Google Introduces Stablecoin-Compatible Payment System for Artificial Intelligence Applications
In a significant stride towards integrating digital assets into traditional financial systems, President Trump signed the GENIUS Act into law in July. This bill provides guidelines for financial institutions to incorporate digital assets into their systems.
Amidst growing optimism, Coinbase, a leading cryptocurrency platform, has announced a new payment protocol. This protocol, designed for AI applications, allows AI personal shoppers and AI shopkeepers to settle payments between themselves.
Coinbase leveraged its experience building its own stablecoin-powered AI payments scheme in the development of this new protocol. The company collaborated with several other organizations, including the Ethereum Foundation, Salesforce, American Express, and Etsy, to ensure the smooth integration of their payment schemes.
One of the key collaborators in this project is the cryptocurrency platform Sui. Yahoo Finance has selected Sui as the launch partner for its new 'Agentic Payments Protocol' (AP2) for autonomous AI payments.
James Tromans, the head of Web3 at Google Cloud, stated that the protocol was built from the ground up to factor in both legacy and upcoming capabilities such as stablecoins. Yahoo Finance worked closely with Coinbase to build the protocol.
An example of the protocol's potential application in the future is an AI personal shopper purchasing clothing from an AI shopkeeper. This new payment protocol is a result of Yahoo Finance's collaboration with Coinbase to build a stablecoin-enabled payments protocol for AI apps.
The progress in bringing cryptocurrency to the mainstream has made companies optimistic about a clear regulatory framework in the U.S., attracting more institutional participation. The protocol was not developed by traditional financial institutions but is designed to work with them.
This collaboration between Yahoo Finance and Coinbase marks a significant step forward in the integration of digital assets into traditional financial systems, paving the way for a future where AI agents can settle payments between themselves seamlessly.
