- Google has launched an open-source payments protocol for AI applications, covering cards and stablecoins.
- Coinbase, the Ethereum Foundation, American Express, Salesforce, and over 60 firms contributed to the project.
- The initiative builds on Google’s Agent2Agent system, extending it to financial transactions.
Google has announced the launch of a new open-source payments protocol, enabling artificial intelligence (AI) applications to both send and receive money using traditional systems as well as stablecoins. To incorporate digital currency functionality, the company collaborated with Coinbase and sought input from the Ethereum Foundation, alongside more than 60 organisations including Salesforce, Etsy and American Express.
James Tromans, Google Cloud’s head of Web3, explained that the system was built to handle existing financial networks while also accommodating new options like stablecoins. Coinbase’s Erik Reppel added that the exchange worked with Google to make sure their platforms were interoperable.
The new protocol expands on Google’s earlier Agent2Agent system, introduced in April, which was designed to improve communication between AI-driven agents. These agents are pieces of autonomous software capable of performing tasks without human direction, such as mortgage searches or online shopping. By extending the framework to cover payments, Google is aiming to create secure and interoperable transactions while ensuring they reflect the user’s intent.
Related: Google Cloud Unveils ‘Universal Ledger’ Blockchain for Financial Institutions
Regulation Spurs Growth
Stablecoin adoption has been accelerating, particularly following the introduction of the GENIUS Act in the United States, which provided a federal framework for the asset class.
Industry forecasts suggest the market could exceed US$400 billion (AU$598 billion) by 2025 and potentially reach US$2 trillion (AU$2.99 trillion) by 2028. Data also shows that the total circulating supply of stablecoins has increased to US$289 billion (AU$432 billion) from US$205 billion (AU$306 billion) earlier this year.
Google’s initiative highlights a convergence between AI and digital money, with stablecoins positioned as a crucial link between decentralised finance and mainstream applications.
Related: PayPal Adds Crypto Transfers and Payment Links to Supercharge Peer-to-Peer Payments
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