Cloudflare Inc. (NYSE: NET) saw its shares climb sharply Wednesday, gaining more than 6 percent to close at $225.48, after reports emerged that prominent cryptocurrency players are racing to handle the issuance of the company’s forthcoming stablecoin. According to sources familiar with the discussions, Coinbase (NASDAQ:COIN) and the crypto infrastructure provider Zerohash are among the leading contenders eager to bring the new digital asset—known as NET Dollar—to market later this year.
The initiative centers on creating a reliable US dollar-pegged token specifically tailored to power seamless transactions in the fast-evolving “agentic web.”
This refers to a next-generation internet where autonomous artificial intelligence agents independently browse, negotiate, and settle payments without constant human oversight.
By embedding stablecoin functionality directly into web infrastructure, Cloudflare aims to unlock efficient micropayments for AI-driven activities such as content access, data processing, and automated services.
Industry observers note that the move aligns perfectly with Cloudflare’s dominant position in global web traffic management and cybersecurity.
The connectivity giant already routes a substantial portion of internet requests worldwide, giving it unique leverage to integrate value transfer capabilities into everyday online interactions.
A stablecoin issued under its umbrella could serve as the default settlement layer for these intelligent agents, reducing friction and costs compared to traditional banking rails.
The development builds directly on a strategic collaboration Cloudflare announced last year with Coinbase.
The two organizations co-founded the x402 Foundation to advance an open standard that revives the long-dormant HTTP 402 “Payment Required” status code.
This protocol allows websites, developers, and creators to request and receive instant digital payments natively within browsers and applications.
By layering a purpose-built stablecoin on top of that framework, the partners hope to create a truly web-native payment ecosystem ready for the AI era.
Coinbase has made clear that supporting AI agent infrastructure ranks among its highest corporate priorities.
Executives have emphasized a shift away from reliance on volatile brokerage revenues toward providing the underlying rails that autonomous systems will use for commerce.
Zerohash, known for its compliant stablecoin issuance and liquidity services, brings deep regulatory expertise and technical know-how that could help navigate compliance hurdles in multiple jurisdictions.
Market reaction was swift and positive.
Investors interpreted the news as validation of Cloudflare’s forward-looking strategy to evolve beyond pure connectivity into value-transfer services.
The stablecoin project also positions the company to capture new revenue streams as AI agents proliferate across millions of sites already protected and accelerated by its network.
Analysts suggest the competition between Coinbase and Zerohash could accelerate development timelines while ensuring the token meets stringent reserve, transparency, and audit standards demanded by institutional users.
If successful, NET Dollar could extend stablecoin utility far beyond trading and remittances into mainstream digital commerce, helping normalize instant, borderless payments for both humans and machines.
As the agentic web takes shape, Cloudflare’s stablecoin plans signal a broader convergence of cloud infrastructure, cryptocurrency, and artificial intelligence.
The coming months will reveal which issuer ultimately wins the mandate, but the broader implication is clear: the internet’s next chapter may run on programmable money designed for intelligent automation. This development underscores how legacy tech giants and crypto innovators are jointly reshaping the economic foundations of the digital environment.