NET Dollar is a U.S. dollar-backed stablecoin announced by the internet infrastructure and security company Cloudflare. The digital token is designed to function as a payment and settlement layer for an emerging "agentic web," an internet ecosystem where autonomous AI agents conduct transactions on behalf of users and systems. ^{[6] [2]}

Overview

NET Dollar was introduced as a foundational component for a new internet economy driven by artificial intelligence. The project's primary objective is to provide a stable financial instrument for AI agents, enabling instant, secure, and global microtransactions. This infrastructure is intended to support a shift in the internet's dominant business model, moving away from an advertising-based system toward one centered on direct value exchange that rewards originality, sustains creativity, and enables innovation. The vision articulated by Cloudflare executives involves creating "financial rails" that operate at the speed of the modern web, facilitating pay-per-use models, fractional payments, and micropayments. ^{[3] [4] [7]}

The concept behind NET Dollar is to create a system that rewards originality and creativity by allowing content creators, API developers, and other service providers to be compensated directly and in small increments for the value they provide. In a statement regarding the project's goals, Cloudflare CEO Matthew Prince said, "The Internet’s next business model will be powered by pay-per-use, fractional payments, and microtransactions—tools that shift incentives toward original, creative content that actually adds value." ^{[2] [7]}

The announcement of NET Dollar occurred within a favorable regulatory environment in the United States, following the passage of the GENIUS Act, which provided a clearer legal framework for the issuance and trading of stablecoins. The project also enters a rapidly growing stablecoin market, with some industry reports projecting that stablecoin transaction volumes could reach $1 trillion by 2030, driven by institutional adoption and cross-border payments. Cloudflare's initiative is seen as part of a broader trend of major technology and fintech companies exploring blockchain-based payment solutions to modernize financial infrastructure. ^{[4] [2]}

History

Cloudflare officially announced its plans to launch the NET Dollar stablecoin on September 25, 2025. The announcement was made by the company's co-founder and CEO, Matthew Prince, who outlined the project's focus on powering the future of an AI-driven internet. While the announcement marked the formal unveiling of the NET Dollar brand and initiative, it was positioned as an evolution of Cloudflare's existing work within the "agentic ecosystem." The company had previously supported machine-to-machine (M2M) payments using other established stablecoins, such as USDC, indicating a continued interest in facilitating autonomous transactions. The launch of a proprietary, purpose-built stablecoin represents a more direct and foundational step to build and control the infrastructure for this emerging economic model. An exact launch date for public availability was not provided at the time of the announcement, though an FAQ on the project's webpage stated it would be "made available soon." ^{[5] [3] [7]}

Technology

The technical design of NET Dollar is centered on providing a high-speed, secure, and interoperable payment system for automated transactions.

Core Architecture

NET Dollar is a digital token fully backed by and pegged to the U.S. dollar, classifying it as a stablecoin. Its infrastructure is designed to leverage Cloudflare's extensive existing global network, which the company states will help "modernize the financial rails needed to move money at the speed of the Internet." By utilizing its own network, Cloudflare aims to ensure low-latency and high-throughput transactions suitable for the high volume of microtransactions expected in an AI-driven economy. At the time of its announcement, key technical details, including the specific blockchain on which the NET Dollar would be issued, the mechanisms for minting and redemption, and the specifics of its reserve management and custody, were not publicly disclosed. ^{[2] [4] [7]}

Key Features

The stablecoin was designed with several core features to meet the demands of the agentic web:

• Instant Payments: Engineered for real-time settlement to support programmatic and autonomous transactions that require immediate confirmation. Personal agents can take instant actions like paying for the cheapest flight or ordering an item the moment it goes on sale.
• Global Accessibility: Aims to simplify payments across different geographies, currencies, and time zones, leveraging Cloudflare's global presence to create a trusted and transparently recorded system.
• Microtransaction Support: Built to enable small, fractional payments efficiently, which is critical for pay-per-use models for content, APIs, and other digital services.
• Security: Intended to provide a secure transaction layer for the AI-driven economy, protecting both users and autonomous agents. ^{[6] [7]}

Open Standards

To promote interoperability and widespread adoption, Cloudflare announced it was contributing to the development of open standards for digital payments. These efforts are intended to create a common language for AI agents to conduct financial transactions seamlessly across different platforms and applications. The two primary standards mentioned in connection with the project are:

• Agent Payments Protocol: A protocol specifically designed to standardize how AI agents discover payment information and execute transactions.
• x402: A standard related to simplifying payment processes on the internet, which Cloudflare is helping to develop through a dedicated foundation. ^{[6] [2] [7]}

Use Cases

NET Dollar is purpose-built to power a new generation of business models and automated transactions, primarily focused on the AI agent economy.

• AI Agent Economy ("Agentic Web"): This is the primary target for NET Dollar. In this ecosystem, autonomous software agents perform tasks and conduct transactions on behalf of individuals and businesses.
  • Personal Agents: An individual's AI agent could use NET Dollar to autonomously book a flight, order groceries, manage calendars, or purchase an item the moment it goes on sale without direct human intervention.
  • Business Agents: A business could program an AI agent to automatically pay suppliers in NET Dollar as soon as a delivery is confirmed.
• Content and Service Monetization: The stablecoin is designed to facilitate a shift away from subscription or ad-based revenue models toward direct, usage-based payments.
  • Creators: Writers, artists, and other content creators could be compensated directly with NET Dollar microtransactions each time their unique and original content is accessed or used.
  • Developers: Software developers could monetize APIs and applications on a per-call or per-use basis, allowing for more flexible and granular pricing models.
• AI Ecosystem Payments: As AI models increasingly rely on vast datasets and third-party content for training and generation, NET Dollar is envisioned as a mechanism for these AI firms to pay back into the ecosystem. This would involve compensating the original sources of content they utilize fairly, creating a more sustainable and equitable data economy. ^{[6] [4] [7]}

Partnerships and Ecosystem

Cloudflare's strategy for NET Dollar involves building a broad ecosystem through strategic partnerships and alignment with emerging industry standards.

x402 Foundation and Coinbase Partnership

Shortly before the NET Dollar announcement, Cloudflare established the x402 Foundation in partnership with the cryptocurrency exchange Coinbase. The foundation's stated mission is to develop "an open internet standard for digital payments." This collaboration indicates an effort to build a standardized framework for online transactions that can be adopted industry-wide, with NET Dollar positioned as a native currency for this new standard. The partnership with a major digital asset company like Coinbase provides expertise in custody, liquidity, and regulatory compliance for the stablecoin ecosystem. ^{[4] [7]}

Broader Industry Alignment

The NET Dollar initiative is situated within a wider industry movement toward creating payment solutions for an AI-powered internet. Just a week prior to the x402 Foundation's formation, Google announced its own AI Agent Payments Protocol, an initiative backed by a consortium that includes Coinbase, the Ethereum Foundation, and PayPal. Cloudflare's contribution to this and other open standards signals an intent to ensure NET Dollar is interoperable with other emerging platforms rather than existing in a closed ecosystem. This collaborative approach reflects a broader trend of major technology companies, such as Stripe with its development of the Tempo blockchain, investing in blockchain-based infrastructure to create faster and cheaper alternatives to traditional payment rails for both online and cross-border transactions. ^{[4] [2]}