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Google Teams Up With Coinbase to Bring Stablecoin Payments to AI Apps
What to know:
• Google's updated open-source protocol enables AI applications to send and receive payments, including support for stablecoins pegged to fiat currencies like the U.S. dollar.
• Coinbase, the Ethereum Foundation, Salesforce, American Express, Etsy, and others are involved to ensure the system covers both crypto and traditional finance.
• The initiative coincides with rising adoption — $289 billion worth of stablecoins are in circulation, up from $205 billion at the start of the year.
Google is taking a step toward merging artificial intelligence (AI) and digital money, rolling out a new open-source protocol that lets AI applications send and receive payments, which includes support for stablecoins, digital tokens pegged to fiat currencies such as the U.S. dollar, according to a press release.
To incorporate stablecoin rails, Google teamed up with U.S.-based crypto exchange Coinbase, which has been developing its own AI-integrated payments infrastructure.