Cloudflare Stock Surges on Reports of Coinbase, Zerohash Competing to Launch Its Dedicated Stablecoin

Cloudflare Inc. (NYSE: NET) saw its shares climb sharply Wednesday, gaining more than 6 percent to close at $225.48, after reports emerged that prominent cryptocurrency players are racing to handle the issuance of the company’s forthcoming stablecoin. According to sources familiar with the discussions, Coinbase (NASDAQ:COIN) and the crypto infrastructure provider Zerohash are among the leading contenders eager to bring the new digital asset—known as NET Dollar—to market later this year.The initiative center ...