$1.87 for six x402 calls on Base is less about cheap memos than API procurement getting unbundled into per-request settlement. Bloomberg/FactSet’s moat shifts from terminal UI to redistribution rights, provenance, and liability when agents can route SEC, comps, and market-data calls like MEV searchers route flow. The next bottleneck is spend policy: once AWS/Coinbase/Stripe-style agent wallets are live, bad routing or poisoned endpoints can burn real USDC while still producing a confident IC memo.

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