Author: Sleepy.txt

You may not have heard of Cloudflare, but as long as you are online, it is almost impossible to avoid its services.

This company is the "invisible giant" of the internet world. Whether you are ordering takeout, scrolling through short videos, checking your email, or logging into a company system, there is a high probability that your traffic is passing through its network. It acts as a massive digital shield and accelerator, providing security protection and content distribution services for nearly one-fifth of the websites globally.

When the web pages you visit load in an instant, and your favorite applications can withstand hacker attacks, Cloudflare is often behind the scenes. It is the internet's true "water, electricity, and coal," supporting the efficient and secure flow of global data as a foundational infrastructure.

On September 25, Cloudflare made a landmark strategic decision, extending the map of its infrastructure into a whole new dimension by announcing the launch of its own stablecoin—NET Dollar.

Why issue its own stablecoin?

Cloudflare CEO Matthew Prince provided the answer: "For decades, the business model of the internet has been built on advertising platforms and bank transfers. The next era of the internet will be driven by pay-per-use, micro-payments, and small transactions."

Cloudflare generates over $1.6 billion in annual revenue and processes trillions of requests daily, making it a foundational utility of the internet. However, within this vast digital network, payments are the only aspect not under its control. This sense of loss of control is troubling an increasing number of large enterprises.

Apple settles hundreds of billions of dollars for App Store developers each year, Amazon handles massive cash flows for third-party sellers, and Tesla maintains payment relationships with over 3,000 suppliers worldwide. All these giants face the same friction: lengthy settlement cycles, high fees, and complex cross-border compliance, and more critically, they have lost control over the core closed loop.

As business becomes increasingly digital and automated, this lagging financial infrastructure has become a bottleneck. Thus, large enterprises are choosing to respond in a more direct way: if they cannot change the old system, they will build a new one themselves.

Why large companies need their own stablecoin

The emergence of NET Dollar prompts a reevaluation of the motivations behind stablecoin issuance. Unlike USDT and USDC, which aim for universal circulation, Cloudflare's issuance is more pragmatic, focusing first on solving payment issues within its own business ecosystem.

The differences behind this are significant.

USDT and USDC initially targeted the entire crypto market, relying on broad acceptance to accumulate scale; whereas NET Dollar currently appears more like an "internal currency," tailored for Cloudflare's business network.

Of course, the boundaries are not fixed. PayPal's PYUSD is a typical example; when it was launched in 2023, it only served PayPal's own payment system, but now it supports exchanges for hundreds of cryptocurrencies, far exceeding its initial scope.

Corporate stablecoins may follow a similar path, with the potential to evolve from internal efficiency tools to broader circulation scenarios.

The key difference lies in motivation. Traditional stablecoin issuers primarily profit from reserve investments, while corporate issuers aim to optimize processes and regain control. This different starting point will determine their differences in design, application, and future paths.

For large companies, payments have always been the "last mile" of the business closed loop, but this segment is controlled by banks and payment institutions, and it faces the issues mentioned at the beginning of the article. Therefore, internalizing payments into their own systems and rebuilding a controllable closed loop with stablecoins has become a strategic choice for large companies.

The true value of corporate stablecoins lies in their ability to avoid pursuing inflated narratives and instead cut into the pain points of processes like a scalpel, significantly enhancing efficiency.

This value is more easily seen in supply chain finance.

International supply chain finance is inherently a system full of friction. A payment from the United States to Vietnam must cross multiple time zones, currencies, and several banks. According to the World Bank, the global average remittance cost remains above 6%.

Corporate stablecoins can compress this process to a matter of minutes. An American company can directly pay a Vietnamese supplier within minutes, reducing costs to below 1%. The time funds are in transit is significantly shortened, thereby improving the overall efficiency of the supply chain.

More importantly, the ownership of settlement power has also changed.

In the past, banks acted as intermediaries, controlling the speed and cost of transactions; whereas in a stablecoin network, companies can take the lead in this critical aspect.

In addition to efficiency, cost is also a burden that companies cannot ignore. Exchange rate losses, bank processing fees, and card organization channel fees in cross-border payments may seem like minor expenses, but they can accumulate to erode a company's competitiveness.

The significance of corporate stablecoins lies in this; they bypass traditional financial intermediaries and reconstruct the cost structure. The change is not only in the absolute reduction of amounts but also in the simplification and transparency of the structure. Under the traditional model, companies face a complex rate system with fixed fees, percentage fees, exchange rate differences, and intermediary fees, making calculations opaque and difficult to predict accurately.

In a stablecoin network, costs are almost reduced to one item: on-chain transaction fees. These are public, predictable, and relatively stable. As a result, companies can more accurately account for expenses and profits, making decisions with greater confidence.

Furthermore, the management of cash flow itself can also be transformed. Traditional practices rely on manual operations and banking systems, which are complex, inefficient, and prone to errors.

When corporate stablecoins are combined with smart contracts, the flow of funds can be executed automatically based on preset conditions. Once a supplier delivers and passes inspection, the payment is automatically released; when a project reaches a milestone, the corresponding funds are disbursed immediately. Companies no longer need to monitor accounts for manual operations but can write the rules into contracts.

The changes brought about by this mechanism are not just about efficiency improvements. The transparent and immutable payment logic reduces the trust costs between cooperating parties and helps to resolve potential disputes in advance.

As more partners are included in the same payment system, network effects begin to emerge. Suppliers, distributors, partners, and even end-users settle in the same stablecoin, and the value of the network will increase exponentially.

This value is not only reflected in scale but will also create a locking effect. Once deeply integrated into a company's stablecoin system, the cost of switching to other systems will become high, not only in terms of technology switching costs but also in learning, relationships, and opportunity costs.

This layer of stickiness will become the most solid moat for companies. In fierce competition, those with a stablecoin ecosystem can not only better control costs and cash flow but also leverage network effects to solidify long-term advantages.

How corporate stablecoins can enter various industries

Different industries have their own pain points, and corporate stablecoins are being considered as potential solutions. They may not have been widely implemented yet, but they have already demonstrated the possibility of penetrating real business operations.

E-commerce platforms: Automation of deposits, commissions, and refunds

For e-commerce platforms, stablecoins are becoming experimental tools for building a new generation of payment infrastructure. The collaboration between Shopify and Coinbase allows merchants in 34 countries to accept USDC settlements, but this is just the beginning.

The deposits paid by merchants upon joining can be directly written into smart contracts, automatically deducted in case of violations, and automatically refunded upon contract expiration. Platform commissions can also be settled in real-time; every time a transaction is completed, the system automatically transfers from the merchant's stablecoin account to the platform.

The refund process is similarly being reshaped. In the past, cross-border refunds often took weeks and had to go through layers of banking processes; with stablecoins, the funds can arrive in minutes, providing a completely different experience.

Furthermore, stablecoins can support micro-payment scenarios. Consumers can pay for browsing product pages, for personalized recommendations, or even for priority customer service—these fragmented transactions that are nearly impossible in traditional payment systems can all be realized in a stablecoin environment.

Manufacturing giants: A unified network for supplier payments and inventory financing

The manufacturing industry is the most globalized, with supply chains often spanning dozens of countries. For companies like Apple and Tesla, coordinating payments, financing, and deposits for thousands of suppliers is a massive system engineering task.

If these companies issue their own stablecoins, they can establish an efficient, low-cost payment network internally. Payments to upstream suppliers, arranging inventory financing, and managing quality assurance deposits—these processes that previously required cross-bank, cross-currency transactions and relied heavily on manual labor can all be completed instantly within the same network.

More importantly, this digital payment system can integrate with the companies' existing management systems. When an ERP detects a shortage of components, it can automatically trigger orders and complete payments; when a quality inspection system identifies problematic batches, it can also immediately deduct from the supplier's deposit.

For example, Tesla has over 3,000 suppliers across more than 30 countries. If payments are unified using stablecoins, suppliers can directly use "Tesla Coins," with Tesla handling the dollar conversions, which not only reduces costs but also means stronger control over critical processes.

Content platforms: New paths for revenue sharing and micro-payments

The content industry is undergoing a creator-driven reconstruction. Whether it is short video platforms like YouTube and TikTok or text platforms like Substack and Medium, the biggest challenge is how to efficiently and fairly distribute revenue to global creators.

Corporate stablecoins are seen as a potential solution. They can allow platforms to settle revenue shares with global creators instantly, without relying on complex cross-border banking systems, and avoid high fees. Furthermore, the micro-payment mechanism allows for finer revenue distribution.

YouTube pays creators hundreds of billions of dollars in revenue shares each year, but payment methods vary by country, exchange rate fluctuations affect actual income, and tax processes are extremely cumbersome. If platforms build their own stablecoin networks, they can achieve truly unified global settlements.

This mechanism may also give rise to new business models where readers can pay per article, viewers can pay for individual video clips, and listeners can pay for a song. More precise value distribution not only provides creators with more direct returns but also encourages them to produce higher-quality content.

Cloud service providers: A testing ground for machine economy settlements

Cloudflare's NET Dollar can be seen as a typical case of cloud service providers experimenting with stablecoins. With the development of artificial intelligence and the Internet of Things, communication and transactions between machines are becoming increasingly frequent. Their characteristics include high frequency, low amounts, and full automation, which traditional payment systems cannot support.

In such scenarios, an AI model may need to pay for calling another model's API, an IoT device needs to settle the computing power it consumes, and a self-driving car needs to pay for map services. These payments may only be a few cents or even fractions of a cent, but they could be triggered thousands of times within a second.

Stablecoins, especially forms like NET Dollar designed for programmatic trading, can support this high-frequency, low-amount automated payment. Machines can autonomously decide the timing, amount, and recipient of payments based on preset rules, without human intervention.

To this end, Cloudflare has partnered with Coinbase to establish the x402 Foundation, developing a protocol that allows direct payments between machines. When one AI model calls the service of another model, the fees are settled instantly. Such explorations are building the necessary payment infrastructure for the future machine economy.

Stablecoin swaps and new B2B payment networks

Once every large enterprise issues its own stablecoin, the subsequent question is how these "corporate currencies" can interoperate. The answer points to a brand new B2B payment network.

In such a network, different enterprises' stablecoins can be seamlessly converted through exchange protocols, potentially relying on liquidity pools from decentralized exchanges. A supplier receiving payment in "Tesla Coins" can instantly convert it to "Apple Coins" or US dollars without going through cumbersome banking systems.

To make this system truly operational, several hurdles need to be overcome.

First is exchange rate pricing. How will the exchange ratios between different corporate stablecoins be formed? This may require a supply-and-demand pricing mechanism similar to that of the foreign exchange market.

Second is the source of liquidity. Who will provide sufficient liquidity? Will it rely on professional market makers, or will enterprises set up channels among themselves? There is currently no conclusion, and further industry exploration is needed.

Finally, there is risk management. How can credit risk and operational risk be mitigated during the exchange process? This is not only a technical issue but also requires clear guidance at the compliance level.

Stripe has already begun testing in this direction. In May 2025, it launched the world's first payment AI model and introduced a stablecoin payment suite. Enterprises can simply activate it on the platform to settle using USDC across multiple public chains like Ethereum, Solana, and Polygon.

Stripe's approach is clear: rather than issuing its own coin, it prefers to enable more enterprises to easily access stablecoin settlements, thereby transforming itself into the underlying infrastructure for stablecoin payments.

More interestingly, "industry alliance stablecoins" may form within specific sectors. For example, several major automakers could jointly issue a "Car Coin" that covers the entire chain of transactions from parts procurement to vehicle sales. This unified currency system can significantly reduce transaction costs and promote industry collaboration.

The complexity of the automotive supply chain makes it the most suitable testing ground. A single vehicle involves tens of thousands of components, with suppliers spread across the globe. If the entire chain settles using the same stablecoin, it can bypass the redundant processes of multiple currencies and banks, greatly simplifying payments.

The advantages of alliance stablecoins are also intuitive. The industry scale is sufficient to support liquidity, transaction models are standardized, and the closed loop reduces the impact on the traditional financial system. However, challenges also exist, such as how to balance the interests of different enterprises, whether large companies will take the opportunity to strengthen control, and whether governance mechanisms can remain transparent—these can only be answered through practice.

All ideas regarding corporate stablecoins ultimately hinge on regulatory compliance. Whether for a single enterprise or an industry alliance, achieving genuine market acceptance requires establishing transparent reserve management, regular third-party audits, and full disclosure to regulatory authorities.

In July 2025, the U.S. "GENIUS Act" came into effect, clearly delineating legal boundaries for stablecoin issuance for the first time. Stablecoins with issuance scales exceeding $10 billion must fall under federal regulation, with reserves limited to U.S. dollars, bank deposits, or short-term U.S. Treasury bonds, and completely isolated from the issuer's other assets.

In August of the same year, Hong Kong's "Stablecoin Ordinance" was officially implemented. It requires issuers to hold at least HKD 25 million in paid-up capital, accept ongoing supervision and annual audits from the Monetary Authority, and establish a complete system for anti-money laundering and customer identity verification.

For enterprises, compliance is not just a "must-do" requirement; it is also a prerequisite for gaining trust. Without transparent and credible reserve management, even the strongest business logic struggles to persuade suppliers, partners, and customers to follow suit.

Stablecoins and the New Commercial Order

The emergence of corporate stablecoins signifies not just a change in payment tools but also a precursor to the reorganization of future commercial order.

They deeply couple payment and systems, endowing devices and programs with independent economic capabilities. Autonomous vehicles can autonomously complete charging and settlement when low on power, and industrial robots can automatically place orders for parts when wear occurs, thus transforming machines from "tools" into true economic entities.

Micro-payments provide a new distribution logic for the content industry, allowing videos to be billed by the second, novels by the chapter, and software by functionality. Revenue is divided more finely, and incentive mechanisms change accordingly.

When combined with artificial intelligence, the imaginative space is further opened. Once AI agents have stablecoin budgets, they can autonomously procure data, computing power, or other services to complete complex tasks.

In September 2025, Google launched the Agent Payments Protocol (AP2), collaborating with sixty institutions to build payment channels for AI agents, allowing them to settle directly while executing tasks. This means AI will no longer just be a tool but will become a "digital employee" with economic capabilities, forming a new collaborative relationship with humans.

For banks and payment companies, this poses a structural challenge. If enterprises can build their own payment and clearing systems, the role of traditional financial institutions in cross-border settlements and treasury management will be weakened. In the future, banks are more likely to shift towards roles in reserve management, compliance, and auditing, while payment companies will need to become infrastructure providers for stablecoins.

From a broader perspective, corporate stablecoins may signify the emergence of a new commercial order. In this system, value creation and distribution will be accomplished with unprecedented efficiency, and business relationships will become more transparent and efficient.

From the medieval Venetian notes to today's stablecoins, the logic has always been the pursuit of more efficient exchange mediums. In this technology-driven transformation, any enterprise wishing to secure a place in the future digital economy cannot afford to remain on the sidelines.

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