Tech Giants Collaborate with Coinbase and Ethereum Foundation on a New Payment Protocol Amid Rumors of Stablecoin Integration
Google Launches New Payments System Embracing Stablecoins and Traditional Payments
In a significant move, Google has launched a new payments system on Tuesday. The system, which was developed in collaboration with Coinbase, aims to ensure transactions remain secure and aligned with human intent.
According to James Tromans, the head of Web3 at Google Cloud, the new payments system was built to factor in both traditional payment rail capabilities and forthcoming capabilities like stablecoins. Google consulted with over 60 organizations spanning finance and e-commerce for the development of this system. Some of these organizations include Salesforce, American Express, and Etsy. The Ethereum Foundation also provided input for the development of the new payments system.
Coinbase and Google are working to make their systems interoperable, a move that could potentially revolutionize the digital payments landscape. Erik Reppel, head of engineering at Coinbase's developer platform, stated that they are working to enable AI to transmit value to each other. This development builds on a protocol released in April for creating a common standard for AI agents to communicate.
Meanwhile, in the realm of cryptocurrency, there is a scheduled discussion in Congress regarding President Trump's proposed Strategic Bitcoin Reserve and the BITCOIN Act. Industry leaders, including Michael Saylor and Tom Lee, are scheduled to meet Congress on Tuesday to discuss this matter. The crypto-friendly policy environment in Washington is a factor in the push for interoperability between systems.
However, the shares of Google-parent Alphabet (GOOG/GOOGL) edged lower after the opening bell. Retail sentiment on Stocktwits moved higher but remained within 'bearish' territory over the past day.
It's important to note that the new payments system supports traditional forms of payments, such as credit and debit cards, in addition to stablecoins. The latest release of Google's protocol extends to agent-to-agent payments, a feature that could potentially streamline business transactions in the future.
As always, the world of technology continues to evolve at a rapid pace, and Google's new payments system is just one more step in this ongoing journey.
