Cloudflare Unveils NET Dollar to Power Pay-Per-Use Internet Model

On Sept. 25, 2025, Cloudflare announced plans to launch NET Dollar, a new stablecoin backed 1:1 by the US dollar. The asset is designed to enable instant and secure transactions for the emerging agentic web, where AI agents act on behalf of users.

The company stated in its official announcement and product page that the initiative is meant to power a new business model for the internet. This model would shift away from advertising and toward a system that rewards creativity and innovation in an AI-driven world.

NET Dollar Stablecoin Aims to Replace Traditional Ads

Cloudflare’s co-founder and CEO, Matthew Prince, explained the vision behind the project. He noted that while ads and bank transfers have long been the internet’s financial rails, the next business model will rely on microtransactions. He believes this will better incentivize the creation of original, high-value content.

The project aims to modernize the payment ecosystem by allowing AI agents to perform automated actions, like paying a supplier upon delivery confirmation or purchasing an item the moment it goes on sale.

To achieve this, Cloudflare is contributing to open standards like the Agent Payments Protocol and x402. These protocols are designed to simplify digital payments, a goal shared by other industry players. For example, a recent Circle’s USDC integration also utilizes the x402 protocol to allow AI agents to pay for online services autonomously. These moves align with broader industry trends, including Google’s development of a blockchain for digital payments and Coinbase backing the Open Intents Framework to improve cross-chain usability.

While NET Dollar will leverage Cloudflare’s massive infrastructure, which defends against billions of online security threats daily, key details remain undisclosed. The company has not yet named its banking partners, custodians, or its strategy for regulatory approvals.

Further questions remain about the stablecoin’s underlying blockchain technology and how its 1:1 peg will be audited. The project’s technical specifications, transaction fees, and pricing structure have also not been detailed.

Cloudflare has not announced a timeline for a beta test or pilot program. Although its Q2 report from July 31, 2025, highlights its operational scale, a clear launch date for the stablecoin has not yet been set.

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