CloudFlare set to launch NET Dollar, a USD-backed stablecoin

Matthew Prince, the CEO of CloudFlare, introduced a new USD-pegged stablecoin called NET Dollar on Thursday.

In a post on X, Prince shared the project’s website link, which states that the token will be fully backed 1:1 by US dollars. The new stablecoin will be available soon.

NET Dollar to power agentic commerce

According to the website content, NET Dollar is designed to support agentic commerce. The stablecoin aims to automate payments without human intervention.

NET Dollar is built for autonomous agents and connected devices. It will give them a reliable medium of exchange since machine-to-machine commerce is expanding across the globe. The new stablecoin promises to handle high-frequency transactions with stability and precision.

Moreover, NET dollars will offer real-time settlement. Coding rules, triggers, and workflows can be embedded directly into stablecoin payments. This makes the coin programmable and adaptable for different use cases. That includes simple payments and complex automated flows.

CloudFlare states that every NET Dollar will be fully collateralized by US dollars. The company is focusing on global interoperability, saying NET Dollar will work across ecosystems to support frictionless commerce.

CloudFlare is a network infrastructure company that provides services for websites and applications. It acts as a reverse proxy between users and origin servers to improve security, speed, and reliability. The company handles about 78 million HTTP requests per second and runs data centers in over 330 cities worldwide.

Companies rush to issue native stablecoins

Crypto projects and traditional finance companies are racing to issue native stablecoins pegged to the US dollar. Bank of America (BoA) has confirmed that it wants to launch a USD-pegged stablecoin. Hyperliquid is also planning to issue its own dollar-backed token.

Cryptopolitan reported that Tether is planning to release a stablecoin targeted specifically at the US market, with ticker USAT. The coin will be regulated under the GENIUS Act and issued by Anchorage Digital, while Cantor Fitzgerald will act as a custodian.

In a research titled Stablecoins 2030—Web3 to Wall Street, Citibank analysts raised their 2030 forecast for stablecoin issuance. They predicted the base case of stablecoin issuance will be at $1.9 trillion and the bull case at $4.0 trillion.

The analysts cited rapid growth this year and new project launches as reasons for changing their prediction. Moreover, the report stated that “Stablecoins are a catalyst for blockchain’s ChatGPT moment in institutional adoption.”

At the time of writing, the total market capitalization of stablecoins has reached a new all-time high of $298 billion. The market’s 24-hour trading volumes hover near $187 billion. Based on CoinGecko data, Tether (USDT) ranks first with a market cap of $173.2 billion, followed by USD Coin (USDC) at around $73.9 billion.

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