptocurrencies and altcoins being issued by those entities,” Kaul wrote. “Such investments are likely to become key holdings in portfolios, especially for those looking to capture the emerging agentic AI opportunity.” The IMF echoed this view in April, stating that agentic AI will reshape payments and that standards are already being developed.
While the report also notes the high throughput of networks like Aptos, Solana, and BNB Chain, Ethereum remains the focal point due to its dominant developer base and institutional support. Kaul’s comments have reinforced the narrative that Ethereum is not just a tokenization play but also an infrastructure layer for the coming wave of autonomous AI commerce.
