Cloudflare's stock price rises over 6%, Coinbase competes to issue its exclusive stablecoin NET dollar

Odaily News Cloudflare (NYSE: NET) saw its stock price rise over 6% on Wednesday, closing at $225.48. According to informed sources, Coinbase (NASDAQ: COIN) and crypto infrastructure provider Zerohash are competing to become the issuer of Cloudflare's upcoming stablecoin, NET Dollar, which is scheduled to launch later this year.

NET Dollar is a USD-pegged token designed specifically to power seamless transactions within "agent networks," the next-generation internet where autonomous AI agents independently browse, negotiate, and settle payments. Cloudflare plans to embed stablecoin functionality directly into network infrastructure to enable efficient micropayments for AI-driven activities, including content access, data processing, and automated services.

The project is based on Cloudflare's strategic partnership with Coinbase last year, where they co-founded the x402 Foundation. The foundation aims to promote an open standard to revive the HTTP 402 "Payment Required" status code, enabling websites and developers to natively request and receive instant digital payments within browsers and applications. Zerohash possesses regulatory experience and technical capabilities in compliant stablecoin issuance and liquidity services.