Cloudflare spent July building the side of the machine payments market where money gets collected. This week it shipped the side where money gets spent.

Cloudflare Wallets launched Tuesday as part of the company’s Agents Week, giving AI agents running on its network a stablecoin balance and a readable name to present when they buy something. The name lives at cloudflare.pay, where account owners can reserve a handle now. Everything else, funding the wallet, fiat onramps, letting agents actually spend, arrives “in the coming months.”

Velocity, a stablecoin treasury and settlement platform, has raised $38 million in a Series A funding round co-led by Dragonfly and FirstMark, with participation from Activant Capital, Capital One Ventures, QED Investors, Coinbase Ventures, Wintermute Ventures, and Ripple. The round brings the company’s total funding to roughly $50 million, all raised since it emerged from stealth last year with a $10 million pre-seed led by Activant Capital. For a startup founded only in 2025, assembling a cap table that spans crypto-native funds, a traditional bank’s venture arm, and two of the largest names in the stablecoin ecosystem is itself a signal of how quickly enterprise stablecoin infrastructure has moved from speculative bet to contested land grab.

The collapse of FTX in November 2022 was the most consequential single event in crypto exchange history. It destroyed the second-largest exchange by volume, took several billion dollars of customer funds with it, and produced a regulatory response that has fundamentally altered the competitive dynamics of the exchange industry. Three years later, the consolidation that FTX’s collapse accelerated is still in its early stages.

The exchange industry’s structure before FTX was already oligopolistic. Binance, FTX, Coinbase, and a small number of other platforms accounted for the overwhelming majority of spot and derivatives trading volume. What appeared to be a competitive market was, on inspection, a highly concentrated one in which the second-place player’s existence owed more to regulatory arbitrage and aggressive fee subsidization than to sustainable competitive differentiation.