Cloud infrastructure company Cloudflare announced plans to enter the digital asset market with the launch of a stablecoin pegged to the US dollar.
According to a Thursday announcement, the company is developing NET Dollar, a stablecoin designed to support instant transactions triggered by AI smart agents (autonomous software programs capable of executing tasks such as booking travel, ordering goods, or managing schedules).
In outlining its vision for the stablecoin, Cloudflare stated, "Personal agents can take action instantly and programmatically, such as paying for the cheapest flight or placing an order immediately when a product's price drops."
This initiative highlights how tech companies are accelerating their foray into the cryptocurrency space. Earlier this month, Google partnered with Coinbase to launch an open-source AI payment protocol with built-in stablecoin support.
Cloudflare stated that NET Dollar will be fully backed by the US dollar, with design goals encompassing global interoperability, real-time settlement, and executable transactions between AI smart agents and other online services.
The company believes that tying the stablecoin to its infrastructure services could drive new business models, including rewarding original content creators, helping developers monetize applications, and enabling AI companies to pay content providers directly.
Cloudflare co-founder and CEO Matthew Prince stated:
Galaxy Digital CEO Mike Novogratz mentioned this month that AI smart agents will soon become the largest users of stablecoins, predicting that they will handle transactions such as everyday shopping in the future.
Since its establishment in 2010, Cloudflare has built a network in cities across 120 countries, providing content delivery, domain system management, distributed denial-of-service protection, and application development deployment tools.
Cloudflare's official website indicates that NET Dollar will launch soon, but a specific date has not been announced.
Cryptocurrency media outlet Cointelegraph has reached out to Cloudflare regarding this matter but has not received a response as of the time of publication.
With clearer stablecoin regulations expected in Europe and the United States by 2025, the adoption rate of stablecoins continues to rise. Currently, Tether's USDT (a stablecoin issued by Tether) and Circle's USDC dominate the market with market capitalizations of $173 billion and $73.7 billion, respectively, while other global participants are continuously emerging.
On September 18, South Korean digital asset infrastructure company BDACS announced the launch of KRW1, a stablecoin pegged to the Korean won.
Fintech company AnchorX announced in September that it has issued AxCNH, the first compliant stablecoin pegged to offshore renminbi, aimed at supporting cross-border payments with countries related to China's "Belt and Road" initiative.
On Wednesday, decentralized derivatives exchange Hyperliquid launched a stablecoin pegged to the US dollar, named USDH.
Tether, the issuer of the world's largest stablecoin USDT, also launched a new token this month. On September 11, Tether announced the issuance of USAT, a US dollar stablecoin designed for the American market that complies with the latest Genius Act (the latest compliance legislation in the US).
According to DeFiLlama, the total market capitalization of stablecoins is now approaching $300 billion.
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Original article: “Cloudflare plans to launch ‘NET Dollar’ stablecoin to empower AI-driven payments”
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