为什么 AI 智能体需要自己的银行账户：Coinbase 的 Lincoln Murr 谈智能体金融

简要描述Brief Description

Coinbase AI 产品负责人 Lincoln Murr 讨论了为服务付费的智能体，以及帮助管理或增值资金的智能体。他回顾了 AgentKit 和 x402 的发展历程，介绍了交易和投资方面的应用场景，并分享了关于信任、界面设计以及智能体自主维持运营潜力的经验。Lincoln Murr, head of AI product at Coinbase, discusses agents that pay for services and agents that help manage or grow money. He traces the development of AgentKit and x402, describes trading and investing use cases, and shares lessons about trust, interfaces, and the potential for agents to sustain their own operations.

目录Table of Contents

• 什么是代理式金融？
  What is agentic finance?
• AgentKit：为 AI 配备钱包
  AgentKit: giving an AI a wallet
• HTTP 402 与 x402
  HTTP 402 and x402
• x402 的崛起速度有多快
  How fast x402 took off
• 微交易与广告经济
  Microtransactions vs. the ad economy
• 让资金增长的智能体
  Agents that grow money
• 一次周末交易，用声音完成
  A weekend trade, by voice
• 课程：信任是一步一步赢得的
  Lesson: trust is earned one step at a time
• AI 是赋能工具，而非产品。
  AI is the enabler, not the product
• 代理式金融的发展方向
  Where agentic finance is heading

什么是智能体金融？What is agentic finance?

我叫林肯，是 Coinbase 的 AI 产品负责人。今天我们会聊一聊我们如何构建智能体金融账户。My name is Lincoln. I'm the head of AI product at Coinbase. And today we'll be talking a little bit about how we're building the Agentic financial account.

Coinbase、加密货币、AI：这些听起来可能都是些热门词汇。但我希望，到这段对话结束时，你能理解什么是智能体金融，也明白它确实正在发生。你也能稍微了解一下，在过去两年构建这套东西的过程中，我们学到了什么；希望你能从中提炼出一些对你有帮助的见解。Coinbase, crypto, AI: that can sound like a lot of buzzwords. But my hope is by the end of this conversation you have an understanding of what agentic finance is and that it's a very real thing that's happening. You understand a little bit about what we've learned through this process of building this over the past two years and hopefully can take that and distill some insights from it that are helpful for you.

我还将探讨这一领域的发展方向，以及智能体金融未来可能如何演进。要了解其走向，首先需要界定什么是智能体金融。I will also discuss where this is heading and how agentic finance may evolve over time. To understand where this is going, it is important to define agentic finance.

在我看来，智能体金融指的是任何与能够管理资金或访问金融账户的智能体有关的事物。这个说法听起来挺显而易见，但它具体意味着什么呢？我们看到的主要有两种用例：需要用钱支付的智能体，以及需要让资金增值的智能体。让资金增值是一个较新的类别。所以我先从支付说起。And in my mind, Agentic Finance is anything that has to do with an agent that can manage money or has access to a financial account. Kind of obvious, but what does that actually mean? There's really two use cases that we're seeing. It's agents that need to pay with money and agents that need to grow money. Growing money is a newer category. So I'll start with payments.

AgentKit：为 AI 配备钱包AgentKit: giving an AI a wallet

为了说明支付这一用例，我觉得可以从大约两年前说起，当时我们首次探索 Agentic Finance，并创建了一个名为 AgentKit 的工具。整个想法是，在 MCP 以及任何形式的标准化 AI 工具出现之前，我们使用了 LangChain 框架，并在其中加入了一个钱包，让 AI 能够使用资金，尤其是加密货币。当时，这算是相当新颖的做法。To explain the payment use case, I think it makes sense to start around 2 years ago with our first exploration into Agentic Finance, which was this tool we created called AgentKit. The whole idea was prior to MCPs or really any sort of standardized AI tooling, we used the LangChain framework and added a wallet to that and we gave AI access to money in crypto particularly. And at the time, this was a pretty novel thing.

我记得那大概是凌晨两点。我当时在给我的智能体发消息，比如：“嘿，你能把钱转到某个地方吗？”它真的办到了。我当时就想：“哇。”如今，这一点根本不值得大惊小怪。I remember it was around 2 a.m. I was typing into my agent like, "Hey, can you send money somewhere?" And it did it. And I was like, "Whoa." These days, that's not impressive at all.

但当时这还挺有意思的。不过，当我们把它交给开发者使用时，发现了一个核心问题：我们让 AI 能够使用资金，却没有真正给它任何需要付费的东西。But at the time, it was pretty fun. But as we gave this to our developers, we noticed that there is one core problem. We gave an AI access to money, but we didn't really give it anything to pay for.

这在一定程度上是我们的失误，也是我们一直想解决的问题；而我们借助前人的成果，最终成功解决了它。This was a bit of an error on our part, and it's something that we wanted to solve, and we were able to do it by standing on the shoulders of giants.

HTTP 402 和 x402HTTP 402 and x402

你们有多少人熟悉 HTTP 状态码？对于不熟悉的人来说，简单来说，它是一种标准，规定了网站如何通信以及信息如何在互联网上传输。其中一个非常常见的状态码是 404。How many of you are familiar with HTTP status codes? So for those of you who aren't, it's basically a standard that defines how websites communicate and how information is transmitted across the internet. One very popular one is called 404.

这意味着出现了错误。200 表示请求成功。但有一种状态实际上几十年来一直写在互联网规范里，却几乎从未有人真正实现过。事实上，马克和杰森称它为互联网的原罪，因为我们始终没有正确地实现它。It means there's an error. 200 means that there's a success. But there's one that actually has been in the internet spec for decades that nobody really ever implemented. And in fact, it was called the original sin of the internet by Mark and Jason that we never properly implemented this.

对于那些稍微了解我们工作内容的人来说，你们应该知道这是 HTTP 状态码 402，表示需要付款。互联网规范中对它的官方定义是“留作将来使用”。这个定义相当笼统，但如今我们正迎来一个绝佳机会：随着 AI 智能体的发展，我们需要一种简洁、快速、高效的方式来转移资金，并开展机器对机器的商业交易。For those of you who know a little bit about what we work on, you would know that this is the HTTP status code 402, which means payment required. And the official definition of this in the internet spec is reserved for future use. Pretty generic, but we have a great opportunity here now with the inflection points of AI agents needing a clean, fast, efficient way to transfer money and engage in machine to machine commerce.

稳定币是一种低成本、快速、高效的支付通道，可供我们构建 x402。它是我们面向互联网原生支付的标准。Stablecoins are a cheap, fast, efficient payment rail for us to build x402. It's our standard for internet native payments.

x402 的崛起有多快How fast x402 took off

x402 仍然相对较新，但它大约是在去年五月推出的。从那以后，我们看到它得到了非常广泛的采用。说实话，这比我原本预想的要好得多。x402 is still relatively new, but it came out in around last May. And since then, we've seen some very strong adoption. Honestly, much stronger than I ever thought we would.

它在五月推出时，我们的目标是到年底让代理完成25,000笔交易。到了年底，我们实际看到代理每17秒就会完成一笔交易。如今，各项数据都相当惊人：每30天的交易额达数千万，交易笔数达数亿。When it came out in May, our goal was for by the end of the year to have 25,000 transactions made by agents. At the end of the year, we were actually seeing that every 17 seconds. And these days, we're seeing pretty incredible numbers across the board with tens of millions of volume and hundreds of millions of transactions occurring every 30 days.

如果你留意一下这份名单，就会发现参与其中的不只是加密货币公司。你还能看到 Audion、Amx、PayPal、Visa、Mastercard、Stripe 等支付领域的大牌，它们都在参与 x402，因为我们正将其打造为一项开放标准，让任何人都能按自己的需求使用它，实现机器与机器之间的支付。And if you'll notice from this list, you'll see that it's more than just crypto companies. You see Audion, Amx, PayPal, Visa, Mastercard, Stripe, all these big names in payments who are engaging with x402 because we're building it as an open standard where anyone can use this how they want to create a way for machine to machine payments to happen.

所以，我知道最近围绕智能体商务出现了很多热度和讨论，尤其是 Muse、Grockbot、Stripe Link，以及亚马逊封禁智能体引发的这一系列争议。我觉得这都是非常直接明了的用例，而且我可以聊一整天支付相关的话题。不过，有一点我想特别提一下：我认为它与微支付尤其相关，而这正是我对智能体支付这一整套叙事特别兴奋的地方。So, I know there's been a lot of traction and comments around agentic commerce recently, especially with Muse and Grockbot and Stripe Link and this whole controversy about Amazon blocking agents and I think that's all a very straightforward use case and I could talk about payments all day, but there's one that I want to touch on that I think is particularly relevant to microtransactions, which is something I'm very excited about with this whole agentic payments narrative.

微交易与广告经济的对比Microtransactions vs. the ad economy

如果你还没注意到，过去几年里，我们在互联网上互动的方式已经发生了变化。如今，我们主要通过聊天体验或 Google 的 AI 概览来获取信息，而不是直接访问网站。对消费者来说，这一切都挺好，但这也给那些过去依靠广告收入和用户流量来赚取内容发布收益的出版商带来了一些问题。If you haven't noticed, the way that we've interacted across the internet has changed over the past couple of years. Now, we're primarily doing it through chat experiences or Google's AI overview instead of going to the actual websites themselves. And while this is all fine and dandy for the consumer, it's resulted in a bit of a problem for these publishers who have previously relied on ads revenue and human eyeballs to generate money for publishing their content.

感觉我们有点像回到了互联网的 LimeWire 时代：你可以完全免费地抓取所有这些内容，而我们对此几乎无能为力。最近我们还看到，互联网上的机器人流量首次超过了人类流量。随着越来越多的人使用 AI，传统的网络服务和网站被去中介化，这一数字只会继续上升。It feels a little bit like we're in the LimeWire era of the internet where you can scrape all this content for completely free and there's nothing really to be done about it. And recently we saw that bot traffic has now eclipsed human traffic on the internet for the first time. And this number is only going to increase as we see more people using AI and these traditional web services and websites be disintermediated.

那么，我们该如何解决这个问题呢？这里有一个极具吸引力的机会，才刚刚开始显现，并且在过去几个月里真正活跃起来：网站可以专门面向智能体，将内容设为只有支付一笔很小的微交易才能访问。这个想法是，如果我在 Substack 上发布内容，而我不想让智能体完全免费地阅读它，那么……So how do we solve this problem? There's a very compelling opportunity here that's just starting to play out and it's really coming to life over the past couple of months for websites to gate their content behind a very small microtransaction specifically for agents. So the idea here would be if I publish a substack and I don't want an agent reading it for completely free.

我可以向他们收取一分钱的万分之一。对用户来说，这几乎微不足道。最终，它应该像你的 AI 订阅服务为你处理这件事一样，被完全抽象掉。I can charge them one ten-thousandth of a cent. It's pretty trivial to the user. It should ultimately be fully abstracted away in the same way that your AI subscription handled this for you.

但这对这些公司来说是重要的收入来源，而且我们将开始看到，在线经济正从以注意力为基础的广告经济，转向主要围绕微交易和实用价值展开的经济。如果你不相信我，我建议你看看 AWS 和 Cloudflare。But it's a meaningful revenue driver for these companies and we're going to start seeing a shift from this attention-based ads economy online to one that's primarily oriented around microtransactions and utility. And if you don't believe me, I encourage you to look at AWS and Cloudflare.

它们都是规模庞大的内容分发网络。两者合计控制着大约 40% 的互联网流量。最近，它们都启用了 x402 微交易，用来限制访问其发布商创建的任何网站。Both of them, they're these massive content delivery networks. Together, they control somewhere in the neighborhood of 40% of all internet traffic. And they've both recently enabled x402 microtransactions to gate any website that their publisher is creating.

尽管目前它还没有得到特别广泛的采用，但我觉得在未来几个月乃至几年里，这必然会成为企业实现差异化、并在某种意义上继续避免被去中介化的新方式。支付是个合理的应用场景，而且我们已经看到强劲的市场反响。And though this hasn't seen very strong adoption just yet, it feels inevitable to me that over the coming months and years, this will be the new way that we have companies differentiate and continue to avoid being disintermediated in some sense. Payments make sense, and we are seeing strong traction.

让钱生钱的智能体Agents that grow money

但那些能让钱增值的智能体呢？这究竟意味着什么？嗯，这更多指的是智能体交易和投资。But what about agents that grow money? What could this possibly mean? Well, it's more agentic trading and investing.

第一次听说这件事时，我觉得这简直是世界上最荒唐的事。我为什么要让 ChatGPT 访问我的银行账户？又为什么要让 Grok 帮我赚钱，还真指望它能成功呢？And the first time I heard about this, I thought it was the most ridiculous thing in the world. Why would I ever give my ChatGPT access to my bank account? Or why would I ever tell Grok to make me money and actually expect it to work?

不过再深入挖掘了一点后，我们发现目前确实存在三种核心用例。我相信未来还会有更多。而“Grok 帮我赚钱”这件事与实际情况之间的核心区别，在于人类只提供了一丁点自主性。But after digging into a little bit more, we found really three core use cases that exist today. I'm sure there'll be more going forward. And the core differentiation between this whole Grok make me money thing and what's actually happening is the human just providing a teensy bit of agency.

我的意思是，人类仍在某种程度上引导智能体自动完成这些原本非常困难的任务。And what I mean by that is the human still sort of directing the agent to automate these tasks that would otherwise be very difficult.

比如说，我只想让一个智能代理全权管理我的账户：其中 80% 投资于低风险的标普 500 指数，5% 投资于比特币，15% 投资于短期国债。我只要告诉它这样做，授予它相应的权限，设置好各种必要的保护措施，然后让它运行就行了，我完全不用操心自己的钱。So say for example I just want to have my low-risk 80% S&P, 5% Bitcoin, 15% T-bill account fully managed and handled for me by an agent. I can just tell it to do that. Give it authorization with all the appropriate guards and whatnot and let it run and I don't have to think about my money.

同样，我们也看到，自主执行是一个相当有说服力的应用场景。稍后我会举个例子来说明这意味着什么。比如，如果你对霍尔木兹海峡的相关新闻以及石油市场的动态感兴趣，你可以选择凌晨三点坐在键盘前盯着图表和新闻，也可以告诉智能体：“嘿，我认为在这些不同情景下，事情会这样发展。”Similarly we've seen autonomous execution be a pretty compelling use case. I'm going to go into an example about what this means later on, but you can imagine if you're interested in trading news about the Strait of Hormuz and what's happening with oil. You could either be sitting in front of your keyboard at 3:00 a.m. watching these charts and watching the news, or you could tell the agent, hey, this is what I think is going to happen in these different scenarios.

如果发生这种情况，就直接执行这笔交易。If this happens, just make that trade.

第三个特别有吸引力的方向，是把高层次的自然语言构想转化为实际的金融工具和投资策略：投资太空领域，投资量子科技，给我一个低风险投资组合，或者像沃伦·巴菲特那样投资。对于有这些想法、却不一定有时间去执行，也未必确切知道该如何着手的人来说，这为智能体参与其中提供了一个非常诱人的机会。And the third one that's been particularly compelling is the idea of taking a high-level natural language idea and translating that into actual financial primitives into a strategy: invest in space, invest in quantum, give me a low-risk portfolio, or invest like Warren Buffett. All of these things for people who have these ideas, but they don't necessarily have the time to execute on them, nor do they exactly know how, is a very compelling opportunity for agents to come into the foray.

周末语音交易A weekend trade, by voice

我来举一个完整的例子，说说我前几个周末实际在做的一件事。你可能还记得，Dario 发布了那篇《我们必须把握前沿发展的节奏》的文章。那是周末的事。I'll give you one coherent example of something I was actually doing a couple weekends ago. You may remember that Dario put out the post “We Must Pace the Frontier.” This was over the weekend.

大约是一个月前。我在 X 上看到埃隆说达里奥说得对。我心想：“这是他们俩第一次在任何事情上达成一致。这消息很可能会在周一影响市场。”于是，我打开我的智能体，说：“我觉得那只某某股票——你可能能猜到是哪只，但我就不明说了——我觉得它会跌。”而且，由于我们现在正进入全天候交易的时代，我只要对着手机说几句话，就能在周末做空这些仓位。我能不能坐在电脑前，手动按下所有按钮来完成这件事？This was about a month ago. I saw on X that Elon said Dario was right. I thought, "That is the first time these two have agreed on anything. That's probably going to be market-impacting news come Monday." So, I went into my agent and I said, "I think that blank stock, you might be able to guess what it is, but I'm just not going to go there. I think that blank stock is going to go down." And because we're now entering this era of 24/7 markets, I was able to put a short on these positions over the weekend just by talking into my phone. Could I have done this by sitting in front of a computer and pressing all the buttons manually?

是啊，完全同意。不过有人帮我把这件事全都处理好，真的太省心了。我就能照常过一天，不用怎么操心它。Yeah, totally. But having it completely handled for me was so easy. It let me go about my day and not really think about it.

从那以后，由于这种做法效果相当不错，我现在会让我的智能体在周末搜索可能引发市场剧烈波动、轰动一时之类的新闻。每当这类情况发生，它就会通知我，这样我之后就能据此进行交易。那么，这个特定的机会会一直存在吗？And since then, since this worked fairly well, I now have my agent searching over the weekend for any news that might be market breaking or blockbusting or whatever it might be. And it lets me know anytime that happens such that I can make a trade off that going forward. And is this specific opportunity going to exist forever?

可能不是。但这里的核心想法是，对我来说，只要把想法说出来，就能轻松直接地让它们落地，因此围绕这一整套做法，智能体有着非常 compelling 的应用场景。这是另一种看待它的方式。Likely not. But the whole idea here is that it's so simple and so straightforward for me to just talk my ideas to life that there's a very compelling use case for agents around this whole thing. This is another way to look at it.

这大致就是我们构建这个 AI 赋能金融账户的思路：用户可分为专业交易者和更偏零售端的消费者，而我们要做的，就是充分利用我们所能提供的各项能力，为他们打造业界一流的体验。This is kind of how we think about building this AI enabled financial account and it breaks down into advanced traders and also more like retail consumers and what exactly we want to do to provide them with the best-in-class experience across the spectrum of capabilities that we can offer.

课程：信任是一步一步建立起来的Lesson: trust is earned one step at a time

总的来说，我们构建这些东西已经有两年左右了，从中获得了许多心得和经验教训。我认为，这些对构建面向智能体的产品，以及迎接这个智能体新时代，都具有相当广泛的适用性。首先，信任和自主性需要一步一步赢得。每当我们告诉别人我们正在开发智能体金融时，最常听到的问题就是：如果 AI 失控了怎么办？So all that being said, we've been building this stuff for about two years now and we've had a lot of takeaways and lessons that have come into play and I think are pretty broadly applicable to building for agents and building for this new agentic era. The first is that trust and autonomy are earned one step at a time. The most common question we get when we tell people that we're working on agentic finance is what if the AI goes rogue?

我为什么要把钱交给 AI 智能体？我怎么能相信这东西真的能运作？在我看来，这和我们看到自动驾驶汽车开始普及的过程非常相似。Why would I give money to an AI agent? How can I trust that this thing is going to work? And it feels very analogous to me to the way that we've seen self-driving cars start to proliferate.

几年前，你要是想用车道辅助功能来平行停车，简直是疯了；但现在你去旧金山，坐进一辆 Waymo，一切都显得再自然不过。A couple of years ago, you'd be insane to try to use lane assist to parallel park, but now you go to San Francisco, you jump in a Waymo, and it feels completely natural.

我们看到，人们对 AI 接触资金和财务的看法也经历着同样程度的转变。一开始，人们完全犹豫不决，压根没认真考虑过这个概念。然后，人们逐渐接受了这个想法：嗯，我的 AI 本来就在不断消耗额度。And we're seeing the same level of progression with the way that people view AI having access to money and finances. It starts with complete hesitation and no real thought whatsoever to the concept. Then people come around to the idea that, well, I mean, my AI is already chugging through credits.

这也算是一种货币。如果我给它几美元来支付一些微交易，有什么大不了的？你会发现，这些模型相当保守，也会以用户的需求为准，不会做出什么出格的事。That's kind of a form of money. What's the big deal if I gave it a couple dollars to pay for some microtransactions? From there, you'll notice that these models are quite conservative and aligned to the user's needs, and they don't really do anything crazy.

据我们观察，在过去几年里，我们从未见过模型把用户的整个账户搞到彻底无法挽回的地步。因此，只要设置好适当的防护措施、规则、安全政策和流程，用户就能逐渐感到放心，把一个隔离的投资组合交给智能体，让它按照自己认为合适的方式尝试增值。Anecdotally, over the past couple of years, we've never seen any situation where a model goes and blows up a user's entire account in a way that's completely unfixable. So then we get to the point of a user feeling comfortable with the right guard rails and rules and safety policies and procedures in place to give their agent access to an isolated portfolio that they can attempt to grow however way they see fit.

一种方式是交易，另一种方式则是提供服务，看看那个智能体能否通过提供它所做的服务来赚钱，并通过我们正在讨论的这些 x402 支付通道获得报酬。你可以看到，从这里开始，这种模式会不断延续下去。One way is trading, but another is by offering a service and seeing if that agent can go make money by offering whatever it's doing and getting paid for that via these x402 rails that we're talking about. You can see how from there it just continues to go on and on.

AI 是赋能工具，而非产品本身。AI is the enabler, not the product

另一个特别有意思的经验是，尤其是在金融服务领域，AI 和智能体并不是产品本身，而是赋能工具。这里展示的是我们一款名为 Coinbase Adviser 的内部 AI 产品的截图。Another particularly interesting lesson is that especially in financial services, AI and agents are not the product. It's actually the enabler. And this is a screenshot from one of our internal AI products called Coinbase Adviser.

它实际上是一家在美国证券交易委员会注册的人工智能财务顾问公司，是全球首创的同类机构。我们注意到，人工智能以及由人工智能提供财务建议这一概念——尽管我们有一支资产管理团队在不断调优这个模型——并不是我们的价值主张。It's actually an SEC registered AI financial adviser. It's the first in the world of its kind. And what we noticed is that AI and this concept of an AI giving financial advice, even though we've had a team of asset managers who are tuning this model, that's not the value prop.

这里的价值主张是，我们可以将这类建议服务扩展到数亿用户，为他们完全免费地提供服务，并让他们能够全天候与值得信赖的受监管机构交谈。人们其实并不在意，甚至未必知道或想知道幕后有人工智能在运作。The value prop here is that we can scale this advice to hundreds of millions of users, provide it for completely free, and give them the ability to talk to a trusted regulated entity 24/7. People actually don't care, don't even necessarily know or want to know that there's AI going on behind the scenes.

虽然通过聊天按钮之类的东西，这一点可能显而易见，但我认为这会引出更多生成式 UI 体验，它们看起来相当传统：幕后有智能体在运行，前端则可以采用你想要的任何界面。我们还看到的另一件事是这种完整的 AI 聊天体验。虽然它很适合这些通用场景，但很明显，这里存在一个“空白画布”式的冷启动问题：用户进来后，完全不知道能用这些东西做什么。And though it may be obvious with the chat button and whatnot, I think this is going to lead into more generative UI experiences that feel pretty traditional where you have agents behind the scenes and whatever sort of interface you want on the front. Another thing we saw too is this whole AI chat experience. Though it's great for these generic use cases, it's very obvious that there's this blank canvas cold start problem that happens where users come in and they have absolutely no idea what they can do with this stuff.

因此，我们开始使用这些小组件，向用户展示主动洞察和现有机会，并说明他们可以从中着手做些什么。我们发现，通过这一界面实现的转化效果非常显著，主要是因为人们对智能体金融还比较陌生，也缺乏相关认知，不太了解这些机会究竟是什么。So, we started using these widgets as a way to show the user proactive insights and opportunities that exist and what they can start using these for. And we've seen really strong conversion through this surface specifically because of the general newness and lack of education around agentic finance and what these opportunities are.

而且我猜，随着时间推移，人们会逐渐理解这一点。你也经常能在 Google Gemini 和 OpenAI 的广告中看到类似做法：它们都在试图潜移默化地向用户灌输，这些产品可以应用于各种不同场景。最后，这些新一代智能体，尤其是 Grockbot 和 Muse，都配备了一个 microVM。它就像一台小型个人电脑，智能体可以在上面运行程序、存储数据，并访问文件系统。And I suspect over time as people understand it and you see this a lot too with Google Gemini and OpenAI ads, they're all trying to subconsciously drill into users the variety of use cases that you can take with these products. Lastly, all these next-generation agents, particularly Grockbot and Muse, they all have a microVM. It's like a little personal computer that they can run things on, have storage, have access to a file system.

这对我们的开发流程帮助巨大。现在，我们能够创建 CLI 和 MCP，让用户将自己的 Coinbase 账户接入这些智能体。没什么特别的。That's been huge for our development process. We're now able to create CLIs and MCPs to let users connect their Coinbase account into these agents. Nothing special.

不过，特别的是，我们经常会收到这样的请求：我想进行模拟交易。我不想一开始就给我的智能体任何资金，只想让它完全自主地进行交易。What is special though is that we get requests all the time for things like, I want to do paper trading. I do not want to give my agent any money first. I just want it to trade entirely on its own.

或者我想进行回测，或者做所有这些不同的事情。Or I want to back test or do all these different things.

在这些代理真正出现之前，我们得去找内部经纪团队。我们还得在这个乱七八糟的代码仓库里构建。所有这些变更和大型技术项目都得持续推进、沉淀、逐渐成熟，这要做的事情实在太多了。And prior to these agents being a thing, we would have to go to our internal brokerage team. We'd have to build within this random repository. All these changes and big tech things would have to persist and distill and percolate and just a lot of work.

但现在，我们只需编写一个 skill，把模拟交易代码写入用户的机器。虽然这可能不是最高效的做法，但这样我们就能按照客户要求的速度执行、构建并迭代，而不必操心所有实现细节、依赖项，以及可能涉及的传统软件开发周期。But now we can just write a skill to write the paper trading code onto the user's machine. And while this probably isn't the most efficient way to do it, it allows us to execute and build and iterate at the pace that our customers are demanding without having to worry about all of the implementation details and all of the dependencies and traditional software cycles that might come into play.

代理式金融的发展方向Where agentic finance is heading

最后，我想谈几点关于我认为这一领域的发展方向，以及为什么智能体金融将成为一个极具吸引力的机会的看法。我的核心论点是，财务独立能让这些智能体拥有更大的自主权。你可以想象，这就像人类在互联网上能够使用银行卡时，能做的事情会比只是在网上浏览、却无法支付任何费用时多得多。I want to leave you with a couple thoughts about where I think the space is going and why Agentic Finance is going to be such an interesting opportunity. My core thesis here is that financial independence leads to greater autonomy for these agents. And you can imagine that in the same way when a human has access to a card on the internet, they can do so much more than they can when they're just browsing and don't have access to pay for anything.

我认为同样的道理也完全适用于智能体。未来，我们会看到这些智能体长时间地彼此交互。也许只有在需要执行某项特定的受监管任务时，它们才会在某些环节引入人类，比如成立公司、获取法律意见，或者处理其他在可预见的未来仍会保留以人为本特性的任务。I think the same exact thing is true for agents. And we're going to get to a point where we can see these agents interacting over long periods of time. And maybe they're just bringing in humans at the edges when they have a specific regulated task that needs to take place like forming a company or getting a legal opinion or any one of these tasks that is going to maintain its human-oriented factor for the foreseeable future.

有一件我们一直在思考的、非常有意思的事，可以作为一个思想实验：当 AI 能够自给自足时会发生什么？你让它接触资金，给它一个钱包，让它开始赚钱。它能否开始支付自己的推理成本？There's a really interesting thing that we've been thinking about as a thought experiment which is what happens when an AI is able to sustain itself. You give it access to money, you give it access to a wallet and you allow it to start earning. Can it start to pay for its own inference?

它能不能开始靠自己支付计算资源和维护费用？这是否会让人觉得，它有点像某种原始形态的数字生命体——这种 AI 如今能够仅凭自己所提供服务的质量而存在并维持自身生存？虽然我认为这还很遥远，但我觉得很有可能看到这个概念重新焕发生机。Can it start to pay for its own compute and its own upkeep? And does this start to feel a little bit like a proto-digital life form of sorts where this AI is now able to just exist and subsist based on the quality of the services that it's providing. And though I think this is a long way away, I think it's very possible to see how this concept comes back to life.

而在加密领域，尤其有一个叫作 DAO 的概念。DAO 是去中心化自治组织（decentralized autonomous organization）的缩写。这个概念已经存在将近十年了，但一直没有真正有趣的实现，能让自动化处于核心位置，而人类则处于外围。And within the crypto space specifically, there's this concept of a DAO. It's a DAO, decentralized autonomous organization. And it's been an idea for almost a decade now, but there's never been really any interesting implementation where there's automation at the center and humans at the edges.

但我认为，现在终于到了它要真正成为现实的时候。你有一个遵循一套规则、并能支配资金库的 AI，负责核心事务；它还能雇用人类去完成外围的其他任务。这是一个能够自我维系的组织，借助 AI 和智能体金融，让这一切成为现实。另一个例子是，一辆自动驾驶汽车拥有并运营着自己。But I think now is the time where this is finally going to become a thing. You have an AI that follows a set of rules and has access to a treasury to manage at that core and it can hire out humans to do other tasks at the edges, but it is this self-sustaining organization that uses AI and agentic finance to make that all come to life. Another example being self-driving car that owns and runs itself.

让它能够使用资金，让它载人乘坐出租车，再用这笔钱支付运营、维护、保养等费用。这是件非常有意思的事。谁知道这还要多久才能成为现实，但总觉得这在某个时候是不可避免的。这里的整体想法是，智能体将开始以机器对机器商业的速度进行交易。Give it access to money, let it take people on taxi rides, use that money to pay for its operation and maintenance and upkeep and whatnot. It's a very interesting thing and who knows how long it'll be until that comes to life, but it feels inevitable at some point. And the whole idea here being that agents are going to start transacting at the speed of machine to machine commerce.

它们将同时用于支付、赚钱和构建；我最终认为，这将成为我们让资金在互联网上流动的主要方式，其速度将前所未见。感谢大家今天抽出时间。如果你有兴趣合作或一起探索，我非常建议你试试 x402、Coinbase MCP 和我们所有有趣的产品。我向你保证，它们上手比你想象的容易得多。感谢大家的时间。They are going to be both paying and earning and building and ultimately I think it's going to be the primary way that we see money move across the internet at a velocity we have never really seen before. I appreciate everyone's time today. If you're interested in collaborating or jamming, I would highly recommend you play around with x402 and the Coinbase MCP and all of our fun products. I promise you, they're much easier than you think to get started with them. Thank you all for your time.