Cloudflare announces the launch of NET Dollar, a USD-backed digital coin for global digital services, marking its entry into the stablecoin sector.
Significantly, this move positions Cloudflare as a key player in digital payments, potentially impacting cryptocurrencies like ETH and BTC.
Cloudflare has announced the upcoming launch of the NET Dollar, a USD-backed digital coin, aimed at enabling programmable payments for AI agents and digital services. This move by a leading web infrastructure provider marks an entry into the stablecoin sector.
The initiative is spearheaded by Cloudflare’s CEO Matthew Prince. No specific launch timeline has been provided. Cloudflare, founded in 2010, operates in over 120 countries. It forms part of a broader movement into stablecoins with the x402 Foundation, partnering with Coinbase.
NET Dollar’s Potential in Transforming Digital Payments
Market observers suggest the NET Dollar could influence digital payment systems significantly. It may enhance interoperability across major blockchains. Cloudflare’s partnership with Coinbase provides credibility but financial specifics remain scarce and subject to speculation.
“Personal agents will be able to take instant, programmatic actions like paying for the cheapest flight, or ordering an item the moment it goes on sale,” – Matthew Prince, Co-founder and CEO, Cloudflare
Historically, new stablecoins face challenges in user adoption and liquidity establishment. The NET Dollar’s success may depend on technological innovations and regulatory adherence. Comparable past launches underline the importance of cross-border compliance and stablecoin utility.
USD-Backed Stablecoins and Their Market Influence
Previous launches such as Tether’s USDT and Circle’s USDC show that USD-backed stablecoins can dominate the market. NET Dollar’s entry follows recent launches including BDACS and AnchorX. These initiatives reflect a growing interest in regulated cross-border payment solutions.
Experts, like Mike Novogratz from Galaxy Digital, predict a rise in stablecoin usage for AI transactions. This trend is aligned with recent US and EU regulations supporting stablecoin integration. NET Dollar’s future will likely hinge on its adaptability and ecosystem integration.
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