Cloudflare (NYSE: NET) shares rose more than 6% on Wednesday, closing at $225.48. According to sources familiar with the matter, Coinbase (NASDAQ: COIN) and crypto infrastructure provider Zerohash are vying to become the issuer of Cloudflare's upcoming stablecoin, NET Dollar, which is scheduled to launch later this year. NET Dollar is a dollar-pegged token designed to drive seamless transactions in a "proxy network"—a next-generation internet where autonomous AI agents independently browse, negotiate, and settle payments. Cloudflare plans to embed stablecoin functionality directly into its network infrastructure to enable efficient micropayments in AI-driven activities, including content access, data processing, and automated services. This project builds on Cloudflare's strategic partnership with Coinbase last year, which jointly established the x402 Foundation to promote an open standard that reinstates the HTTP 402 "Payment Required" status code, enabling websites and developers to natively request and receive instant digital payments in browsers and applications. Zerohash has regulatory experience and technical capabilities in compliant stablecoin issuance and liquidity services.