Internet infrastructure company Cloudflare announced on September 25, 2025, its plans to introduce the NET Dollar, a new U.S. dollar-backed stablecoin.
According to the company‘s release, the initiative is designed to support a new business model for the internet based on pay-per-use payments and microtransactions. The stablecoin is intended to facilitate payments within the emerging “agentic web,” where autonomous artificial intelligence (AI) agents transact online. The company stated it will also contribute to open payment standards, including the Agent Payments Protocol and x402.
Cloudflare, finance, and AI internet
The NET Dollar is prototyped to provide quick and secure global transactions for AI agents. In a statement, Cloudflare CEO Matthew Prince said the goal is to “help modernize the financial rails needed to move money at the speed of the Internet.” The project aims to create a financial system capable of handling automated, programmatic actions, such as an AI agent booking a flight or paying a supplier on its own.
While the announcement outlines the vision for the stablecoin, key technical details, such as which blockchain the NET Dollar will be issued on, have not yet been disclosed.
A growing trend of Web2 companies entering the digital asset space
Cloudflare’s move follows other major technology firms expanding into digital assets. PayPal recently launched its own stablecoin, PYUSD, signaling a pattern of established companies building infrastructure for digital transactions.
The NET Dollar initiative also includes industry collaboration. According to its press release, Cloudflare will work with Coinbase to launch the x402 Foundation, an entity focused on developing an open standard for internet payments, symbolizing foundational systems being incorporated into e-commerce.
Broader implications for the stablecoin market
The entry of a major internet infrastructure provider like Cloudflare could influence the stablecoin ecosystem. The involvement of publicly traded U.S. companies may affect the strategies of existing stablecoin issuers and potentially introduce new distribution channels.
This trend could also foster more collaboration between traditional technology companies and the crypto industry, especially around the development of open standards for payments. The development of the x402 Foundation and the market’s reception to the NET Dollar can further enhance discussion on the topic.
Also read: CFTC Proposes Stablecoins as Collateral in Derivatives Markets
