Google takes a step towards merging artificial intelligence (AI) and digital money, and rolls a new open source protocol that lets AI applications send and receive payments that include support for stablecoins, digital tokens associated with Fiat currency such as the US dollar, according to a press release.
To incorporate stableecoin rails, Google went with US-based Crypto Exchange Coinbase, which has developed its own AI-integrated paying infrastructure.
The company also worked with the Ethereum Foundation and coordinated with more than 60 other organizations, including Salesforce, American Express and Etsy, to cover traditional financing cases.
The move is based on Google’s previous work on establishing a standard for “AI agents.” These digital agents can eventually handle complex tasks, such as negotiations on mortgage loans or shopping for clothing, without direct human input.
In April, Google rolled out a protocol to standardize agent-to-agent communication. The latest update extends that the framework for financial transactions aimed at ensuring that payments are secure, interoperable and executed with the intention of the human user in mind.
Google’s experiment demonstrates a growing tendency for activity across the stableecoin market. The USDC-Issuer Circle’s overturned IPO indicated investor appetite earlier this year, with some hinting that stableecoins are a “monetary revolution in creation.”
Data from Defillama shows that $ 289 billion worth of stableecoins are in circulation, a leap of $ 205 billion at year of year.
