Fintech MoonPay launched Open Wallet Standard (OWS) on March 23 this year. It is an open-source protocol that defines a unified way for artificial intelligence (AI) agents to store private keys, manage wallets, and sign transactions on multiple cryptoasset networks.
OWS is already operational and integrated with networks such as Bitcoin, Ethereum, Solana, XRP Ledger, Tron, and Polygon, among others, according to its creators.
The launch is supported by 21 founding organizations including: PayPal, Solana Foundation, Ethereum Foundation, Circle, OKX, Ripple.
Previously, each development alternative implemented this system in its own way, as MoonPay shows. There was no common security model, no possibility that a wallet created with one tool would work with another, and keys were stored in configuration files, environment variables, or process memory.
Some of these alternatives already exist in operation, such as Coinbase’s x402 payment protocol, Tempo’s MPP, and Lightning Labs’ L402, which define how agents pay for their services, but none specify where private keys reside or how they are protected.
An AI agent is a program that autonomously performs tasks such as searching for information, making decisions, and making financial payments without human intervention. For agents to perform functions such as paying for digital services and engaging in marketplace activities, You need a wallet with your private key in itThat is, encrypted credentials that authorize each transaction.
The OWS standard promises to solve private key management in the following ways: safe(vaultEnglish) is encrypted and stored locallya single seed phrase that generates wallets on all supported networks, and a single signature interface that works the same no matter which network the agent is operating on.
This standard supports any network that uses Hierarchical Deterministic Derivation (HD), an industry standard method for generating multiple wallets from a single seed phrase, as mandated by the BIP-39 proposal.
OWS is not a payment protocol. OWS is the underlying wallet layer. As per fintech mandates, OWS provides that common layer Allow wallets to be called with any payment protocol Instead of building your own key management system.
Who can use MoonPay’s OWS standard?
The official OWS site provides a quick start guide that reduces the entire process to two commands in the terminal. One to install the package and one to name and create the wallet. No configuration files, cloud configurations, or authentication flows required. The wallet is encrypted with a user-defined password and stored locally.
Its technical simplicity currently limits who can use OWS. OWS is a tool for developers building agents, not an application for end users who want to store cryptocurrencies. There is no push button interface or control panel, interaction is entirely command line.
OWS recipients are programmers and require agents to securely sign transactions. Not a user who wants to send Bitcoin (BTC) from their mobile phone.
How does OWS protect keys?
As they explain, the central points of the OWS design are: Private key is never exposed to agentsto the language model or external process driving it.
According to the statement, the keys are encrypted with AES-256-GCM, a widely adopted standard. It is only decrypted at the exact moment you sign the transaction.. Once the signature is generated, the key is immediately removed from memory, they detail.
This model is in contrast to the approach of cloud custody services. Cloud custody services require calls to external servers for each signing operation, introducing delays and third-party dependencies.
OWS is highlighted from MoonPay, but operated Completely on the developer’s machine or on the server where the agent runs. The only network connection required is one to send signed transactions to the network.
The standard is currently available to developers through JavaScript and Python SDKs, and its full specification is publicly available on GitHub, allowing any organization to adopt and build on it without restriction.
Background: Coinbase had already launched its own wallet for agents
The launch of OWS comes weeks after Coinbase announced Agentic Wallets, its own wallet infrastructure for AI agents, on February 11, as reported by CriptoNoticias.
The tool allows agents to operate on Base, the second layer Ethereum network created by Coinbase, and other unreleased chains, and integrates with x402, the exchange’s proprietary payments protocol.
Unlike OWS, Agentic Wallet stores keys in a Trusted Execution Environment (TEE) within Coinbase’s infrastructure, creating a technical dependence on the exchange’s services even though the company does not directly manage the funds.
Both developments confirm that the AI agent build continues the process of autonomous agent evolution and is already an active infrastructure. With widespread adoption of OWS, any agent could potentially sign transactions across multiple networks from a common layer without relying on a single company.
This accelerates scenarios such as: Agents operate, pay, and collect with complete autonomywithout human intervention at each step. However, increased agent autonomy not only introduces potential errors when programming financial applications, but also risks expanding the attack surface for those attempting to manipulate the agent’s instructions.
