Cloudflare plans to launch stablecoin called NET Dollar as market is poised to expand

Cloudflare plans to launch the NET Dollar stablecoin, which will be fully collateralized by the U.S. dollar, CEO Matthew Prince said in a post to X on Thursday.

No exact date of launch was given, but the company said the stablecoin will be available soon.

Cloudflare's announcement comes as major players from the crypto and the traditional financial sector eye launching their own stablecoins. On Thursday, Citi analysts raised their expectations for where the stablecoin market will be in 2030.

"Reflecting rapid YTD growth and new project announcements, we revise our 2030 base case estimate for stablecoin issuance to $1.9 trillion (previously  $1.6 trillion) and bull case to $4.0 trillion (previously $3.7 trillion)," the analysts said.

Notably, Bank of America has said it intends to launch its own stablecoin. It appears Hyperliquid is also keen to launch a USD-pegged token. Tether plans to launch a stablecoin specifically for the U.S. market.

"Built for the rise of agents and machines, NET Dollar will enable seamless, automated transactions without human intervention," Cloudflare said in a post . "NET Dollar will work across networks and ecosystems, enabling frictionless, global commerce."

Cloudflare is a global network that acts as a reverse proxy between website visitors and origin servers, optimizing performance, improving security, and reliability for millions of websites, applications, and services. It powers an average of 78 million HTTP requests per second and operates data centers in over 330 cities worldwide.

Cloudflare's stock (ticker NET) was down less than 1% in midday trading. The company has a market capitalization of around $76 billion.