Cloudflare just rewrote a chapter in the crypto playbook. On September 25, the company revealed Cloudflare Net Dollar, a U.S. dollar–backed stablecoin designed to fuel the “agentic web”, where AI agents transact on behalf of users. Matthew Prince, Cloudflare’s cofounder and CEO, framed it plainly: “The Internet’s next business model will be powered by pay-per-use, fractional payments, and microtransactions… By using our global network, we are going to help modernize the financial rails needed to move money at the speed of the Internet.”