Cloudflare Joins Stablecoin Race with ‘NET Dollar’ as Citi Projects $2 Trillion Market

Reading Time: < 1 minute

Web infrastructure giant Cloudflare has announced plans to launch a US dollar-pegged stablecoin called “NET Dollar,” entering a market that major financial institutions are increasingly betting on.

In a post to X on Thursday, CEO Matthew Prince stated that the NET Dollar stablecoin will be fully collateralized by the US dollar. While no exact launch date was given, the company said the stablecoin would be available “soon.”

Cloudflare’s move comes amid a wave of interest from both crypto-native firms and traditional finance. In a notable report also released Thursday, Citi analysts significantly raised their long-term forecasts for the stablecoin market, citing rapid growth and new project announcements.

“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.