Cloudflare announced it will launch its NET Dollar stablecoin, which is fully backed by the U.S. dollar, CEO Matthew Prince said on X on Thursday. While there is no specific release date, the company said the token will be available soon.
The move comes as many crypto and traditional finance giants are preparing to issue their own stablecoins. Citi has just raised its 2030 stablecoin market forecast to $1.9 trillion (base case) and $4 trillion (optimistic case). Bank of America, Hyperliquid and Tether also plan to launch new stablecoins, with Tether targeting the US market.
Cloudflare says NET Dollar is designed for the era of AI agents and machines, enabling automated transactions without human intervention, operating across networks and ecosystems to promote seamless global commerce.
Cloudflare, a global network that supports more than 78 million HTTP requests per second and operates data centers in more than 330 cities, is currently valued at about $76 billion. NET shares fell less than 1% in midday trading.
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