Google has reportedly launched a new payments system on Tuesday that will make it easier for AI apps to move money around, including stablecoins.
According to a report by Fortune, the open-source protocol not only supports more traditional forms of payments, such as credit and debit cards, but also stablecoins —cryptocurrencies pegged to underlying assets, like the U.S. dollar.
The effort reportedly involved collaboration with Coinbase (COIN), which has developed its own AI and crypto payments infrastructure, as well as input from the Ethereum Foundation. The report stated that Google also consulted with more than 60 organizations spanning finance and e-commerce, including Salesforce (CRM), American Express (AXP), and Etsy (ETSY).
“The way we built it is from the ground up to factor in both heritage and existing payment rail capabilities as well as forthcoming capabilities such as stablecoins,” James Tromans, the head of Web3 at Google Cloud, told Fortune.
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